Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, Fan Milk, KenolKobil

April 10, 2012

The Nigerian Stock Exchange All- Share Index (NGSEINDX) snapped three days of gains, retreating 0.7 percent to 20,788.55 at 4 p.m. in Lagos, according to data compiled by Bloomberg. Trading was extended by 90 minutes after being disrupted earlier in the day, the bourse said.

Kenya’s All-Share Index (NSEASI) fell for a second day, dropping 0.1 percent to 60.12 by the close in Nairobi. Mauritius’s SEMDEX Index (SEMDEX) slid 0.1 percent to 1,802.74. The FTSE/Namibia Overall Index (FTN098) rose 0.1 percent to 887.32.

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

Air Mauritius Ltd. (AML) , sub-Saharan Africa’s fourth- biggest airline, declined 3.1 percent, the most since Feb. 24, to 12.40 rupees as investors took profits following a 7.6 percent gain yesterday.

“Air Mauritius had a spectacular rise yesterday after media reports saying that the airline has chosen Seabury APG for its recovery plan,” said Bhavik Desai, a research analyst at the city-based Axys Stockbroking Ltd., in a phone interview. “Now, there’s some profit taking.”

Fan Milk Ltd. (FML) , a maker of ice cream and frozen yogurt in Ghana, retreated 1.4 percent, the most since Jan 30, to 2.20 cedis as investors expect profit growth in the first quarter was unchanged from a year earlier.

“We don’t expect profit and revenue growth in the first quarter to be much different from what the company recorded in the same period last year,” Randy Mensah, a stock trader at Databank Financial Services Ltd. in Accra, said by phone today. “Fan Milk’s products have been facing rising competition on the market from growing substitutes, even ordinary coconut juice can serve as a substitute.”

KenolKobil Ltd. (KNOC) , a Kenyan fuel retailer, fell 0.8 percent to 11.90 shillings, the lowest since March 27. Oil declined on projections that U.S. stockpiles rose to the highest level for this time of year since 1990 and as Chinese crude imports dropped.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Stephen Kirkland at skirkland@bloomberg.net


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