Sub-Saharan Africa Stocks: Bank PHB, NEM Insurance, Safaricom Among Movers
Mauritius’s SEMDEX Index snapped a five-day drop, rising less than 1 percent to 1,698.02 by the 1:30 p.m. close in Port Louis.
Kenya’s All-Share Index declined for a second day, falling 0.2 percent to 78.26 by the 3 p.m. close in Nairobi. The Nigerian Stock Exchange All-Share Index increased 0.2 percent to 24,241.84 by the 1 p.m. close in Lagos, according to data from the bourse’s website. Namibia’s FTSE/Namibia Overall Index climbed for a seventh day, gaining 0.7 percent to 774.53 by the 4 p.m. in Windhoek.
The Ghana Stock Exchange All-Share Index retreated 0.2 percent by the 1 p.m. close in Accra to 6,753.1.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Bank PHB Plc (PLATINUM NL), a Nigerian lender rescued by the central bank last year following a debt crisis, gained for a third day, adding 6 kobo, or 4.88 percent, to 1.29 naira. The company received bids from four institutional investors, Punch reported today. The investors have made their valuation of the bank, and will soon submit their proposals, the Lagos-based newspaper cited Bank PHB Chairman Kola Abiola as saying. Abiola did not identify the bidders, the newspaper said.
NEM Insurance Co. Nigeria Plc (NEM NL), an insurer in the West African nation, rose the most in more than three months, climbing 2 kobo, or 4 percent, to 52 kobo after saying full-year profit jumped 86 percent to 857.03 million naira ($5.7 million).
Safaricom Ltd. (SAFCOM KN), Kenya’s biggest mobile-network operator, surged the most in five weeks, rallying 9 cents, or 2 percent, to 4.7 shillings. The company isn’t prepared to lose market leadership and it will protect margins even as competitors lower call charges, Chief Executive Officer Michael Joseph said yesterday.
To contact the reporters on this story: Vincent Nwanma in Lagos via Johannesburg at vnwanma@bloomberg.net Eric Ombok in Nairobi at eombok@bloomberg.net
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