Movers & Shakers: October 28, 2013

Botswana: DCI unch, USD 95k

A very uneventful day in Gaborone as less than $100k changed hands and the index didn’t move the needle. Almost the entire market was Choppies as the name continues to trade at the 305t level.

Egypt: EGX 30 -2.01%, USD 69m

The Egyptian market finally witnessed profit taking after the market witnessed after a notable rally, the EGX30 ended the day down 2.01% to close at 6,070.35 points. Volumes were relatively weak compared to recent market turnovers, the market traded a total turnover of USD 69m. The market witnessed notable profit booking main lead by local (institutional and retail) targeting names such as APSW, GTHE and HRHO leaving each to end the day down 4.74%, 2.69% and 2.21% respectively. PHDC was hammered down today to end the day down 5.15% to close at EGP2.58, this is as we expected earlier that investors will be shorting the stock ahead of the rights issue as they 1) dont want to put more cash in the rights issue 2) getting more confused on selling their subscription right separately fearing that the rights issue could be trading at discount resulting in more dilution.

Kenya: NSE 20 -0.9%, USD 3.58m

It was a rather slow start to the week in Nairobi as value traded amounted $3.58m as foreign activity slowed down. Foreigners drove activity in Equity Bank as a total of 2.03m shares traded with the counter closing flat at KES 35.00. There were a few decent crosses in Centum (local on both sides) as a total of 1.55m shares changed hands over the day. A big cross in Uchumi drove activity in the name where the buyer was foreign while the seller was local. The usual market drivers Safcom and EABL were very quiet as foreign participation dropped-off in the names.

Mauritius: Semdex +0.33%, USD 593k

A rather quiet day in Port Louis as the index ground its way higher. MCB continues to be the main driver as the name rose by 86bps to Rs204.75 as it continues to reach new highs. ENL Land rose by 10bps to Rs49.14 while the only faller in the Sem-7 was NMH which slipped by 28bps to Rs88.00.

Nigeria: ASI -0.49%, USD 16.45m

The start of the session was haphazard as the ATS system kept on going down. It meant the day started off on a very sluggish note and from then on never really got going despite some crossing in NB (-1.74%, N167.05) and ETI (-14bps, N13.78). The profit takers hurt the banks again today (-96bps) with Access (-3.95%, N9.98) the main stock dragging the sector down. The profit takers were also out in the consumers (-95bps) with the main weakness shown in NB (-1.74%, N167.05), Cadbury (-4.92%, N53.72), PZ (-1.28%, N38.49) and Dangote Sugar (-3.32%, N11.05). Results season is in full swing and today we saw Q3 releases from Dangote Sugar and Wapco (positive results, closed up 2.54% at N101).

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

South Africa: Top 40 +0.60%, USD 1.15bn

The JSE ended the day higher with the Top 40 Index gaining 0.60% to close at 40,555 while value traded amounted to USD 1.15bn. Financials were the day's biggest gainers with the Index gaining 1.05% followed by Industrials and Resources which gained 0.54% and 0.34% respectively. The Rand was trading at 9.85 and 13.56 to the USD and EUR respectively by the time local markets closed.

Zimbabwe: Industrials -0.29%, Mining unch, USD 2.03m

Block trades in parent company African Sun and associate Dawn Properties dominated Monday’s activity. These were 29.2mn African Sun shares valued at $0.76m and 70.5mn Dawn shares worth $0.92m significantly contributing to the day’s turnover of around $2mn. The trades follow African Sun’s recent disposal of 12% shareholding in Dawn to Lengrah Investments in October raising $4.3mn directed at reducing its $12.4mn short-term debt and associated finance costs as reported at 31 March 2013. Elsewhere reasonable volumes continued to exchange hands in Pearl Properties with 3.7mn shares being traded at 3c. Industrials reversed Friday’s marginal gain easing -0.29% to 209.1 pts. Notable heavy weight loss was in conglomerate Innscor which gave up -1.2% to 84c on continued selling pressure.

African Currencies