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Sub-Sahara Africa Stocks: British American; Diamond Bank Nigeria

Sept. 8 (Bloomberg) -- Kenya’s All-Share Index rose for a second day, increasing 1 percent to 60.81 by the 3 p.m. close in Nairobi, the biggest gain since April 5.

The FTSE/Namibia Overall Index jumped for a second day, advancing 2 percent to 794.18 by the 4 p.m. end of trading in Windhoek. The Nigerian Stock Exchange All-Share Index fell 0.2 percent to 21,352.02 by the 2:30 p.m. close in Lagos, according to a statement of the bourse’s website. Mauritius’s SEMDEX Index climbed 0.1 percent to 1,933.88 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index declined 0.1 percent to 1,127.60 by the 3 p.m. end of trading in Accra.

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

British American Investment Co. (BRIT KN), a Kenyan financial-services company, fell to 8.45 shillings, compared with a starting price of 9 shillings on its debut on the Nairobi Stock Exchange, according to data compiled by Bloomberg.

“Prices are falling as a reflection of the under-subscription and due to the existing bear market,” Joseph Thiga, a trader at Kestrel Capital East Africa Ltd., said in a phone interview today.

Diamond Bank Plc (DIAMONDB NL), a Nigerian lender with operations in four other African nations, retreated for a second day, falling 5 kobo, or 1.2 percent, to 4.15 naira, the lowest since Sept. 1. The Lagos-based bank said it expects to report a loss of about 454.4 million naira ($3 million) for the fourth quarter, it said in a statement today.

Safaricom Ltd. (SAFCOM KN), East Africa’s biggest mobile-phone company, rose to the highest in more than two weeks, gaining 5 cents, or 1.6 percent, to 3.15 shillings. The stock was upgraded to “buy” from “hold” at Renaissance Capital, which said the 22 percent decline in shilling terms since July was “overdone,” according to a report e-mailed today. The brokerage has a price estimate of 4 shillings on the stock, it said.

To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net

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

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