The Lagos bourse continues its impressive run as the ASI rose by a further 7.94% with both local and foreign investors continuing to buy aggressively. Both Banks (+4.00%) and Consumers (+7.68%) had strong weeks with some decent volumes also going through, particularly in the Tier 1 Banking stocks. We also saw market heavyweight Dangcem rise by 15.66% to N192.93.
In Kenya, the sessions were once again heavily dominated by Safcom as we saw the telco rise by 3.44% to KES22.50 on some decent volumes. The 2 major banking groups also had solid weeks, Equity Bank rising to KES39.25 (+3.29%) while KNCB rose by 2.56% to KES40.00. Completing the Big 4 strength was EABL which closed up 42bps at KES240.00.
The market finally sprung to life on the last trading day of the week thanks to a decent cross in Econet, but on the whole, it was a very dull week on the activity front with total value traded amounting to $2.9m. The market continued full steam ahead with the Industrial Index closing +4.79% higher thanks to solid moves in Econet (+16.7%) and Delta (+2.8%) as local investors continue to drive the market higher.
The Mauritius market continues to be dominated by MCBG on all facets. In terms of turnover, the banking giant heavily dominates trading activity while the stock rose by another 4.3% to yet another all-time high of Rs253.75 although it eventually settled the week at Rs252.50. This drove the Semdex higher by 56bps. Outside of this name the market was rather quiet.