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Agriculture stocks best performers at bourse

John Gachiri – businessdailyafrica.com

December 7, 2010

Agriculture stocks were the best performers at the Nairobi Stock Exchange (NSE) last week, driven mainly by reports of high profit growths.

Coffee grower Eaagads, Williamson Tea and Kakuzi share prices were the highest climbers of the week, all registering share price appreciations of 5.49 per cent, 5.45 per cent and 5.36 per cent respectively.

Analysts said good weather has favoured performance of the agricultural firms, while a favourable exchange rate and high global commodity prices have also worked in favour of farm producers.

Williamson Tea and Kapchorua last week announced a doubling of their net earnings, which were mainly boosted by gains on revaluation of their assets.

“They’re gaining in real terms from high prices on soft commodities coupled with revaluation surplus on biological assets,” said Alex Muiruri, a research analyst at Dyer and Blair Investment Bank.

Williamson Tea announced an increase in its profits for the six months ended September 2010 to Sh442 million from Sh211 million reported over a similar period last year.

Price increases

Kapchorua Tea increased its half-year profitability from Sh44.79 million to Sh92.24 million.

Both firms attributed the growths to twin effects of the commodity price increases and the favourable exchange rates.

Investors will however not benefit in form of dividends from the asset revaluation as it is only paper gains.

“The expectation that rainfall will reduce and prices will decline, leads to anticipation that the next six months will see lower returns,” said Kapchorua Tea and Williamson Tea company secretary G.K. Masaku in a statement.

The agriculture segment of the NSE has traditionally been shunned by investors due to the volatility of the listed stocks which rely on erratic weather patterns. In the short-term however, analysts say that the share price rally in the sector may continue.

“We foresee a spill-over into the new week of the significant trading on agricultural stocks observed last week,” said a research note by Sterling Investment Bank.

This will give investors a respite coming at a time when activity in the market tends to be slow due to the Christmas holiday mood.

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