Bloomberg News

Sub-Sahara Africa Stocks: Fidelity Bank, Access Bank of Nigeria

December 12, 2011

Dec. 12 (Bloomberg) -- The Ghana Stock Exchange Composite Index slumped for a seventh day, tumbling 2.9 percent to close at 944.16.

The FTSE/Namibia Overall Index fell for a third day, retreating 1 percent to 837.05 in Windhoek. Mauritius’s SEMDEX Index declined 0.2 percent to 1,857.13 at the end of trading. The Nigerian Stock Exchange All-Share Index rose for the second day, increasing less than 0.1 percent to 19,791 in Lagos, according to a statement on the bourse’s website. Kenya’s market was closed for a public holiday.

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

Fidelity Bank Plc (FIDELITY NL), a Nigerian lender, jumped 4.9 percent, the most since Aug. 15, to 1.28 naira.

The low prices of Nigerian banks are “attracting both local and foreign investors,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co., said by phone today. Nigerian banks are trading at 0.8 times their price-to-book value, down from 1.2 in 2009 and 1.3 in 2010, according to data compiled by Bloomberg.

Access Bank Plc (ACCESS NL), the West African nation’s fifth biggest lender, gained 4.2 percent, the most since Oct. 27, to 4.48 naira. Stanbic IBTC Bank Plc (IBTCCB NL), the Nigerian unit of Standard Bank Group Ltd., snapped seven days of declines, surging 4.9 percent to 6.61 naira.

--Editors: Peter Branton, Ana Monteiro

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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