Sub-Saharan Africa Stocks: Aiico, Honeywell, KenolKobil, 7 Up, UAC Nigeria

Mauritius’s SEMDEX Index snapped two days of gains, dropping 0.5 percent to 1,694.29 by the 1:30 p.m. close in Port Louis.

Kenya’s All-Share Index declined for a fourth day, retreating 0.2 percent to 77.89 by the 3 p.m. close in Nairobi. The Nigerian Stock Exchange All-Share Index slumped 0.7 percent to close at 23,918.111 by 1 p.m. in Lagos, data from the bourse’s website show. Namibia’s FTSE/Namibia Overall Index fell for a second day, declining 0.7 percent to 76.37 by 2:59 p.m. in Windhoek. The Ghana Stock Exchange All-Share Index increased for a second day, rising 0.5 percent to 6,764.69 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.

Aiico Insurance Plc (AIICO NL), a Nigerian insurer, rose the most in a month, gaining 4 kobo, or 4.1 percent, to 1.02 naira after reporting a 66 percent increase in profit for the year through December. Net income advanced to 1.04 billion naira ($6.9 million) from 624.8 million naira a year earlier, the company said in a statement distributed today by the Nigerian Stock Exchange.

Honeywell Flour Mills Plc (HONYFLOU NL), a Nigerian grain miller, increased 20 kobo, or 4 percent, to 5.15 naira, the highest in two weeks. The company’s recommendation was raised to “hold” from “sell” at Stanbic IBTC Plc, while its price estimate was set at 6 naira per share.

KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer, fell to a four-month low, dropping 35 cents, or 3.8 percent, to 8.85 shillings after saying it is seeking arbitration through British courts in a dispute with Kenya Petroleum Refineries Ltd. over processing fees.

Yesterday, KenolKobil said it wants arbitrators to review increases that KPRL introduced in 2006 and 2008, which it has refused to pay. KenolKobil said July 19 the refinery is holding more than 4 billion shillings ($49.35 million) of refined fuel belonging to the retailer.

UAC of Nigeria Plc (UACN NL), a food-products maker and distributor, declined 51 kobo, or 1.3 percent, to 39 naira, the lowest since July 8. The company was reduced to “sell” from “hold” at Stanbic, with a price estimate of 39.5 naira per share.

7 Up Bottling Co. (7UP NL), a Nigerian soft-drink maker, rose to the highest since October 2008, rallying 2.39 naira, or 5 percent, to 50.29 naira, after reporting a 24 percent advance in full-year profit to 1.89 billion naira ($13 million) today.

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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