Bloomberg News

Sub-Sahara Africa Stocks: Air Mauritius, Fan Milk, Safaricom

July 17, 2012

The Nigerian Stock Exchange All- Share Index advanced for a fifth day, rising 0.3 percent to 23,039.27, an 11-month high according to data compiled by Bloomberg.

Kenya’s All-Share Index (NSEASI) declined to a three week low, dropping 0.4 percent to 67.38 by the close in Nairobi. Mauritius’s SEMDEX (SEMDEX) Index fell 0.3 percent to 1,750.83 by the close in Port Louis. The FTSE/Namibia Overall Index (FTN098) retreated for the first time in three days, sliding 0.4 percent to 889.76.

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

Air Mauritius Ltd. (AML) , sub-Saharan Africa’s fourth- biggest airline, declined 1.9 percent to 10.50 rupees, the lowest in more than three weeks. Mauritius tourist arrivals rose 0.5 percent in the six months through June from a year earlier, Port Louis-based Statistics Mauritius said in a statement on its website today. That was below an official forecast for a 1.6 percent increase.

Lux Island Resorts Ltd. (NRL) , Mauritius’s third-largest leisure operator by market value, dropped 0.5 percent to 18.90 rupees, a three-year low.

Chemical and Allied Products Plc (CAP NL), a Nigerian paint and household products maker, gained the most in almost three months, advancing 4.2 percent to 24.10 naira. Investors may be speculating the company will pay an interim dividend, Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today.

Dangote Flour Mills Plc of Nigeria (DANGFLOU NL) rose to a one-week high, climbing 1.7 percent to 6.51 naira. The stock was rated neutral, the equivalent of hold, in new coverage at FBN Capital Ltd., with a price estimate of 7.50 naira.

Fan Milk Ltd. (FML) , a Ghanaian food- and beverage- maker, advanced for a second day, rising 1 percent to 1.99 cedis. First-half profit increased 31 percent to 13.1 million cedis ($6.7 million), the company said after the market closed yesterday.

Safaricom Ltd. (SAFCOM) , East Africa’s biggest mobile- phone operator, rose to a two-week high, jumping 1.4 percent to 3.65 shillings. The stock was rated overweight, the equivalent of buy, with a 4.4 shilling price estimate in a research note by Morgan Stanley received by e-mail today.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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