Sub-Sahara Africa Stocks: Air Mauritius, Nigerian Breweries Move

The Nigerian Stock Exchange All- Share Index (NGSEINDX) jumped 1.2 percent to 21,072.27 at the close in Lagos, according to a statement on the bourse’s website, the first gain in three days.

The FTSE/Namibia Overall Index (FTN098) advanced for a fourth day, increasing 1.1 percent to 893.1 in Windhoek, the highest since April. Kenya’s All-Share Index (NSEASI) fell 0.1 percent to 55.16 in Nairobi. Mauritius’s SEMDEX Index (SEMDEX) rose less than 0.1 percent to 1,872.91 by the end of trading.

The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Air Mauritius Ltd. (AML) , sub-Saharan Africa’s fourth- largest airline, retreated for a fourth day, falling 2.1 percent to 14 rupees, the lowest close since Oct. 13, as the European debt crisis damped demand for leisure stocks.

“The mood is negative on hotels and airlines,” Bhavik Desai, a research analyst at AXYS Stockbroking Ltd., said in a phone interview from the city.

Nigerian Breweries Plc (NB) , the country’s biggest brewer by market value, jumped 5 percent, the maximum daily limit, to 98.76 naira, the biggest gain since Dec. 22, as investors bet the company will raise dividend payments, PAC Securities said.

“The stock is moving on speculation that its full-year result will be good and that it will pay a higher dividend for the full year to December, based on its third-quarter results,” Eugene Ezenwa, chief operating officer of PAC Securities, a Lagos-based brokerage, said by phone today.

PZ Cussons Nigeria Plc (PZ) , which manufactures and sells consumer goods and home appliances, surged 5 percent, the maximum daily limit, to 29.4 naira, the biggest rise since July 29, amid speculation that pension fund managers may be buying into the company.

“It could be that a pension fund administrator is taking a position on the stock,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., said by phone from Lagos.

Rea Vipingo Plantations Ltd. (RVPL) , a Kenyan sisal producer and spinner, rose for the first time in four days, gaining 2 percent to 15 shillings, after saying full-year profit soared to 467.2 million shillings ($5.4 million) for the 12 months through September, compared with 67.4 million shillings a year earlier.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.