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Sub-Saharan African Stocks Report: CFC Insurance, Dangote Flour

Aug. 23 (Bloomberg) -- Mauritius’s SEMDEX Index snapped four days of losses, gaining 1 percent to 1,932.57 by the 1:30 p.m. close in Port Louis.

Kenya’s All-Share Index climbed less than 0.1 percent to 62.68 by the 3 p.m. close in Nairobi, the capital. The Nigerian Stock Exchange All-Share Index declined for a third day, falling 1 percent to 23,313.23 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the bourse. Namibia’s FTSE/Namibia Overall Index dropped for the first day in three, slumping 2 percent to 750.43 by the 4 p.m. close in Windhoek. The Ghana Stock Exchange Composite Index added 0.1 percent to 1,178.04 by the 3 p.m. close in Accra.

The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

CFC Insurance Holding Ltd. (CFCI KN), a unit of CFC Stanbic Holding Ltd., increased for the first day in three, rising 50 cents, or 4.7 percent, to 11.05 shillings. Net income in Kenya’s insurance industry jumped to 7.7 billion shillings ($83 million) in 2010 from 4.29 billion shillings year earlier on higher earnings from car insurance, Business Daily reported today.

Dangote Flour Mills Plc (DANGFLOU NL), a Nigerian producer, closed at its lowest in almost 11 months, falling 65 kobo, or the maximum daily limit of 5 percent, to 12.39 naira. The stock’s rating was reduced to “neutral” from “buy” by Adedoyin Adelakun, a Lagos-based analyst with Vetiva Capital Management Ltd., with a price estimate of 14.98 naira.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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