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Sub-Sahara Africa Stocks: Dangote Cement, Kenya Airways Move

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Oct. 7 (Bloomberg) -- Kenya’s All-Share Index declined for a third day, slipping 1 percent to 56.25 by the 3 p.m. close in in Nairobi, the capital, taking the week’s loss to 0.6 percent.

In Mauritius, the SEMDEX Index rose for the first time in three days, adding 0.3 percent to 1,887.10 by the 1:30 p.m. close in Port Louis. The Nigerian Stock Exchange All-Share Index fell for a second day, dropping 1.4 percent to 20,225.02 by the 2:30 p.m. close in Lagos, according to a statement on the bourse’s website. The Ghana Stock Exchange Composite Index slid 0.8 percent to 1,014.86 by the 3 p.m. close in Accra. Namibia’s FTSE/Namibia Overall Index rallied for a third day, climbing 1.9 percent to 784.83 by the 4 p.m. close in Windhoek.

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, fell for the first time in nine days, dropping 1 naira, or 1 percent, to 99 naira. The company plans to invest $400 million in a plant in Ethiopia’s Oromia region, Ali Abdo, Ethiopia’s ambassador to Nigeria, said. Dangote Sugar Refinery Plc (DANGSUGA NL) also plans to invest, he said.

Dangote Sugar closed at its lowest in a week, sliding 32 kobo, or 4.2 percent, to 7.24 naira.

Kenya Airways Ltd. (KNAL KN), sub-Saharan Africa’s third-largest carrier, closed at its highest in more than a week, gaining 50 cents, or 2 percent, to 26 shillings. Investors are buying the stock ahead of a 1.50 shilling per share dividend later this month, Gregory Waweru, an analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview. Separately, the airline will introduce a new route from Zambia to Jeddah in the Kingdom of Saudi Arabia via Nairobi on Oct. 18, Zambia’s Daily Mail reported, citing the carrier’s Zambia Country Manager Rose Kiseli.

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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