Bloomberg News

Sub-Sahara Africa Stocks: Intercontinental, KenolKobil, Uchumi

June 15, 2011

June 15 (Bloomberg) -- Kenya’s All-Share Index slumped for a fifth day, retreating 0.9 percent to 71.23 by the 3 p.m. close in Nairobi, the lowest since March 10.

Namibia’s FTSE/Namibia Overall Index fell 0.9 percent to 817.07 by the 4 p.m. close in Windhoek, the lowest since Nov. 30. The Ghana Stock Exchange Composite Index gained 0.1 percent to 1,175.90 by the 3 p.m. close in Accra. The Nigerian Stock Exchange All-Share Index dropped for the fifth day, declining 0.2 percent to 25,471.59 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index advanced for a second day, increasing 0.1 percent to 2,085.32 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 central bank two years ago, rose for the first time in 10 days, adding 4 kobo, or 4.7 percent, to 89 kobo, after a Nigerian court dismissed a bid by the former managing director to challenge the planned sale of the lender to Access Bank Plc.

KenolKobil Ltd. (KNOC KN) advanced 15 cents, or 1.5 percent, to 10.45 shillings, the highest close since Jan. 6. The Kenyan fuel retailer with operations in nine African countries extended gains for a second day after saying it expects first- half profit will climb more than 50 percent.

Uchumi Supermarkets Ltd. (UCSP KN), a Kenyan retailer that resumed trading last month after a five-year suspension due to bankruptcy, declined the for the first day in seven, falling 45 cents, or 3.4 percent, to 12.8 shillings, on speculation its 35 percent increase in the past six days was overdone.

“There are people who bought it at 9 shillings and 10 shillings and are picking their gains,” Renaldo D’Souza, an analyst with Nairobi-based Genghis Capital Ltd. said in a phone interview today.

--Editors: Ana Monteiro, Alex Nicholson

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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