Bloomberg News

Sub-Sahara Africa Stocks: Ecobank Transnational, Mumias Sugar

November 16, 2011

Nov. 16 (Bloomberg) -- The Nigerian Stock Exchange All- Share Index declined for a second day, dropping 1.6 percent to 20,084.42 at the close of trade in Lagos, according to data on Bloomberg.

The FTSE/Namibia Overall Index climbed for a fifth day, adding 0.1 percent to 836.75 in Windhoek, the highest since July 27. Mauritius’s SEMDEX Index declined for a second day, dropping 0.5 percent to 1,908.66 by the end of trading, the lowest since Nov. 4. Kenya’s All-Share Index rose for the first time in three days, climbing 0.3 percent to 57.08 in Nairobi. The Ghana Stock Exchange Composite Index slipped for a seventh day, retreating 0.1 percent to 992.96 in Accra, the lowest close since Oct. 17.

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

Ecobank Transnational Inc. (ETI NL), a Lome-based lender with operations in 30 African nations, gained 1.9 percent to 11.25 naira after saying its Liberian unit may double profit next year as it expands its branch network.

Mumias Sugar Co. (MSUG KN), Kenya’s biggest producer of the sweetener, snapped a four-day drop after shares fell to an “attractive” level for investors, according to Kestrel Capital East Africa Ltd. The shares jumped 1.8 percent to 5.55 shillings.

--Editors: Peter Branton, Ash Kumar

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

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


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