Nov. 16 (Bloomberg) -- Mauritius’s SEMDEX Index gained for a second day, climbing 0.5 percent to 1,908.47 by the 1:30 p.m. close in Port Louis. That’s the highest since June 2008. Kenya’s All-Share Index snapped two days of increases, dropping 0.5 percent to 84.02 at the 3 p.m. close in Nairobi. Namibia’s FTSE/Namibia Overall Index rose for the third time in four days, climbing 0.4 percent to 863.34 by 4:34 p.m. in Windhoek. The Nigerian and Ghanaian markets were closed for public holidays today.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
East African Breweries Ltd. (EABL KN), 43 percent owned by the world’s largest liquor maker Diageo Plc, rose 2 shillings, or 0.9 percent, to 221 shillings, the highest since at least May 1997. The stock gained on speculation the company may expand into Ethiopia, Aly-Khan Satchu, a Nairobi-based independent analyst, said in a phone interview today.
Kenya Electricity Generating Co. (KEGC KN), the state-owned power producer, rose for the first time in six days, rallying 15 cents, or 0.9 percent, to 16.85 shillings. Kreditanstalt fuer Wiederaufbau, Germany’s development bank, will lend Kenya 39.1 million euros ($53 million) to expand and build power plants.
Mauritius Commercial Bank (MCB MP), the country’s largest lender by market value, advanced 2 rupees, or 1.3 percent, to 154 rupees, the highest since October 2008. The lender said on Nov. 12 that first-quarter profit advanced 20 percent to 945.8 million rupees ($32 million) from a year earlier.
“The bank has reported improved results for the first quarter through September and is trading cum dividend of 2.50 rupees,” Imrith Ramtohul, head of investments at the Mauritius Union Assurance Co., said in a phone interview from Port Louis.
Sameer Africa Ltd. (SAME KN), a Kenyan tire maker, retreated 70 cents, or 9.2 percent, to 6.95 shillings, the lowest since March 2. The company said on Nov. 12 that it expects earnings for the year through December to be “lower than current market expectations.”
“Some people are prepared to get out at any price,” Satchu said. “I don’t think there is a compelling reason to invest in tires.”
Savannah Sugar Estates Co. (SAVA MP), a grower of the sweetener with interests in property development, rallied 2.8 rupees or 5.9 percent, to 50 rupees, the highest since Oct. 13.
Savannah doesn’t intend to take significant debt, boosting the stock, Ramtohul said after attending an analysts’ meeting with the company’s management today.
To contact the reporter on this story: Eric Ombok in Nairobi at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com