Sub-Sahara Africa Stocks: First Bank of Nigeria, Scangroup Kenya

Kenya’s All-Share Index (KNSMIDX) climbed for a second day, rising 0.8 percent to 60.99 in Nairobi, the highest close since March 9.

The Nigerian Stock Exchange All-Share Index (NGSEINDX) fell 0.3 percent to 20,742.1 in Lagos, according to an e-mailed statement from the bourse. Namibia’s FTSE/Namibia Overall Index (FTN098) rose 0.4 percent to 889.07 in Windhoek. In Mauritius, the SEMDEX Index (SEMDEX) was little changed at 1,801.58 by the close in Port Louis.

The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Co-operative Bank of Kenya Ltd. (COOP KN), the east African nation’s fourth-biggest lender by market value, jumped as much as 2 percent, before closing 0.4 percent higher to 12.75 shillings, after receiving a 70 million-euro ($91.9 million) loan from the European Investment Bank for lending to small businesses.

First Bank of Nigeria Plc (FIRSTBAN NL), the country’s third-largest lender by market value, dropped 3.5 percent, to 9.26 naira, the lowest close since Jan. 25, on investor concern it hasn’t yet released earnings, Lambeth Trust and Investment Co Limited’s Chief Executive Officer David Adonri said.

First Bank has filed its results with the Nigerian Stock Exchange and they will be released on April 17, Babatunde Lasaki, a spokesman for the bank, said by phone today. “Nothing is wrong with our result,” he said.

Scangroup Ltd. (SCAN) , East Africa’s biggest marketing company by sales, jumped 2.9 percent to 53.50 shillings, the highest close since May 25, on bets it will announce higher full-year earnings next week.

“Buoyed by strong full-year 2011 earnings expectations ahead of the company’s results announcement on 18th April 2012, Scangroup may see increased demand from both local and foreign investors,” Kestrel Capital East Africa Ltd. said today in an e-mailed note to clients.

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

To contact the editor responsible for this story: Stephen Kirkland at

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