Movers & Shakers: July 28, 2013

Botswana: DCI unch, USD 2.65m

Letshego accounted for 99% of turnover today thanks to a cross of 9.8m shares as total value traded amounted to USD 2.65m. Other than the Letshego cross the market was extremely quiet.

Egypt: EGX +4.94%, USD 72m

After Egypt witnessed one of the largest peaceful gatherings in history demanding the president to step down and embarking on a new path in the form of writing a new constitution and having early presidential elections, the Military gave a 48-hour ultimatum to the Brotherhood and political forces to respond to the people demand; this effectively means an end of Muslim Brotherhood rule. From an investor’s stand point, this also means that the end of the Muslim Brotherhood overhang is in sight, an overhang that was not only due to terrible economic management, but also a brotherhoodization process that was not sustainable and not acceptable to the Egyptian people, the optimists have taken over and it has shown in the market movement today. A sense of euphoria invaded the market leaving the EGX30 up 4.94% and at 4,986.81 points at market close. The market witnessed significantly improved volumes relative to recent turnover, the market traded a total turnover of USD 72m. Local retail started the rally today followed by strong buying from local institutions targeting names such as COMI, PHDC and ORTE, each ending the day up 8.77%, 9.32% and 7.14% respectively, yet its worth mentioning both international institutions and GCC institutions ended the day as net buyers.

Investor mix:
•  Foreigners were net Sellers by 79.66 mn EGP and were 28.39% of the market.
•  Egyptians were net Buyers by 94.39 mn EGP and were 65.83% of the market.
•  Arabs were net Sellers by 14.72 mn EGP and were 5.78% of the market.
•  Institutions were net Sellers by 45.08 mn EGP and were 46.37% of the market.
•  Retail were net Buyers by 45.08 mn EGP and were 53.62% of the market.

Kenya: NSE 20 -0.38%, USD 5.2m

Foreign investors remained net sellers in the market with foreign sales accounting for 71.11% of turnover. Overall foreign investors accounted for 67% of trades, with block trading in Safaricom which was the day’s top mover accounting for 39% of volumes. Equity turnover improved further today, climbing 22% though the NSE 20 index continued to see losses easing 0.38% to 4561.7 points. Of the top movers, only CFC Stanbic Bank registered meaningful gains climbing 2.3% to KES 65.50. TPS Serena recouped its losses gaining 7.2% to KES 48.25. The hotel chain completed its share swap agreement with AKFED for the purchase of TPS Uganda earlier in the year. KenolKobil ended its losing streak today edging up 1.71% to KES 8.90. On the losing end, recently listed I&M Bank continued to witness selling pressure falling 1.6% to KES 95. Mumias sugar also continued to see selling pressure easing 1.2% to KES 4.10. The Sugar miller is trading on a profit warning as sugar poaching continues to be its major hurdle.

Mauritius: Semdex -0.04%, USD 466k

Another dire day in Mauritius with value traded amounting to USD 466k. The only real names to speak of were MCB and Alteo as these two counters accounted for the bulk of today's activity as 12k shares and 51k shares changed hands in the names respectively. SBM was very quiet with only 446k shares traded on the day.

Nigeria: ASI +0.59%, USD 18.41m

Activity picked up in Lagos today but things were still rather somber with value traded amounting to an uninspiring $18.41m. Guaranty Trust Bank ($2.29m), Zenith Bank ($2.10m) and Nestle ($2.07m) drove turnover today thanks to a few decent crosses in the counters. Banks were back on the front foot with the Bank 10 Index gaining 2.00% thanks to Guaranty Trust Bank (+4.17%), Diamond Bank (+3.28%) and Zenith Bank (+2.74%). Consumers also managed to close in the black with the Consumer Goods Index gaining 0.35% with the likes of Dangote Sugar (+2.62%) and Nestle (+1.50%) helping the sector higher.

Please note that the index figure above is correct at the time of writing.

South Africa: Top 40 -0.32%, USD 1.17bn

The JSE ended the day lower with the Top 40 Index falling 0.32% to close at 35,252 while value traded amounted to USD 1.17bn. Industrials were the day's biggest losers with the Index falling 0.36% followed by Financials and Resources which fell 0.34% and 0.18% respectively. The Rand was trading at 9.91 and 12.92 to the USD and EUR respectively by the time local markets closed.

Zambia: Market closed for the day.

Zimbabwe: Industrials -0.87%, Mining -0.62%, USD 660k

The ZSE stumbled further into the red in the second trading session after the nominations date in which all contenders filed their election bids. Both indices took a retreat with the industrials softening 0.87% to 209.16pts while the minings eased 0.62% to 71.95pts. Losses in heavy cap stocks Econet and delta which shrunk 3.03% to 64c and 0.68% to 134c respectively aggravated the ease in the mainstream industrials index. While a 1.89% loss in Bindura to 2.6c dragged the minings index lower in a trading session in which 13 counters fell compared to only 2 risers for the day a record negative variance year to date a feat that was only almost achieved on the 15thof March 2013 when the net of fallers totaled 10 while the rest were either greater than or equal to 6.

African Currencies