Sub-Sahara Africa Stocks: Kenya Airways, Mumias Sugar, UAC Move

Kenya’s All-Share Index (NSEASI) gained for a fourth day, climbing 0.3 percent to 65.31 in Nairobi.

Mauritius’s SEMDEX Index (SEMDEX) fell for the first time in three days, weakening 0.2 percent to 1,788.74 by the close in Port Louis. The Nigerian Stock Exchange All-Share Index slid 0.3 percent to 21,184.58 in Lagos, according to an e-mailed statement from the bourse. The FTSE/Namibia Overall Index (FTN098) rose 0.1 percent to 892.12 in Windhoek.

Kenya Airways Ltd. (KNAL) , sub-Saharan Africa’s third- biggest airline by passengers, dropped 5.8 percent to 13.10 shillings, the lowest close in almost eight years, on a poor earnings outlook, reflecting the challenging economic environment for carriers.

“The outlook is not that good because of what is happening in the euro zone,” Davis Mika, a Nairobi-based independent analyst, said in a phone interview today. “That will put pressure on the revenue.”

Mumias Sugar Co. (MSUG) , Kenya’s biggest producer of the sweetener, surged 6.6 percent to 6.50 shillings, the highest close since Nov. 2, on improving cane yields following several months of heavy rains.

UAC of Nigeria Plc (UACN NL), a Nigerian company with interests in food products, logistics and real estate services, rose for a fifth day, the longest winning streak in almost three months, advancing by 5 percent to 31.75 naira.

“There is room for an upside given the current price, as it traded at an average price of 39 naira for most of 2011,” Akinbamidele Akintola, a Lagos-based equity analyst with Renaissance Capital, said by phone today. There is a “decent demand for UACN stocks, which is driven by the restructuring going on in the company,” including the acquisition of a stake in it by Tiger Brands Ltd. (TBS) of South Africa, Akintola said.

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

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

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