Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, KenolKobil, Safricom

June 14, 2011

June 14 (Bloomberg) -- Kenya’s All-Share Index tumbled for a fourth day, retreating 0.9 percent to 71.87 by the 3 p.m. close in Nairobi, the lowest close since March 25.

The Nigerian Stock Exchange All-Share Index declined for a fourth day, the longest losing streak since March 17, falling 0.3 percent to 25,533.68 by the 2:30 p.m. in Lagos, according to an e-mailed statement from the exchange. Mauritius’s SEMDEX Index rose less than 0.1 percent to 2,083.38 by the 1:30 p.m. close in Port Louis. Namibia’s FTSE/Namibia Overall Index rose for a second day, gaining 0.1 percent to 824.11 by the 4 p.m. close in Windhoek.

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

Air Mauritius Ltd. (AML MP), sub-Saharan Africa’s fourth- biggest airline, advanced 0.9 rupee, or 4.7 percent, to 20.2 rupees, the biggest increase since May 16, on expectations the company will this week announce an increase in full-year profit.

“It’s speculation on anticipation of results to be published by June 16,” Bhavik Desai, a research analyst at Axys Stockbroking Ltd., said in a phone interview from Port Louis. “There are no more hedging losses. Results would be better.”

KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer with operations in nine African countries, jumped 60 cents, or 6.2 percent, to 10.30 shillings, after the Nairobi-based company said it expects to report first-half net income rose more than 50 percent. The earnings will be released July 26, it added.

Safaricom Ltd. (SAFCOM KN), East Africa’s biggest mobile- phone operator, gained for the first day in three, adding 5 cents, or 1.3 percent, to 3.95 shillings, after announcing plans to form a joint venture with Telkom Kenya Ltd. to manage their towers in a bid to cut costs.

--Editors: Linda Shen, 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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