Bloomberg News

Sub-Sahara Africa Stocks: Stanbic IBTC Bank Nigeria, Total Kenya

December 09, 2011

Dec. 9 (Bloomberg) -- The Ghana Stock Exchange Composite Index fell for a sixth day, slumping 2.4 percent to close at 952.36.

The FTSE/Namibia Overall Index slipped for a second day, retreated 0.6 percent to 845.54 in Windhoek. Kenya’s All-Share Index edged up for a second day, advancing 0.4 percent to 54.13 in Nairobi. The Nigerian Stock Exchange All-Share Index rose for the first day in four, increasing 0.3 percent to 19,785.03 in Lagos, according to a statement on the bourse’s website. Mauritius’s SEMDEX Index snapped two days of declines, climbing less than 0.1 percent to 1,859.91 at the end of trading.

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

Stanbic IBTC Bank Plc (IBTCCB), the Nigerian unit of Standard Bank Group Ltd., dropped for a seventh day, the longest retreat since April 2010, losing 4 percent to 6.3 naira. Foreign investors exited the Nigerian equities market over the debt crisis in Europe, Kundila Finance said.

“The problem we have now is that volume is foreign-driven and some of them are selling to balance their books at home,” Raheem Mohammed, chief operating officer of Lagos-based brokerage Kundila Finance, said by phone today. “If they are not buying what do you think will happen?”

Total Kenya Ltd. (TKNL KN), the local unit of Total SA, declined 2.4 percent to 14.55 shillings. Fuel costs in Kenya may decline as much as 5 shillings ($0.06) per liter when the Energy Regulatory Commission sets new prices on Dec. 15, the Energy Ministry said yesterday after the market closed.

--Editors: Ash Kumar, Peter Branton

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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