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Sub-Saharan African Stocks: KenolKobil, New Mauritius Hotels, Wema Bank
Mauritius’s SEMDEX Index retreated 0.4 percent to 1,713.34 by the 1:30 p.m. close in Port Louis, a fourth day of declines.
Kenya’s All-Share Index rose for the first day in eight, climbing 0.1 percent to 78.46 by the 3 p.m. close in Nairobi. Namibia’s FTSE/Namibia Overall Index gained for a fifth day, rising 3.3 percent to 766.99 in Windhoek. The Ghana Stock Exchange All-Share Index advanced 0.1 percent to close at 6,828.66, the highest since June 7.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
East African Cables Ltd. (EACL KN), the region’s biggest cable manufacturer, dropped 95 cents, or 5 percent, to 17.9 shillings, the lowest since March 2009. The company reported a loss of 57 million shillings ($706,300) because of “poor results” at its Tanzanian unit, it said in a statement to the exchange yesterday.
KenolKobil Ltd. (KNOC KN) fell for the first day in four, dropping 15 cents, or 1.6 percent, to 9.45 shillings. The Kenyan fuel retailer said prices have increased in the East African nation as a result of “interference” in industry operations.
New Mauritius Hotels Ltd. (NMH MP), the Indian Ocean island nation’s third-biggest company, declined 1 rupee, or 1 percent, to 99 rupees, the weakest level since June 2, 2009. A slowdown in tourism revenue because of the euro-zone crisis prompted speculation the company will struggle to recoup investments in projects in Mauritius and Morocco.
“The investments have not generated any return as at now,” Vincent Lamusse, senior manager at Anglo-Mauritius Financial Services Ltd., said by phone from Port Louis today. “Financial charges are hence higher, resulting in lower profits and dividends.”
Wema Bank Plc (WEMABANK NL), a Nigerian lender bailed out by the country’s central bank last year, climbed for a fourth day, increasing 4 kobo, or 4.5 percent, to 93 kobo, the highest since Aug. 20. The Nigerian Stock Exchange approved the lender’s plan to sell 9 billion naira ($59.5 million) of shares, the bourse said in a statement dated yesterday.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
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