Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, Equity Bank, Oando

October 05, 2011

Oct. 5 (Bloomberg) -- Kenya’s All-Share Index declined 0.5 percent to 56.90 by the 3 p.m. close in Nairobi, extending its drop this year to 27 percent.

In Mauritius, the SEMDEX Index fell 0.4 percent to 1,886.44 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index advanced for the fifth session, adding 0.6 percent to 20,695.77 by 2:30 p.m. in Lagos, according to a statement on the bourse’s website. The Ghana Stock Exchange Composite Index declined for a third day, retreating 2.4 percent to 1,040.78 by 3 p.m. in Accra. Namibia’s FTSE/Namibia Overall Index increased 1.5 percent to 758.44 by 4 p.m. 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, declined 20 cents, or 1.2 percent, to 16.9 rupees, the first drop in eight days. Mauritius’s tourist arrivals will probably increase by the lowest rate in three years in 2012, as economic growth in Europe, its main source of visitors, slows because of a debt crisis, Tourism Minister Michael Sik Yuen said.

British American Investment Co. (BRIT KN), a Kenyan financial-services company, rose for a second day, adding 25 cents, or 4.2 percent, to 6.15 shillings. The company’s 14-day relative strength index closed at 26.8 on Oct. 3, the day before the stock started its advance. A level below 30 signals to some technical analysts that the stock is poised to rise.

Equity Bank Ltd. (EQBNK KN), Kenya’s second-biggest lender by market value, gained 40 cents, or 2.3 percent, to 17.6 shillings, the first advance in 10 days. The bank plans to open five branches in Tanzania before the end of the year, Samuel Makome, general manager in charge of risk at the lender, said at a conference in Johannesburg yesterday.

KenolKobil Ltd. (KNOC KN), a fuel retailer with operations in nine Africa countries, rallied 20 cents, or 2.1 percent, to 9.7 shillings. Oil rose for the first time in four days after the U.S. government reported an unexpected stockpile decline in the world’s biggest crude-consuming country.

Oando Plc (OANDO NL), a Nigerian oil company, rose 1.2 naira, or the maximum daily limit of 5 percent, to 25.31 naira.

--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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