Bloomberg News

Sub-Sahara Africa Stocks: KenolKobil, Mumias, Nestle Nigeria

July 06, 2012

Kenya’s All-Share Index declined for the first time in six days, sliding 0.5 percent to 68.84 at the close in Nairobi.

The Nigerian Stock Exchange All-Share Index advanced for a fourth day, adding 0.3 percent to 22,110.91 at the close in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index (SEMDEX) fell for a third day, declining less than 0.1 percent to 1,775.54 by the close in Port Louis. The FTSE/Namibia Overall Index (FTN098) dropped 0.6 percent to 902.54 at the close in Windhoek.

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

KenolKobil Ltd. (KNOC) , a Kenya-based fuel retailer, rose for the first time in three days, climbing 1 percent to 16 shillings. KenolKobil said the East African nation’s Industrial Court lifted an order blocking a potential takeover by Puma Energy BV.

Mumias Sugar Co. (MSUG) , Kenya’s biggest producer of the sweetener, advanced 2.4 percent to 6.45 shillings, its biggest gain in three weeks. Refined sugar for October delivery gained 1.1 percent to $600.50 a metric ton by 10:47 a.m. on NYSE Liffe in London. New York futures reached an 11-week high of 22.69 cents a pound in New York yesterday. Nine of 11 analysts surveyed by Bloomberg said they expect raw sugar to rally next week and two were bearish, the highest proportion of bulls since Jan. 6.

Nestle Foods Nigeria Plc (NESTLE) , the West African nation’s largest food company by market value, rallied the daily limit of 5 percent to 498.04 naira, its highest price on record, on speculation its expansion program will boost profit.

“The stock is gaining attraction from institutional investors owing to its business expansion and expectations of higher profit after it declared an impressive result in the first quarter,” David Adonri, chief executive officer of Lambeth Trust and Investment Co. said in a telephone interview from Lagos.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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