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African Thoughts: November 23, 2015
Nigeria:
The complete lack of interest in the Nigerian market persists as volumes remain at all-time lows while both the banking and consumer sectors spending the week on the back foot. The ASI fell by 2.46% with both the banks (-3.91%) and the consumers (-2.78%) losing ground. The main drag on the banks was GTB (-8.04%, N21.50) while the consumers were pulled lower by likes of NB (N120.00, -6.03%), Guinness (N128.24, -4.99%) and Dangote Flour (N1.87, -26.09%). Dangote Flour changed names to Tiger Branded Consumers Goods Plc to better reflect the new ownership of the company. Other notable losses were seen on Oando (N6.20, -19.58%), and Stanbic IBTC (N18.43, -11.78%).
Kenya:
The NASE 20 (+1.9%) and the NASI (+2.6%) gained for the third straight week paring yearly losses to 21.9% and 9.7% respectively. Foreign participants were net sellers for the 4th consecutive week although we saw all large cap names close in the green for the week. Both major banking groups saw some chunky trading with Equity Bank gaining 4.4% to KES41.75) while KNCB rose by 1.2% to KES41.50. Safcom gained a solid 4.1% to KESKES16.65 while EABL closed marginally higher at KES277.00.
Zimbabwe:
The ZSE fell even deeper into the red as a massive lack of interest permeates throughout the market. Indeed, the ZSE is recording some woefully embarrassing turnover thanks to the lack of interest. The Industrials fell by 3.87% which now puts the index down 25.94% YTD. The main reasons for the fall (albeit on tiny volumes) was Econet (-21.98%, 19.35c - new lows) and Innscor (-15.85%, 34.50c). Delta (-3.7%, 77.99c) and Seedco (-1.81%, 95c) were also weak.
Mauritius:
Both the Semdex (-2.1%) and the Sem-10 (-2.6%) fell last week extending their yearly losses to 12.4% and 10% respectively. The major reason for the hit was a woeful week for SBMH as the banking group lost 6.4% as it closed at Rs0.73. The stock earlier touched an all-time low of Rs0.71 while MCBG was also dragged down by 1.4% to Rs205.50.
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