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Sub-Sahara Africa Stocks: Ciel Investment Mauritius, Equity Bank

Kenya’s All-Share Index (NSEASI) advanced for the 12th straight day, gaining 0.6 percent to 60.66 in Nairobi, the longest rally since June 2009.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) rose for a fifth day, advancing 0.7 percent to 21,068.34 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index (FTN098) snapped four days of declines, increasing 0.7 percent to 895.35 in Windhoek. Mauritius’s SEMDEX Index (SEMDEX) fell less than 0.1 percent to 1,779.54.

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

Ciel Investment Ltd. (CIEL) , a Mauritian company with interests in leisure and property, rose 3.9 percent to 2.7 rupees, the biggest gain since October 2010. Ciel Investment is an associate company of Deep River Investment Ltd., which said yesterday it has received an offer from a “prospective bidder.”

Equity Bank Ltd. (EQBNK) , Kenya’s biggest lender by customers, gained for a fourth day, rising 1 percent to close at 19.6 shillings, the strongest since Nov. 16, as investors bet earnings will continue to increase.

“The earnings up to quarter three have surpassed the full year for 2010,” Francis Mwangi, head of research at Nairobi- based Standard Investment Bank Ltd., said in an interview in Nairobi today. “My estimate is that earnings per share will grow 31 percent because up to the third quarter there was increased lending compared to 2010 and there is continued growth in fees and commissions income.”

KenolKobil Ltd. (KNOC) , a Kenyan fuel retailer with operations in nine African countries, advanced for a third day, increasing 1.4 percent to 11.2 shillings, the biggest rise since Feb. 28. The Nairobi-based company said it will continue expanding its operations on the continent and will revamp its Lubumbashi terminal in the Democratic Republic of the Congo.

Presco Plc (PRESCO) , Nigeria’s second-largest producer of palm-oil products by market value, jumped 4.9 percent to 8.93 naira, the biggest one-day rise since Jan. 30, as investors bet it will pay a dividend for fiscal 2011.

“Investors are taking the position that it will pay a good dividend for 2011,” David Adonri, chief executive officer of Lambeth Trust & Investment Co., a Lagos-based brokerage, said by phone today. Presco paid a dividend of 1 naira per share last year, and “if it maintains that rate this year at the current price, the yield will be very competitive,” he said.

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

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