Sub-Saharan African Stocks: Carbacid, Ecobank Transnational, FCMB, Naiade

Kenya’s All-Share Index fell the most in since Aug. 13, dropping 1 percent to close at 83.52 by 3 p.m. in Nairobi.

Mauritius’s SEMDEX Index increased for a fourth day, adding 0.2 percent to 1,849.25 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index rose 0.1 percent to close at 24,996.14 by the 1 p.m. close in Lagos, according to data from the exchange’s website. The Ghana Stock Exchange All- Share Index advanced 0.1 percent to 6,760.78 by the 1 p.m. close in Accra. Namibia’s FTSE/Namibia Overall Index retreated for a second day, slipping 0.6 percent to 822.67 at the 5 p.m. in Windhoek.

The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Carbacid Investments Ltd. (CBIL KN), a Kenyan carbon- dioxide maker, fell 9 shillings, or 5.7 percent, to 148 shillings, the lowest since July 19, after cutting its dividend to shareholders.

“They cut the dividend,” Aly-Khan Satchu, a Nairobi-based independent stock market analyst, said in a phone interview. “Some investors might have been disappointed.” The company recommended a final dividend of 3 shillings for each of the 33.98 million issued shares, it said yesterday. The interim and final dividends, each of 5 shillings, for 2009 were based on 11.33 million ordinary shares issued at the time, it added.

Co-Operative Bank of Kenya Ltd. (COOP KN) snapped a seven- day winning streak, retreating 75 cents, or 3.6 percent, to 20 shillings. Co-Op Bank, as the company is known, gained 12 percent during the seven-day rally. The stock has climbed 123 percent since the beginning of the year.

“Investors are taking their gains,” Satchu said. “It has been hitting fresh highs every other day and it has been a pretty stellar rise.”

Ecobank Transnational Inc. (ETI NL), the regional lender that operates banks in 29 African countries, rose to the highest in a week, advancing 54 kobo, or 3.5 percent, to 16 naira.

Profit for the nine months through September rose 33 percent to $81.4 million from a year earlier, the Lome, Togo- based company said in a statement handed to reporters at the Accra-based Ghana Stock Exchange today. Revenue increased to $343.3 million from $316 million.

First City Monument Bank Plc (FCMB NL), a Nigerian lender, increased the most in more than a week, climbing 19 kobo, or 3.1 percent, to 6.33 naira. Profit for the nine months through September surged to 4.58 billion naira ($30 million) from 223.6 million naira a year earlier, the company said in statement e- mailed from the Nigerian Stock Exchange today.

Lafarge Cement WAPCO Nigeria Plc (WAPCO NL), Lafarge SA’s unit in the West African nation, retreated for a third day, dropping 75 kobo, or 1.8 percent to 40.5 naira. The company was lowered to “accumulate” from “buy” at African Alliance Research by equity analyst Claire Te Riele with a price estimate of 49.68 naira a share.

Naiade Resorts Ltd. (NRL MP), a Mauritian hotel operator, slumped the most in almost three weeks, falling 2.4 rupees, or 7.5 percent, to 29.5 rupees. The company amended its share and convertible-bond offer making it compulsory for investors to buy both. The company said Oct. 4 it will sell 500 million rupees ($16 million) each of shares and convertible bonds to reduce its debt. Shareholders subscribing for ordinary shares must now also subscribe for the corresponding number of convertible bonds, the company said in a statement published on the Stock Exchange of Mauritius’s website yesterday.

Nestle Foods Nigeria Plc (NESTLE NL) rose to the highest level in more than eight years, adding 12.05 naira, or 3.1 percent to close at 400 naira. The country’s biggest food company by market value said its board will consider paying an interim dividend when it meets on Nov. 11, the Lagos-based company said in a statement on the website of the Nigerian Stock Exchange yesterday.

Skye Bank Plc (SKYEBANK NL), a Nigerian lender, rallied to the highest level since Oct. 19, adding 20 kobo, or 2.9 percent, to 7.18 naira after reporting a return to profit in the nine months through September.

Net income was 8.55 billion naira for the period from a loss of 10.4 billion naira a year earlier, the Lagos-based company said in a statement e-mailed by the Nigerian Stock Exchange today.

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

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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