Total Kenya Declines to One-Month Low as Oil Falls a Third Day
The stock dropped 2.8 percent to 15.50 shillings in Nairobi at the end of trading, the weakest level since Oct. 25, according to data compiled by Bloomberg.
Oil fell as much as 1.9 percent York on concern Europe’s debt crisis will drag the region into recession. Total Kenya reported profit tumbled 80 percent in the first nine months as earnings were “adversely affected by the current economic climate” and the impact of Kenya’s price controls, Managing Director Alexis Vovk said Nov. 16.
“Investors are not likely to hold on to the shares due to the poor performance for the first nine months preferring to exit as the full-year returns are not likely to be any better,” George Bodo, a research analyst at Nairobi-based ApexAfrica Capital Ltd., said on phone.