Movers & Shakers: June 10, 2013

Botswana: DCI -0.39%, USD 1.8m

Another sizeable cross in FNBB (360t) accounting for almost the entire market today. BIHL (1050t) also saw some activity while Primetime (210t) was also quite active. The rest of the market was extremely quiet.

Egypt: EGX -0.46%, USD 33m

The market witnessed another panic to lead to a selloff by local retail investors, leaving the EGX30 to end the day down 2.85% to close at 4,775.92 points. The market continues to trade weak volumes yet a slight improvement to recent average turnover, the market traded a total turnover of USD 48m. The market witnessed notable selling today on the back of ongoing growing fears regarding the political and economical instability in country, with increasing calls for a massive protest on the 30th of June were most of the opposition parties agreed to join demanding an early presidential election. Local investors(retail) were aggressive sellers in the market targeting names such as ACGC, OCDI and HRHO each ending the day down 7.61%, 7.23% and 6.27% respectively, international investors managed to benefit from the various price hits to end the day as net buyer targeting names such as COMI(-4.05%), HRHO(-6.27%) and TMGH(-1.00%). It’s worth mentioning that local institutions started the day as notable sellers yet they ended the day as net-buyers. OCIC was the only name in the EGX30 to end the day in the greens, the name managed to trade against the general market sentiment, this is mainly attributed to chatter that the EFSA will approve the EGP255 tender offer, which is almost a premium of 10% over previous close, the former ended the day up 0.52% to close at EGP232.11.

Investor mix:
•  Foreigners were net Buyers by 32.74 mn EGP and were 26.77% of the market.
•  Egyptians were net Sellers by 11.37 mn EGP and were 60.14% of the market.
•  Arabs were net Sellers by 21.37 mn EGP and were 13.09% of the market.
•  Institutions were net Buyers by 23.99 mn EGP and were 46.91% of the market.
•  Retail were net Sellers by 23.99 mn EGP and were 53.08% of the market.

Kenya: NSE 20 -0.11%, USD 4.8m

Equity turnover remained subdued today with local investors accounting for the bulk of trading at 60% of trades. The NSE 20 index lost 11bps weighed down by large cap stocks, mainly banks which softened in today’s trading session. EABL was the day’s top mover accounting for 32% of volumes, with foreign investors providing over 90% of demand while local investors providing most of supply. KCB, Equity Bank and Barclays Bank continued to witness selling pressure easing 1.2%, 0.7% and 2% to KES 40.5, KES 34.5, and KES 17.50 respectively. With the expected decline in interest rates we do not expect to see the banking sector maintain the high earnings growth experienced last year. On local investor trading, Kengen jumped 5.6% closing at a new 12 month high of KES 16.85. Kenya Airways slipped 1.8% touching a new 12 month low of KES 10 during trading, though closing at KES 10.80. The Airline is expected to announce it FY13 numbers this week and investors are expecting a loss for the year.

Mauritius: Semdex -0.17%, USD 645k

Dissapointingly slow start to the week with value traded amounting to USD 645k. As is usually the case banking heavyweight MCB drove activity with a of 37k shares changing hands on the day while the counter closed at 195.00. SBM was rather quiet today as a total of 1.85m shares traded while there were no trades in NMH.

Nigeria: ASI +0.46%, USD 318.46m

A strategic cross in Dangote Cement today (approx. $289mill) accounted for most of today’s action. The cross went through at a pre-arranged price of N179 while the stock actually closed unchanged at N210 in normal trading. The banks were on fire today (+1.31%) despite Friday’s profit taking. The leader of the pack was UBA (+4.25%, N9.07) while the Tier 1 names in particular witnessed some good trading volumes. Consumers were up 31bps with some chunky crosses going through in Cadbury (-9bps, N57), Dangote Sugar (+7.91%, N11.60), Nestle (-48bps, N1070) and NB (-56bps, N177).

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

South Africa: Top 40 +0.39%, USD 1.4bn

A mixed bag on the JSE today. The ZAR continues to be on the back foot and was trading at R10.18, R15.81 and R13.43 vs the USD, GBP and EUR respectively at the time of writing.

Zambia: LuSE +0.07%, USD 23k

Typical start to the week in Lusaka with value traded amounting to a dull USD 23k. The names that traded included CEC, REIZ, SCZ, ZNCO and ZSUG. ZNCO was the biggest contributor towards turnover with value traded in the name amounting to USD 13k. CEC was the second biggest contributor towards turnover with value traded in the name amounting to USD 5k.

Zimbabwe: Industrials +0.53%, Mining -4.01%, USD 1.4m

Financial stocks gained to see Industrials soar to a record high of 219.99 pts. FBCH currently undergoing a corporate restructuring to merge the bank and building society operations was +11.1% firmer at 10c. Strong demand saw Barclays putting +6.3% to 3.4c on 1.34m shares. Insurers Nicoz followed suit with +5.9% to 1.43c. Innscor dominated today’s trades after accounting for 29% ($441,000) of the value on a price that was +5% firmer at 105c buoyed by strong demand in an endorsement of the conglomerate’s growth following its commissioning two bread lines at its Graniteside factory last week. Adding flavor to the market was BAT’s 1.2% gain to an all-time high of 840c and telecommunications giant Econet’s +1.5% uplift to 70c, all which saw the industrial index notching 0.53% to 219.9 pts. Art led on the downside, shedding 28.6% to 0.5c. This follows the company’s reported discontinuation of negotiations that were the subject of sustained cautionary notices previously. A lower bid saw turnaround candidate RTG easing 15.4% to 1.1c. Construction allied counters Turnall and PGI currently experiencing warning demand in their product lines lost 11.1% and 10% to 4c and 0.9c respectively. In resources Bindura eased -6.9% to 2.7c and Hwange traded -6.3% lower at 15c weighing down the Index which fell 4% to 71.75 pts. Local activity dominated ZSE trades on the back of the 96% decline in foreign purchases and 26.6% drop in foreign sales with turnover tumbling 18.8% to $1.4m

African Currencies