Sub-Sahara Africa Stocks: Nestle Nigeria, NIC Bank of Kenya

Kenya’s All-Share Index (NSEASI) rose for a third day, climbing 0.3 percent to 55.68 in Nairobi.

Mauritius’s SEMDEX Index (SEMDEX) fell for a third day, declining 0.2 percent to 1,809.48. The Nigerian Stock Exchange All-Share Index (NGSEINDX) weakened 0.2 percent to 20,256.39 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index (FTN098) rose 0.4 percent to 918.19 in Windhoek.

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

Nestle Nigeria Plc (NESTLE) , the West African nation’s largest food company by market value, slumped 4.8 percent to 420 naira, the biggest decline since Jan. 3, after saying it will pay a final dividend of 11.05 naira per share.

The dividend announcement has “discouraged a lot of investors,” David Adonri, chief executive officer of Lambeth Trust & Investment Co., a Lagos-based brokerage, said by phone today. “It is too small compared with its price.”

NIC Bank Ltd. (NICB) , a Kenyan lender, surged 11 percent to 27.75 shillings, the biggest closing gain since December 2007, after it reported full-year profit jumped and said it planned to issue bonus shares as part of a planned rights offer.

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

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

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