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African Thoughts: March 21, 2016
Nigeria:
The ASI fell by 1.13% last week (YTD now down 10.29%) as volumes remain woefully low. In fact, the highlights of the week were 2 local off-market crosses in very illiquid names with 4.16bn Unity Kapital Assurance trading on Wednesday and 6.6bn Wema Bank on Thursday. In normal trading the major drags on the index were Oando (N4.00, -25.23%), ETI (N14.35, -20.28%) and Access Bank (N3.95, -10.63%). The Banks declined by 4.80% with losses in the likes of ETI (N14.35, -20.28%) and Access Bank (N3.95, -10.63%). The Consumers rose marginally by 78bps thanks to Unilever (N29.45, +4.95%) and NB (N105.00, +5.00%). We are currently in results season and last week we saw results releases in the likes of GTB, Ashaka Cement, PZ Cussons, DangSugar, Lafarge, Access Bank, GlaxoSmithKline, Nestle, Zenith Bank and UBA.
Kenya:
The NSE 20 (-30bps) fell for the second consecutive week and is now down 2.3% for 2016. Foreign investors remain dominant in the market and were net sellers for the 6th straight week. Safcom was the most active stock in the market for the 4th straight week as the telco gained 1.2% to close at KES16.50. The banks had a solid enough week with KNCB gaining 1.9% to KES41.25 while Equity Bank ended the week unchanged at KES41.75. EABL also rose steadily on local demand and closed at KES284 (+70bps).
Zimbabwe:
The Industrials closed 5bps higher last week although are still down 13.05% for the year thus far although volumes still remain dire despite the ongoing results season. Some of the bigger names that showed some signs of strength for the week included Old Mutual (+13.37%, $2.0634) and OKZim (+10.93%, 3.45c) while there were falls in the likes of Econet (-7.6%, 23.10c) and DZL (-1.45%, 6.8c).
Mauritius:
The Semdex is now at a 3 year low after a strange week of trading. There was some heavy foreign action in the likes of MCBG and Rockcastle while in political news the Prime Minister took over the Ministry of Finance. Despite the heavy foreign buying in MCBG the bank fell by 1.4% to Rs208 while SBMH fell to Rs0.65.
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