Bloomberg News

Sub-Sahara Africa Stocks: First Bank of Nigeria, Japaul Oil

January 26, 2012

Jan. 26 (Bloomberg) -- Kenya’s All-Share Index retreated for the first time in three days, declining 0.4 percent to 53.80 in Nairobi.

The FTSE/Namibia Overall Index rose for the first day in three, gaining 0.3 percent to 902.84 in Windhoek. Mauritius’s SEMDEX Index fell for a third day, weakening 0.1 percent to 1,836 by the end of trading. The Nigerian Stock Exchange All- Share Index gained 0.8 percent to 20,797.81 at the close in Lagos, according to a statement on the bourse’s website.

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

First Bank of Nigeria Plc (FIRSTBAN NL), the country’s third largest bank by market value, advanced for a third day, surging 4.9 percent to 9.61 naira, the highest since Nov. 22, on speculation the lender will pay a dividend for the year through December.

“Investors anticipate that First Bank will be able to pay a dividend of at least one naira per share for the full year through December, given that its earnings per share for the nine months were already above one naira,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co., a brokerage, said by phone today. “That means that at the current price, the dividend yield will be more than 10 percent, and that means a lot globally.”

Japaul Oil & Maritime Services Plc (JAPAULOI NL), a Nigerian oil-services company, rose for a second day, gaining 4 percent to 79 kobo. Oil rose after the Federal Reserve announced it plans to keep U.S. interest rates near a record low through 2014 and as a report showed durable goods orders in the world’s biggest crude-consuming country increased.

--Editors: Peter Branton, Alex Nicholson

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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