Movers & Shakers: April 17, 2014

Kenya: NSE 20 +0.29%, USD 5.4m

A muted session in Nairobi ahead of the Easter weekend break. Total activity as well as foreign participation was reduced as a general lack of interest permeated throughout the market. Early today Equity Bank announced their 2014 Q1 results after which the name rallied by 1.6% to KES 32.75. EABL continues to be driven higher by the bulls as the brewer closed up 70bps at KES 284. Safcom ended the day unchanged at KES 13.20 while KNCB rose marginally to KES 47.25.

Nigeria: ASI +0.07%, USD 35.5m

Don’t let todays volumes fool you because outside of a massive 550m cross in UBA (both sides local) there was nothing going on. In normal trading the banks eased higher by 55bps on the back of strong performance in Stanbic (+4.45%, N21.36) and FCMB (+2.65%, N3.49). Tier 1 banking names were broadly unchanged. GTB, Stanbic and Fidelity all released their 2014 Q1 results throughout the day. The consumers fell by 84bps with softness evident in Nestle (-2.96%, N1149.90). But in general it was a very uninspiring day ahead of the long weekend.

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