Movers & Shakers: June 15, 2016

Botswana: DCI -0.05%, USD 44.8m

A massive day in Botswana thanks to an extremely large cross in the normally very illiquid NAP (293t – both sides local, seller was the parent company reducing the holding to meet free float rules while buyers were locals). There was also some action in Sefalana (1330t) while the rest of the names traded in scraps.

Kenya: NSE 20 +0.39%, USD 9.8m

A very solid day from an activity point of view as foreigners turned net buyers to the tune of $1.68m (the highest in over a week) while they also accounted for 66.5% of total value traded. Foreign demand in both Safcom (+1.1%) and EQBNK (+0.6%) drove the names higher as 9.4m shares and 4.2m shares traded in the names respectively. There was also a foreign cross in the usually illiquid KenolKobil that helped boost turnover as 14.6m shares changed hands. There was a decent cross in BMBC as 500k shares traded while EABL was rather quiet as 255k shares changed hands.

Mauritius: Semdex +0.01%, USD 940k

Nothing overly exciting happened in Mauritius today.

Nigeria: ASI +3.17%, USD 17.3m

The big news out from Lagos today was the announcement by the CBN that the exchange rate will be "purely market drive" and they will be introducing forward contracts to enhance liquidity. The market seemed to like the news with a number of names going limit up for the day. Banking stocks were the most active on the day with the likes of UBA ($4.3m), GTB ($3.2m), Zenith ($2.8m), Access (1.4m) and NB ($1.1m) driving proceedings. Banking stocks rallied hard towards the close with the sector gaining +3.96% with good performances in GTB (+7.78%), UBA (+6.48%) and Zenith (+5.48%). Consumers (+2.37%) also had a strong day thanks mostly to NB (+4.49%). It will be interesting to see how the market reacts to the CBN announcement over the coming days, but our initial thoughts are that this is a move in the right direction and positive for the market.

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

Zimbabwe: Industrials -1.49%, USD 124k

A quiet day in Harare while the index continues to freefall. Once again it was Delta (50.5c) which was a big drag on the market while Seedco (52c) was the most active stock.

African Currencies

Country

Notation

Currency

YTD %

South Africa

ZAR

15.26

1.33

Nigeria

NGN

198.50

0.40

Kenya

KES

101.32

0.97

Mauritius

MUR

35.43

1.19

Botswana

BWP

11.04

1.68

Tanzania

TZS

2193.00

-1.99

Uganda

UGX

3352.50

0.58

Rwanda

RWF

800.00

-6.88

Ghana

GHS

3.93

-3.15

BRVM

XOF

592.85

4.34

Egypt

EGP

8.88

-11.81

Morocco

MAD

9.73

2.25

Tunisia

TNF

2.18

-6.39
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