Bloomberg News

Sub-Sahara Africa Stocks: Kenya Commercial, Uchumi Supermarkets

December 01, 2011

Nov. 30 (Bloomberg) -- Mauritius’s SEMDEX Index tumbled for an 11th day, losing 0.9 percent to 1,864.01 by the close, the longest decline since the 14 days through Aug. 28, 2008.

Kenya’s All-Share Index fell for a fifth day, weakening 2.4 percent to 53.77 in Nairobi, the lowest close since Oct. 27. The Ghana Stock Exchange Composite Index gained for the third day, advancing 0.2 percent to 987.41 in Accra. The FTSE/Namibia Overall Index advanced for the fifth day, surging 3.6 percent to 839.90 in Windhoek. The Nigerian Stock Exchange All-Share Index snapped two days of declines, climbing less than 0.1 to 20,003.36 in Lagos, according to an e-mailed statement from the bourse.

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

Kenya Commercial Bank Ltd. (KNCB KN), the East African nation’s biggest lender by assets, climbed for the first day in 14, gaining 0.3 percent to 15 shillings, after falling below a technical level that indicates the stock is poised for a rise.

Kenya Commercial’s 14-day relative strength index closed at 25.2 yesterday, according to data compiled by Bloomberg. A level below 30 signals to some technical analysts that the stock is oversold and set for a rise.

Uchumi Supermarkets Ltd. (UCSP KN), a Kenyan retailer, closed at its lowest on record, weakening 2.7 percent to 7.35 shillings, as small investors sold their stock ahead of the Christmas holidays.

“It is purely retail investors building their cash positions as we head into the festive season, there is a lot of retail exits from the company,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd., said by phone today.

--Editors: Peter Branton, James Kraus

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

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


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