African Thoughts: April 07, 2014

Nigeria:

The Nigerian ASI gained 16.9% for the week closing on 35,728.12 points following the successful presidential elections. By the end of the week total turnover amounted to N36.58bn ($182m really active compared to historical levels). Top trades by value included GTB, FBNH and Access bank. The NSE Banking index gained 23.97% triggered by gains in the likes of Fidelity Bank (N2.07,+38.00%), Zenith Bank (N25.05,+32.54%) and GT Bank (N31.88,+30.87%). The NSE Consumer Index was also up by 15.14% supported by gains in International Breweries (N22.87,+27.06%) and Nascon (N8.19,+20.44%).

Kenya:

The Kenyan bourse closed the week in negative territory after shedding -0.9% w/w. Total turnover was down -8.6% for the week to USD43.4m as foreigners were net sellers for the sixth consecutive week. Centum (-5.6%, KES59.50) was the most active stock after the counter recorded the highest net inflow of USD4.5m. Safaricom (unch, KES16.60) had the highest net outflow of USD 2.7m after touching an all-time high of KES17.50 last week. Also amongst the top movers was Equity bank and KCB, closing firm at KES51.00 and KES60.50 respectively. Most of the week had been positive although the mood turned after the horrific terrorist attacks late in the week.

Zimbabwe:

It was another bearish week on the ZSE (a total of 13 counters closed the week softer against 5 risers) as the industrial index closed 2.63% down at 155.89pts. The bulk of activity came from Delta (-5.05%, 103.50c) and Econet (-1.96%, 50c) with these 2 names accounting for 49% of the weekly turnover. African Sun (+39.44%, 2.51c) ended the week at the top of the risers chart, after a block trade of 14.3m shares. Large losses were seen in the likes of Innscor (-4.35%, 55c) and Seedco (-2.83%, 103c) due to diminished demand.

Mauritius:

All indices on the Port Louise bourse closed the week off in the red. The Semdex slid by 0.13% to 1972.98 points as compared to a 0.28% gain recorded in the previous week. The most notable movers were the banking stocks - MCBG and SBM. The counters closed unchanged at RS197.50 and Rs0.96 respectively. Trading was suspended in Bramer Bank by the Semdex following the revocation of its license by the Bank of Mauritius. Generally market activity was high over the week resulting in a turnover of $18.7m.