Movers & Shakers: October 24, 2012

African Currencies

Botswana: DCI +0.11%, USD 8k

It was the most muted session that we have seen in Bots in ages. There was virtually no activity in the mkt, 4 names traded with one px change, Letshego +5t to 155t.

Egypt: EGX 30 +1.63%, USD 96m

The market ended the day higher lead by notable buying from local and international institutions, the EGX30 ended the day up 1.63% to close 5793.15 points. The market traded strong volumes relative to recent market turnovers, market traded total turnover of USD 96m. As we expected the market managed to rebound today, with institutional investors stepping back and leading the market higher, It's was clear that this positive sentiment is driven by the news regarding the Constituent Assembly referred to High Constitutional Court, which gave investors a sense of optimism towards the political road ahead of Egypt. PHDC and OTMT lead the market in terms of performance, both names witnessed above average volumes to end the day up 5.70% and 5.08% respectively. JUFO released its 3Q2012, with bottom line figure coming in at EGP120.60 million, +64.1% y-o-y, and beating our consensus, estimates of EGP85 million and EGP80 million, the former ended the day up 2.33% to close at 6.14 on strong volumes.

Investor mix:
•  Foreigners were net Buyers by 11.93 mn EGP and were 15.77% of the market.
•  Egyptians were net Buyers by 7.59 mn EGP and were 74.21% of the market.
•  Arabs were net Sellers by 19.52 mn EGP and were 10.02% of the market.
•  Institutions were net Buyers by 34.74 mn EGP and were 28.01% of the market.
•  Retail were net Sellers by 34.74 mn EGP and were 71.98% of the market.

PLEASE NOTE THAT THE EGYPTIAN MARKET WILL BE CLOSED FROM THURSDAY 25 OCTOBER TO SUNDAY 28 OCTOBER DUE TO EID CELEBRATIONS.

Kenya: NSE 20 +0.56%, USD 7.05m

Another active day in Nairobi with foreign buying dominating the flow. Foreign buys accounted for 78% of the buys while foreign selling was 52% of the sells. A large cross in CFC was the highest turnover for the day while the banks were also rather active. KNCB closed up 85bps at KES29.50 while EqBnk closed unchanged at KES23.50 with both counters seeing good foreign activity on both sides. BATK, EABL and ARML also saw some good block activity go through which further added to the session’s volumes. Kenya Airways witnessed some weakness with some good buying going through at KES12 before the name closed down 3.21% at KES12.05.

Mauritius: Semdex -0.24%, USD 1m

The Semdex had a tough session today, losing -24bps with no Sem-7 names trading in the black while 2 names traded in the red, the losers being MCB and Terra which lost -0.61% and -0.25% respectively. 88% of the total activity was accounted for by the usual suspect, MCB.

Nigeria: ASI -1.26%, USD 19.43m

The short week in Nigeria ended with the main focal points being a number of results releases as well as some profit taking on the banks. The banking sector saw the bears win with the BNK10 closing down 2.39%, led lower by Sterling Bank (-8.57%), Skye Bank (-4.88%), First Bank (-4.65%) and UBA (-4.38%). Consumers were also not immune to the profit taking with NB (-2.17%) and Guinness (-2.60%) both weak while PZ Cussons closed down 9.93%. Results that were released today included Dangote Sugar (unch), ETI (-2.02%) and Fidelity (unch).

PLEASE NOTE THAT THE NIGERIAN MARKET WILL BE CLOSED ON THURSDAY 25 OCTOBER AND FRIDAY 26 OCTOBER FOR EID CELEBRATIONS.

South Africa: Top 40 +0.81%, USD 1.01bn

The JSE ended the day higher with the Top 40 Index gaining 0.81% to close at 32,760 while value traded amounted to USD 1.01bn. Resources were the day's biggest gainers with the Index gaining 1.13% followed by Industrials and Financials which gained 0.55% and 0.44% respectively. The Rand was trading at 8.76 and 11.37 to the USD and EUR respectively by the time local markets closed.

Zambia: Closed for Independence Day

Zimbabwe: Industrial Index -0.66%, Mining Index +0.61%, USD 1.15m

The industrial index lost a further 0.66% to close at 156.02 points in mid-week trades weighed down by beverages giant Delta which traded in the negative for the third session in a row. Delta eased 3.33% to close at 87c as profit taking persist but remains an impressive 24.29% up YTD. Mitigating the losses were gains in ECONET which gained 1.8% or 8.80 cents to 500 cents ahead of analyst briefing (August interims) tomorrow. MEIKLES recovered 3.03% to close at 17 cents albeit on paltry volumes. Seedco was 0.06% up at 95.03c. Value traded improved 8.9% to $1.15m supported by improved volumes in Delta and Innscor despite a 24% drop in overall volumes to 3.65m. Foreign participation improved as purchases rose 52% to $0.796m while sales rose 79% to $0.414m. The mining index on the contrary recorded a second consecutive gain putting on 0.61% to close at 88.04 points. Coal miner Hwange gained 2.75 to 19c. Bindura pared a marginal 0.33% to 2.99c whilst Falgold and RioZim recorded no trades.