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Sub-Saharan African Stocks: East African Breweries, Spring Bank

Feb. 2 (Bloomberg) -- The Nigerian Stock Exchange All-Share Index climbed for the first day in six, adding 0.8 percent to 26,928.67 by the 2:30 p.m. close in Lagos, according to an e-mailed statement by the bourse.

Kenya’s All-Share Index dropped for a fifth day, losing 0.2 percent to 78.5 by the 3 p.m. close in Nairobi, the longest streak of decreases since Dec. 3. Mauritius’s SEMDEX Index snapped two days of decreases, rising 0.3 percent to 2,029.42 by the 1:30 p.m. close in Port Louis. Yesterday was a public holiday in a Mauritius. The Ghana Stock Exchange Composite Index gained 0.2 percent to close at 1,052.22 by 3 p.m. in Accra while Namibia’s FTSE/Namibia Overall Index surged 2.7 percent to 902.76, the highest since July 2008.

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

East African Breweries Ltd. (EABL KN), Diageo Plc’s Kenyan unit, gained for the second day, climbing 1 shilling, or 0.5 percent, to 186 shillings on speculation its biggest eight-day drop since October 2008 was overdone. The stock retreated 13 percent in the eight days through Jan. 31. It fell 18 percent in the nine days through Oct. 17, 2008.

“It quickly declined over the last week,” Eric Musau, an analyst at African Alliance Securities Kenya Ltd., said in a phone interview from Nairobi. “After it has fallen so substantially you start having bargain hunters.”

Mauritian Eagle Insurance Co. (MEI MP) advanced the most since June 2009, rising 5.5 rupees, or 7.2 percent, to 82 rupees.

Mauritian Eagle on Jan. 31 reported net income of 22.8 million rupees ($775,000) in the second quarter compared with a loss of 5.65 million rupees a year earlier. The statement was published after the market closed and yesterday was a public holiday.

Spring Bank Plc (SPRINGBK NL), a lender rescued by Nigeria’s central bank in 2009, gained 9 kobo, or the daily limit of 5 percent, to 1.89 naira. Four bailed-out lenders will sign agreements with investors leading to their recapitalization this week, the bank’s director of banking supervision, Sam Oni, told reporters after the market closed yesterday, declining to name them. Union Bank Nigeria Plc (UBN NL), another bailed-out lender, rose the most since Jan. 20, adding 20 kobo, or 4.2 percent, to 5 naira.

To contact the reporters on this story: Vincent Nwanma in Lagos at; Kamlesh Bhuckory in Port Louis via Johannesburg at 1999 or; Eric Ombok in Nairobi at

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

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