Sub-Sahara Africa Stocks: Uchumi Supermarkets; Kenya Commercial
Mauritius’s SEMDEX Index (SEMDEX) tumbled for an 11th day, losing 0.9 percent to 1,864.01 by the close, the longest decline since the 14 days through Aug. 28, 2008.
Kenya’s All-Share Index (NSEASI) fell for a fifth day, weakening 2.6 percent to 53.69 as of 1:24 p.m. in Nairobi, heading for the lowest close since Oct. 27. The Ghana Stock Exchange Composite Index gained for the third day, advancing 0.1 percent to 986.84 as of 10:26 a.m. in Accra. The FTSE/Namibia Overall Index (FTN098) was unchanged at 810.76 at 12:26 p.m. in Windhoek. The Nigerian Stock Exchange All-Share Index (NGSEINDX) declined for a third day, weakening 1.3 percent to 19,745.53 in Lagos, according to data compiled by Bloomberg.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Kenya Commercial Bank Ltd. (KNCB) , the East African nation’s biggest lender by assets, climbed for the first day in 14, gaining 0.3 percent to 15 shillings, after falling below a technical level that indicates the stock is poised for a rise.
Kenya Commercial’s 14-day relative strength index closed at 25.2 yesterday, according to data compiled by Bloomberg. A level below 30 signals to some technical analysts that the stock is oversold and set for a rise.
Uchumi Supermarkets Ltd. (UCSP) , a Kenyan retailer, headed for its lowest level on record, weakening 3.3 percent to 7.3 shillings, as small investors sold their stock ahead of the Christmas holidays.
“It is purely retail investors building their cash positions as we head into the festive season, there is a lot of retail exits from the company,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd., said by phone today.
To contact the reporter on this story: Chris Kay in Lagos at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com