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Sub-Sahara Africa Stocks: Benue, Kakuzi, Kapchorua, Starcomms Are Active
Mauritius’s SEMDEX Index declined for a second day, falling 0.3 percent to 1,688.89, the lowest since July 19, by the 1 p.m. close in Port Louis.
Kenya’s All-Share Index climbed for the first time in five days, rising less than 0.1 percent to 77.92 y the 3 p.m. close in Nairobi. The Nigerian Stock Exchange All-Share Index declined 0.5 percent to close at 23,802.79 by 1 p.m. in Lagos, according to the bourse’s website. Namibia’s FTSE/Namibia Overall Index rose 1.7 percent to 770.45 by the 4 p.m. close in Windhoek, while the Ghana Stock Exchange All-Share Index gained for a third day, increasing less than 0.1 percent to 6,765.53 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, rose to the highest since May 20, gaining 3.1 naira, or 4.8 percent, to 67.5 naira after the country’s bourse approved the company’s merger with Dangote Cement.
Dangote will issue 22.09 trillion naira ($14 billion) of shares for the merger, the exchange said in an e-mailed statement today. Each Dangote share of 15 naira will be swapped for two in Benue, according to a statement published in ThisDay newspaper yesterday by the Benue state-based company. Shareholders are to vote on the proposal at a meeting on Sept. 28.
Honeywell Flour Mills Plc (HONYFLOU NL), a Nigerian grain miller, rallied for a third day, rising 7 kobo, or 1.4 percent, to 5.22 naira. CSL Stockbrokers Ltd. initiated coverage of the stock with a “neutral” recommendation in an e-mailed report sent after the market closed yesterday.
Kakuzi Ltd. (KKZI KN), a tea and fruit producer, added 4 shillings, or 5.1 percent, to 82.5 shillings, the highest since Aug. 31. Tea companies in Kenya, the world’s largest exporter of the leaf’s black variety, advance on speculation prices will climb after pests damaged crops in India, Eric Musau, a research analyst with Nairobi-based African Alliance, said by phone. Kapchorua Tea Co. (KPTC KN) gained the most in more than a month, rising 5 shillings, or 3.9 percent, to 135 shillings. George Williamson Kenya Ltd. (GWKL KN) rose 3 shillings, or 1.6 percent, to 188 shillings, the highest in a week. Sasini Ltd. (STCL KN), a tea and coffee grower, increased for the first day in four, rising 0.8 percent to 13.15 shillings.
Nestle Foods Nigeria Plc (NESTLE NL), a food maker and distributor, retreated the most since December, falling 15 naira, or 4 percent, to 360 naira. The company’s recommendation was reduced to “sell” from “buy” at Stanbic IBTC Bank Plc.
Starcomms Plc (STARCOMM NL), a Nigerian telecommunications company, fell the most since Aug. 26, dropping 9 kobo, or 4.9 percent, to 1.76 naira. The company’s stock was reduced to “sell” from “hold” at Stanbic IBTC Bank Plc yesterday.
To contact the reporters on this story: Vincent Nwanma in Lagos via Johannesburg at vnwanma@bloomberg.net; Sarah McGregor in Nairobi at smcgregor5@bloomberg.net
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