African Thoughts: June 08, 2015


Nigeria:

The ASI slipped by 1.88% last week on a very quiet week as a general lack of interest permeated throughout the market. Banks were the hardest hit as the sector fell by 4.88%. The bigger losses were in the likes of Zenith Bank (N19.97, -6.86%) and GTB (N27.50, -5.01%). The NSE Consumer Index was up by 8bps during the week, supported by Guinness (N165.00, +1.23%) and Nestle (N869.00, +2.24%).

Kenya:

The NSE 20 touched a 2015 low which is just 20bps higher than the 2014 low. As usual the bulk of the action took place in the 4 large cap names. Safcom closed the week up 3.2% at KES16.35 although please note there were some fat finger trades in the name which did skew it higher. EABL was well bid for the entire week and eventually closed the week at KES315.00 (+5%). The major banks were both solid with KNCB gaining 4.4% to KES59.00 while EqBnk ended the week unchanged at KES47.25.

Zimbabwe:

The Industrials bucked its recent trend by gaining 35bps last week. The index is still down 5.71% YTD and volumes still remain at unbelievably low levels. Foreign involvement also remains incredibly low.

Mauritius:

The Sem-10 gained 1.2% while the Semdex tagged along for the ride (+1%). The market finally gained some momentum with both large banking groups closing the week higher. MCBG rose by 2.5% to R207.00 while SBMH closed up 1.9% at Rs0.94. The hotels were mixed.

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