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Sub-Sahara Africa Stocks: New Mauritius Hotels, Sameer, UBA

Mauritius’s SEMDEX Index retreated the most since March 18, losing 0.3 percent to 2,059.78 by the 1:30 p.m. close in Port Louis.

The Ghana Stock Exchange Composite Index increased for a seventh day, surging 2.2 percent to 1,139.50 by the 3 p.m. close in Accra. The Nigerian Stock Exchange All-Share Index slipped 0.1 percent to 25,072.92 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Kenya’s All-Share Index gained for a third day, adding 0.7 percent to 76 by the 3 p.m. close in Nairobi.

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

New Mauritius Hotels Ltd. (NMH MP), the country’s largest leisure operator by market value, fell to a seven-month low, losing 1 rupee, or 1 percent, to 102 rupees on concern the April 29 terrorist attack in Morocco will curb returns from its project in the north African nation, Imrith Ramtohul, a senior investment manager overseeing a 6 billion-rupee ($218.3 million) portfolio at Mauritius Union Assurance Co., said by phone from Port Louis.

NMH’s Moroccan project includes a 150-room hotel and 80 villas, according to its annual report. The hotel, golf course and the first phase of the villas are expected to be completed in 2013, it said on April 18, after it bought back the 50 percent that it didn’t already own in Domaine Palm Marrakech, which is developing the property side of the project.

Sameer Africa Ltd. (SAME KN), a Kenyan tiremaker, rose to the highest in almost three months, surging 15 cents, or 2.3 percent, to 6.6 shillings after Business Daily reported it plans to boost revenue with price increases and cut operating costs this year to boost returns.

The company, which sells tires in 10 African nations, will consolidate its distribution centers to reduce expenses, Chief Executive Officer Michael Karanja told the newspaper. Sameer also plans to increase its retail prices to offset the rising costs of inputs such as synthetic and natural rubbers as well as crude, the Nairobi-based newspaper reported yesterday.

United Bank for Africa Plc (UBA NL), a Nigerian lender, rose the most in more than a month, climbing 29 kobo, or the maximum daily limit of 5 percent, to 6.14 naira. UBA, as the lender is known, is currently trading at a price-to-book value of 0.98, according to Bloomberg data, “which is cheaper than all the other tier-one banks,” Adesoji Solanke, a Lagos-based banking analyst with Renaissance Capital, said by phone today. “It is not unusual to see investors who view it as offering attractive valuations,” Solanke said.

Other so-called first-tier lenders are Zenith Bank Plc, the country’s biggest by market value, which has a price-to-book value of 1.38 and Guaranty Trust Bank Plc, the second-largest, which trades at 2.36 times its book value, while First Bank of Nigeria Plc, the third-biggest, is at 1.28.

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