Sub-Sahara Africa Stocks Report: Co-Operative Bank, Kenya Power & Lighting
Kenya’s All-Share Index climbed for a fourth day, rising 1.6 percent, or the most since Oct. 29, to 79 by the 3 p.m. close in Nairobi.
Namibia’s FTSE Namibia Overall Index increased for the third time in four days, advancing 0.9 percent to 874.76 by the 5 p.m. close in Windhoek. The Mauritian, Ghanaian and Nigerian bourses were closed for public holidays.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Co-operative Bank of Kenya Ltd. (COOP KN), the nation’s third-biggest lender by assets, rose to the highest since Nov. 25, adding 45 cents, or 2.4 percent, to 19.45 shillings.
“Full-year net through December is expected to be better than the previous year,” Aly-Khan Satchu, a Nairobi-based independent stock-market analyst, said in a phone interview today, without providing further information.
Kenya Power & Lighting Ltd. (KPLL KN), the nation’s sole electricity distributor, surged the most since Sept. 13, climbing 1.75 shillings, or 7.3 percent, to 25.75 shillings. The East African reported the company signed a carbon-trading agreement that will enable the utility to avoid 90,000 metric tons of emissions annually. citing the electricity company’s chief executive officer, Joseph Njoroge. Bloomberg reported the agreement on Dec. 17.
National Bank of Kenya Ltd. (NBKL KN), a state-run lender, advanced for a third day, rallying 1.5 shillings, or 3.9 percent, to 40.25 shillings on speculation that the government’s planned sale of a stake in the bank may take place this year.
“There is a sense that the government is serious about finding a strategic investor,” Satchu said. “That is what is attracting investors.”
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