Bloomberg News

Sub-Sahara Africa Stocks: Ecobank, Total Kenya, TransCentury

October 04, 2011

Oct. 4 (Bloomberg) -- Kenya’s All-Share Index advanced for the first time in 12 days, rising 1.2 percent to 57.19 by the 3 p.m. close in Nairobi, ending the longest streak of losses since March 2009.

In Mauritius, the SEMDEX Index added less than 0.1 percent to 1,894.33 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index rose 1 percent to 20,581.3 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. The Ghana Stock Exchange Composite Index declined for a second day, dropping 2.7 percent to 1,066.66 by the 3 p.m. close in Accra. Namibia’s FTSE/Namibia Overall Index slid 2.4 percent to 747.59 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.

Ecobank Transnational Inc. (ETI NL), Africa’s biggest lender by geographical spread, surged 60 kobo, or the maximum daily limit of 5 percent, to 12.6 naira. The bank plans to expand into Mozambique, South Sudan, Equatorial Guinea and Madagascar, Executive Director Laurence do Rego said at a conference in Johannesburg today.

IHS Nigeria Plc (IHS NL), a telecommunications maintenance company, fell to its lowest since December, dropping 14 kobo, or 5 percent, to 2.66 naira. The company reported a loss of 1.65 billion naira ($10.4 million) for the year through April from a 1.22 billion naira profit a year earlier.

KenolKobil Ltd. (KNOC KN), a fuel retailer with operations in nine Africa countries, gained 5 cents, or 0.5 percent, to 9.5 shillings. The group expects to trade more than 1 million metric tons of fuel in 2011, Chairman Jacob Segman said at a conference in Johannesburg today.

Total Kenya Ltd. (TKNL KN) lost 60 cents, or 3.5 percent, to 16.75 shillings, its lowest close in almost nine years. Full- year profit will be “significantly lower” than a year earlier, the local unit of Total SA said in an e-mailed statement yesterday.

TransCentury Ltd. (TCL KN) climbed 2 shillings, or 8 percent, to 27 shillings, the first increase in 11 days. The company’s 14-day relative strength index has been below 30 for a month. A reading below 30 indicates an asset’s price may have fallen too quickly and may be due for a rebound.

Unilever Nigeria Plc (UNILEVER NL) retreated 24 kobo, or 0.9 percent, to 27.26 naira. Exotix Ltd. initiated coverage of the consumer goods manufacturer with a “sell” rating.

--Editors: Peter Branton, Gavin Serkin

To contact the reporter on this story: Stephen Gunnion in Johannesburg at

To contact the editor responsible for this story: Gavin Serkin at

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