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Sub-Sahara Africa Stocks: Fidelity Bank Nigeria, Kenya Airways

June 8 (Bloomberg) -- The Nigerian Stock Exchange All-Share Index retreated 1 percent to 20,902.95 in Lagos, according to an e-mailed statement from the bourse. The gauge has dropped for nine days, the longest series of declines since June 2011.

The FTSE/Namibia Overall Index slid for the first day in six, losing 0.5 percent to 891.29 in Windhoek. Mauritius’s SEMDEX Index snapped four days of declines, rising 0.1 percent to 1,794.46 by the close in Port Louis. Kenya’s All-Share Index weakened 0.3 percent to 64.53 in Nairobi.

Fidelity Bank Plc (FIDELITY NL), a Nigerian lender, rose by the daily limit of 5 percent, the most in fourth months, to close at 1.26 naira, rebounding from the lowest this year.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third-biggest carrier, slipped for a fourth day, plunging 3.4 percent to 14.25 shillings, the lowest close since April 18. The Nairobi-based company said today it achieved a minimum subscription rate for its share sale, raising less than it had planned to expand across Africa.

Unga Group Ltd. (UNGL KN), a Kenyan grain miller, advanced 3.6 percent to 12.80 shillings, the biggest jump since May 29, after Business Daily reported it ended a 12-year management contract with Seaboard Overseas Management Co.

“It was effectively a toll charge on the growth of the company because they were paying a huge management fee,” Aly-Khan Satchu, chief executive officer of Nairobi-based Rich Management, said in a phone interview today.

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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