Bloomberg News

Sub-Sahara Africa Stocks: Tullow Oil Ghana, UBA Nigeria Move

February 15, 2012

Feb. 15 (Bloomberg) -- The Nigerian Stock Exchange All- Share Index dropped 1.6 percent to 20,329.62 in Lagos, according to a statement on the bourse’s website.

Kenya’s All-Share Index rose for the first day in three, climbing 0.6 percent to 54.66 in Nairobi. The FTSE/Namibia Overall Index fell for a second day, retreating 1.2 percent to 921.02 in Windhoek. Mauritius’s SEMDEX Index gained for the first time in five days, increasing 0.5 percent to 1,824.28 by the end of trading.

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

Tullow Oil Plc (TLW GN), the Accra listing of the London- based oil company, advanced 3.2 percent to 32 cedi, the highest since Sept. 16. Oil rose after China said it would help resolve Europe’s debt crisis, easing concern that economic growth will slow and curb fuel demand.

Japaul Oil & Maritime Services Plc (JAPAULOI NL), a Nigerian oil-services company, rose for a second day, jumping 4.2 percent to 75 kobo.

United Bank for Africa Plc (UBA NL), surged 4.9 percent to 1.72 naira, snapping five days of declines, as investors bet its price drop has been overdone.

“At this price, it cannot go down further, it can only go up and in the next six months it could double,” Eugene Ezenwa, chief operating officer of Lagos-based PAC Securities, said by phone today.

--Editors: Linda Shen, Peter Branton

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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