Bloomberg News

Sub-Sahara Africa Stocks: Safaricom of Kenya, Tullow Oil Ghana

May 11, 2012

The Nigerian Stock Exchange All-Share Index (NGSEINDX) rose 0.5 percent to 22,622.44 in Lagos, according to an e- mailed statement from the bourse.

Kenya’s All-Share Index (NSEASI) climbed 0.5 percent to 63.42 at the close in Nairobi. The FTSE/Namibia Overall Index (FTN098) increased 0.5 percent to 897.34 in Windhoek. Mauritius’s SEMDEX Index (SEMDEX) was little changed at 1,800 in Port Louis.

The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Safaricom Ltd. (SAFCOM) , East Africa’s biggest mobile- phone company, sank 1.5 percent to 3.4 shillings, the first fall in three days, on concern that the Nairobi-based company’s sales growth will slow, after Chief Financial Officer John Tombleson said yesterday sales in the year to March 2013 will rise by low- to mid-single digits.

“The guidance was not convincing enough so investors are starting to have second thoughts,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.

Tullow Oil Plc (TLW) , the Accra listing of the London- based oil company, dropped 2.6 percent to 37 cedi, the biggest decline since March 28. Oil fell in New York, heading for a second weekly drop, on concern that Europe’s debt crisis will worsen and curb fuel demand as global crude supplies increase.

Japaul Oil & Maritime Services Plc (JAPAULOI) , a Nigerian oil-services company, fell for a second day, slumping by the 5 percent daily limit to 57 kobo.

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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