Sub-Sahara Africa Stocks: Equity Bank, Housing Finance Co., UAC

The Nigerian Stock Exchange All- Share Index (NGSEINDX) declined for a third day, falling 0.4 percent to 20,916.02 by the close in Lagos, according to data compiled by Bloomberg.

The FTSE/Namibia Overall Index (FTN098) rose for a second day, adding 0.4 percent to 900.31 by the close in Windhoek, the capital. Kenya’s All-Share Index (NSEASI) dropped for the first time in five days, slipping 0.6 percent to 59.59. Mauritius’s SEMDEX Index (SEMDEX) added 0.2 percent to 1,767.40 by the close in Port Louis, the capital.

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

Equity Bank Ltd. (EQBNK) , Kenya’s biggest lender by customers, climbed for a sixth day, rising 1.1 percent to 19.30 shillings. Plans for a possible recapitalization, announced by Chief Executive Officer James Mwangi on March 8, were a “huge momentum driver“ for the stock, George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd., said in a phone interview today.

Housing Finance Co. (HFCL) , Kenya’s only publicly traded mortgage lender, gained for a second day, adding 1.8 percent to 14 shillings. The company grew its lending by 67 percent to 25.2 billion shillings, giving it a market share of 34 percent, the Nairobi-based Business Daily newspaper reported yesterday, without saying where it got the information from.

Mauritius Chemical and Fertilizer Industry Ltd. (MCFI MP), a chemicals producer, dropped to the lowest in more than 17 months, falling 0.3 percent to 36.40 rupees. Full-year net income declined 42 percent, the company said in a statement on the Stock Exchange of Mauritius website.

UAC of Nigeria Plc (UACN NL), a food-products maker and fast-food restaurant operator, fell for a third day, declining by 5 percent to 29.79 naira. The company said it will pay an annual dividend of 1.5 naira a share, disappointing investors who expected more, Lambeth Trust and Investment Co., a Lagos- based brokerage, said.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at

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

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