African Thoughts: May 09, 2016

Nigeria:

The ASI was strong last week (+2.55%) although volumes still remain at all-time lows. The major gainers included Nestle (N690.00, +12.15%), Stanbic Bank (N14.50, +4.69%), GT Bank (N17.47, +4.17%) and Guinness (N95.00, +4.08%). The Banks were up by 2.46% driven by gains stated above while other gainers included Access Bank (N4.20, +3.70%), Zenith Bank (N13.15, +3.54%) and Skye Bank (N0.99, +1.02%). The Consumers rose by 3.29%, driven by outperformance in Tigerbrands (N3.99, +31.68%), Nestle (N690.00, +12.15%), Flourmill (N22.34, +6.38%), Cadbury (N16.46, +6.19%), Unilever (N32.24, +4.98%) and Guinness (N95.00, +4.08%).

Kenya:

The NSE 20 fell by 60bps last week thus extending the YTD loss to 1.9%. We also saw a drop off in trading volumes. As usual, the large cap names saw the bulk of the action. Surpassing Safcom as the most traded stock for a change, we saw Equity Bank trade quite actively as the banking group ended the week unchanged at KES40.00. Safcom dipped 1.2% lower to KES16.90 while KNCB (-4.2%, KES39.75) and EABL (-30bps, KES296) were also soft.

Zimbabwe:

The bulls continue to try and push the ZSE higher with the Industrials gaining 1.21% last week with demand coming into play across most names. The Industrials have now gained for 6 consecutive weeks (although the index is still down 6.81% YTD). The main drivers behind the rise were Delta (+4.24%, 72.97c) and Innscor (+4.55%, 23c).

Mauritius:

The Semdex closed 20bps in the red last week with the YTD loss now standing at 1.8%. There was no real trend across the board though. MCBG gained 50bps to Rs212.25 while SBMH slipped by 1.6% to Rs0.63.

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