Bloomberg News

Sub-Saharan African Stocks Report: KenolKobil, Tullow Are Active

September 28, 2011

Sept. 28 (Bloomberg) -- Kenya’s All-Share Index fell to its lowest in more than 21 months, dropping 1.7 percent to 57.92 by the 3 p.m. close in Nairobi, the capital.

The Nigerian Stock Exchange All-Share Index rose for the first time in six days, advancing less that 0.1 percent to 20,029.66 by the end of trading at 2:30 p.m. in Lagos, according to a statement on the bourse’s website. Namibia’s FTSE/Namibia Overall Index lost 1.2 percent to 784.02 by the 4 p.m. close in Windhoek. In Mauritius, the SEMDEX Index increased for a second day, gaining 1.3 percent to 1,886.77 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index fell for a fourth day, losing 0.4 percent to 1,089.34 by the 3 p.m. close in Accra.

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

KenolKobil Ltd. (KNOC KN), a fuel retailer with operations in nine Africa countries, declined for a third day, falling 15 cents, or 1.5 percent, to 9.7 shillings. Brent crude retreated on speculation fuel demand will drop as the U.S. economy slows and Europe’s debt crisis batters consumer sentiment.

Mauritius Commercial Bank (MCB MP), the Indian Ocean island nation’s largest lender by market value, closed at its highest in more than three weeks, gaining 5 rupees, or 3 percent, to 171 rupees. Profit for the year to June is expected to be 15 percent higher when the bank reports later this week, Roshan Ramoly, managing director of the Port Louis-based CIM Stockbrokers Ltd. said in a phone interview today.

Tullow Oil Plc (TLW GN) climbed for the first time in almost two weeks in Accra trading, adding 7 pesewas, or 0.2 percent, to 31.11 cedis after the U.K.-based oil explorer with the most licenses in Africa said it found oil at a well off the coast of Ghana.

--Editors: Ana Monteiro, Peter Branton

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

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


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