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Kenyan Stocks: Housing Finance, Kenya Electricity Generating PDF Print E-mail
Written by Written By Sarah McGregor for Bloomberg October 5 2009   

Oct. 5 (Bloomberg) -- Kenya’s price-weighted All-Share Index dropped 0.1, or 0.2 percent, to 54.99 at the close in Nairobi today.

The shares of 13 companies gained, 12 declined and 30 were unchanged. The following were among the most active stocks on the Nairobi Stock Exchange today.

Housing Finance Ltd. (HFCL KN), Kenya’s only publicly traded mortgage company, retreated the most, shedding 5.6 percent to 14.3 shillings.

It closed at its lowest price in more than six months on concern about falling house prices in Kenya’s capital, Nairobi, said Hardy Pemhiwa, chief executive officer of Amana Capital Ltd., in a phone interview today. “Investors think these securities held by Housing Finance have now become less valuable,” he said.

House prices fell 2.2 percent in the three months through September compared with the previous quarter, HassConsult, a Nairobi-based real-estate agency, said on Oct. 1.

Kenya Electricity Generating Co. (KEGC KN), the biggest electricity producer in the country, fell amid speculation that its bond sale, which closed last week and was expected to have raised a minimum of 15 billion shillings ($193.3 million), may lower future earnings. The stock shed 0.2 shillings, or 1.7 percent, to 11.5 shillings.

“They will now have services obligations to pay back that debt,” said Pemhiwa.


To contact the reporter on this story: Sarah McGregor in Nairobi at This e-mail address is being protected from spambots. You need JavaScript enabled to view it