Bloomberg News

Sub-Sahara Africa Stocks: Kenya Airways, Nation Media Group Move

March 13, 2012

Kenya’s All-Share Index (NSEASI) fell for a second day, declining 1.1 percent to 60.19 in Nairobi.

Mauritius’s SEMDEX Index (SEMDEX) rose 0.2 percent to 1,771.32 at the close. The FTSE/Namibia Overall Index (FTN098) gained 0.7 percent to 909.90 in Windhoek. The Nigerian Stock Exchange All-Share Index (NGSEINDX) climbed less than 0.1 percent 21,091.36 by 2:30 p.m. in Lagos, according to data compiled by Bloomberg.

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

Nation Media Group Ltd. (NMG) , East Africa’s biggest publishing company, gained for a third day, rising 1.9 percent to 165 shillings, the highest level since July 12, on speculation earnings will rise tomorrow when the company is scheduled to announce its full-year results.

“I expect some growth in turnover and profit because there has been an improvement in advertising,” Renaldo d’Souza, a research analyst with Genghis Capital Ltd., said by phone from Nairobi today. “There could also be an improved dividend payout going by the previous policy.”

Kenya Airways Ltd. (KNAL) , sub-Saharan Africa’s third- biggest airline, plunged 7.2 percent to 16.75 shillings, the lowest level since March 2009. The company said yesterday it plans to raise $3.6 billion, partly through a rights offer and loans, to fund its 10-year expansion plan.

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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