Sub-Saharan African Stocks Report: FTN Cocoa, Sun Resorts, Union Bank Move

Mauritius’s SEMDEX Index retreated for a third day, dropping 0.1 percent to 1,691.63 at the 1:30 p.m. close in Port Louis.

Kenya’s All-Share Index fell 0.2 percent to close at 75.67 as of 2:05 p.m. in the capital, Nairobi. The Nigerian Stock Exchange All-Share Index increased for a fourth day, rising 1 percent to 25,570.17 as of 12:39 p.m. in Lagos. Namibia’s FTSE/Namibia Overall Index climbed less than 0.1 percent to 790.63 as of 2:38 p.m. in Windhoek, a fourth day of gains. The Ghana Stock Exchange All-Share Index retreated 0.3 percent to close at 6,231.33 as of 1 p.m. in Accra.

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

FTN Cocoa Processors Plc (FTNCOCOA NL), a Nigerian cocoa product maker, rose the most in four months, climbing 3 kobo, or 4.6 percent, to 68 kobo. The West African nation’s government announced plans to raise the level of local processing of the chocolate bean, the Nigerian Television Authority reported yesterday, citing Vice-President Mohammed Namandi Sambo.

Sun Resorts Ltd. (SUN MP), a hotel chain and tour operator in Mauritius, fell to 2.5 rupees, or 4.2 percent, to 57.5 rupees, the lowest closing price in since July 9, 2009. The company’s loss in the second quarter widened to 87 million rupees ($2.9 million) from 1.62 million rupees a year earlier.

Union Bank of Nigeria Plc (UBN NL), a lender bailed out by the West African nation’s central bank last year, rose to the highest level in more than two months, gaining 26 kobo, or 4.6 percent, to 5.9 naira. The company reported net income of 11.3 billion naira ($75.2 million) compared to a loss of 87.6 billion naira a year earlier, the bank said in a statement e-mailed by the Lagos-based Nigerian Stock Exchange today.

To contact the reporters on this story: Eric Ombok in Nairobi at eombok@bloomberg.net; Vincent Nwanma in Lagos via Johannesburg at vnwanma@bloomberg.net

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