Sasini of Kenya Falls to One-Year Low as Tea, Coffee Prices Drop

Sasini Ltd., a Kenyan tea and coffee grower, fell to a one-year low as prices of the two beverage ingredients dropped at auctions in the East African nation.

The stock declined 1 shilling, or 8.8 percent, to 10.35 shillings by 2:22 p.m. in Nairobi, the lowest intraday level since March 5, 2010.

African tea prices retreated for the first week in four at a weekly sale in Mombasa, Kenya, declining to an average of $2.79 a kilogram from $2.85 a week earlier, Tea Brokers East Africa Ltd. said in an e-mailed statement yesterday. Kenya is world’s biggest exporter of black tea.

Kenya’s benchmark coffee grade, AA, fell 12 percent at an auction yesterday after the quality of the beans declined, the Nairobi Coffee Exchange said in an e-mailed statement yesterday.

(Source: http://www.bloomberg.com/news/2011-03-02/sasini-of-kenya-falls-to-one-year-low-as-tea-coffee-prices-drop.html)