Unga Group Falls Most in 1 Year on Profit Drop: Nairobi Mover
Unga Group Ltd. (UNGL), a Kenyan grain miller, fell the most in a year after the company unexpectedly announced a decline in full-year profit.
The stock slumped 9.8 percent to 12 shillings at the close in Nairobi, the capital, the biggest drop since Sept. 30, 2011. The stock has slid 21 percent since the company announced last week that profit for the 12 months through June slipped to 348.2 million shillings ($4.1 million) from 441 million shillings a year earlier.
“The market was expecting profit after tax would grow by as much as 10 percent,” Davis Mika, an analyst at Nairobi-based Contrarian Investing Kenya. Ltd., said by phone today. “Investors who had taken a position ahead of the announcement are now pulling out.”
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