African Thoughts: September 21, 2015

Nigeria:

With all eyes on the Fed, the Lagos bourse and other African markets were extremely quiet. However, despite the lack of interest the ASI actually gained 2.16% for the week with both banks (+5.07%) and consumers (+3.17%) closing higher while Dangcem (-1.46%, N167.01) somewhat tempered this. The main drivers in the Banking sector included GT Bank (+6.73%, N24.55), Zenith Bank (+6.15%, N18.10), Access Bank (+5.61%, N5.08) and UBA (+5.27%, N4.19). The Consumer Goods were up courtesy of gains recorded by Flourmills (+7.36%, N23.62) and NB (+4.70%, N136.00).

Kenya:

The NASI (+50bps) and NSE 20 (+60bps) had their third consecutive positive week although volumes were extremely low. Performance in the large cap names were rather mixed as we saw gains in Safcom (+1.2%, KES 14.75) and KNCB (+3.3%, KES 47.75). There were losses recorded in Equity bank (-50bps, KES 44.75) and EABL (-1.8%, KES 294.00).

Zimbabwe:

It is really difficult to continue commenting on the ZSE as interest in the market remains low. The Industrials slid by a further 21bps and is now down 17.79% YTD. Most stocks closed pretty much where they opened although somewhat pleasingly we saw a slight rebound in Econet (+1.78%, 27.5c) as demand returned to the telco.

Mauritius:

Friday was a holiday on the Indian Ocean island. As such we had a short week while volumes were generally muted outside of crosses in the likes of MCBG (-50bps, Rs209.00) and PBL (unch, Rs400.00). The rest of the market was soft as the Semdex and Sem-10 both fell by 60bps on thin volumes.

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