Sub-Sahara Africa Stocks: Cooperative Bank Kenya, Dangote Flour
Mauritius’s SEMDEX Index (SEMDEX) fell for a second day, retreating 0.6 percent to 1,768.65, the lowest since October 2010.
Kenya’s All-Share Index (NSEASI) advanced for the 13th straight day, gaining 0.3 percent to 60.82 in Nairobi, the longest rally since June 2009. The Nigerian Stock Exchange All-Share Index (NGSEINDX) climbed for the sixth day, increasing 0.5 percent to 21,181.42 in Lagos, according to an e-mailed statement from the bourse. The FTSE/Namibia Overall Index (FTN098) rose for a second day, adding 0.7 percent to 901.69 in Windhoek.
The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Cooperative Bank of Kenya Ltd. (COOP KN), the East African nation’s fifth-largest lender by market value, snapped six days of gains, plunging 3.4 percent to 12.75 shillings, as it reported full-year profit that missed estimates.
Dangote Flour Mills Plc (DANGFLOU) , a Nigerian producer, jumped for a second day, surging 5 percent to 4.43 naira, the highest close since Feb. 23, amid speculation the company will pay a full-year dividend.
“We are expecting that the company will pay a dividend but may not give bonus shares because of its high issued shares,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance, a brokerage, said by phone today.
KenolKobil Ltd. (KNOC) , the Kenyan fuel retailer with operations in nine African countries, advanced for a fourth day, climbing 0.5 percent to 11.25 shillings, the highest close since Feb. 29. Oil rose for a second day in New York on signs sanctions on Iran are succeeding in cutting the nation’s crude exports.
TPS Eastern Africa Ltd. (TPSEA) , the Serena Hotel chain’s Kenyan holding company, climbed 1.6 percent to 48 shillings at the close in Nairobi, the highest since Feb. 22, on bets that its expansion plan has begun paying off.
“TPS has a five-year plan under which they made several acquisitions and some of these are yielding fruits on their bottom line now,” Rufus Mwanyasi, head trader at Nairobi-based Canaan Capital Ltd., said in a phone interview today.
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