Movers & Shakers: September 17, 2013

Botswana: DCI -0.05%, USD 4.6k

Dismal.

Egypt: EGX 30 +0.12%, USD 63.6m

The market was mixed today as it ended the day slightly higher leaving the EGX30 up 12 bp. Market volumes continue to improve relative to average volumes, the market traded a total turnover of EGP439m (USD63.6m). The market started the day with a negative sentiment with local and international institutions as net sellers dragging the market lower, yet after mid-session international institutions managed to turn net buyers changing the market sentiment to trade in the green, targeting names such as ORTE, ESRS and COMI each ending the up 1.38%, 0.53% and 0.51% respectively. It’s worth mentioning that retail investors ended the day as net-sellers (after being net buyers over the last couple of weeks) targeting names such as PIOH, OTMT and UEGC each ending the day down 1.86%, 1.64% and 1.71% respectively.

Kenya: NSE 20 +0.11%, USD 8.7m

A rebound took place in Kenya with strength in large caps EABL (+30bps, KES 299), Safcom (+60bps, KES 8.15), Equity Bank (+80bps, KES 33.50) and KCB (+1.1%, KES 44.75). This bullish activity was almost purely driven by strong foreign buying across the board with supply coming from a mix of local and foreign participants. Not surprisingly, these 4 names accounted for almost the bulk of the trading activity and all these names witnessed some crosses taking place. Outside of this, President Kenyatta and Treasury Secretary Rotich were on the wires talking up short and medium term growth potential (2013: 5.6%) as they strive for double digit growth by 2018.

Mauritius: Semdex +0.61%, USD 661k

Some strong gains in the Sem-7 (+91bps) albeit on thin volumes. The only faller in the Sem-7 was Terra which fell by 25bps to Rs40.20. The gainers included NMH (+6.49%, Rs82), SBM (+1%, Rs1.01), MCB (+13bps, Rs193.50) and Bramer Banking (+31bps, Rs6.38).

Nigeria: ASI -0.03%, USD 12.13m

Another day of the same in Lagos as activity remains extremely quiet with just the odd cross taking place to liven up proceedings. Banks fell by 1.16% although performance was rather mixed in the sector except for Access. Some strange trading took place in the name as it appeared that there was a panic seller that hit the market to limit down N9.41 just before the close, which is in fact where the stock closed. The rest of the sector displayed no discernible trend and was actually marginally positive for most of the session. Some crosses took place in FBNH, GTB and Access. The consumers gained 46bps as the concern over Guinness after yesterday’s results never materialized. Guinness closed down a mere 40bps at N249. Gains were witnessed in NB (+1.26%, N161, on good volumes and crosses), Unilever (+1.53%, N59) and UACN (+91bps, N55.50).

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

South Africa: Top 40 +0.29%, USD 1.4bn

The JSE closed in slightly positive territory today. The rand was trading at R9.82, R15.60 and R13.10 vs the USD, GBP and EUR respectively at the time of writing.

Zimbabwe: Industrials +0.20%, Mining unch, USD 1.22m

Activity still remains light in Harare although we saw a pleasing uptick in the Industrials. The main gainers that pushed the market higher were OK Zim (+4.1%, 25c) and National Foods (+1.4%, 218c). National Foods has its final dividend record date on 20 September. The main heavyweights continue to struggle as we saw Delta close down 9bps to 120c and Econet close down 1.96% to 50c. However, demand just below this level in Econet appears strong. Also falling were Dairibord (-2.8%, 17.49c) and Meikles (-3.5%, 28c). Despite improvement in foreign participation on both sides the market turnover remains muted.

African Currencies