Bloomberg News

Sub-Sahara Africa Stocks: East African Breweries, Mumias Sugar

May 03, 2012

Kenya’s All-Share Index (NSEASI) rose for the first time in six days, climbing 1.7 percent to 62.81 by the close in Nairobi.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) added 0.8 percent to 22,537.97 in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index (SEMDEX) gained less than 0.1 percent to 1,799.60 by the close in Port Louis. The FTSE/Namibia Overall Index (FTN098) added 0.5 percent to 911.49 in Windhoek.

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

East African Breweries Ltd. (EABL) , the region’s biggest brewer by sales, gained the most in more than six weeks, jumping 2.9 percent to 215 shillings. Investors were reacting to the appointment of Devlin Hainsworth, managing director of Diageo Plc’s Nigerian unit, as chief executive officer of the Kenyan business, George Bodo, head of research at Nairobi-based Old Mutual Securities, said in a phone interview today.

First Bank of Nigeria Plc (FIRSTBAN NL), the West African nation’s third-largest lender by market value, jumped by the 5 percent maximum daily limit to 10.99 naira. The stock rose 4.9 percent yesterday. First-quarter profit doubled as revenue surged 42 percent, the bank said yesterday.

Mumias Sugar Co. (MSUG) , Kenya’s biggest maker of the sweetener, advanced the most in almost two weeks, rising 6.6 percent to 5.65 shillings. The stock was rated a “strong” buy in new coverage by Old Mutual Securities, with a 12-month price estimate of 9.87 shillings.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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