Sub-Sahara Africa Stocks: Associated Bus, Kenol Kobil and Savannah Move

The Nigerian Stock Exchange All- Share Index retreated 111.07, or 0.4 percent, to 25,106.86 at the 1 p.m. close in Lagos, and Namibia’s FTSE/Namibia Overall Index slipped less than 0.1 percent to 736.74 as of 3:05 p.m. in Windhoek.

Mauritius’s SEMDEX Index gained less than 0.1 percent to 1,729.81 at the 1:30 p.m. close in Port Louis. Kenya’s All-Share Index was unchanged at 79.68 at the 3 p.m. close in Nairobi. The Ghana Stock Exchange All-Share Index fell 6.91, or 0.1 percent to 6,621.50 at the 1 p.m. close in Accra.

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

Associated Bus Co. (ABCTRANS NL), a Nigerian passenger transport and haulage company, fell for a second day after posting a loss for the six months through June. The stock fell 2 kobo, or 3.8 percent, to 51 kobo as of the 1 p.m. close in Lagos, the commercial capital.

Kenol Kobil Ltd. (KNOC KN), a Kenyan retailer with operations in six African countries, fell the most this month after the Business Daily newspaper reported the company could lose its operator license. Kenol slumped 35 cents, or 3.5 percent, to 9.6 shillings as of the 3 p.m. close in Nairobi.

Safaricom Ltd. (SAFCOM KN), Kenya’s largest mobile-phone operator, fell the most in seven months on concern a 50 percent drop in the interconnection tariff may reduce its sales and after Morgan Stanley downgraded its shares to “equal weight” from “overweight.” The Communications Commission of Kenya said yesterday it cut the rates mobile companies charge each other to transmit calls across networks by half to help lower the costs of calls for customers. Safaricom fell 30 cents, or 5.3 percent, to 5.4 shillings.

Savannah Sugar Estates Ltd. (SAVA MP), a Mauritian producer of the sweetener, headed for its biggest gain this month after saying it will sell 1 billion rupees ($32.5 million) worth of preference shares to cut its debt, issue 20 shares for each one held, and change its name to ENL Land Ltd. Savannah rose 4.6 percent to 680 rupees by the 1:30 p.m. close in Mauritius.

To contact the reporters on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net;

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