Bloomberg News

Sub-Sahara Africa Stocks: Co-operative Bank Kenya, Equity Bank

January 24, 2012

Jan. 24 (Bloomberg) -- Kenya’s All-Share Index gained for the first time in six days, climbing 0.6 percent to 53.89 in Nairobi.

The FTSE/Namibia Overall Index fell for the first day in nine, declining 1 percent to 902.9 in Windhoek. Mauritius’s SEMDEX Index fell 0.6 percent to 1,847.54 at the close. The Nigerian Stock Exchange All-Share Index was little changed at 20,689.10 at 2:30 p.m. in Lagos, according to data compiled by Bloomberg.

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

Co-operative Bank of Kenya Ltd. (COOP KN), the country’s fifth-biggest lender by market value, retreated 2.3 percent to 12.60 shillings. The bank was rated “hold” with a target price of 15.1 shillings in new coverage at Renaissance Capital.

Kenya Commercial Bank Ltd. (KNCB KN), the biggest lender by outlets, climbed 0.3 percent to 17.5 shillings. Equity Bank Ltd. (EQBNK KN), the biggest Kenyan bank by customers, advanced 0.3 percent to 16 shillings, the highest close since Jan. 10. Renaissance rated the two lenders “buy” with target prices of 24.6 shillings and 25.5 shillings respectively, the brokerage said in an e-mailed statement today from Nairobi, the Kenyan capital.

--Editors: Peter Branton, Linda Shen

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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