Sub-Sahara Africa Stocks: Diamond Trust, Kenya Electricity Move

Kenya’s All-Share Index (NSEASI) rose 0.5 percent to 67.27 in Nairobi, extending its gain this quarter to 12 percent.

The Nigerian Stock Exchange All-Share Index fell for the second straight day, down less than 0.1 percent to 21,347.17 in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index (SEMDEX) slid 0.3 percent to 1,784.19 in Port Louis. The FTSE/Namibia Overall Index (FTN098) declined for a fourth consecutive day, retreating 0.2 percent to 896.74 in Windhoek.

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

Diamond Trust Bank Kenya Ltd. (DTKL) , the country’s sixth-biggest lender, gained 4 percent to 104 shillings, the highest since Aug. 8, before a planned sale of the shares at a discount to the current price.

“It’s an attractive discount compared to the prevailing market prices,” Gregory Waweru, head of corporate advisory for Kestrel Capital East Africa Ltd., said by phone from Nairobi, the capital. “Investors are in the market trying to be on the shareholder list by the book closure date.”

KenolKobil Ltd. (KNOC) , Kenya’s biggest oil marketer by market value, rose for a third day, advancing 2.6 percent to 15.95 shillings, the highest close on record since at least May 1997, after Trafigura Baheer’s Puma Energy Ltd. made a takeover proposal and the company was awarded two tenders to deliver fuel in July and August. The award comes a day after the company won a bid to deliver two cargoes of Murban crude in August.

Kenya Electricity Generating Co. (KEGC) , the East African nation’s biggest power producer, gained for a third day, increasing 1.1 percent to 8.85 shillings, as the company boosted its hydropower installed capacity, reducing reliance on expensive sources in energy production.

To contact the reporter on this story: Chris Kay in Abuja at ckay5@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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