African Thoughts: June 12, 2017

Nigeria:

The Nigerian bourse continued full steam ahead with the ASI gaining a further +6.07% this week as the relaxed FX controls continue to have a positive impact on investor sentiment. The move higher was driven by both banking stocks and consumer stocks as the sectors gained +4.91% and 3.86% respectively. It was an average week from an activity point of view with crosses in the major banking stocks driving proceedings.

Kenya:

The market managed to creep into positive territory for the week in Kenya with the NSE 20 Index gaining +0.13%thanks to a positive move in market heavyweight Safcom with the telco gaining +1.11% while the two major banking stocks ended the week mixed with KNCB closing unchanged and EQBNK falling -0.64%. Brewing giant EABL managed to gain +1.25% for the week. It was an average week on the turnover front with total value traded amounting to $33.34m as Safcom completely dominated proceedings.

Zimbabwe:

It was another impressive week on the performance front in Zimbabwe as the Industrial Index gained an impressive +5.84%, taking the YTD gain to +23.01%, as local investors continue to drive the market higher. There were some Solid gains in the likes of Delta (+12.45%), SeedCo (+8.91%) and Innscor (+8.5%). It was also a very active week with turnover amounting to $13.56m, but this should however be taken with a pinch of salt as Econet accounted for 68% of total value traded.

Mauritius:

The market continued to impress in Mauritius with the Semdex gaining +0.50%, taking the YTD gain to +15.41% thanks to SBMH (+3.9%) and MCBG (+1.0%) as foreign demand drove the banking stocks higher. It was a mixed bag for the hoteliers with NMH gaining +0.2%, LUX closing unchanged and SUN falling -0.7%. It was a relatively active week on the turnover front with total value traded amounting to $6.46m as Rockcastle and MCBG together accounted for 55% of turnover. May monthly tourist arrivals increased +6.4% y/y to 547,671 visitors.

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