Sub-Sahara Africa Stocks: CFC Stanbic, State Bank of Mauritius
Kenya’s All-Share Index fell for a third day, declining 0.6 percent to 69.46 by the 3 p.m. close in Nairobi, the lowest since April 2010.
The Nigerian Stock Exchange All-Share Index snapped four days of losses, climbing 0.4 percent to 24,350.18 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Namibia’s FTSE/Namibia Overall Index (FTN098) increased 0.8 percent to 863.07 at the 4 p.m. end of trading in Windhoek. Mauritius’s SEMDEX Index advanced 0.1 to 2,099.68 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index retreated 0.1 percent to 1,186.25 by the 3 p.m. close in Accra.
CFC Stanbic Holdings Ltd. (CFCB) , the Kenyan unit of Standard Bank Group Ltd., rose 50 cents, or 1 percent, to 51 shillings, the biggest increase in almost a week. Business Daily reported the lender hired a former World Bank official to head its equity-research desk in Nairobi.
Finbank Plc (FIRSTINL) , a Nigerian lender bailed out by the central bank in 2009, gained 2 kobo, or 3.6 percent, to 57 kobo, highest level since June 30, after First City Monument Bank Plc said it is in the process of concluding the purchase of Finbank, the Vanguard newspaper reported, citing First City’s head of corporate affairs, Kenny Alliu.
KenolKobil Ltd. (KNOC KN), a Kenyan fuel retailer with operations in nine African countries, fell from a more than four-year high, retreating 0.05 shilling, or 0.4 percent, to 11.95 shillings. The company’s 14-day relative strength index closed trading at 90 yesterday. A reading above 70 is a sign the stock is likely to fall. The RSI has been above 70 since June 14, according to data compiled by Bloomberg.
State Bank of Mauritius Ltd. (SBM) , the country’s second-largest lender by market value, advanced 1 rupee, or 1 percent, to 98.50 rupees, the highest close since Jan. 21, after saying it will pay a final dividend of 3 rupees for the year through June.
“The 3-rupee final dividend represents a 9 percent increase from that of last year and is the highest dividend payout by the lender,” Kishen Nadassen, a senior research analyst at Port Louis-based Cim Stockbrokers Ltd., said by phone, estimating the payout would be 2.90 rupees.
To contact the reporter on this story: Chris Kay in London at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org