Sub-Sahara Africa Stocks: Kakuzi of Kenya, Kenya Airways Move

Kenya’s All-Share Index rose 0.3 percent to 54.54 in Nairobi, the highest closing level since Jan. 20.

The FTSE/Namibia Overall Index declined for a second day, retreating 0.7 percent to 924.83 in Windhoek. The Nigerian Stock Exchange All-Share Index slid 0.4 percent to 20,792.75 at the close in Lagos, according to a statement on the bourse’s website. Mauritian markets were closed for a public holiday.

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

Kakuzi Ltd. (KKZI KN), a Kenyan tea and fruit producer, advanced 4.2 percent to 75 shillings, the highest level since Nov. 16, after announcing Del Monte Kenya Ltd. withdrew a 109 million-shilling ($1.3 million) repayment claim against the company.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third- biggest airline by passenger numbers, fell for a second day, dropping 1.3 percent to 18.65 shillings, the lowest level since Dec. 6, before a planned rights offer.

“It appears people think a rights issue is going to be dilutive and are reducing their positions ahead of the announcement and maybe buy back when they know the level of dilution,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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.