Bloomberg News

Sub-Sahara Africa Stocks: Barclays of Kenya, British-American

January 16, 2012

Jan. 16 (Bloomberg) -- The FTSE/Namibia Overall Index gained for a third day, increasing 0.5 percent to 883.19 in Windhoek, the highest since April 11.

Kenya’s All-Share Index advanced 0.4 percent to 55.24 in Nairobi. Mauritius’s SEMDEX Index fell less than 0.1 percent to 1,872.25 by the end of trading. The Nigerian Stock Exchange All-Share Index declined 0.1 percent to 20,824.82 at the close in Lagos, according to an e-mailed statement from the bourse.

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

Barclays Bank of Kenya Ltd. (BCBL KN), Kenya’s largest lender by market value, rose 3.6 percent to 12.80 shillings, the biggest gain since Dec. 21, on speculation full-year profit will increase.

“People expect a good performance when they announce their profit for 2011 because of the cost rationalization they undertook,” Brenda Kithinji, a research analyst at Nairobi- based Old Mutual Securities Ltd., said by phone today. “Barclays is one of the stocks that have fallen below their valuation in terms of price to earnings and price to book.”

British-American Investments Co. (BRIT KN), the Kenyan financial services group that began trading its shares in September, dropped 2.2 percent to 4.50 shillings, the lowest since Dec. 15, after saying last week annual profit would fall at least 25 percent.

--Editors: Peter Branton, 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


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus