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Sub-Saharan Africa Stocks: Dangote, Kenya Reinsurance, Safaricom

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May 8 (Bloomberg) -- Kenya’s All-Share Index advanced 0.4 percent to 63.10 by the close in Nairobi.

The Nigerian Stock Exchange All-Share Index gained 0.4 percent to 22,656.76 in Lagos, according to data compiled by Bloomberg. Mauritius’s SEMDEX Index advanced for the first time in three days, adding 0.3 percent to 1,800.93 in Port Louis. The FTSE/Namibia Overall Index declined 1.2 percent to 881.13 in Windhoek, a four-month low.

The following shares were active in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.

Dangote Sugar Refinery Plc (DANGSUGA NL), Nigeria’s biggest producer of the sweetener by market value, gained the most in more than two months, jumping 4.8 percent to 3.48 naira.

Investors are speculating a bid may be in the offing for the company after South Africa’s Tiger Brands Ltd. said it was in talks to buy a stake in Dangote Flour Mills Plc, Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today.

Kenya Reinsurance Corp. (KNRE KN), the state-owned reinsurer, rose for a fourth day, gaining 3.3 percent to 10.85 shillings. Valuations for the company’s real-estate investments improved on high occupancy levels and sales by the state-run pension fund, Samora Kariuki, a research analyst at Nairobi-based NIC Securities Ltd., said in a phone interview today.

Safaricom Ltd. (SAFCOM KN), Kenya’s biggest mobile-phone company, fell for the first time in seven sessions, dropping 4.3 percent to 3.35 shillings. The stock’s 14-day relative strength index, which shows how rapidly prices advanced or dropped during a specified time period, reached 72.7 yesterday, the highest in more than three months. A reading of 70 or above signals to some investors that the share price will fall.

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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