Bloomberg News

Sub-Sahara African Equities: Guinness Nigeria, East African Move

December 29, 2011

Dec. 28 (Bloomberg) -- The Ghana Stock Exchange Composite Index fell for the first time in six days, dropping 2.1 percent to 946.40 in Accra, the capital.

The FTSE/Namibia Overall Index advanced for a third day, adding 0.1 percent to 841.29 in Windhoek. The Nigerian Stock Exchange All-Share Index weakened 0.7 percent to 20,618.50 in Lagos, according the exchange’s data on Bloomberg. The benchmark in Mauritius, SEMDEX Index, rose 0.6 percent to 1,882.35 by the end of trading in Port Louis. Kenya’s All-Share Index was unchanged at 54.75 in Nairobi.

The following were among the most active equities in sub- Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Guinness Nigeria Plc (GUINNESS NL), the West African nation’s second-largest brewer by market value, rose to the highest in almost seven months amid speculation strategic investors may have increased their stake in the company. The stock climbed 2 percent to 250 naira, the maximum since June 8.

East African Cables Ltd. (EACL KN), the region’s biggest cable manufacturer, rose 4.8 percent to 10.95 shillings, the biggest gain since Dec. 1. TransCentury Ltd., which has a major stake in East African Cables, acquired Civicon Ltd. and “this has resulted in positive sentiment that the market for cables will grow,” Deris Mogoi, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.

--Editors: Ash Kumar, Linda Shen

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

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


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