Sub-Sahara Africa Stocks: British American; Flour Mills Nigeria

Kenya’s All-Share Index rose for a second day, increasing 1 percent to 60.79 by 1:10 p.m. in Nairobi, heading for the biggest closing gain since April 5.

The Nigerian Stock Exchange All-Share Index advanced for a second day, climbing 0.2 percent to 21,439.90 by 11:10 a.m. in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index climbed 0.1 percent to 1,933.88 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index was little changed at 1,128.60 by 10:12 a.m. in Accra. The FTSE/Namibia Overall Index (FTN098) was unchanged at 779.02 by 12:12 p.m. in Windhoek.

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

British American Investment Co. (BRIT KN), a Kenyan financial-services company, fell to 6.75 shillings, compared with a starting price of 9 shillings on its debut on the Nairobi Stock Exchange, Joseph Thiga, a trader at Kestrel Capital East Africa Ltd., said in a phone interview today.

“Prices are falling as a reflection of the under- subscription and due to the existing bear market,” he said.

Flour Mills of Nigeria Plc (FLOURMIL) , which processes grains and sells cement, declined 1.9 naira, or 2.5 percent, to 74.1 naira, the lowest level since Jan. 13. The Lagos-based company plans to raise as much as 28 billion naira ($179.2 million) through the sale of stock to existing shareholders, Chief Executive Officer Emmanuel Ukpadi said.

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

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