Bloomberg News

Sub-Sahara Africa Stocks: Kenya Reinsurance, Oando of Nigeria

May 21, 2012

Kenya’s All-Share Index (NSEASI) climbed 0.2 percent, a third day of gains, to 64.33 in Nairobi.

Namibia’s FTSE/Namibia Overall Index (FTN098) slid for a second day, retreating 0.2 percent to 856.81 in Windhoek. The Nigerian Stock Exchange All-Share Index (NGSEINDX) fell 0.3 percent to 22,309.62 in Lagos, according to an e-mailed statement from the bourse. In Mauritius, the SEMDEX Index (SEMDEX) increased 0.3 percent to 1,826.33 in Port Louis.

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

Kenya Reinsurance Corp. (KNRE) , the state-owned reinsurer, fell a second day, dropping 5.7 percent to 12.35 shillings, after a technical signal indicated the stock’s gain was overdone. The shares slipped 0.8 percent on Friday after advancing 6 percent to 13.2 shillings on May 17, the strongest level in more than two years, touching 95.7 on the Relative Strength Index. A reading of more than 70 serves as a signal to some technical analysts a security is overvalued and set for a reversal.

Oando Plc (OANDO) , a Nigerian energy company, declined for a second day, weakening 0.7 percent to 16.60 naira, the lowest close since May 2. Net income for the year to December fell to 3.67 billion naira ($23 million) from 14.4 billion naira a year earlier, the company said today.

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

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


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