Bloomberg News

Sub-Sahara Africa Stocks: Cooperative Bank of Kenya; Sasini

December 13, 2011

Dec. 13 (Bloomberg) -- The Ghana Stock Exchange Composite Index tumbled for an eighth day, dropping 2.2 percent to close at 943.71, the biggest decline since Oct. 5.

The Nigerian Stock Exchange All-Share Index gained 0.4 percent to 19,871.97 in Lagos, according to a statement on the bourse’s website. Mauritius’s SEMDEX Index rose 0.2 percent to 1,860.28 by the end of trading. The FTSE/Namibia Overall Index fell for a fourth day, retreating 0.1 percent to 835.90 in Windhoek. Kenya’s All-Share Index fell for the first session in three, declining less than 0.1 percent to 54.11 in Nairobi.

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

Cooperative Bank of Kenya Ltd. (COOP KN), the East African nation’s fifth-largest lender by market value, fell 3.3 percent to 11.6 shillings, the lowest close since April 2010, on expectations of reduced earnings and increased provisions against bad debt.

“The drop is due to expectations of reduced earnings on account of lower credit growth and increased provision for doubtful debt as the higher interest rates increase chances of default,” Eva Njuguna a research analyst at Nairobi-based Sterling Capital Ltd., said in a phone interview.

Lafarge WAPCO Nigeria Plc (WAPCO NL), a unit of Lafarge SA, jumped by the daily limit of 5 percent to 42.84 naira, the biggest rise since Aug. 12, as Nigeria’s cement companies “should benefit from years of underinvestment and a fiscal policy shift toward more public investment,” according to Tim Drinkall, a New York-based fund manager at Morgan Stanley Investment Management with $340 million in assets under management in frontier markets.

Sasini Ltd. (STCL KN), a Kenyan tea and coffee producer, declined for a second day, retreating 1.6 percent to 12.6 shillings, after reporting net income for the year to September tumbled 60 percent.

--Editors: Linda Shen, Peter Branton

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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