×

STOCKS NEWS AFRICA-Banks, food stocks boost Ghana bourse

STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 1545GMT 10May2010-Banks, food stocks boost Ghana bourse ------------------------------------------------------------------ The Ghana All Share Index rises 17.3 points, or 0.25 percent, to 6,869.26 points lifted by banks, food and energy stocks. Both Ghana Commercial Bank and SG-SSB add 1.7 percent, extending recent gains triggered by solid earnings among the country's banks benefitting from high lending rates. "Generally, the banks have made a better-than-expected recovery on the market this year from the downturn of last year, and this coupled with strong first quarter earnings is pushing investor interest in the banking and financial stocks," said Bright Quaye, analyst with Gold Coast Securities. Other advancers for the session include food and beverage stock Fan Milk Limited, which rises 0.7 percent, and Unilever Ghana Limited, which inches up 0.27 percent. Fuel retailer, Total Petroleum Ghana Limited advances 0.83 percent after it announced a dividend of 0.7129 cedis per share and Ghana Oil Company Limited adds 5 percent after announcing strong annual results. 1455GMT 10May2010-MTN left behind Top-40 rally as Algeria weighs ------------------------------------------------------------------ Shares of MTN Group are up just 1 percent, lagging well behind the JSE's Top-40 index, on concerns that Algeria may take full control of Orascom Telecom's Algerian unit, styming a potential MTN acquisition. Alegria's telecommunications minister said on Monday the government was in contact with Orascom's local unit. Algeria's finance minister said last week the government was prepared to buy all of Orascom. Orascom is in negotiations to sell some or all of its assets to MTN, a deal that could make the South African firm the world's No.3 mobile phone operator. But Algeria appears to be blocking the sale of the Algerian unit, Djezzy. Analysts have said the deal would make little sense without Djezzy, which would give MTN a much-needed foothold in lucrative northern Africa. "It's definitely having an affect on the share price," says Abri Du Plessis, chief investment officer at Gryphon Asset Management in Cape Town. Shares of MTN are up just 1.2 percent at 103.80 rand, even as the Top-40 surges 4.2 percent. (Reuters messaging: gugu.lourie.reuters.com@reuters.net) 1313GMT 10May2010-Mauritius bourse slide as hotels shares hit ------------------------------------------------------------------ Mauritius' benchmark SEMDEX index sheds 1.44 percent on Monday as a weak euro and further disruption to European air travel weigh on the Indian Ocean island's hotel stocks. Sun Resorts is the biggest loser, falling 10.29 percent to 61 rupees per share, in its biggest one day fall since November 2008. New Mauritius Hotels and Naiade Resorts both finish down more than 3 percent. "The weakness of the euro and fears for tourism as Icelandic ash uncertainty continues have driven down shares in hotel companies," says Raj Tapesar, managing director at MCB Stockbrokers. "Investors expect the situation to get worse for the hotel sector as we enter the low season," adds Tapesar. The SEMDEX finishes Monday at 1,642.07 points. (Reporting by Jean Paul Arouff) 1013GMT 10May2010-S.Africa's Barloworld gains; sees H2 recovery ----------------------------------------------------------------- Shares of South Africa's Barloworld Ltd rise 3.7 percent to 46.15 rand after the industrial group says it expects better second-half results, helped by a recovery in Africa's biggest economy and increased activity in the mining industry. Barloworld, which leases and sells automobiles and earth-moving equipment, said on Monday that earnings dropped 95 percent in the six months to end-March. But CEO Clive Thomson tells Reuters he has reasons to be optimistic in the second half. "It was a pretty bad set of results but they're signalling that things are going to be better and they are still declaring dividends," says Mark Hodgson, an analyst at Avior Research. Barloworld's rise outpaces a 2.9 percent gain in Johannesburg's Mid-Cap index. (diana.neille@thomsonreuters.com) 0936GMT 10May2010-SAfrica "financial 15" surge as Greece worries subside ------------------------------------------------------------------------- Shares of South Africa financials jump, as investor concerns about a European credit crisis subside after global policymakers agreed on a $1 trillion rescure package to stabilise the euro. The JSE's "financial 15", which tracks the performance of major South African financial firms, advances 4.4 percent, on track for its biggest one-day gain in 13 months. Leading the pack is Anglo-South African investment bank Investec Plc , which rises nearly 8 percent. Close behind is RMB Holdings which advances nearly 6 percent. Year to date, the financial index is up just 4.2 percent, having taken a drubbing in recent sessions. (Reuters messaging: david.dolan.reuters.com@reuters.net) 0720GMT 10May2010-SAfrica index up more than 3 pct, charts bullish ------------------------------------------------------------------ South Africa's Top-40 index jumps more than 3 percent in early trade on Monday, recouping losses from its worst weekly decline in 17 months, after a massive stabilisation plan for the euro zone revived investor sentiment and lifted markets globally. Among the biggest gainers are banks Absa Group, up 5.6 percent to 134.58 rand, and Standard Bank, up 5.8 percent to 109.99 rand. The Top-40 fell 7.9 percent last week, its worst weekly performance since December 2008. A gain today would mean the index snaps a six-day losing streak. Charts show it may have plenty of upside. The Top-40's 14-day relative strength index, or RSI, is now at 39.2, well below the overbought level of 70. The index is still more than 5 percent below its 30-day moving average, pointing to further room to rise. (Reuters messaging: david.dolan.reuters.com@reuters.net) Keywords: MARKETS SAFRICA STOCKSNEWS COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.