Sub-Sahara Africa Stocks: Sasini, Unilever, Ghana Commercial
Mauritius’s SEMDEX Index advanced for a sixth day, adding 0.2 percent to 1,935.04, the highest since Match 2008, by the 1:30 p.m. close in Port Louis.
Kenya’s All-Share Index fell 0.3 percent to 78.59 by the 3 p.m. close in Nairobi, and the Nigerian Stock Exchange All-Share Index slipped for a third day, decreasing 0.6 percent to 24,638.17 by the 2.30 p.m. close in Lagos, according to figures on the exchange’s website.
Namibia’s FTSE/Namibia Overall Index increased for a fifth day to advance 0.1 percent to 843.93 by the 5 p.m. close in Windhoek and the Ghana Stock Exchange All-Share Index rose 0.3 percent to 6,993.67 by the 1 p.m. close in Accra.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Sasini Ltd. (STCL KN), a Kenyan tea and coffee producer, rose 0.4 percent to 13 shillings by 3 p.m. in Nairobi, after India said tea output declined in October.
The company expects “good results due to the good weather conditions, lower global tea output and tea prices edging up,” Vimal Parmar, an analyst at Kestrel Capital East Africa, said in a telephone interview.
Unilever Ghana Ltd. (UNIL GN), a maker of household goods, climbed to the highest on record, advancing 9 pesewas, or 1.6 percent, to 5.70 cedis by 1 p.m. in Accra.
Estimated economic expansion of more than 12 percent next year is expected to increase consumer demand for the company’s soap, toothpaste, and food brands, Hilary Lomotey, an analyst at Renaissance Capital in Accra, said by phone.
Ghana Commercial Bank Ltd. (GCB GN), the West African nation’s biggest lender, surged 27 pesewas, or 12 percent, to 2.60 cedis, the highest since at least February 1997, by the 1 p.m. close in Accra.
Investors expect the start of Ghana oil production next week will boost lending and deposits, Emmanuel Tsigbey, a stock broker with Renaissance Capital, said by phone. The bank’s profits will increase by at least 15 percent this year, he said.
Nigerian Bottling Co. Plc (NBC NL), which bottles Coca-Cola products in Africa’s most populous nation, advanced 1.50 naira, or the maximum 5 percent daily limit allowed by the bourse, to 31.50 naira, its biggest jump since Oct. 29.
Coca-Cola Hellenic Bottling Co. (EEEK GA), which controls NBC, wants to buy back the Nigerian company’s stock because it says the shares should be priced higher, Esili Eigbe, a Lagos- based analyst with Stanbic IBTC Bank Plc, said by phone. “That is enticing other investors to buy the stock,” Eigbe said.
To contact the editor responsible for this story: Gavin Serkin at email@example.com