Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, Equity Bank of Kenya

June 13, 2012

Namibia’s FTSE/Namibia Overall Index (FTN098) climbed for a second day, increasing 0.4 percent to 897.32 in Windhoek.

Kenya’s All-Share Index (NSEASI) rose 0.1 percent to 64.94 in Nairobi. The Nigerian Stock Exchange All-Share Index declined 0.1 percent to 21,210.58 in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index (SEMDEX) gained less than 0.1 percent to 1,790.40 in Port Louis.

Air Mauritius Ltd. (AML) , sub-Saharan Africa’s fourth- biggest airline, dropped 3.6 percent to 10.7 rupees, the lowest in three years, after posting a 29.6 million euro ($37 million) loss in the 12 months through March 2012, compared with a profit of 10.75 million euros a year earlier.

Equity Bank Ltd. (EQBNK) , Kenya’s biggest lender by customers, advanced 2.5 percent to 20.75 shillings, the biggest jump on a closing basis since April 25.

“It is actually a foreign investor who has bought the bulk of the shares,” George Bodo, a Nairobi-based independent equity strategist, said in a phone interview today, referring to Equity Bank. “The current valuations are very attractive.”

Equity Bank trades at 7.4 times reported earnings, compared with 8.7 for Barclays Bank of Kenya Ltd. (BCBL) and 8.9 for Standard Chartered Bank Kenya Ltd. (SCBL), according to data compiled by Bloomberg.

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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