Movers & Shakers: June 25, 2013

Egypt: EGX 30 +0.24%, USD 24m

The market traded with a mixed sentiment today to end the day slightly higher, leaving the EGX30 to end the day up 0.24% to close 4,534.18 points. The market continues to trade very weak volumes yet a slight improvement to recent volumes, the market traded a total turnover of USD 24m. The market started the day with a negative sentiment with local and international institutions as net sellers perusing the market to reach a low of 4,519.11 points, yet after med-session local institutions managed to turn be net buyers changing the market sentiment to trade in the greens, targeting names such as PHDC, CCAP and PIOH each ending the up 4.61%, 4.29% and 3.75% respectively. It’s worth mentioning that retail investors along with international institutions ended the day as net-sellers(after international institutions being net buyers over the last couple of sessions) targeting names such as EUID, COMI and ORTE each ending the day down 2.97%, 1.54% and 0.79% respectively.

Investor mix:
•  Foreigners were net Sellers by 9.01 mn EGP and were 26.65% of the market.
•  Egyptians were net Buyers by .063 mn EGP and were 65.19% of the market.
•  Arabs were net Buyers by 8.95 mn EGP and were 8.17% of the market.
•  Institutions were net Sellers by 8.16 mn EGP and were 38.05% of the market.
•  Retail were net Buyers by 8.16 mn EGP and were 61.94% of the market.

Kenya: NSE 20 -0.84%, USD 5.7m

The equities market remained subdued with turnover easing 8.9% on reduced foreign investor participation at 43% of trades compared with 71% in the previous session. The NSE 20 index continued to see selling pressure slipping 0.84% to 4641.1 points. City trust officially started trading at I&M holdings following a reverse share repurchase between the two firms. The counter closed at KES 100 against our fair value of KES 111.87 with a volume of 273,500 shares trading. Safaricom was the day’s top mover accounting for 22.8% o volumes with foreign investors turning net sellers on the counter. Other top foreign investor sells included Barclays and Stanchart while top foreign investor buys included KCB and Bamburi. On the losing end BAT and Centum reversed previous session gain easing 2.29% and 3.45% respectively. On the other hand Uchumi sustained its upward momentum edging up 2.04% back to KES 20.

Mauritius: Semdex -0.37%, USD 5.41m

A much improved day in Mauritius from an activity point of view with value traded amounting to USD 5.41m thanks to crosses of 500k and 760k shares in UBP at the Rs105.00 level which represented 4.8% of the company's issued shares. MCB came under pressure with the counter falling 0.80% to close at 186.50 on 106k shares while SBM also fell under the sword, falling 0.96% to close at 1.03. Activity slowed down in NMH with 36k shares changing hands on the day.

Nigeria: ASI -1.95%, USD 33.72m

There was a noticeable increase in activity in Lagos today with value traded amounting to a pleasing $33.72m. Profit taking however continued with the ASI falling -1.95%. Banks drove the market lower once again with the Bank 10 Index falling -2.90% thanks to the likes of Zenith Bank (-6.39%), First Bank (-6.00%) and UBA (-4.24%). Consumers were also under pressure with the Consumer Goods Index falling -2.33% thanks to PZ Cussons (-10%), Cadbury (-9.09%) and UACN (-7.42%). Zenith Bank ($4.94m), Access Bank ($4.50m), Guaranty Trust Bank ($3.58m) and DangCem ($3.07m) led from an activity point of view today.

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

South Africa: Top 40 +1.17%, USD 1.59bn

The JSE ended the day higher with the Top 40 Index gaining 1.17% to close at 34,187 while value traded amounted to USD 1.59bn. Financials were the day's biggest gainers with the Index gaining 2.02% followed by Industrials and Resources which gained 1.40% and 0.08% respectively. The Rand was trading at 10.07 and 13.18 to the USD and EUR respectively by the time local markets closed.

Zambia: LuSE -0.09%, USD 10k

Dire day in Lusaka with value traded amounting to a dissapointing USD 10k. The names that traded included CEC, PUMA, SCZ, ZNCO and PRIMA RE. PRIMA RE was the biggest contributor towards turnover with value traded in the name amounting to USD 6k. CEC was the second biggest contributor towards turnover with value traded in the name amounting to USD 2k.

Zimbabwe: Industrials -1.73%, Mining +1.84%, USD $4m

The flight-to-quality on the market continued in today’s session ahead of an uncertain election period with $2.1m finding its way into Delta while other notable trades were in Econet $0.45m, Afre $0.44m, and OK $0.22m. Value of trades improved to $4m up 367% as Sellers continued to cash out in heavy weights resulting in declines in Delta -0.67% to 148c, Econet -1.54% to 64c, Innscor -2.2% to 91c, Natfoods -4% to 240c and OK -4.4% to 21.99c. Banks also struggled with Barclays reversing its prior weeks’ gains shedding -7.7% to 6c while CBZ eased -0.74% to 13.4c. Today’s loses saw the Industrial Index dropping -1.73% to 215.24pts. Minings on the other hand firmed +1.84% to 73.29c driven by the coal miner’s +9% gain to 17.5c. Bindura which issued a cautionary highlighting that the Company has so far been unable to raise additional funding through debt to finance Phase Two of the restart of Trojan Mine as previously anticipated traded unchanged at 2.75c.

African Currencies