May 14 (Bloomberg) -- KenolKobil Ltd., a Kenyan fuel retailer, dropped the most in almost three weeks on speculation a major investor reduced their stake in the company.
The stock fell 3.7 percent to 9.15 shillings by the close in the capital, Nairobi, the largest drop since April 24. About 19.3 million shares were traded, more than 18 times the three-month daily average. KenolKobil reported a loss of 6.28 billion shillings ($75 million) in 2012 from a profit of 3.27 billion shillings a year earlier, it said on April 8.
“There has been a big seller in the market since the earnings were released,” Davis Mika, an analyst with Nairobi-based Contrarian Investing Kenya Ltd., said by phone, declining to identify the investor.
Faith Atiti of NIC Securities Ltd. and Eric Musau of Standard Investment Bank Ltd. also said by phone a KenolKobil investor was cutting their stake. KenolKobil Managing Director Jacob Segman was in a meeting and couldn’t immediately comment when called by Bloomberg, according to a person who answered the phone at his office.
In May last year KenolKobil said its main shareholders agreed to sell their majority stake to Puma Energy BV, a subsidiary of Trafigura Beheer BV. The talks were terminated, KenolKobil said on March 1.
The stock has fallen 32 percent this year, compared with a 30 percent gain on the Nairobi Securities Exchange All-Share Index.
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