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African Thoughts: November 17, 2014
Nigeria:
The ASI gained 6.52% last week led by gains in banks (+2.21%) and consumers (+9.83%) while DangCem closed the week 9.21% higher at N205.90 after rallying into the end of the week. In the consumers we saw impressive gains in the likes of NB (N162.17, +13.96%), Cadbury (N46.63, +33.92%), DangSugar (N6.19, +24.55%) and Nestle (N900.22, +7.25%). The banking sector was driven by the likes of Access Bank (N7.68, +3.78%), Diamond Bank (N6.10, +14.88%), FCMB (N3.40, +5.59%), Skye Bank (N2.57, +8.90%) and Zenith Bank (N20.80, +3.43%) while GT bank was down by 3.67% to N23.12. Other notable gains were seen on Transcorp (N4.12, +33.77%), Oando (N21.93, +29.76%), Unilever (N35.70, +26.06%) and PZ (N22.00, +25.43%). All in all, we saw a very active week as the buyers returned after the previous few weeks softness.
Kenya:
The NSE 20 rose by 1.3% last week mostly on the back of foreign buying in the large cap names. The index is now up 4.3% YTD. As mentioned, there was foreign buying in the large cap names with solid weeks recorded in the likes of Safcom (+5.8%, KES13.70), Equity Bank (+4.1%, KES50.50), EABL (+3.1%, KES299) and KNCB (+5.6%, KES56.50) while BATK ended the week unchanged at KES1,000. There was also some strong local buying in the smalled names such as Centum (+7.6%) and Barclays Bank (+3.3%) while Kenya Airways was the biggest loser (-13.6%) after posting a KES 3.37 loss per share in 2015 H1 results.
Zimbabwe:
The Zimbabwe Industrials index fell by 1.59% last week and is now down 13.86% YTD. The reporting season is full underway with mixed results coming out thus far. Activity still remains light with foreign activity very sparse while the index has now had 12 consecutive negative weeks. Most large cap names were soft the likes of NatFoods (-1.67%, 295c), Delta (-1.74%, 113c), Innscor (-1.65%, 65c) and Econet (-1.43%, 69c).
Mauritius:
The SEM-10 closed the week 55bps lower while we are seeing a multitude of Q3 earnings coming out. MCBG ended the week lower at Rs203 while SBMH closed marginally higher at Rs1.04.
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