Sasini Advances in Nairobi After Tea Production Drops in India
Sasini Ltd., a Kenyan tea and coffee producer, rose for a third day, after India said tea output declined in October.
The company’s stock jumped as much as 2.7 percent and traded 0.4 percent higher at 13 shillings as of 1:01 p.m. in Nairobi.
“Sasini expects good results due to the good weather conditions, lower global tea output and tea prices edging up,” Vimal Parmar, an analyst at Kestrel Capital East Africa, said in a telephone interview.
Tea production in India, the world’s second-biggest grower after China, dropped 9.6 percent to 120.7 million kilograms in October from a year earlier, the state-owned Tea Board of India said yesterday. Output in the 10 months through October fell to 813.7 million kilograms from 830.4 million a year earlier, the board said.
George Williamson Kenya Ltd., a Kenyan tea grower, climbed 0.6 percent to 175 shillings.
Kenya is the world’s biggest exporter of black tea.
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