Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, New Mauritius Hotels

February 28, 2012

Mauritius’s SEMDEX Index (SEMDEX) fell for a sixth day, declining 0.8 percent to 1,784.22 by the end of trading, the lowest since October 2010.

Kenya’s All-Share Index (NSEASI) advanced for the sixth straight day, gaining 1 percent to 57.89 in Nairobi, the highest since Sept. 28. The Nigerian Stock Exchange All-Share Index (NGSEINDX) fell for a second day, retreating 1.1 percent to 20,137.50 at 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index (FTN098) jumped 1 percent to 920.83 as of in Windhoek.

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

GlaxoSmithKline Consumer Nigeria Plc (GLAXOSMI) , a local unit of the U.K.’s biggest drugmaker, dropped 5 percent to 20.90 naira, the lowest since April 2010, after the company’s dividend announcement of 1.20 naira per share for the full-year 2011 fell below investors’ expectations.

The dividend “is too small for a 21-naira stock,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance, a brokerage, said by phone today. “Investors want stocks on which they can get both dividends and capital appreciation,” he said.

New Mauritius Hotels Ltd. (NMH) , the country’s largest leisure operator by market value, dropped 2.1 percent to 70 rupees, the lowest since March 2009. Mauritius cut its forecast for tourism arrivals this year, sending hotel and airline shares down, as the debt crisis in Europe curbs demand.

Sun Resorts Ltd. (SUN) (SUN MP), the second-largest resort group, fell 1.2 to 41 rupees. Lux Island Resorts Ltd. (NRL) retreated 1.4 percent to 21.90 rupees, its lowest level since December 2010. Air Mauritius Ltd. (AML) , sub-Saharan Africa’s fourth biggest airline, retreated 0.8 percent to 12 rupees.

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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