Bloomberg News

Sub-Sahara Africa Stocks: Eaagads, East African Breweries Move

November 29, 2011

Nov. 29 (Bloomberg) -- Kenya’s All-Share Index fell for a fourth day, weakening 0.8 percent to 55.11 in Nairobi.

The Ghana Stock Exchange Composite Index advanced for a second day, gaining 0.2 percent to 985.87 in Accra. The FTSE/Namibia Overall Index climbed for a fourth day, rising 1.9 percent to 810.76 in Windhoek, the capital. The Nigerian Stock Exchange All-Share Index declined for a second day, retreating 1.9 percent to 19,725.90 in Lagos, according to an e-mailed statement from the exchange.

The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Eaagads Ltd. (EGDL KN), a Kenyan coffee producer, rose to its highest in more than four months, adding 5 percent to 37 shillings. Sales increased to 68.4 million shillings ($764,000) in the six months through September from 64.6 million shillings a year earlier, the company said in a statement published in Nairobi-based newspaper the Star today.

East African Breweries Ltd. (EABL KN), Diageo Plc’s Kenyan unit, gained for a second day, adding 1.2 percent to 164 shillings. Diageo loaned its Kenyan subsidiary for 19.5 billion shillings to fund the purchase of shares in Kenya Breweries Ltd. it doesn’t already own from SABMiller Plc, Nairobi-based Business Daily reported yesterday, citing Brenda Mbathi, spokeswoman for East Africa Breweries Ltd.

United Bank for Africa Plc (UBA NL), a Nigerian lender, retreated 1.2 percent to 2.49 naira after the company’s stock rating was cut to “hold” from “buy” at Exotix Frontier Equities because of the possibility United Bank may issue new shares and possibly incur losses from the sale of loans to the Asset Management Corp. of Nigeria.

--With assistance from Chris Kay in Lagos. Editors: Ash Kumar, 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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