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Sub-Saharan African Stocks: BAT Kenya; Mobil Nigeria, Mumias

Aug. 3 (Bloomberg) -- Kenya’s All-Share Index surged 2.5 percent, the most since March 2009, to close at 80.08 as of 3 p.m. in Nairobi. That’s the highest level since Aug. 20, 2008.

Mauritius’s SEMDEX Index gained less than 0.1 percent to close at 1,720.22 as of 1:30 p.m. in Port Louis. The Nigerian Stock Exchange All-Share Index declined for a third day, falling 1 percent to 25,418.84 at the 1 p.m. close in Lagos, according to its website. Namibia’s FTSE/Namibia Overall Index retreated 1.7 percent to close at 797.39 as of 4 p.m. in Windhoek, while the Ghana Stock Exchange All-Share Index fell for a second day, dropping 0.2 percent to close at 6,276.04 as of 1 p.m. in Accra.

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

British American Tobacco Kenya Ltd. (BATK KN), East Africa’s biggest cigarette maker, climbed 2 shillings, or 0.8 percent, to 250 shillings, the highest closing level since Jan. 12, 2007. The company will start producing and exporting semi-processed tobacco this month, Managing Director Gary Fagan told reporters in Nairobi today.

Enterprise Insurance Co. Ltd. (EIC GN), a Ghanaian insurance company, rose 6 pesewas, or 5 percent, the biggest increase since June 4, to 1.25 cedis. First-half profit surged 81 percent to 2.9 million cedis, the company said in a statement published in the Daily Graphic newspaper on July 31.

Mobil Nigeria Plc (MOBIL NL), which markets petroleum products, surged the most in two months, gaining 8 naira, or 4.9 percent, to 173 naira. Profit in the first half more than tripled to 1.01 billion naira ($6.7 million), the company said in a statement e-mailed by the Nigerian Stock Exchange today.

Mumias Sugar Co. (MSUG KN), Kenya’s largest producer of the sweetener, gained 80 cents, or 5.7 percent, to 14.8 shillings, the highest since Jan. 8, 2008. Sterling Investment Bank initiated coverage of the company with a “buy” rating. Mumias’s share-price estimate was set at 18.6 shillings ($0.23) per share, Nairobi-based analysts Onesmus Nzioka and Mourine Katila said in a note to clients dated today.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

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

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