Namibia’s FTSE/Namibia Overall Index (FTN098) rose for the fourth day, gaining 0.9 percent to 862.64 by the 4 p.m. close in Windhoek, the highest close since May 10.
The Ghana Stock Exchange Composite Index declined for the third day, slipping 0.5 percent to 1,162.67 by the 3 p.m. end of trading in Accra, the lowest closing level in two weeks. The Nigerian Stock Exchange All-Share Index advanced for the second day, gaining 0.4 percent to 25,829.75 by the 2:30 p.m. close in Lagos, according to an e-mailed statement from the exchange. Kenya’s All-Share Index climbed for the third day, increasing 0.1 percent to 75.01 by the 3 p.m. close in Nairobi. Mauritius’s SEMDEX Index rose 0.1 percent to 2,083.35 by the 1:30 p.m. close in Port Louis.
The following shares rose or fell in sub-Saharan Africa, excluding South Africa. Stock symbols are in parentheses.
Barclays Bank of Kenya Ltd. (BCBL) , the country’s second-biggest lender by market value, dropped for the first in 12 trading days, falling 50 cents, or 0.7 percent, to 69 shillings. The company’s shareholders approved a four-for-one share split at its annual general meeting in Nairobi.
Another local insurer, CIC Insurance announced last month that it has raised money to set up offices in Malawi, Rwanda and South Sudan.
Jubilee Insurance already operates in Kenya, Uganda, Tanzania, Burundi and Mauritius.
The company is the largest insurer in East Africa by its turnover.
The company’s gross profits stood at 24 million U.S. dollars in the year ended December 31, 2010, an increase of 84 per cent compared to 2009.
The directors have recommended a total dividend of 110 per cent, which equates 0.06 U.S. cents per share.
The company also declared a bonus share issue in the ratio of 1: 10 for the second consecutive year.
Profit attributable to shareholders grew by 106 per cent, with earnings per share increasing to 0.43 U.S. cents from 0.2 cents, said the company that has operated in Kenya for 75 years.
"We believe our growth is the result of innovative product range, our service delivery and market credibility in our reliability and long term track record," said Juma.
The company announced intention to start selling insurance services through the banks once the government gives the go ahead.
"We feel that bank assurance is something that will help the penetration of the insurance market into the mainstream market," he said.
The company’s general insurance grew by 25 per cent, medical insurance by 28 per cent and life insurance by 28 per cent.
"Jubilee now provides insurance protection to more than 300,000 clients across East Africa, as reflected in the strong growth across all business lines, and we will continue to increase our footprint to address the insurance needs of existing and potential customers.
The increase will bring it down for a short while because it causes some investors to cut down on their shares due to dilution,” Rufus Mwanyasi, head trader at Nairobi-based Canaan Capital Ltd. said by phone today. The share also started trading without the right to a dividend today.
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