Bloomberg News

Sub-Sahara Africa Stocks: Kakuzi of Kenya, Kenya Airways Move

February 07, 2012

Feb. 7 (Bloomberg) -- Kenya’s All-Share Index rose 0.3 percent to 54.54 in Nairobi, the highest closing level since Jan. 20.

The FTSE/Namibia Overall Index declined for a second day, retreating 0.7 percent to 924.83 in Windhoek. The Nigerian Stock Exchange All-Share Index slid 0.4 percent to 20,792.75 at the close in Lagos, according to a statement on the bourse’s website. Mauritian markets were closed for a public holiday.

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

Kakuzi Ltd. (KKZI KN), a Kenyan tea and fruit producer, advanced 4.2 percent to 75 shillings, the highest level since Nov. 16, after announcing Del Monte Kenya Ltd. withdrew a 109 million-shilling ($1.3 million) repayment claim against the company.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third- biggest airline by passenger numbers, fell for a second day, dropping 1.3 percent to 18.65 shillings, the lowest level since Dec. 6, before a planned rights offer.

“It appears people think a rights issue is going to be dilutive and are reducing their positions ahead of the announcement and maybe buy back when they know the level of dilution,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.

--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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