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Sub-Sahara Africa Stocks: Dangote Sugar, Safaricom, UBA Move

May 10 (Bloomberg) -- The Nigerian Stock Exchange All-Share Index declined for the first time in three days, falling 0.7 percent to 22,533.72 by the close in Lagos, according to data compiled by Bloomberg.

Kenya’s All-Share Index slid 0.1 percent to 63.08 in Nairobi. Mauritius’s SEMDEX Index dropped 0.3 percent to 1,799.56 in Port Louis. The FTSE/Namibia Overall Index gained for the first time in a week, jumping 1.9 percent to 892.87 in Windhoek.

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, rose for a fourth day, adding 0.6 percent to 3.60 naira. Net income jumped to 2.8 billion naira ($15.2 million) from 1.4 billion naira a year earlier, Securities Africa said, citing a statement by the company today to the Nigerian Stock Exchange.

Mauritius Union Assurance Co. Ltd. (MUA MP) rose to the highest in more than a month, gaining 1.7 percent to 123 rupees. Basic earnings per share rose 15 percent to 3.07 rupees in the three months through March from 2.66 rupees in the same period a year earlier, the company said in a statement posted on the stock exchange’s website today.

National Bank of Kenya Ltd. (NBKL KN), a state-owned lender, closed at the highest in almost two months, rising 2.3 percent to 19.95 shillings. First-quarter net income climbed 40 percent to 325.1 million shillings ($3.9 million) as earnings from loans increased and deposits rose, the bank said after the market closed yesterday.

Safaricom Ltd. (SAFCOM KN), Kenya’s biggest mobile-phone company, increased for the first time in three days, gaining 3 percent to 3.45 shillings as profit beat estimates. Net income fell 4 percent to 12.6 billion shillings or 32 cents a share, in the 12 months through March, higher than the average estimate of five analysts surveyed by Bloomberg for 10.4 billion shillings. Safaricom said it plans to pay a dividend of 22 cents per share.

United Bank for Africa Plc (UBA NL), a Nigerian lender with operations in 19 countries, fell to the lowest in almost two weeks, dropping 5 percent to 3.63 naira. The bank plans to raise money by offering equity this year, Chief Executive Officer Phillips Oduoza said in an interview in Addis Ababa, Ethiopia today.

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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