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African Thoughts: November 09, 2015

Nigeria:

Another uneventful week in Lagos as the index closed 1bp lower - banks fell by 2bps while Consumers closed down 92bps. Volumes remain dire. Nothing major went through in the banks while the consumers were dragged lower by losses on the likes of Unilever (N31.43, -18.74%) and Dangote Flour (N2.31, -9.41%). There were strong gains in Oando (N7.72, +28.45%), Guinness (N143.24, +14.59%) and Stanbic IBTC (N20.87, +10.36%). Last week also saw the last few earnings releases come out while the MTN fine fiasco still hangs like a dark cloud over market sentiment.

Kenya:

The NSE 20 gained 10bps while the broader NASI gained 2.1% last week. The most notable trend was how local portfolio started participating again. The catalyst for this was seemingly the better-than-expected results from Safcom. Among the large caps the only faller was Equity Bank which closed at KES41.75 (-60bps). Gains were marked in Safcom (+4.9%, KES15.05), EABL (+40bps, KES276.00) and KNCB (+5.6%, KES42.50).

Zimbabwe:

The Industrials fell by 1.05% last week which now extends the YTD losses to more than 20%. Volumes also remain exceptionally low and interest in the market remains light. Among the fallers we saw Econet close down 6.54% at 25c (albeit on small volumes) and Old Mutual lose 1.82% to 216c. The only interest was the listing of Innscor spinoff Simbisa.

Mauritius:

The Semdex and the Sem-10 fell by 30bps and 10bps respectively on the back of lighter than normal turnover. Among the banks we saw MCBG close up 80bps at Rs213.00 despite touching a weekly higher of Rs214.25 while SBMH ended the week unchanged at Rs0.80. We also saw some chunky trading in NMH (Rs18.00).

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