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Sub-Sahara Africa Stocks: Kenya Airways, Mauritius Commercial

June 25 (Bloomberg) -- Mauritius’s SEMDEX Index snapped three days of declines, climbing 0.5 percent to 1,789.23 in Port Louis.

The FTSE/Namibia Overall Index dropped for a third day, retreating 1.1 percent to 898.17 in Windhoek. Kenya’s All-Share Index fell 0.6 percent to 66.93 in Nairobi. The Nigerian Stock Exchange All-Share Index slid 0.2 percent to 21,357.22 in Lagos, according to an e-mailed statement from the bourse.

The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Japaul Oil & Maritime Services Plc (JAPAULOI NL), a Nigerian oil-services company, advanced 5 percent to 0.63 naira, the most since Dec. 23.

“Investors believe it has bottomed out, so they expect it to rise,” Raheem Mohammed of Kundila Finance, a Lagos-based brokerage, said by phone today. “The company is making profit so we expect it to climb up to about 80 kobo (0.80 naira) from where it fell,” he said.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third-biggest carrier, fell 2 percent to 12.60 shillings, the lowest close since August 2004. The Nairobi-based airline said it will borrow $1.9 billion from African Export-Import Bank to fund the purchase of 20 Boeing Co. and Embraer SA aircraft.

KenolKobil Ltd. (KNOC KN), Kenya’s largest fuel retailer by market value, jumped 9.1 percent to 15.55 shillings, the highest on record, as investors bet Puma Energy Ltd. would successfully complete a bid to buy a controlling interest in the company.

Mauritius Commercial Bank (MCB MP), the country’s largest lender by market value, rose 1.2 percent to 170 rupees, the biggest gain since March 30, after announcing a final dividend of 3.25 rupees for fiscal 2012.

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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