Sub-Saharan African Stocks: PZ Cussons Nigeria; SG-SSB of Ghana Are Active
Kenya’s All-Share Index retreated 0.8 percent to 65.85 by the 3 p.m. close in Nairobi, the lowest level since March 2010.
Mauritius’s SEMDEX Index slid for a second day, declining 0.4 percent to 2,023.22 by the 1:30 p.m. close in Port Louis, the lowest since April 7. The Ghana Stock Exchange Composite Index dropped 1.2 percent to 1,166.21 by the 3 p.m. close in Accra, the biggest retreat since April 11. Namibia’s FTSE/Namibia Overall Index (FTN098) weakened for the third day, falling 0.8 percent to 833.57 by the 4 p.m. close in Windhoek, the lowest since June 28. The Nigerian Stock Exchange All-Share Index slumped for the second day, losing 0.4 percent to 23,906.97 by the 2:30 p.m. close in Lagos, according to an e- mailed statement from the bourse.
PZ Cussons Nigeria Plc (PZ) , a manufacturer of consumer products and home appliances, jumped 1.9 naira, or 5 percent, to 40 naira, the highest level since at least January 2002. The company’s net income for the year gained to 5.7 billion naira ($37.2 million) from 5.6 billion naira a year earlier, according to Renaissance Capital, which cited figures released by the Nigerian Stock Exchange. Revenue increased to 65.9 billion naira from 62.7 billion naira, it said.
SG-SSB Ltd. (SGSSB) , Societe Generale SA’s unit in Ghana, declined 1 pesewa, or 2 percent, to 49 pesewa, the biggest retreat since July 18, after first-half profit didn’t meet investors’ expectations. Net income rose 6 percent to 10.7 million cedis ($7.1 million) in the six months through June, according to a statement published in the Daily Graphic newspaper today.
An average increase of 20 percent in profit would have been “okay,” said Randy Mensah, a stock trader at Accra-based Databank, in a telephone interview. “Investors want to get out to more exciting stocks.”
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