Bloomberg News

Sub-Sahara Africa Stocks: Ghana Oil, Uchumi Supermarkets Kenya

May 22, 2012

Kenya’s All-Share Index (NSEASI) climbed for a fourth day, increasing 0.4 percent to 64.56 in Nairobi, the highest close since Aug. 8.

Namibia’s FTSE/Namibia Overall Index (FTN098) surged 1.9 percent to 872.75 in Windhoek. The Nigerian Stock Exchange All-Share Index (NGSEINDX) rose 0.1 percent to 22,342.13 in Lagos, according to an e-mailed statement from the bourse. In Mauritius, the SEMDEX Index (SEMDEX) fell 0.1 percent to 1,823.69 in Port Louis.

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

Ghana Oil Company Ltd. (GOIL) , which runs the second- biggest network of gasoline stations in the West African nation, jumped 4.7 percent to 45 pesewas, the highest on record, as investors bet a rebranding exercise will boost revenue.

“We see sales growing between 22 percent and 25 percent in the first half,” Randy Mensah, a stock trader at Databank Financial Services Ltd. in Accra, said by phone today. “We think rebranding of locations places the company in a strong position in the fuel marketing business in Ghana.”

Uchumi Supermarkets Ltd. (UCSP) , Kenya’s only publicly traded retail chain, advanced for a ninth day, adding 3 percent to 19.05 shillings, its highest in more than six years, following a Daily Nation report about a dispute at one of its key competitors.

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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