Bloomberg News

Sub-Sahara Africa Stocks: KenolKobil, Mumias, Nigerian Breweries

February 20, 2012

Feb. 20 (Bloomberg) -- Kenya’s All-Share Index snapped three days of gains, sliding 0.1 percent to 54.92 at the close in Nairobi.

The Nigerian Stock Exchange All-Share Index advanced for a second day, rising 0.1 percent to 20,439.67 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index was unchanged at 918.34 at the close in Windhoek. Markets in Mauritius are closed for a holiday.

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

KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer, advanced for a third day, rising 1.9 percent to 11 shillings, the highest close since Aug. 19. Oil rose to a nine-month high in New York after Iran said it halted some crude exports and investors bet that fuel demand will increase as Europe moves closer to bailing out Greece.

Oando Plc (OANDO NL), a Nigerian oil company, rose for a second day, adding 4.9 percent to 19.25 naira, the highest since Jan. 27.

Mumias Sugar Co. (MSUG KN), Kenya’s biggest producer of the sweetener, rallied a second day, advancing 4.4 percent, the biggest increase since Dec. 6, on speculation the stock was oversold.

“The stock is oversold because the earnings we saw did not warrant a such a decline,” Francis Mwangi, head of research at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today. “We have a value of 8.3 shillings so to us it is attractive at the current levels.”

Nigerian Breweries Plc (NB NL), the nation’s biggest brewer by market capitalization, climbed for a second day, rising 1.3 percent to 99 naira, the highest close since Dec. 29, after FBN Capital Ltd. initiated coverage citing positive “long-term” growth potential.

--Editors: Linda Shen, Peter Branton

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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