Sub-Sahara Africa Stocks: Scangroup, State Bank of Mauritius

The Nigerian Stock Exchange All- Share Index climbed for a third day, rising 0.6 percent to 27,684.40 by the 2:30 p.m. close in Lagos, according to an e- mailed statement from the bourse. The increase takes its advance this week to 1.5 percent.

Kenya’s All-Share Index added 0.3 percent to 81.28 by the 3 p.m. close in Nairobi, taking its gain this week to 0.2 percent. Mauritius’s SEMDEX Index declined for a second day, losing 0.4 percent to close at 2,042.64 by the 2:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index rallied for a fourth day, adding 1 percent to 1,017.90 by the 3 p.m. in Accra. Namibia’s FTSE Namibia Overall Index increased for the first day in three, gaining 0.8 percent to 877.73 at 5 p.m. in Windhoek.

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

Scangroup Ltd. (SCAN KN), East Africa’s biggest advertising company, rose 1 shilling, or 1.5 percent, to 66.5 shillings, extending its increase this week to 2.3 percent. The company received regulatory approval to issue 2.75 million additional shares to its employees that will be traded on the Nairobi Stock Exchange, it said in a statement in the Daily Nation newspaper today.

State Bank of Mauritius Ltd. (SBM MP), the Indian Ocean island nation’s second-biggest lender by market value, dropped the most since Sept. 24, retreating 2.5 rupees, or 2.5 percent, to 98.5 rupees on speculation its 12 percent increase this year was overdone, Varsha Teemull, an analyst at Anglo Mauritius Financial Services Ltd., said in a phone interview.

“The correction was bound to happen,” Teemull said. “The surge since the beginning of the year was steep.”

Wema Bank Plc (WEMABANK NL), a Nigerian lender that failed an audit by the central bank in 2007, climbed 6 kobo, or 4.3 percent, to 1.45 naira. The bank sold 15.2 billion naira ($100 million) of loans to Asset Management Corp. of Nigeria, a state- owned company set up to support the West African nation’s banks, spokesman Tunde Olofintila said by phone from Lagos today.

To contact the reporters on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net; Kamlesh Bhuckory in Port Louis via Johannesburg at 1999 or pmrichardson@bloomberg.net

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

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