Movers & Shakers: January 02, 2013

Kenya: NSE 20 +0.18%, USD 800k

The bourse notched 0.18% higher on the first day of trading for the year. Volumes remained thin, plunging 37.8% compared to the previous trading session. Most of the leading gainers and losers were on thin volumes. Foreign investors remained net buyers with their overall market share from the previous trading broadly unchanged at 32.8%. Local investors were net sellers on Safaricom, Kenya Power, KCB Bank and Equity Bank. Foreign investors sold Kenya Airways on a day that saw the airline make an emergency landing after one of its engines failed in Sudan on a routine stopover to Egypt. Infrastructure focused TransCentury moved higher than normal volumes but declined 1.1% on local investor activity. Safaricom gained 1% ahead of a SIM deactivation deadline to be completed on 3 January 2013. Safaricom customers will account for about 47.9%, 2.9m of disconnected subscribers. The company however had the highest registration rate among its peers at 85.2% ahead of the 31 December 2012 deadline and will increase its subscriber market share from 63.6% to 67.4%.

Nigeria: ASI +0.76%, USD 10.56m

The market got the year off to an absolute flyer today with the ASI gaining 1.51% thanks to banking stocks with the Bank10 index gaining a rather impressive 3.45%. The standout performers were First Bank (+8.78%), Diamond Bank (+9.31%), FCMB (+9.33%) and Skye Bank (+10.00%). One can only assume that the move higher was as a result of the rally taking place in global markets after the U.S managed to reach a consensus with regards to the fiscal cliff. Volumes were on the soft side with value traded amounting to $11.76m with banking stocks also dominating on this front. There was however a fair amount of activity in Nigerian Breweries thanks to a large cross with the buyer and seller being foreign.

Zimbabwe: Ind -0.72%, Mining +1.80%, USD 1.34m

ZSE industrials failed to hold on to 2012 year end gains as it opened the year in the negative easing 0.72% in a session marred by losses only. The industrial index settled at 151.30points weights down by losses in heavy caps, Econet, Delta and OK and hotel group RTG in a session that saw only 8 stocks recording trades: four losses, four unchanged while there were no risers. The mining index however closed firmer by 1.80% at 66.29points spurred by a higher bid in Rio (55c) despite no trading action in the sector. Telecoms giant dropped 1.11% to 445c as it struggles to find a stable level since the announcement of the resignation of chairman Tawanda Nyambirai and the possible acquisition of remaining stake in TN Bank. Volumes were 70% down amounting to 2.48m shares while value traded however improved from $0.41m to $1.34m boosted by foreign participation in Delta and Econet which accounted for 94% of turnover. Foreign participation was heavy on buying side accounting for 95% of turnover while sales were 30% value traded.