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African Thoughts: December 07, 2015
Nigeria:
The Nigerian ASI closed broadly unchanged (+5bps) last week while volumes remain pathetically low. The banks gained 94bps led by gains in UBA (N3.85, +11.59%) and Access Bank (N4.95, +10.99%). The Consumers fell by 10bps on the back of losses in Guinness (N122.02, -10.56%) and NB (N119.00, -12.50%). This was offset by gains in PZ (N27.00, +12.50%) and Unilever (N41.82, +26.04%). In other news, the MTN debacle continues to rumble along - initially it was reported that Nigerian authorities had reduced the fine to $3.4bn (payable by 31 December 2015) but they came out saying this was simply a typo and the fine had "only" been reduced to $3.9bn.
Kenya:
The NSE 20 dipped marginally by 10bps (YTD -21.9%) last week while the NASI gained 30bps. Turnover was slightly improved thanks to a couple of blocks that crossed in the likes of EABL and Equity Bank. EABL was the most active stock with the brewer closing down 70bps at KES275.00. The banks were both soft with Equity Bank losing 60bps to KES41.50 while KNCB fell by 2.4% to KES40.25. Safcom was the only gainer amongst the large caps as we saw the telco gain 1.3% to KES15.55.
Zimbabwe:
The Industrials continue to get an absolute pummeling - the index fell by 2.74% thereby extending the YTD loss to 29.71% while volumes remain pitifully low. With such bearish sentiments permeating throughout the market it was no surprise that most of the large caps lost ground for the week. The biggest losers included Innscor (-16.7%, 28.5c) and OKZim (-6.25%, 4.5c) while Delta (-3.14%, 71.55c) also fell despite a strong session on Friday. Econet remains resilient at 18c.
Mauritius:
The Semdex and the Sem-10 fell by 40bps (YTD -12.5%) and 60bps (YTD -9.6%) respectively as volumes remain thin. Trading in the banks was rather muted and soft with MCBG falling by 70bps to Rs206.50 while SBMH fell by 2.6% to Rs0.75.
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