East African Breweries Ltd., Kenya’s best-performing stock over the past month, is poised to end a 29 percent rally that valued the nation’s biggest company at double that of the benchmark index, according to Contrarian Investing Kenya Ltd. and technical indicators.
National Bank of Kenya Ltd. will raise as much as 10 billion shillings ($119 million) in a rights offer to fund an expansion plan as it seeks to quadruple revenue by 2017, Managing Director Munir Sheikh Ahmed said.
Equity Bank Ltd., Kenya’s second- biggest lender by market value, said profit in the first three months of the year climbed 22 percent as lending increased while interest rates fell across East Africa.
South Sudan quadrupled revenue collection as austerity measures introduced after the government shut down oil production forced the state to find alternative sources of income, Deputy Finance Minister Marial Awou Yol said.
Ethiopia is negotiating with Brazil, Russia and India to finance and build rail links after agreeing terms last year with Chinese and Turkish companies for other routes, the head of the state rail company said.