Movers & Shakers: December 13, 2012

African Currencies

Botswana DCI -0.01%, USD 14k

Extremely quiet in Botswana today with value traded amounting to a dire USD 14,310 while the market closed the day slightly lower with the DCI falling 0.01% to close at 7,504.03. Stanchart (1,000t, -1t) was the only counter that closed the day lower while there were no names that traded higher on the day.

Egypt: EGX 30 +0.09%, USD 1.97m

The market started the day to trade in negative territories lead by notable selling from local and international institutions this came after NSGB-QNBK deal was finalized at USD1.97bn much lower than expected, implying EGP35.60/share yet the deal is still pending regulatory approvals, including the approval of the CBE, adding this Centamin suspended operations at Sukar mine. By session end the market managed to rebound and in the day in the greens, leaving the EGX30 to end the day up 0.09% to close at 5,162.94 points, it’s worth mentioning that retail investors ended the day as the sole net-buyers. Market volumes continue to improve relative to recent turnovers, the market traded a total turnover of EGP470m. COMI lead the market in terms of volumes, the former witnessed notable selling today this is mainly attributed the NSGB- QNBK deal as the deal will imply P/B 1.7x which implies a price/share of EGP32.90 for COMI), the former ended the day at 32.88 down 3.69%.

Investor mix:
•  Foreigners were net Sellers by 57.26 mn EGP and were 20.97% of the market.
•  Egyptians were net Buyers by 40.37 mn EGP and were 69.22% of the market.
•  Arabs were net Buyers by 16.89 mn EGP and were 9.81% of the market.
•  Institutions were net Sellers by 69.70 mn EGP and were 44.80% of the market.
•  Retail were net Buyers by 69.70 mn EGP and were 55.19% of the market.

Kenya: NSE 20 unch, USD 8.9m

It was a subdued start in Kenya but once the European markets came in the spark picked up as $8.9m changed hands. Action was centered on Safcom, Equity Bank, EABL, KNCB and BATK. Blocks went through in Safcom for most of the session with both sides heavily dominated by foreign investors, the name eventually settled at KES 5.05 (+1.01%). EABL traded most of the day at 260 in good size but due to the rounding down nature of the closing prices in Nairobi the name closed at KES 259 (+80bps). Banks were also active, Equity Bank closing up 1.1% at KES 23.50 on good volume while KNCB closed up an impressive 3.64% at KES 28.50. BATK was the other highly traded name, some block action going through as the name closed up 1.3% at KES 466. An unconfirmed story on KenolKobil (termination of Puma Energy/KenolKobil takeover) meant that KNOC took a proper beating, closing down 9.49% at KES 13.35 as investors could not sell the name quickly enough.

Mauritius: Semdex -0.09%, USD 3.35m

Very active day in Mauritius with value traded amounting to USD 3.35m driven by a number of crosses in banking giant MCB with a total of 557k shares changing hands in the name. SBM on the other was rather quiet as 11k shares traded with the name falling 0.56% to close at 89.00. Rogers came under a bit of pressure with the counter falling 1.94% to close at 152.00. The market closed the day lower with the Semdex falling 0.09% to close at 1,708.71.

Nigeria: ASI +0.54%, USD 23.29m

Despite the high volumes it was rather quiet in Nigeria outside of a few crosses in Zenith Bank. Zenith accounted for 43% of the days turnover. The banking sector (BNK10 -38bps) rally finally ran out of steam as profit taking across some names took place. The biggest hit were FBNH (-5.34%, N15.60), Diamond Bank (-3.97%, N4.60) and Skye Bank (-6.32%, N4.00) while GTB, ETI and UBA were the only banks to record modest gains. The consumer stocks continue to be very attractive and aggressively bought by foreign investors and NB rallied another impressive 5.84% to close at N162. Guinness today joined the list of market making stocks and buying pushed the name higher by 4% to N260. Cadbury, Nestle and Dangote Sugar also recorded more modest gains. Oando finally showed some signs of life and rose by 4.95% to close at N13.37 on decent volume.

South Africa: Top 40 -0.37%, $1.55bn

A small retreat for the JSE today as the Top 40 fell by 37bps. Gold, Financials and Banks all recorded modest gains while resources retreated, dragged down by AGL, AMS and ANG. At the time of writing, the ZAR was at R8.65, R11.32 and R13.95 vs the USD, EUR and GBP respectively.

Zambia: LuSE -2.50%, USD 34k

Slightly better day in Lusaka with value traded amounting to USD 34k. The names that traded included BAT, CEC, LAFA, SCZ, ZAIN, ZNCO and ZSUG. ZAIN was the biggest contributor towards turnover with value traded in the name amounting to USD 10k. CEC was the second biggest contributor towards turnover with value traded in the name amounting to USD 6k.

Zimbabwe: Industrial -0.17%, Mining unch, USD3.5m

The industrial index continued to trend southwards recording a loss for the seventh consecutive session narrowing its gains to +0.97% YTD with only two weeks of trading remaining before year end. Trading was sluggish as volumes dropped 65% to 4.36m shares as only 17 of the 78 stocks recording. Block trades in Delta however helped the day’s turnover to surge to $3.5m. A total of 3.3m shares in Delta were exchanged at a stable price of 95c. Foreign trades accounted for 77% of turnover with purchases of $2.7m the bulk of which was invested into Delta. Foreign sales were almost nil at 0.03m. The industrial index lost -0.17% or 0.25pts to 147.28pts weighed down by losses in PPC (-5.00%), Dairy board (-4.76%) and Innscor (-1.41%). Telecoms giant Econet lost -0.64% to 465c following the resignation of its chairman as the group seeks to buy out minority in the recently acquired TN Bank. The target TN Bank which has been net sellers over a couple weeks was bid at 14c while sellers moved to 25c as investors seek to hold on in anticipation of receiving Econet stock. TPH was steady at 11c ahead of its AGM this afternoon where they reported an 8% growth in revenues for the quarter to 30 November. Group profitability in the current year will be negatively impacted by restructuring cost as the group rationalizes the operations as part of the takeover by Zimplow. The star stocks of the day were led by Mashonaland gaining 2.5% to 2.5c, Aico upped 5.56% to 9.50c while Seedco due to high demands rose 1.56% to 71.10. CBZ recovered 1% 10.10c. The mining index remained at 65.94pts for the fifth day in a row. No trades took place in the resources sector.