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

| May 8, 2012

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

The Nigerian Stock Exchange All-Share Index (NGSEINDX) gained 0.4
percent to 22,656.76 in Lagos, according to data compiled by
Bloomberg. Mauritius’s SEMDEX Index (SEMDEX) advanced for the first time
in three days, adding 0.3 percent to 1,800.93 in Port Louis. The
FTSE/Namibia Overall Index (FTN098) 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) , 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) , 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) , 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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