Sub-Sahara Africa Stocks: Copperbelt Energy; Kenya Airways Move
Kenya’s All-Share Index fell for a third day, retreating 0.4 percent to 60.18 by the 3 p.m. close in Nairobi, the lowest level since January 2010.
Namibia’s FTSE/Namibia Overall Index (FTN098) slid for a second day, tumbling 2.4 percent to 762.21 by the 4 p.m. close in Windhoek, the lowest since Aug. 26. Mauritius’s SEMDEX Index weakened for a second day, slipping 0.3 percent to 1,946.97 as of the 1:30 p.m. end of trading in Port Louis, the lowest close since Aug. 29. The Nigerian Stock Exchange All-Share Index fell 0.3 percent to 21,538.04 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. The Ghana Stock Exchange Composite Index rose for the first day in three, gaining less than 0.1 percent to 1,125.75 by the 3 p.m. close in Accra.
Copperbelt Energy Corp. (CEC ZL), a power supplier to Zambian mines, dropped 30 kwacha, or 4.1 percent, to 710 kwacha, the biggest decline since Nov. 25. The Lusaka-based company posted first-half net income of $7.23 million compared with $7.14 million a year ago.
Kenya Airways Ltd. (KNAL) , sub-Saharan Africa’s third- largest airline, snapped three days of losses, climbing 25 cents, or 0.8 percent, to 30.25 shillings, after announcing plans to expand its fleet by 10 aircraft starting next year, Chief Executive Officer Titus Naikuni said Aug. 30.
“Kenya Airways is rising because of new aircraft, the company is expanding,” Vimal Parmar, a researcher with Kestrel Capital East Africa Ltd., said by phone from Nairobi today.
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