Bloomberg News

Sub-Sahara Africa Stocks: East African Breweries, Ecobank Move

June 06, 2011

June 6 (Bloomberg) -- The Ghana Stock Exchange Composite Index climbed for a sixth day, gaining 0.3 percent to 1,168.85 by the 5 p.m. close in Accra, the longest rally since May 9.

Kenya’s All-Share Index rose 0.2 percent to 73.59 by the 3 p.m. close in Nairobi. Mauritius’s SEMDEX Index dropped 0.3 percent to 2,077.69 by the 1:30 p.m. close in Port Louis, its lowest since May 30. Namibia’s FTSE/Namibia Overall Index snapped three days of declines, rallying 0.3 percent to 836.21 percent by the 4 p.m. close in Windhoek, and the Nigerian Stock Exchange All-Share Index dropped for a second day, losing 0.5 percent to 25,830.53 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the exchange.

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

Ecobank Transnational Inc. (ETI NL), Africa’s biggest lender by geographical spread, fell 22 kobo, or 1.5 percent, to 15 naira, extending its drop this year to 4.5 percent. The company sees loan growth of about 20 percent in 2011 and limited expansion as it’s “bedding in” earlier growth, Chief Executive Officer Arnold Ekpe said. “We have become much more discriminatory,” Ekpe said in an interview in London today. “As you become bigger it is harder to grow.”

National Bank of Kenya Ltd. (NBKL KN), a state-owned lender, jumped the most since May 31, gaining 25 cents, or 0.7 percent, to 34 shillings after saying it appointed Mohammed Hassan as its new chairman.

--Editors: Ana Monteiro, Linda Shen

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

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


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