Bloomberg News

Sub-Sahara Stocks Africa: British-American Kenya, UBA Nigeria

April 27, 2012

Namibia’s FTSE/Namibia Overall Index (FTN098) climbed for a third day, advancing 0.2 percent to 899.76 in Windhoek.

Kenya’s All-Share Index (NSEASI) fell for a third day, losing 0.1 percent to 62.23 in Nairobi. In Mauritius, the SEMDEX Index (SEMDEX) gained 0.1 percent to 1796.04 in Port Louis. The Nigerian Stock Exchange All-Share Index (NGSEINDX) was little changed at 22,109.44 in Lagos, according to an e-mailed statement from the bourse.

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 which owns money managers and insurance businesses, dropped 6.8 percent to 4.8 shillings, the biggest decline since Jan. 4, after a technical signal indicated the stock was poised to fall.

An eight-day rally between April 16 and 25 pushed the stock 20 percent higher, leaving the 14-day relative strength index at 83.19 on April 25, according to data compiled by Bloomberg. A reading above 70 means a security is overvalued and will probably fall. British American’s RSI has been above 70 since April 18.

United Bank for Africa Plc (UBA NL), a Nigerian lender with operations in 19 countries, surged by the daily limit of 5 percent to close at 3.57 naira, the highest since Oct. 14, as investors expect the stock price to reach about 10 naira on the profit target for 2012, Kundila Finance said.

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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