Bloomberg News

Sub-Sahara Africa Stocks: Kenya Electricity; New Mauritius Hotel

July 19, 2011

July 19 (Bloomberg) -- Mauritius’s SEMDEX Index declined for the second day, falling 0.1 percent to 2,051.57 by the 1:30 p.m. close in Port Louis, the lowest since May 5.

The Nigerian Stock Exchange All-Share Index slid for the second day, weakening 0.7 percent to 23,552.84 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Namibia’s FTSE/Namibia Overall Index snapped two days of declines, rising 0.8 percent to 844.76 by the 4 p.m. close in Windhoek. The Ghana Stock Exchange Composite Index advanced for the second day, rising less than 0.1 percent to 1,176.78 by the 3 p.m. close in Accra. Kenya’s All-Share Index gained 0.2 percent to 67.42 by the 3 p.m. close in Nairobi.

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

Kenya Electricity Generating Co. (KEGC KN), the country’s biggest power producer, gained for the first day in 12, climbing 0.25 shillings, or 2.1 percent, to 12 shillings, after sinking below a key level of an indicator used in technical analysis.

Kenya Electricity’s 14-day relative strength index closed at 9.06 yesterday, below the 30 level that signals to some technical analysts a security is poised to rise. The RSI identifies possible turning points in indexes or securities by measuring the degree that gains and losses outpace each other in a given period. It rose to 18.66 today, according to data compiled by Bloomberg.

New Mauritius Hotels Ltd. (NMH MP), the nation’s largest leisure operator by market value, dropped to its lowest since Sept. 27m falling 0.5 rupees, or 0.5 percent, to 99.50 rupees, on speculation the European debt crisis will affect tourism and the company’s revenue.

“NMH fell below the psychological level of 100 rupees, driven by the debt concerns in Europe, its main tourist market, which might impact on the group’s revenue in the short term,” Kishen Nadassen, a senior research analyst at the Port Louis- based Cim Stockbrokers Ltd., said by phone today from the city.

--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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