Bloomberg News

Sub-Sahara Africa Stocks: Access Bank Nigeria, Total of Ghana

June 01, 2012

The Nigerian Stock Exchange All-Share Index fell for a fourth day, down 0.5 percent to 21,963.87 in Lagos, according to an e-mailed statement from the exchange.

Mauritius’s SEMDEX Index (SEMDEX) rose less than 0.1 percent to 1,805.97 in Port Louis. The FTSE/Namibia Overall Index (FTN098) climbed 0.2 percent to 859.22 in Windhoek. Kenya’s market was closed for a public holiday.

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

Access Bank Plc (ACCESS) , Nigeria’s fifth-largest bank by market value, advanced 3 percent, the most since May 7, to 6.89 naira, as investors speculated that its current valuation allows for further gains.

“There is latent value in Access that the market will reward in the future,” David Adonri, chief executive officer of Lagos-based Lambeth said by phone today. He cited the lender’s “successful acquisition” of Intercontinental Bank Plc, one of eight lenders bailed out by the central bank in 2009 after a debt crisis. The purchase has made Access “a larger bank, with a higher retail franchise,” Adonri said.

Oando Plc (OANDO) , a Nigerian energy company, retreated for a second day, falling 5 percent to 16.06 naira. Crude fell to the lowest level in almost eight months as worsening employment rates in the U.S. and the euro area signaled fuel demand may tumble.

Total Petroleum Ghana Ltd. (TOTAL) , Total SA’s local unit, fell 1 percent to 19.80 cedis, the lowest close since June 27, 2011.

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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