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Sub-Saharan Africa Stocks: Total Kenya, Oando Shares Are Active

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Feb. 27 (Bloomberg) -- Kenya’s All-Share Index advanced for the fifth straight day, gaining 1.5 percent to 57.32 in Nairobi, the biggest jump since Oct. 28.

The FTSE/Namibia Overall Index snapped two days of gains, dropping 1.2 percent to 911.56 in Windhoek. The Nigerian Stock Exchange All-Share Index retreated 0.6 percent to 20,364.56 in Lagos, according to an e-mailed statement from the bourse. Mauritius’s SEMDEX Index fell for a fifth day, declining 0.1 percent to 1,798.7.

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

Total Kenya Ltd. (TKNL KN), a local unit of Total SA, snapped three days of gains, falling 0.3 percent to 18.05 shillings. Oil slipped, halting its longest rally in two years, after a warning from the International Monetary Fund on the global economy sparked concern prices have climbed too fast.

Oando Plc (OANDO NL), a Nigerian energy company, advanced for a fourth day, jumping the daily limit of 5 percent to the highest level since Jan. 11 as investors bet the shares’ decline earlier this month was overdone.

“Its price has fallen too low, compared with where it is coming from,” said Emeka Madubuike, managing director of Lagos-based Compass Investments and Securities Ltd. Investors believe its price will rise again because “it is a well-diversified oil marketing company with several income streams,” Madubuike said.

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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