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Sub-Sahara Africa Stocks: Nestle Nigeria, NIC Bank of Kenya

Feb. 23 (Bloomberg) -- Kenya’s All-Share Index rose for a third day, climbing 0.3 percent to 55.68 in Nairobi.

Mauritius’s SEMDEX Index fell for a third day, declining 0.2 percent to 1,809.48. The Nigerian Stock Exchange All-Share Index weakened 0.2 percent to 20,256.39 as of 2:30 p.m. in Lagos, according to data compiled by Bloomberg. The FTSE/Namibia Overall Index rose 0.4 percent to 918.19 in Windhoek.

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

Nestle Nigeria Plc (NESTLE NL), the West African nation’s largest food company by market value, slumped 4.8 percent to 420 naira, the biggest decline since Jan. 3, after saying it will pay a final dividend of 11.05 naira per share.

The dividend announcement has “discouraged a lot of investors,” David Adonri, chief executive officer of Lambeth Trust & Investment Co., a Lagos-based brokerage, said by phone today. “It is too small compared with its price.”

NIC Bank Ltd. (NICB KN), a Kenyan lender, surged 11 percent to 27.75 shillings, the biggest closing gain since December 2007, after it reported full-year profit jumped and said it planned to issue bonus shares as part of a planned rights offer.

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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