African Thoughts: April 10, 2017

Nigeria:

Lagos remains seriously dead as interest for the market remains at historical lows. The ASI ticked marginally higher by 90bps with volumes still barely cracking $2-3m per day. Banks shed 20bps while consumers increased by 80bps although it is vividly clear that there is no direction. Foreign investors are largely sitting on the sidelines waiting for some clarity.

Kenya:

The Kenyan NSE 20 fell by 25bps for the week while activity remains largely subdued. As has been the case in recent weeks, activity was heavily focused on Safcom and this week was no exception. The telco gained 3.61% and ended the week at KES18.65. Both banks witnessed the odd decent cross although general trading in the names remain quiet. EqBnk rose by 5.30% to KES34.75 while KNCB fell by 2.88% to KES33.75. EABL was quiet except for 1 late cross on Friday as we saw the brewer gain 1.76% to KES231.00.

Zimbabwe:

It was a slightly better week on the activity in front in Harare, but still nothing to write home about, with turnover increasing +37.4% to $4m with Seedco accounting for 79% of turnover while the rest of the market was dead quiet. The market managed to close the week in positive territory with the Industrial Index gaining +0.81% thanks to solid performances in Econet (+2.8%), Old Mutual (+0.58%) and NatFoods (+0.49%). It was unfortunately dead quiet on the news front.

Mauritius:

It was a strong week on the Mauritian bourse with the Semdex rising by 1.1%. A large reason for this was SBMH which rose by an impressive 5.6% to end the week at Rs7.50. MCBG tried to tag along for the ride and rose by a more subdued 20bps and was also the most active stock for the week. Outside of the banks the market was mostly quiet.

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