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Kenyan Stocks Rise to Five-Month High on Bank Earnings

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Feb. 28 (Bloomberg) -- Kenyan stocks increased for a sixth straight day, advancing to a five month high, on foreign and domestic buying ahead of the blue-chip banks’ full-year results.

The Nairobi All Share Index gained 1 percent to 57.89 at the close in Nairobi, the capital, on course for its highest level since Sept. 28. The gauge has risen 6.4 percent this year.

“Kenya opened steady and feels good in the run up to results from the blue chip banks,” Akinbamidele Akintola, an analyst at Renaissance Capital in Lagos, said in an e-mailed note to clients today. “Offshore money accounted for 50 percent of the total buy side and the locals are also dipping their toes in select names.”

Kenya Commercial Bank Ltd., the country’s biggest lender by outlets, climbed for a third day, increasing 1.3 percent to 20.25 shillings, the highest close since Aug. 23. The bank will report annual results results March 1.

KenolKobil Ltd., the Kenyan fuel retailer with operations in nine African countries, increased for a third day, surging 2.7 percent to 11.55 shillings, the most in nearly seven months ahead of its earnings announcement tomorrow.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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