Bloomberg News

Sub-Sahara Africa Stocks: Dangote Sugar, Eterna Oil & Gas

May 15, 2012

The Nigerian Stock Exchange All-Share Index (NGSEINDX) fell 0.6 percent to 22,422.43 by the close in Lagos, according to data compiled by Bloomberg.

Kenya’s All-Share Index (NSEASI) gained for a third day, rising 0.2 percent to 63.74 in Nairobi. Mauritius’s SEMDEX Index (SEMDEX) climbed 0.1 percent to 1,808.32 in Port Louis. The FTSE/Namibia Overall Index (FTN098) declined for a second day, dropping 0.3 percent to 878.03 in Windhoek.

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

Co-operative Bank of Kenya Ltd. (COOP KN), the country’s fourth-biggest lender by market value, gained to a six-month high, jumping 0.7 percent to 14.10 shillings. Investors are betting first-quarter earnings will grow 10 percent to 15 percent, George Bodo, head of research at Nairobi-based Old Mutual Securities Ltd. said in a phone interview today.

Dangote Sugar Refinery Plc (DANGSUGA) , Nigeria’s biggest producer of the sweetener by market value, rose to the highest in three months, adding 1 percent to 4 naira. The company plans to increase its output 71 percent to 2.4 million metric tons by the third quarter of next year.

Eterna Oil & Gas Plc (ETERNAOI) , a Nigerian distributor of petroleum products, fell for a second day, dropping 4.6 percent to 3.08 naira. 9. Oil traded near the lowest in five months in New York before reports forecast to show U.S. crude stockpiles rose to the highest level in 21 years.

To contact the reporter on this story: Chris Kay in Lagos at ckay5@bloomberg.net and 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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