Bloomberg News

Sub-Sahara Africa Stocks: Diamond Trust Bank, FCMB Bank Nigeria

March 15, 2012

Kenya’s All-Share Index (NSEASI) snapped three days of declines, advancing 0.2 percent to 60.07 in Nairobi.

Mauritius’s SEMDEX Index (SEMDEX) fell for a second day, down 0.2 percent to 1,763.3 at the close. The Nigerian Stock Exchange All-Share Index slumped 2 percent to 20,658.28 in Lagos, according to an e-mailed statement from the bourse. The FTSE/Namibia Overall Index (FTN098) slumped for the first time in three days, retreating 0.1 percent to 918.93 in Windhoek.

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

Diamond Trust Bank Kenya Ltd. (DTKL) , the country’s sixth-biggest lender by market value, rose 2.8 percent to 92.5 shillings before a rights offer.

“It seems like someone is trying to enhance his position ahead of the rights issue,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd., said in a phone interview today.

First City Monument Bank Plc (FCMB) , the seventh-largest Nigerian lender by market value, retreated by the daily limit of 5 percent to 3.80 naira, the biggest drop since Oct. 6, after it said it will post a full-year net loss of about 9 billion naira ($57 million).

Kenya Airways Ltd. (KNAL) , sub-Saharan Africa’s third- biggest airline, snapped three days of declines, climbing as much as 7.6 percent before the end of registration to participate in the company’s rights offering. Shares closed 0.3 percent higher at 15.15 shillings.

“There is a bit of demand coming as investors take positions ahead of the book closure date, which is tomorrow,” Gregory Waweru, a research analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview.

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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