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Sub-Saharan Africa Stocks: Access Kenya, British American Move

Kenya’s All-Share Index fell for the first time in three days, declining 0.3 percent to 54.64 at the close in Nairobi.

The FTSE/Namibia Overall Index advanced for a third day, increasing 0.6 percent to 870.26 in Windhoek. The Nigerian Stock Exchange All-Share Index fell 0.2 percent to 20,635.07 in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index gained for a second day, climbing 0.1 percent to 1,890.13 by the end of trading.

The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

AccessKenya Group Ltd. (ACCESS KN), the nation’s only publicly traded Internet company, jumped 8.7 percent, the most since April, to 5.6 shillings on speculation it will post a full-year profit.

“Earnings for 2011 are expected to be substantially stronger than 2010 and we are seeing a lot of position taking on the counter,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today. “Although it did not have a good first half, the second half is expected to be good.”

British American Investment Co. (BRIT KN), a Kenyan diversified financial services group, slumped 8.1 percent to 5.1 shillings, the most since Sept. 15, on concern its earnings will suffer from a plunge in the Kenyan stock market last year.

“In 2011 the earnings per share will be down by about 50 percent,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd., said by phone today. “Everyone in the market has factored in the risk that these guys have a huge exposure to the capital markets; that is why the market has assigned a discount to the stock.”

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