Bloomberg News

Sub-Sahara Africa Stocks: CMC, Kenya Airways, Uchumi Are Active

June 02, 2011

June 2 (Bloomberg) -- The Nigerian Stock Exchange All-Share Index rose for a fifth day, increasing 0.5 percent to 25,995.54 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website.

Kenya’s All-Share Index snapped two days of losses, advancing 0.5 percent to 73.47 by the 3 p.m. close in Nairobi. Namibia’s FTSE/Namibia Overall Index fell for the second day, declining 1.2 percent to 845.98 by the 4 p.m. close in Windhoek. The Ghana Stock Exchange Composite Index slipped less than 0.1 percent to 1,162.28 by the 3 p.m. close in Accra. Mauritius’s SEMDEX Index fell for the first day in three, retreating 0.1 percent to 2,078.95 by the 1:30 p.m. close in Port Louis.

The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

CMC Holdings Ltd. (CMCH KN), Kenya’s fourth-biggest car dealer, rose to the highest price since Jan. 19, adding 45 cents, or 3.8 percent, to 12.45 shillings, after the Nairobi- based Daily Nation newspaper reported that Bill Lay, the former chief executive of General Motors East Africa Ltd., will lead the car dealership.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third- biggest airline, surged 1.75 shillings, or 4.3 percent, to 42.5 shillings, the highest close since Feb. 11. The company’s net income jumped 74 percent to 3.54 billion shillings ($41 million) in the 12 months through March, Finance Director Alex Mbugua told reporters in Nairobi today.

Uchumi Supermarkets Ltd. (UCSP KN), a Kenyan retailer that emerged from bankruptcy, fell 8.8 percent to 11.4 shillings on the second day after it resumed trading in Nairobi following a five-year suspension.

“Investors who had been impaired now have an opportunity to cut some losses,” Victor Odendo, an investment manager at Nairobi-based CIC Asset Management Ltd., said in a phone interview today.

--Editors: David Risser, Gavin Serkin

To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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