Sub-Sahara Africa Stocks: Cadbury Nigeria, Equity Bank of Kenya
Kenya’s All-Share Index (NSEASI) snapped five days of gains, declining 0.3 percent to 63 in Nairobi.
Namibia’s FTSE/Namibia Overall Index (FTN098) rose for a second day, jumping 1.1 percent to 898.05 in Windhoek. The Nigerian Stock Exchange All-Share Index (NGSEINDX) advanced 0.3 percent to 21,970.21 in Lagos, according to an e-mailed statement from the bourse. In Mauritius, the SEMDEX Index (SEMDEX) increased 0.2 percent to 1795.82 in Port Louis.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Cadbury Nigeria Plc (CADBURY) , a manufacturer of drinks and food products, advanced for a fifth day, the longest streak of gains since July 29, surging 5 percent to 13.07 naira on speculation the stock is undervalued, according to Lambeth Trust and Investment Co.
Cadbury reported a profit of more than 3 billion naira ($19 million) in 2011, which has “stimulated the appetite” of investors, David Adonri, chief executive officer of Lambeth Trust, said by phone today. The stock is currently undervalued and if Cadbury’s profit growth continues, the stock could rise to 30 naira in a year, he said.
Equity Bank Ltd. (EQBNK) , Kenya’s biggest lender by customers, surged 4.9 percent to 21.25 shillings, the fifth day of gains and the highest closing price since August, in anticipation of first-quarter earnings scheduled to be announced tomorrow.
Kenya Reinsurance Corp. (KNRE) , the state-owned reinsurer, rose 8.3 percent to 9.8 shillings, the highest since June 8, after Business Daily reported the company will increase its investment in the real estate industry.
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