Bloomberg News

Sub-Sahara Africa Stocks: Diamond Bank, Ecobank Ghana, Rogers

October 25, 2011

Oct. 25 (Bloomberg) -- Kenya’s All-Share Index declined for the first time in three days, slipping 0.4 percent to 55.12 by the 3 p.m. close in Nairobi, the capital.

In Mauritius, the SEMDEX Index advanced for a third day, adding 0.7 percent to 1,913.82 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index closed at its highest in more than two weeks, gaining 0.1 percent to 20,278.16 by the 2:30 p.m. close in Lagos, according to data compiled by Bloomberg. The Ghana Stock Exchange Composite Index added 0.3 percent to 999.27 by the 3 p.m. close in Accra. Namibia’s FTSE/Namibia Overall Index gained for a third day, adding 0.3 percent to 804.22 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.

Diamond Bank Plc (DIAMONDB NL), a Nigerian lender with operations in four other African nations, advanced for a second day, adding 4.4 percent to 3.35 naira. Fitch Ratings raised the bank’s outlook to “stable” from “negative.”

Ecobank Ghana Ltd. (EBG GN), the nation’s second-biggest lender by market capitalization, closed at a two-week high, gaining 6.3 percent to 3.40 cedis. The bank said profit increased 25 percent in the period through September.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third- biggest airline, closed at its lowest in two years, falling 3.2 percent to 22.75 shillings. The airline said it would denominate domestic fares in dollars because of fluctuations in the exchange rate of the shilling, the world’s worst-performing currency against the dollar this year.

Mumias Sugar Co. (MSUG KN), Kenya’s biggest producer of the sweetener, closed at its highest in more than more than two weeks, advancing 2.4 percent to 6.35 shillings. Sugar prices gained on signs China may be purchasing more of the sweetener and on speculation demand will increase as concerns about the European debt crisis ease.

Rogers & Co. (ROGERS MP) surged 13 percent to 389 rupees, its highest close since July 2008. Major shareholders ENL Investment Ltd. (ENIT MP) and Elgin Ltd. said they may close the group’s majority shareholder, Rogers Consolidated Shareholding Ltd., and transfer its assets and investments to CIM Financial Services, which will be listed separately.

ENL Investment rose 10 percent to 43 rupees.

--Editors: Linda Shen, Ana Monteiro

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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