Sub-Sahara Africa Stocks: First Bank George Williamson, Guaranty

Dec. 3 (Bloomberg) -- Kenya’s All-Share Index fell for a 10th day, the longest series of decreases since March 2009, dropping 0.3 percent to close at 78.55 by 3 p.m. in Nairobi.

Mauritius’s SEMDEX Index climbed for a fourth day, adding 0.1 percent to close at 1,925.25 by 1:30 p.m. in Port Louis. The Nigerian Stock Exchange All-Share Index retreated 0.5 percent to 24,807.04 by the 12:30 p.m. close in Lagos, according to data from the bourse’s website. The measure snapped six days of gains. Namibia’s FTSE/Namibia Overall Index gained for a third day, adding 1.2 percent to 833.03 at the 5 p.m. close in Windhoek. The Ghanaian market was closed for a holiday.

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

First Bank of Nigeria Plc (FIRSTBAN NL), the nation’s second-biggest lender by market value, dropped 42 kobo, or 3.3 percent, to 12.52 naira, the lowest since Nov. 8. Guaranty Trust Bank Plc, the third-biggest lender, lost 2.7 percent, the steepest drop since Nov. 12, to 16 naira. The lenders led declines in the Nigeria’s benchmark stocks index as investors awaited the funding plans of Asset Management Corp. of Nigeria, a state-owned company set up to buy bad debts from banks.

“The fact that Amcon first has to mobilize funds from the sale of the bonds means that investors want to wait and see what will happen,” Chinenyem Anyanwu, chief executive officer of Dependable Securities Ltd., a Lagos-based brokerage, said by phone today.

George Williamson Kenya Ltd. (GWKL KN), a tea grower, gained for the first day in four, increasing 8 shillings, or 4.8 percent, to 175 shillings. Trading volume of 150,000 was 50 times its three-month average today.

“There were some block trades that pushed up the price,” Wycliffe Masinde, a research analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview.

To contact the reporters on this story: Eric Ombok in Nairobi at; Vincent Nwanma in Lagos at

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