Bloomberg News

Sub-Sahara Africa Stocks: Uchumi Supermarkets Kenya, Zenith Bank

March 09, 2012

Kenya’s All-Share Index (NSEASI) advanced for the 14th straight day, gaining 0.4 percent to 61.06 in Nairobi, extending the longest rally since June 2009.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) snapped six days of gains, dropping 1.1 percent to 20,950.02 in Lagos, according to an e-mailed statement from the bourse. The FTSE/Namibia Overall Index (FTN098) climbed for a third day, increasing 0.6 percent to 906.74 in Windhoek. Mauritius’s SEMDEX Index (SEMDEX) fell less than 0.1 percent to 1,768.22 at the close.

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

Uchumi Supermarkets Ltd. (UCSP) , Kenya’s only publicly traded retail chain, surged 6.7 percent to 9.5 shillings, the highest close since Aug. 8, on speculation it will pay a dividend.

“The market has realized the company has excess cash and it has to be distributed to shareholders,” Eva Njuguna, a trader at Nairobi-based Sterling Capital Ltd., said by phone.

Zenith Bank Plc (ZENITHBA) , Nigeria’s biggest lender by market value, snapped two days of gains, dropping 2.5 percent to 13.56 naira, after weaker-than-expected full-year results, FBN Capital Ltd. said.

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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