Sanlam slumped to an almost two-year low on Tuesday after the insurance and investment giant offered to buy a controlling stake in AfroCentric, the owner of medical scheme administrator Medscheme.

Shares in Africa’s biggest nonbank financial services group fell as much as 4.5% to R47.94, the lowest since November 4 2020, before paring losses to end 3.17% weaker at R48.92...

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