Bloomberg News

Sub-Sahara Africa Stocks: Sun Resorts, United Bank for Africa

November 15, 2011

Nov. 15 (Bloomberg) -- The FTSE/Namibia Overall Index climbed for a fourth day, jumping 1.8 percent to 835.65 in Windhoek, the highest since July 27.

Mauritius’s SEMDEX Index snapped eight days of gains, declining 0.3 percent to 1,918.08 by the end of trading. The Ghana Stock Exchange Composite Index slipped for a sixth day, retreating 0.1 percent to 994.06 in Accra, the lowest close since Oct. 17. Kenya’s All-Share Index fell for a second day, sliding 0.2 percent to 56.9 in Nairobi. The Nigerian Stock Exchange All-Share Index weakened 0.1 percent to 20,404.23 in Lagos, according to an e-mailed statement from the exchange.

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

National Bank of Kenya Ltd. (NBKL KN), a state-owned lender, slumped 5.9 percent to 24 shillings, the biggest loss since Sept. 23, after it said yesterday nine-month profit declined 8.9 percent as costs increased.

Sun Resorts Ltd. (SUN MP), Mauritius’s second-largest leisure operator by market value, retreated 3.7 percent to 52 rupees, the biggest decline since Aug. 8, after announcing a widened third-quarter loss of 172.5 million rupees ($5.9 million) for the three months through September.

United Bank for Africa Plc (UBA NL), a Nigerian lender with operations in 19 African countries, fell 1.4 percent to 2.9 naira, after it was downgraded at Stanbic IBTC Bank Plc to “hold” from “buy” with the price estimate reduced by 52 percent to 3.38 naira.

--Editors: Peter Branton, Stephen Kirkland

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

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


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