June 10 (Bloomberg) -- Namibia’s FTSE/Namibia Overall Index tumbled 1.8 percent to 822.73 by the 4 p.m. end of trading in Windhoek, the lowest since Nov. 30.
Kenya’s All-Share Index fell for a second day, retreating 0.9 percent to 72.85 by the 3 p.m. close in Nairobi, the lowest close since March 31. The Ghana Stock Exchange Composite Index climbed for a second day, gaining 0.4 percent to 1,174.69 by the 3 p.m. close in Accra. The Nigerian Stock Exchange All-Share Index slid for a second day, declining 0.2 percent to 25,696.46 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index rose for a second day, adding 0.1 percent to 2,085.10 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.
Intercontinental Bank Plc (INTERCON NL), a Nigerian lender bailed out by the nation’s central bank in 2009, fell to the lowest closing price since at least February 2003, losing 4 kobo, or 4.1 percent, to 93 kobo. Central bank Governor Lamido Sanusi said recapitalization of some lenders risks being derailed by shareholders who have taken court action to stall the process, according to a statement published in Lagos-based Punch newspaper today.
Union Bank of Nigeria Plc (UBN NL) retreated 10 kobo, or 4.6 percent, to 2.07 naira, erasing yesterday’s gain. Bank PHB Plc (PLATINUM NL) lost 4 kobo, or 4.6 percent, to 84 kobo. A close at this level would be the weakest since January 2006. Oceanic Bank International Plc (OCEANIC NL) fell for a 13th day, the longest streak of losses since November 2009, slumping 6 kobo, or 4.8 percent, to 1.20 naira.
Total Kenya Ltd. (TKNL KN), Total SA’s unit in the East African nation, fell for the first day in five, slipping 50 cents, or 1.9 percent, to 25.75 shillings. Oil dropped as much as 3.1 percent in New York after al-Hayat newspaper reported Saudi Arabia will raise oil production to 10 million barrels a day next month, and on concern the global economic recovery is slowing.
Uchumi Supermarkets Ltd. (UCSP KN), a Kenyan retailer that resumed trading last week after a five-year suspension due to bankruptcy, jumped 1.05 shillings, or 9.3 percent, to 12.30 shillings, bringing its increase in the past four days to 25 percent, on speculation it is undervalued relative to its peers on the Nairobi Stock Exchange.
Uchumi trades on a multiple of about 10 times reported earnings compared with a Kenyan market average of 13, Eric Musau, an analyst at Nairobi-based African Alliance Securities Kenya Ltd., said in a phone interview today.
--Editors: Linda Shen, Gavin Serkin
To contact the reporter on this story: Chris Kay in London at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com