Movers & Shakers: January 04, 2013

Kenya: NSE 20 +0.76%, USD 4.0m

The benchmark NSE 20 Share Index climbed 0.8% as it capped a robust first week of the year. Volumes surged 81% during the day compared to the previous trading session. Most of the leading gainers and losers were on thin volumes. On overall however, the top movers were mainly on improved prices as bidders moved higher to get supply. KCB was however unchanged after a strong run during the week. It accounted for 48.5% of volumes with locals also being active participants on the buy side. Co-op Bank, Nation Media and Standard Chartered were traded almost entirely by local investors. The other top movers had local investors selling with foreign investors matching the trades by buying. Local investors remain net sellers with overall market share at 72.4% during the session, up from 56% in the previous trading. EABL notched 2.6% higher to KES 274 despite valuations starting to look stretched. Institutional interest on the brewer has led it pacing higher over the last year. Uchumi Supermarkets was the only counter on the leading movers that retreated.

Nigeria: ASI +0.34%, USD 10.02m

Things were extremely slow in Lagos today after there were some technical issues with the exchange which caused trading to be halted for about 45 minutes or so. When trading resumed the market could just not seem to find its feet. Banks fared well yet again today with the Bank10 Index gaining 0.87% with Fidelity (+9.68%) and Diamond Bank (+6.27%) leading the way higher. WAPCO closed the week 7.41% lower after the announcement with the so called glut in the cement industry and the potential closure of its Ewekoro Plant. Zenith Bank, Guaranty Bank and First Bank were once again amongst the biggest contributors towards value traded.

Zimbabwe: Ind +0.30%, Mining +0.12%, USD 3.12m

Despite a sluggish start to the 2013 trading year, ZSE stocks closed the week stronger recording a second consecutive gain as volume of activity continues to surge. Market breadth was good as gainers outpaced losers by 7 to 4 while volumes traded rose 65% to 3.75m units from 2.27m units. Foreign participation in Delta and Econet continue to spur market activity as turnover surged 55% to $3.12m with foreign purchases accounting for 92% ($3.015m). Foreign sales were however depressed at $0.353m indicating foreign investor confidence in the Zimbabwe story despite all political noise. Econet and Delta traded unchanged at 445c and 100c respectively and accounted for 97% ($3.034m) of the value traded. By the close of trade, the industrial index was 0.3% higher at 151.83points while the resource index advanced 0.12% to 66.37points. Innscor rose 2.14% as volumes in the name have dried up, DZL picked 5% to 21c on resurgent interest while Barclays added 7.69% to 2.8c as the excess supply of scrip that depressed price for the greater part of 2012 seems to have cleared. In the resources sector Falgold rose 8.33% to 13c while Rio advanced 6.15% to 55.20c after reports that gold deliveries up to November last year increased by 7%.