Sub-Saharan African Stocks Report: Ecobank, Kenya Power, Oando
Kenya’s All-Share Index broke a four-day winning streak, dropping 0.3 percent to 61.36 by the 3 p.m. close in Nairobi, the capital. The Nigerian Stock Exchange All-Share Index declined for a third day, slipping 1.4 percent to 20,811.08 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. Namibia’s FTSE/Namibia Overall Index (FTN098) fell for the first day in five, dropping 0.8 percent to 793.94 by 4 p.m. close in Windhoek. In Mauritius, the SEMDEX Index fell less than 0.1 percent to 1,899.18 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index retreated for a second day, sliding 0.3 percent to 1,111.10 by the 3 p.m. close in Accra.
Ecobank Transnational Inc. (ETI) , Africa’s biggest lender by geographical spread, fell 35 kobo, or 2.9 percent, to 11.65 shillings. Asset Management Corp. of Nigeria will own about 14 percent of the Lome, Togo-based bank after its acquisition of Oceanic Bank International Plc, Ecobank said.
Kenya Power Ltd. (KPLL KN), the East African nation’s sole electricity distributor, increased for a fourth day, gaining 15 cents, or 0.8 percent, to 19.1 shillings. The company said it plans to spend 3.4 billion shillings ($36 million) improving supply in the central Mount Kenya region.
Oando Plc (OANDO) , a Nigerian oil company, fell to its lowest since Dec. 2003, declining 98 kobo, or 3.5 percent, to 27.02 naira. Oil retreated to a one-week low in New York on speculation fuel demand will falter as economic growth in the U.S. weakens and the debt crisis in Europe worsens.
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