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Sub-Saharan African Stocks Report: Ecobank, Kenya Power, Oando

Sept. 19 (Bloomberg) -- Kenya’s All-Share Index broke a four-day winning streak, dropping 0.3 percent to 61.36 by the 3 p.m. close in Nairobi, the capital. The Nigerian Stock Exchange All-Share Index declined for a third day, slipping 1.4 percent to 20,811.08 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. Namibia’s FTSE/Namibia Overall Index fell for the first day in five, dropping 0.8 percent to 793.94 by 4 p.m. close in Windhoek. In Mauritius, the SEMDEX Index fell less than 0.1 percent to 1,899.18 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index retreated for a second day, sliding 0.3 percent to 1,111.10 by the 3 p.m. close in Accra.

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

Ecobank Transnational Inc. (ETI NL), Africa’s biggest lender by geographical spread, fell 35 kobo, or 2.9 percent, to 11.65 shillings. Asset Management Corp. of Nigeria will own about 14 percent of the Lome, Togo-based bank after its acquisition of Oceanic Bank International Plc, Ecobank said.

Kenya Power Ltd. (KPLL KN), the East African nation’s sole electricity distributor, increased for a fourth day, gaining 15 cents, or 0.8 percent, to 19.1 shillings. The company said it plans to spend 3.4 billion shillings ($36 million) improving supply in the central Mount Kenya region.

Oando Plc (OANDO NL), a Nigerian oil company, fell to its lowest since Dec. 2003, declining 98 kobo, or 3.5 percent, to 27.02 naira. Oil retreated to a one-week low in New York on speculation fuel demand will falter as economic growth in the U.S. weakens and the debt crisis in Europe worsens.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

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

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