Bloomberg News

Sub-Sahara Africa Stocks: Japaul Oil, Pan Africa Insurance

June 18, 2012

Kenya’s All-Share Index (NSEASI) rose for a fifth day, increasing 0.7 percent to 65.77 in Nairobi.

The FTSE/Namibia Overall Index (FTN098) advanced 1.9 percent to 909.42 in Windhoek. The Nigerian Stock Exchange All-Share Index fell 0.7 percent to 21,028.39 in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index (SEMDEX) declined for a second day, retreating 0.1 percent to 1,786.76 in Port Louis.

Japaul Oil & Maritime Services Plc (JAPAULOI) , a Nigerian oil services company, dropped 4.4 percent to 65 kobo, the biggest slide since May 28, as oil prices slipped.

Pan Africa Insurance Holdings Ltd. (PAIL) , the Kenyan unit of South African insurer Sanlam Ltd. (SLM), jumped 9 percent to 39.50 shillings, the highest price in almost a year, as investors bet Hubris Holding Ltd., a unit of Sanlam, will boost its stake in the company.

“The stock is being actively traded on anticipation that Sanlam’s decision to raise its stake is likely to happen in the near future,” Francis Mwangi, an analyst at Standard Investment Bank Ltd. in Nairobi, said by phone. “We expect the stake to rise by 10 percent.”

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus