Sub-Saharan African Equities Report: First Bank, Mumias, Niger Insurance

Kenya’s All-Share Index increased 0.7 percent to 70.24 at the close in the capital, Nairobi.

The Nigerian Stock Exchange All-Share Index closed 0.4 percent lower at 27,515.02 in Lagos. Mauritius’s SEMDEX Index closed 0.2 percent thigh at 1,680.32 in the capital, Port Louis, a second day of gains.

The Ghana Stock Exchange All-Share Index rose less than 0.1 percent to 6,178.98 at the close in Accra.

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

First Bank of Nigeria Plc (FIRSTBAN NL) declined 35 kobo, or 2.2 percent, to 15.8 naira, after yesterday saying net income for the nine months through December plunged 91 percent to 3.19 billion ($21.2 million). The stock of the country’s second- largest bank by market value after Zenith Bank Plc pared an earlier 4 percent drop after today reporting that profit for the first quarter through March nearly doubled to 12.3 billion naira.

Mumias Sugar Ltd. (MSUG KN), a Kenyan producer, advanced 1 shilling, or 8.8 percent, to 12.4 shillings, its highest level in 21 months. White sugar rose as much as 1 percent to $494.60 a ton in London on the Liffe exchange and analysts speculated the company will gain share in the domestic market, Judd Murigi, head of research CFC Stanbic Financial Services Ltd., said in an interview from Nairobi.

Niger Insurance Plc (NIGERINS NL) climbed 6 kobo, or the maximum daily limit of 5 percent, to 1.2 naira, an eight-month high. The company’s underwriting profit increased 41 percent, Vanguard newspaper reported. Niger Insurance has gained 63 percent in the past 11 trading days, its longest winning streak since December 2007.

To contact the reporter on this story: Vincent Nwanma in Lagos via Johannesburg on vnwanma@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.