BAT stocks shed $48.6m as mart awaits talks on smoking ban

British American Tobacco (BAT) Kenya stocks have lost Ksh3.5 billion ($48.6 million) of their value since the government ban on public smoking was announced and almost immediately suspended late last month.

Immediately after the announcement of the ban, the company's share price at the Nairobi Stock Exchange fell to Ksh196 ($2.72) from Ksh200 ($2.77) per share.

However, later when the ban was lifted for 30 days through a High Court order in Nairobi, the share price bounced back to Ksh200 and the company's stock appeared set to recover some Ksh500 million ($6.9 million) that it had lost. However, last week the share price again plummeted sharply, to Ksh165 ($2.3) the lowest recorded over the past one year – meaning a total fall in the company's stock of Ksh3.5 billion ($48.6 million).

Reference: http://www.nationmedia.com/eastafrican/current/Business/biz12060614.htm