African Thoughts: May 22, 2017

Nigeria:

We have definitely seen a lot more interest returning to the Nigerian bourse. And activity seems to be coming from both foreign and local participants. We saw Banks rise by 2.58% while Consumers fell by 1.48%. Activity was focused on larger names like GTB, Zenith Bank and NB while Seplat and Dangcem were also the recipients of some big crosses.

Kenya:

In Kenya, the NSE 20 rose by 1.26% for the week under review. As usual, the lion’s share of trading activity was focused on the core names and in particular Safcom. The telco closed the week unchanged at KES20.25 on good volumes. EABL also saw a couple of chunky crosses and drifted higher to KES232.00. Both major banks had strong weeks, Equity Bank climbing by 6.87% to KES35.00 while KNCB rose by 7.14% to KES37.50.

Zimbabwe:

It was a much better week on the activity front in Harare as total value traded amounted to a very pleasing $6.9m, thanks largely to some action in Econet as the telco drove proceedings. It was also a very strong week on the performance front with the Industrial Index closing +4.45% higher thanks to strong moves in Econet (+22.54%) and Delta (+4.79%).

Mauritius:

The Semdex rose by 60bps for the week with a super strong finish from MCBG really pushing the index higher. The banking giant rose by 2% for the week and is now sitting at yet another all-time record high of Rs250.00. As usual, the bulk of the trading volumes went through in the name as well. Other names that saw decent activity included SBMH (-30bps, Rs7.58) and CIM (unch, Rs8.96).

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