African Thoughts: June 05, 2017


Nigeria:

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.

Kenya:

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.

Zimbabwe:

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.

Mauritius:

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.

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