Sub-Saharan African Stocks Report: Benue Cement, Kapchorua Tea Are Active

Kenya’s All-Share Index fell 0.3 percent to 78.01 by the 3 p.m. close, a third day of declines.

Mauritius’s SEMDEX Index gained for a second day, rising 0.2 percent to 1,701.93 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index declined 0.6 percent to 24,085.15 by the 1 p.m. in Lagos, according to data from the bourse’s website. Namibia’s FTSE/Namibia Overall Index snapped seven days of gains, declining 0.8 percent to close at 768.42 as of 4 p.m. in Windhoek. The Ghana Stock Exchange All-Share Index rallied 0.8 percent to 6,717.91 by 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.

Benue Cement Co. (BCC NL), Nigeria’s biggest producer of the building material by market value, fell the most in more than two months, dropping 1.94 naira, or 3 percent, to 63.06 naira. BusinessDay reported Benue shares will be swapped for those in its majority shareholder, Dangote Cement, with Benue then being delisted.

“Investors are apprehensive over the future of the company if subsumed under Dangote Cement,” Chinenyem Anyanwu, chief executive officer of Dependable Securities, a Lagos-based brokerage, said by phone today.

Kapchorua Tea Co. (KPTC KN), a Kenyan producer of the leaves, rose to the highest in two weeks, jumping 3 shillings, or 2.4 percent, to 130 shillings.

Tea production in Kenya, the world’s largest exporter of black tea, climbed 13 percent in July from a year earlier after rainfall ended a two-year drought, according to James Finlay Mombasa Ltd., a trader of the leaves.

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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