Movers & Shakers: June 12, 2013

Botswana: DCI -0.06%, USD 402k

Farely decent day in Gaborone with value traded amounting to USD 402k thanks to a cross of 2.5m shares in Choppies. Market heavyweight Letshego was rather quiet as 183k shares traded in the counter while market breadth was very thin.

Egypt: EGX 30 -5.17%, USD 47m

The market witnessed a panic today lead by notable selling from local (institutions and retail) investors to close the lowest close since June 2012, leaving the EGX30 to end the day down 5.17% to close at 4,598.10 points. The market continues to trade weak volumes yet a slight improvement to recent average turnover, the market traded a total turnover of USD 47m. The market witnessed the biggest drop to reach June 2012 lows, the panic was triggered by the MSCI announcing that “may be forced” to consider excluding Egypt from its emerging-market indexes “were the situation on the Egyptian foreign-exchange market to worsen and result in the inability of international investors to repatriate their funds”, adding to this growing fears regarding the political and economical instability in country with increasing calls for a massive protest on the 30th of June. The panic was led by local investor’s notable selling the market targeting all local blue-chips, names such as ESRS, ETEL, and OCDI witnessed aggressive selling each ending the day down 9.60%, 8.08% and 9.16% respectively.

Investor mix:
•  Foreigners were net Buyers by 69.95 mn EGP and were 22.99% of the market.
•  Egyptians were net Sellers by 98.20 mn EGP and were 63.40% of the market.
•  Institutions were net Buyers by 2.94 mn EGP and were 43.11% of the market.
•  Institutions were net Buyers by 2.94 mn EGP and were 43.11% of the market.
•  Retail were net Sellers by 2.94 mn EGP and were 56.88% of the market.

Kenya: NSE 20 -0.49%, USD 5.3m

Equity turnover fell 34.3% on reduced local investor activity with participation at 55% compared with 76% in the previous session. The NSE 20 index eased for the fourth straight session dipping 0.49% on mild profit taking. EABL was the day’s top mover accounting for 28.1% of trades buoyed by high foreign investor activity. The brewer slipped 1.6% to its one month low of KES 358. Equity continued to see selling pressure, easing 1.5% to its four week low of KES 33.50. Similarly, KCB dipped 1.9% to its 8 week low of KES 39.75. After touching a new 12 month high yesterday, CFC Stanbic pulled back 4.9% to KES 67.50 on profit taking. On the other hand Kenya Airways recouped some of the losses made in the past two sessions gaining 3.9% to KES 10.55.

Mauritius: Semdex -0.02%, USD 1.02m

Decent day in Mauritius with value traded amounting to USD 1.02m as the usual suspect MCB dominated turnover with a total of 49k shares changing hands and closing at 194.00. SBM was rather quiet after yesterday's excitement as a total of 1.17m shares traded with the counter closing at 1.04 while there was an increase in activity in NMH as 31k shares traded.

Nigeria: ASI -2.75%, USD 53.29m

Extremely active day in Lagos today with value traded amounting to an outstanding $53.29m. Banking stocks First Bank ($6.77m) and Guaranty ($5.33m) were the biggest contributors towards turnover thanks to a few very big crosses while consumer stocks in the form of Guinness ($2.79m), Flour Mills ($2.35m) and Dangote Sugar ($2.13m) were also very active. There were also some decent crosses in obscure names such as IHS and Transcorp. The day was a rather bumpy ride as a number of the consumer stocks opened limit up or close there to until mid-session when profit taking started to occur and there was a drastic turn around with a number of these counters actually closing in negative territory on the day. It was not a pretty day from a performance point of view with consumers falling 2.64% while banks closed 1.99% lower.

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

South Africa: Top 40 +0.41%, USD 1.6bn

The JSE bucked the global bear trend and closed slightly in the green. The ZAR continues to swing wildly and was trading at R10.01, R15.69 and R13.33 vs the USD, GBP and EUR respectively at the time of writing.

Zambia: LuSE unch, USD 103k

Activity increased today thanks to a cross in ZNCO which accounted for basically all of the volume as value traded amounted to USD 103k. There is unfortunately not much to speak of other than the ZNCO cross as there was barely any volume in most of the names that traded today.

Zimbabwe: Industrials -0.86%, Mining unch, USD 3.94m

The market saw a flurry of activity in the industrials that eased -0.86% to 221.65pts on profit taking to register only its second decline since the beginning of the month. Profit taking was witnessed in Afre, Delta and Innscor which recorded respective losses of -0.11% to 15.95c, -0.64% to 156c, and -9.1% to 100c. Despite their price weakness, Delta and Innscor were among the top traded stocks with the former taking up $1.6m and the latter $0.54m. Other losers of the day were Old Mutual easing -0.41% to 240c closing on a tight spread of 239c – 242c and Ariston -10% to 1.35c. Value traded increased +19.7% to $3.94m largely supported by a +14% surge in foreign demand to $2.5m and +66% rise in foreign sales to $1.8m. In market news, bankers Barclays were +3.1% firmer to 3.55c in the face of the adverse Bankers Association of Zimbabwe (BAZ) report of a decline in bank deposits to $3.7b from $4.2b in recent months. Retailer OK was steady at 25.1c ahead of its March finals this afternoon while RTG which had its AGM this afternoon did not trade but closed bid higher at 1.2c.

African Currencies