African Thoughts: September 12, 2016

Nigeria:

The ASI fell by 65bps last week with the YTD performance now down 3.72%. As has been the case for what feels like forever now, volumes remain painfully thin in Lagos while the market bumbles along with no clear direction or catalyst on the horizon. Banks slipped by 25bps with FCMB (-6.96%, N1.07) the major mover. The consumers had a really really quiet week with Cadbury (N14.00, -4.11%) and Flourmill (N19.00, -3.80%) the main movers. There were, however, gains recorded in Guinness (N100, +5.65%) and Unilever (N40.27, +3.18%). Please note that Monday 12 September and Tuesday 13 September are holidays in Nigeria.

Kenya:

Turnover dropped last week in Kenya although it still remains rather robust (compared to other SSA markets). The NASI fell by 1.9% (YTD -9.8%) while the NSE 20 rose by 60bps (YTD -20.6%). Interestingly, after the recent torrid time, foreign participants turned net buyers to the tune of $2.2m while overall foreign participation remains healthy. Safcom remains the most active stock and was also the worst performer for the week (-4.8%, KES19.00). However, please note that the stock went ex-div which accounts for pretty much the entire fall. EABL also witnessed some chunky crosses and closed at KES236 (-3.3%). The banks are showing signs of recovery with EqBnk closing the week at KES26.25 (-90bps) while KNCB bounced back by 6.6% to KES28.25).

Zimbabwe:

The Industrials fell by 14bps last week thereby extending the YTD loss to 13.89%. Volumes remain woeful in Harare although we did see 1 small cross in Delta during the week. However, the truly is nothing of note to report back on from the bourse.

Mauritius:

The Semdex and the Sem-10 fell by 49bps and 56bps respectively last week. Both indices are only marginally in the red for 2016 YTD. Last week was mostly uneventful with the only real trades going through in MCBG (+10bps, Rs207.75). The rest of the market was rather dull.

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