Bloomberg News

Sub-Sahara Africa Stocks: Eterna of Nigeria; Kenya Electricity

January 03, 2012

Jan. 3 (Bloomberg) -- Kenya’s All-Share Index advanced 0.7 percent to 54.81 in Nairobi, the highest close since Nov. 29.

The FTSE/Namibia Overall Index jumped 3.2 percent to 865.14 in Windhoek. The Nigerian Stock Exchange All-Share Index weakened 0.3 percent to 20,671.51 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index rose 0.3 percent to 1,887.70 by the end of trading.

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

Eterna Oil & Gas Plc (ETERNAOI NL), a Nigerian distributor of petroleum products, gained 1.4 percent to 3 naira, the highest since Dec. 23. Oil climbed to a six-week high after manufacturing in the U.S. and Asia expanded in December and as concern persisted that further sanctions against Iran may disrupt shipments.

Kenya Electricity Generating Co. (KEGC KN), the country’s biggest power producer, rose for a second day, jumping 4.1 percent to 8.80 shillings, the highest close since Dec. 8, on speculation heavy rains last month will help the company increase electricity output.

“There is improved stability in the generation sector because there has been enough rain that the dams are full,” Caleb Mutai, an analyst at Nairobi-based Tsavo Securities Ltd., said in a phone interview today.

--Editor: Stephen Kirkland.

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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