African Thoughts: October 05, 2015

Nigeria:

It was another dull week in Lagos especially with a holiday on Thursday (Independence Day). The ASI closed up a marginal 15bps supported mainly by the gains on Nestle (N830.00, +1.22%) and Dangote Cement (N171.00, +088%). The Banking index closed down (-1.77%) with losses on Zenith Bank (N16.46, -9.11%) and GT Bank (N24.04, -0.37%). The NSE Consumer index was up by 18bps, triggered by gains on Nestle (N830.00, +1.22%) and Vitafoam (N5.90, +6.31%).

Kenya:

The NSE 20 fell by 2.6% last week and is now down 19.6% YTD. The NASI fell by 3.5% which extends its YTD to -12.1%. BATK is still pretty active (local selling, foreign buying) and the cigarette company closed at KES817.00 (+2.1%). The large caps were all under pressure last week and in particular the banks. KNCB fell by 10.3% to KES43.75 while EqBnk fell to KES44.75 (-3.2%). Safcom (-4.6%, KES14.45) and EABL (-5.5%, KES274.00) were also struggling.

Zimbabwe:

The Industrials (-74bps) fell yet again last week extending the YTD loss to 19.25%. Q3 actually ended up being the worst quarter thus far on the ZSE as it fell by 11.10%. most of the large cap names ended the week in the red with notable losers like Delta (-2.38%, 81.5c), OKZim (-2.28%, 6c) and PPC (-9.1%). This was partially offset by Econet which gained 1.16% to 27.01c.

Mauritius:

The Semdex rose by a mere 12bps (YTD -7.6%) last week while activity remains generally quiet. During the week we saw MCBG release their FY15 results which showed a 30% rise in PAT. Despite this the stock only closed up 50bps at Rs208.50. NMHL (+2.9%, Rs18.00) was the recipient of a couple of chunky crosses.

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