Bloomberg News

Sub-Sahara Africa Stocks: KenolKobil of Kenya, Sasini Move

April 11, 2012

The Nigerian Stock Exchange All- Share Index (NGSEINDX) fell for a second day, declining 0.1 percent to 20,814.35 in Lagos, according to an e-mailed statement from the bourse.

Kenya’s All-Share Index (NSEASI) advanced 0.7 percent to 60.51 in Nairobi. Mauritius’s SEMDEX Index (SEMDEX) retreated for a second day, falling 0.1 percent to 1,801.03. The FTSE/Namibia Overall Index (FTN098) slid 0.2 percent to 885.51 in Windhoek.

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

KenolKobil Ltd. (KNOC) , a Kenyan fuel retailer, gained 2.1 percent to 12.15 shillings, the highest close since 2007, after it was rated buy at Nairobi-based Dyer & Blair Investment Bank Ltd. with a price estimate of 15.80 shillings a share.

“Investors are looking at the company’s expansion, especially in sub-Saharan Africa and growing revenue from trading desks and exports,” Eric Munywoki, an analyst at Dyer & Blair, said by phone today from Nairobi.

Sasini Ltd. (STCL) , Kenya’s largest coffee and tea producer by market value, weakened 2.1 percent to 11.45 shillings, the biggest drop since March 29. African tea prices fell 4.8 percent to an average of $2.76 a kilogram at a weekly sale in Mombasa, Kenya this week, Tea Brokers East Africa Ltd. said in an e-mailed statement today.

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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