Pan Africa Insurance Shares Slide to Lowest Level in a Month

Nov. 21 (Bloomberg) -- Pan Africa Insurance Holdings Ltd., the Kenyan unit of South Africa’s Sanlam Ltd., fell to the lowest intraday level in a month on speculation full-year profit will decline.

The stock dropped 6.3 percent to 22.50 shillings in Nairobi at the end of trading, the weakest since Oct. 25, according to data compiled by Bloomberg.

“The decline in the stocks is likely due to investors exiting on expectation of lower full-year return due to the bearish equity market where insurance are expected to invest a third of their premiums,” Eric Musau, an analyst at Nairobi-based Standard Investment Bank Ltd., said by phone.