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Sub-Sahara Africa Stocks: Oando Nigeria, State Bank of Mauritius

April 16, 2012

Kenya’s All-Share Index (NSEASI) retreated for a second day, slipping 0.4 percent to 60.74 in Nairobi.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) declined 0.1 percent to 20,722.4 in Lagos, according to a statement from the bourse. In Mauritius, the SEMDEX Index (SEMDEX) retreated for the first time in three days, sliding 0.2 percent to 1798.57 in Port Louis. Namibia’s FTSE/Namibia Overall Index (FTN098) dropped 0.8 percent to 881.95 in Windhoek.

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

British-American Investments Co. (BRIT) , a Kenyan company that owns money managers and insurance businesses, jumped 4.8 percent to 4.4 shillings, the highest close since Feb. 7, as equity investments in the portfolio improved. The Nairobi Securities Exchange All Share Index rose 12 percent this year after plunging 30 percent in the previous year.

Oando Plc (OANDO) , a Nigerian energy company, slid for a fourth day, declining 5 percent to 16.82 naira, the lowest close since Feb. 2. Oil fell for a second day after the first international talks in 15 months on Iran’s nuclear program yielded an agreement for the parties to reconvene and the reversal date for the Seaway crude pipeline was moved up.

State Bank of Mauritius Ltd. (SBM MP), the country’s second-largest lender by market value, slipped 0.6 percent to 81.5 rupees on weaker growth forecasts for the Indian Ocean island nation.

“The dull economic outlook confirmed by the recent cut in growth by Statistics Mauritius and the Finance ministry is putting more pressure on the banking stock,” Kishen Nadassen, senior research analyst at the city-based CIM Stockbrokers Ltd., said in a phone interview.

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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