Bloomberg News

Sub-Saharan Africa Stocks: First Bank of Nigeria, Sasini Kenya

February 21, 2012

Feb. 21 (Bloomberg) -- Kenya’s All-Share Index jumped 0.9 percent to 55.4 in Nairobi, the highest close since Jan. 12.

The Nigerian Stock Exchange All-Share Index advanced for a third day, gaining 0.2 percent to 20,486.24 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index climbed 0.5 percent to 922.5 as of the close in Windhoek. The Mauritius SEMDEX Index fell 0.4 percent to end trading at 1,816.23

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

First Bank of Nigeria Plc (FIRSTBAN NL), the country’s third-biggest lender by market value, gained for a sixth day, advancing 4 percent to 11.37 naira, the highest close since Aug. 18.

“Investors are taking position on the stock in anticipation of getting dividends from the bank,” Raheem Mohammed, chief operating officer of Lagos-based brokerage Kundila Finance, said by phone today. “This is virtually the end of February and the result is expected any moment from now.”

Pan Africa Insurance Holdings Ltd. (PAIL KN), the Kenyan unit of South Africa’s Sanlam Ltd. gained 1.3 percent to 20 shillings, its strongest close since Jan. 26, after it proposed a dividend of 2 shillings per share.

Sasini Ltd. (STCL KN), a Kenyan tea and coffee grower, rose for a third consecutive day, its longest winning streak since Sept. 20, increasing 1.4 percent to 11 shillings, as leaf prices are seen to be increasing.

Tea prices in Kenya, the world’s biggest exporter of black tea, are set to rise as frost and drought in the main growing areas have cut production by as much as half, the Africa Tea Brokers said yesterday.

--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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