Rain boosts KEG share price

• 12 years ago (2012-01-04)
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Kenya Electricity Generating (KEG) Co., Kenya’s primary power producer, reaped the benefits of heavy rains last month as speculators  converged and boost its share price. High rainfall is predicted to help the company’s hydroelectric projects increase their electricity output.

KEG’s shares jumped 4.1 per cent to their highest figure in a month at 8.80 shillings, as of the afternoon close in the capital, Nairobi.

“There is improved stability in the generation sector because there has been enough rain that the dams are full,” Caleb Mutai, an analyst at Nairobi-based Tsavo Securities Ltd., explained in an interview.

Heavy rains during December covered most parts of Kenya, including areas where the main hydro-power generation dams are located, according to Kenyan Meteorological Department. KEG’s hydro-electric plants provide about 65 per cent of Kenya’s power generation.