Sub-Sahara Africa Stocks: Mumias Sugar, Safaricom, TPS Eastern Africa Move
The Nigerian Stock Exchange All- Share Index fell for a sixth day, the longest streak of losses since March 22, dropping 1.2 percent to 22,407.50 by the 1 p.m. close in Lagos.
Mauritius’s SEMDEX Index retreated for a third day, dropping 0.2 percent to 1,762.5 by the 1:30 p.m. close in Port Louis. Kenya’s All-Share Index slumped 0.2 percent to 82.76 by the 3 p.m. close in Nairobi, a third day of declines. The Ghana Stock Exchange All-Share Index slipped 0.4 percent to 6,639.66 by the 1 p.m. close in Accra, the lowest since Aug. 26. Namibia’s FTSE/Namibia Overall Index rose for the first day in a week, climbing 1 percent to 790.92 by the 4 p.m. close in Windhoek.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Mumias Sugar Co. (MSUG KN), Kenya’s largest producer of the sweetener, jumped the most since Sept. 2, gaining 20 cents, or 1.7 percent, 11.9 shillings. The company obtained a 1.6 billion- shilling ($20 million) loan that will go toward building an ethanol power plant, the company said in a statement handed to reporters today. The funds will be provided by the Kenyan unit of Ecobank Transnational Inc. and Commercial Bank of Africa.
Safaricom Ltd. (SAFCOM KN), Kenya’s biggest mobile-network operator, fell 15 cents, or 3.4 percent, to 4.3 shillings, the lowest since November 2009. Bharti Airtel Ltd.’s Zain Kenya unit asked the nation’s presidency to review competition, equality and tariff regulations, Business Daily reported, citing a letter by Managing Director Rene Meza to Francis Muthaura, the permanent secretary in the President’s office.
The regulations restrict the Communications Commission of Kenya from intervening where possible abuse by a dominant player has been established, the Nairobi-based newspaper reported. The rules don’t outline financial penalties for abuse of dominance, the newspaper reported Meza as saying.
Ikeja Hotel Plc (IKEJAHOT NL), which operates Sheraton Hotels in Nigeria, fell to the lowest in almost six weeks as investors were “disappointed” with a plan to pay its full-year 2009 dividend on Dec. 6, Raheem Mohammed, chief executive officer of Lagos-based brokerage Kundila Finance said in a phone interview today.
TPS Eastern Africa Ltd. (TPSEA KN), the Kenyan holding company for the Serena chain of hotels in the region, retreated the most in three days, dropping 1 shilling or 1.6 percent, to 62.5 shillings. TPS fell on speculation some investors sold stock after new shares obtained through a rights offer began trading today, James Mose, a research analyst at Nairobi-based CFC Stanbic Financial Services Ltd., said in a phone interview today.
New Mauritius Hotels Ltd. (NMH MP), the Indian Ocean island nation’s largest hotel operator by market value, fell the most since May after its dividend announcement today fueled speculation full-year profit will decline, said Bhavik Desai, a research analyst at AXYS Stockbroking Ltd. The stock shed 2 rupees, or 2 percent, to 99 rupees in trading in Port Louis.
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