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Sub-Sahara Africa Stocks: First Bank of Nigeria, Japaul Oil Move

Jan. 31 (Bloomberg) -- The Nigerian Stock Exchange All-Share Index advanced 0.7 percent to 20,875.83 at the close in Lagos, according to a statement on the bourse’s website.

Kenya’s All-Share Index gained 0.7 percent to 54.18 in Nairobi. The FTSE/Namibia Overall Index increased 0.8 percent to 900.45 in Windhoek. Mauritius’s SEMDEX Index weakened 0.6 percent to 1,828.38 by the end of trading.

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

First Bank of Nigeria Plc (FIRSTBAN NL), the country’s third-biggest lender by market value, rose 5 percent, its biggest daily rise since Dec. 21, to 9.95 naira, extending its gain this month to 12 percent, the most since October 2010, as investors speculated on a “good dividend” payment, PAC Securities Ltd. said.

“From the bank’s third-quarter result, we believe it will give a good dividend, at least better than the 60 kobo per share it paid last year,” Eugene Ezenwa, chief operating officer of Lagos-base PAC, said by phone today.

Japaul Oil & Maritime Services Plc (JAPAULOI NL), a Nigerian oil-services company, rose 2.5 percent to 81 kobo. Oil headed for the third monthly gain since September after Greece’s prime minister said debt-swap talks have made progress, easing concern that Europe’s sovereign debt turmoil will curb demand.

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

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

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