Sub-Sahara Africa Stocks: Intercontinental Bank; KenolKobil Were Active
Kenya’s All-Share Index declined for a fifth day, falling less than 0.1 percent to 69.10 by the 3 p.m. close in Nairobi, the lowest since March 2010.
Mauritius’s SEMDEX Index retreated for a second day, retreating 0.5 percent, the biggest decline since May 23, to 2,089.37 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index weakened for a second day, slumping 0.5 percent to 24,181.57 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Namibia’s FTSE/Namibia Overall Index (FTN098) declined for the second day, sliding 1.1 percent to 844.36 at the 4 p.m. close in Windhoek, the lowest level since June 29. The Ghana Stock Exchange Composite Index slid for a third day, slipping less than 0.1 percent to 1,185.01 by the 3 p.m. close in Accra, the lowest since June 29.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Intercontinental Bank Plc (INTERCON) , a Nigerian lender bailed out by the central bank in 2009, gained 5 kobo, or 5 percent, the most since March 14, to 1.06 naira, after the Central Bank of Nigeria approved an acquisition implementation plan worked out by Access Bank Plc and Intercontinental.
KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer with operations in nine African countries, dropped 15 cents, or 1.3 percent, to 11.85 shillings, retreating from a 4 1/2-year high on speculation its gains were overdone. The company’s 14-day relative strength index has been above 70, a signal to some analysts that the stock price is poised to drop, since June 15.
“This was to be expected,” George Bodo, an equity strategist at Nairobi-based Apex Africa Ltd., said by phone today. “When it hit 12 shillings it was a trigger for people to start taking gains and there is going to be further downward correction.”
To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
Rate this Page