Bloomberg News

Sub-Sahara Africa Stocks: Kenya Airways, Standard Chartered Move

March 12, 2012

Kenya’s All-Share Index (NSEASI) snapped 14 days of gains and the longest rally since June 2009, falling 0.3 percent to 60.86 in Nairobi.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) climbed 0.7 percent to 21,087.37 by 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index (FTN098) retreated for the first day in four, sliding 0.3 percent to 904.03 in Windhoek. Mauritius’s SEMDEX Index (SEMDEX) was closed for a public holiday.

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

Kenya Airways Ltd. (KNAL) , sub-Saharan Africa’s third- biggest airline, dropped for the first day in three, retreating 3 percent to 18.05 shillings, after saying it plans to raise $3.6 billion, partly through a rights offer and loans, to fund its 10-year expansion plan.

Standard Chartered Bank Kenya Ltd. (SCBL) , the local unit of Standard Chartered Plc, fell for a second day, weakening 0.6 percent to 175 shillings, on bets it will announce full-year profit dropped in 2011.

Both earnings per share and profit after tax could retreat 3.4 percent, Francis Mwangi, head of research at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today. StanChart, as the lender is known, may report a loss of 400 million shillings ($4.86 million) from sales of its holdings in fixed-income securities, he 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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