Movers & Shakers: October 08, 2012

African Currencies

Botswana: DCI +0.14%, USD 113k

A subdued day in Gaborone, $113k. Choppies was active – just over half the value traded. There were 7 movers with the three north and 4 south. Choppies, NAP and Stanchart were the winners +1t to 185t, +5t to 215t and +5t to 995t. The losers were ABCH -10t to 405t, Barclays -1t to 699t, FNBB -4t to 296t and G4S -5t to 585t.

Egypt: EGX 30 -2.42%, USD 97m

The market witnessed today notable selling today lead by international institutions and GCC retail investors, the EGX30 managed to end the day down 2.42% to close at 5,587.37points. Market volumes continue trade to trade within recent average volumes, the market traded a total turnover of USD 97m. A sense panic invaded the market today this was mainly attributed to President Morsi's recent speech during celebrations of the 6th of October, He indirectly mentioned transactions and activities of OCI and TMG. Even though he did not mention the companies by name, it was clear to everyone that he was talking about the two mentioned. Mursi hinted that OCI indirectly owed EGP36 billion in capital gains taxes to the government on account of the sale of the group's cement business to Lafarge in 2007. The President noted that OCI merged and listed the cement segment of its business as part of the construction arm with the objective of avoiding capital gains taxes, both names ended the day down 4.59% and 10% respectively.

Investor mix:
•  Foreigners were net Sellers by 53.18 mn EGP and were 19.06% of the market.
•  Egyptians were net Buyers by 23.21 mn EGP and were 68.23% of the market.
•  Arabs were net Buyers by 29.96 mn EGP and were 12.71% of the market.
•  Institutions were net Sellers by 4.29 mn EGP and were 34.85% of the market.
•  Retail were net Buyers by 4.29 mn EGP and were 65.14% of the market.

Kenya: NSE 20 -0.10%, USD 1.83m

Rather dull day in Nairobi today with value traded amounting to a dissapointing $1.83m. Foreigners dominated activity in Equity Bank with a total of 1.72m shares changing hands in the name. There was a fair amount of activity in Kenya Commercial Bank with foreigners prevalent on both sides (73% of purchases and 64% of sales) as a total of 770k shares traded. Foreigners dominated activity in Kenya Airways (85% of purchases and 89% of sales) as a total of 1.13m shares traded thanks to a few crosses. Foreigners were net buyers and accounted for $470k of total purchases while they accounted for $460k of total sales. The market closed the day lower with the NSE 20 Index falling 0.10% to close at 3,971.68.

Mauritius: Semdex +0.04%, USD 720k

It was a quiet session today, only $720k traded while the mkt made a marginal recovery from the last session. The activity was centered around Terra which accounted for more than half the activity – trading flat at 37.5. Rogers which is now officially part of the Investment sector was the lone loser from the Sem-7, easing -0.32% while NMH was the only winner +0.89%. The two banks, MCB and SBM were relatively active, trading flat at 162.00 and 83.00 respectively.

Nigeria: ASI +0.77%, USD 10.45m

It was a quiet day in Lagos today. The mkt opened stronger and continued ambling along on this path – eventually closing +77bps better off. The banks were strong performers with Zenith and Access the best performers from the top tier names, adding +5.15% and +3.41% respectively. The Bnk10 closed +2.11% higher than it opened. It was a similar scenario elsewhere in the mkt with notable exception to the trend being a -1.36% loss in PZ – giving back some of Friday’s gains and a -2.89% fall by Guinness which stumbled -286bps lower. 34 stocks advanced, 14 declined and 56 remained unchanged. The highest value of trades were in FBN, GTB and Zenith.

South Africa: Top 40 -0.55%, USD 1.57bn

The JSE ended the day lower with the Top 40 Index falling 0.55% to close at 32,183 while value traded amounted to USD 1.57bn. Financials were the day's biggest losers with the Index falling 1.54% followed by Industrials which fell 1.24% while Resources gained 0.74%. The Rand was trading at 8.88 and 11.53 to the USD and EUR respectively by the time local markets closed.

Zambia: LuSE unch, USD 25k

Rather quiet day in Lusaka with value traded amounting to USD 25k. The names that traded included CECZ, SCZ, ZMBF and ZNCO. ZMBF was the biggest contributor towards turnover with value traded in the name amounting to USD 13k. ZNCO was the second biggest contributor towards turnover with value traded in the name amounting to USD 9k.

Zimbabwe: Industrial Index +0.80%, Mining Index +0.79%, USD 1.2m

Bulls on the ZSE showed no signs of tiring from last quarter’s momentum pushing higher six weeks on. The industrial index opened the week 0.20% higher at 152.05points spurred by Delta, AICO and Seedco. Beverages giant, Delta cemented its position as the top listed stock gaining 1.80% or 1.80c to 85c taking its market cap to $1.022billion. AICO and subsidiary group, Seedco rose 11% and 1.21% to 16.1c and 92.61c respectively and are expected to release their August interims sometimes this month. All market indicators pointed north. Volumes improved 147% to 10m shares as turnover doubled to $1.2m from $0.584m. Delta was the most sought after stock accounting for 50% of daily turnover. Foreign participation improved 76% on the buying side to $0.921m supported by foreign sales amounting to $0.815m. The mining index was on the rebound gaining 0.79% to close at 87.99 points. RIOZIM at pushed up 3.25 to 63c after analyst toured its operations last Friday. Bindura eased 0.01 cents to settle at 2.99c as it emerges that the group may need in excess of $60m for the second phase of recapitalization. However the second phase after the restart of the Trojan Mine is not expected at least for a year.