Bloomberg News

Sub-Sahara Africa Stocks: Diamond Bank Nigeria, Kenya Commercial

March 02, 2012

The Nigerian Stock Exchange All- Share Index (NGSEINDX) advanced for a second day, rising 2 percent to 20,592.02 at the close in Lagos, according to an e-mailed statement from the bourse.

Kenya’s All-Share Index (NSEASI) climbed for the ninth straight day, adding 0.6 percent to 59.80 at the end of trading in Nairobi, the longest rally since September 2010. Mauritius’s SEMDEX Index (SEMDEX) edged up for a second day, increasing by less than 0.1 percent at 1,779.89 at the close. The FTSE/Namibia Overall Index (FTN098) fell for a second day, retreating 0.9 percent to 914.77 in Windhoek.

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

Diamond Bank Plc (DIAMONDB) , a Nigerian lender, slid 1.2 percent to 2.57 naira, the lowest since Feb. 27.

“The pressure is likely downward on the stock this month as investors expect it to come up with a loss after a profit warning,” David Adonri, chief executive officer of Lambeth Trust & Investment Co., a Lagos-based brokerage, said by phone today. “There is no incentive for the stock to move up until the management comes up with a first-quarter profit forecast.”

Kenya Commercial Bank Ltd. (KNCB) , the East African nation’s third-biggest lender by market value, jumped 3.7 percent to 21.25 shillings, the highest since Aug. 8, after full-year earnings surged, beating analyst estimates.

KenolKobil Ltd. (KNOC) , a Kenyan fuel retailer with operations in nine African countries, retreated for a second day, retreating 1.8 percent to 10.9 shillings. Oil declined in New York and headed for the first weekly drop in four after Saudi Arabia denied a reported pipeline explosion in its Eastern province.

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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