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AccessKenya Reaches Two-Year High on Growth Plans: Nairobi Mover

April 29 (Bloomberg) -- AccessKenya Group Ltd., the nation’s only publicly traded Internet company, surged to a two-year high on expectations of stronger first-quarter profit with customer growth and investments in its network.

The stock advanced 7.5 percent to 10.10 shillings by the close in Nairobi, the capital, the highest since February 2011, according to data compiled by Bloomberg. More than 865,000 shares were traded, or 1.8 times the three-month daily average.

AccessKenya, which currently offers service to Nairobi and Mombasa, is expanding its fiber-optic network with a plan to link to 10 additional towns, Chairman Daniel Ndonye said in the company’s 2012 annual statement.

“The earnings will be driven by the target to connect 800 to 1,000 new corporate lease lines and the ongoing expansion” to more urban areas, Ian Gachichio, a research analyst at Nairobi-based Kestrel Capital East Africa Ltd., said by phone.

Profit last year rose 39 percent to 151 million shillings, the company said on Mach 12. First-quarter results will probably be released before AccessKenya’s annual meeting on May 27, said Joy Migongo, a Kestrel Capital research analyst.

The stock has more than doubled this year, outpacing a 24 percent rise in the Nairobi Securities Exchange All Share Index, the world’s third-best performing equities market.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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