Britam of Kenya Jumps to Highest in Three Months: Nairobi MoverEric Ombok
British-American Investments Co., a Kenyan financial-services group, advanced to its highest level in three months on bets the 2012 rally in stock prices boosted full-year profit and income.
Shares of Britam, as the company is known, climbed 2.4 percent to 6.45 shillings by the 3 p.m. close in the capital, Nairobi, the highest since Oct. 18. It had traded as high as 6.70 shillings, the highest since Sept. 27, 2011, according to data compiled by Bloomberg. About 407,000 shares traded, or 156 percent of the three-month daily average volume.
“With last year having been very positive for them, especially the second half, investors are expecting that to reflect in their books,” Faith Atiti, a research analyst at Nairobi-based NIC Securities Ltd. said by telephone.
Kenyan stocks, the worst performers in sub-Saharan Africa in 2011, were the best last year as the central bank reined in inflation and spurred a rally in the shilling. The Nairobi Securities Exchange All-Share Index surged 39 percent in 2012, according to data compiled by Bloomberg.
Britam owns 21.4 percent of Housing Finance Ltd., Kenya’s only publicly traded mortgage provider, and 10.6 percent of Equity Bank Ltd., the country’s biggest lender by customers.
The company swung to a profit of 1.68 billion shillings ($19.4 million) in the six months through June after investment income surged fivefold. It lost 197.7 million shillings a year earlier.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.