Sub-Sahara Africa Stocks: Japaul Oil, Transnational Nigeria Move
The Nigerian Stock Exchange All-Share Index (NSEASI) dropped for an eighth day, falling 1.3 percent to 21,114.69 in Lagos, according to an e-mailed statement from the bourse, the longest losing streak since September.
The FTSE/Namibia Overall Index (FTN098) gained for a fourth day, increasing 1.5 percent to 895.84 in Windhoek. Kenya’s All-Share Index rose 1.2 percent to 64.72 in Nairobi. Mauritius’s SEMDEX Index (SEMDEX) fell for a fourth day, down less than 0.1 percent to 1,793.15 by the close in Port Louis.
Japaul Oil and Maritime Services Plc (JAPAULOI NL), a Nigerian oil services company, jumped 4.1 percent to 76 kobo, heading the highest since March 12, as oil gained.
Transnational Corp. of Nigeria Plc (TRANSCOR NL), which has interests in hotels, agriculture and oil, gained for a fourth day as investors bet the company’s expansion plans would improve earnings.
The stock rose 4.5 percent to 1.16 naira. Transnational shares, which have doubled this year, may increase gains to 1.20 naira this month before investors take profit, said Jimi Ogbobine, an analyst at Lagos-based BGL Group Plc.
“The company now has some fundamentals to back up investor sentiment,” Ogbobine said by phone today. “People are just looking for speculative bets to push the price up and book profit and then move on.”
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