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Sub-Saharan African Stocks Report: Dangote, Fidson, Mumias

Sept. 20 (Bloomberg) -- Kenya’s All-Share Index declined for a second day, dropping 0.3 percent to 61.15 by the 3 p.m. close in Nairobi, the capital.

The Nigerian Stock Exchange All-Share Index broke a three-day losing streak, gaining 0.3 percent to 20,875.32 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. Namibia’s FTSE/Namibia Overall Index rose 0.8 percent to 800.54 by the 4 p.m. close in Windhoek. In Mauritius, the SEMDEX Index fell 0.4 percent to 1,891.74 by the 1:30 p.m. close in Port Louis. The Ghana Stock Exchange Composite Index declined for a third day, slipping 0.1 percent to 1,109.62 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.

Dangote Cement Plc (DANGCEM NL), Nigeria’s biggest company by market value, rose for the first time in four days, gaining 2 naira, or 2 percent, to 100 naira. The company signed an agreement to build a $115 million plant in Cameroon to produce the building material, it said today in an e-mailed statement.

Fidson Healthcare Plc (FIDSON NL), a Nigerian pharmaceutical maker, gained for a second day, rising 6 kobo, or 4.1 percent, to 1.54 naira. Second-quarter profit was expected to reach 179.4 million naira ($1 million), the company said in a statement e-mailed by the Nigerian Stock Exchange.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third-largest carrier, declined to its lowest in more than a week, dropping 75 cents, or 2.5 percent, to 29.5 shillings. The airline will seek shareholder approval to double its share capital to 10 billion shillings ($104 million) at an annual general meeting on Oct. 14, it said in a statement e-mailed by the Nairobi Stock Exchange today.

Mumias Sugar Co. (MSUG KN), Kenya’s biggest producer of the sweetener, advanced 5 cents, or 0.8 percent, to 6.4 shillings, paring yesterday’s 1.6 percent drop. Kenyan retail sugar prices have more than doubled to 200 shillings a kilogram in three months due to a sugar shortage in the country, Chief Executive Officer Evans Kidero said. A sugar shortage in Kenya, where imports of the sweetener from other African nations account for about a third of consumption, may persist for another year until new cane crops enter the market, he said.

Transnational Corp. of Nigeria Plc (TRANSCOR NL), which has interests in hotels, agriculture and oil, rose the most in more than five months, gaining 4 kobo, or 4.9 percent, to 86 kobo. The group said it appointed Manz Denga as its chief executive officer following the resignation of Nicholas Okoro last month.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at

To contact the editor responsible for this story: Gavin Serkin at

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