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Sub-Sahara Africa Stocks: Mumias Sugar, Oceanic Bank, Wema Bank Are Active
Kenya’s All-Share Index dropped for a fifth day, falling 0.2 percent to 78.65 by the 3 p.m. close in Nairobi.
Mauritius’s SEMDEX Index retreated 0.2 percent to 1,727.79 by the 1:30 p.m. close in Port Louis, a second day of declines. The Nigerian Stock Exchange All-Share Index snapped two days of increases, slipping 0.3 percent to 24,221.13 by the 1 p.m. close in Lagos, data from the bourse’s website show.
Namibia’s FTSE/Namibia Overall Index gained for a third day, rising 2 percent to 742.62 by 4 p.m. in Windhoek. The Ghana Stock Exchange All-Share Index climbed 0.2 percent to 6,776.68 by the 1 p.m. close in Accra, extending a 2.9 percent gain in the previous session.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Mumias Sugar Co. (MSUG KN), Kenya’s largest producer of the sweetener, plunged the most since February 2009, dropping 1.4 percent, or 10 percent, to 12.25 shillings. Net income for the year through June declined to 1.57 billion shillings ($19.4 million), or 1.03 shillings a share, from 1.61 billion shillings, or 1.05 shillings a share last year, the company said last week.
Oceanic Bank Plc (OCEANIC NL), a Nigerian lender bailed out by the central bank last year, surged the most since May, rising 7 kobo, or the maximum daily limit of 5 percent, to 1.47 naira. Intercontinental Bank Plc (INTERCON NL) climbed 4.5 percent to 1.64 naira, the most in two weeks, while Wema Bank Plc (WEMABANK NL) advanced for a second day, rallying 4.9 percent to 85 kobo. President Goodluck Jonathan will name the board of the state- owned Asset Management Corp. of Nigeria that will buy bad debts from the lenders today, Nigerian Compass reported.
“We believe in Amcon because it will turn the market around,” Chinonyem Anyanwu, chief executive officer of Dependable Securities Ltd., a Lagos-based brokerage, said today by phone. “It will tackle the debt overhang in the market.”
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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