Movers & Shakers: September 25, 2013

Egypt: EGX 30 -0.27%, USD 55m

The market witnessed some profit booking today lead by notable selling from institutional investors (local) leaving the EGX30 to end the day down -0.27% to close at 5,665.44 points. Market volumes remain strong yet slightly weaker than recent volumes, the market traded a total turnover of USD 55m. The market witnessed some minor profit booking lead mainly from local institutions targeting names such as SVCE, GTHE, and EFIC, each ending the day down 4.81%, 3.22% and 1.71% respectively, yet GCC and international institutional investors along with local retail investors managed to support the market to end the day as net buyers in the market. The real-estate sector witnessed some selling today, the sector has witnessed notable interest lately, names such as TMGH, OCDI and PHDC witnessed notable selling to end the day down 0.78%, 0.42% and 0.40% respectively.

Kenya: NSE 20 +0.37%, USD 7.6m

The NSE rebounded today after losing ground in the previous 2 sessions while we also saw turnover increase on the back of improved foreign participation. Safcom was flavor of the month again as some aggressive foreign buying pushed the name up 1.8% to KES 8.40. Bids were strong in the name at the close. Barclays saw some crossing which is unusual in the normally illiquid name (+30bps, KES 17.10). EABL continues to trade strongly and closed up another 70bps at KES 309. KNCB also saw strong foreign buying which pushed the name up 2.2% to a 12-month high of KES 46.00.

Mauritius: Semdex -0.08%, USD 286k

Absolutely dire day in Port Louis as value traded amounted to USD 286k. There was a small amount of activity in the likes of MCB, Alteo and Terra, other than that there was nothing to write home about.

Nigeria: ASI +0.24%, USD 16.47m

More of the same today as general activity remains very subdued with just the odd cross going through. Consumers were up an impressive 92bps with strength across the board. Dangote Sugar (+1.21%, N10.83) and Nestle (+2.02%, N1001) both saw chunky crossing while NB (+57bps, N161) and Guinness (+1.63%, N249) also rose although on more modest turnover. Banks lost 44bps with trading generally rather quiet in the sector. Tier 2 names were particularly lethargic although Diamond Bank witnessed a couple of chunky crosses and closed down 81bps at N6.16. Tier 1 names were mixed with no notable out- or under-performers.

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

South Africa: Top 40 +0.97%, USD 1.53bn

The JSE was strong across the board today. The rand remains vulnerable though and was trading at R9.93, R15.96 and R13.41 vs the USD, GBP and EUR respectively at the time of writing.

Zimbabwe: Industrials +0.65%, Mining unch, USD 1.9m

Banking groups dorminated the market risers in an active mid-week session with ZB, NMBZ and CBZ posting respective gains of +11.1% to 10c, +7.8% to 14.01c and +7.1% to 7.5c on solid demand. Bolstering the industrials’ +0.65% gain were Econet with a +9.4% strong leap to 60.20c on supply constraints, BAT firming +1.8% to 1,120c in anticipation of a probable dividend at full year and Seedco’s +1.2% advance to 83c as restructuring talks continue. Meanwhile Zimplow, reported to be on the verge of sealing a $5mn line of credit from Brazil to boost subsidiary Tractive Power’s working capital, jumped +5% to close at 4.2c. Activity improved significantly from yesterday with volumes growing +138% to 7.1mn shares while value traded firmed +191% to $1.9m. Growing sentiment was allied to increased foreign market participation with sales of $1.3m against purchases of $0.87m respectively. Leading trades of the day were in Innscor $0.64m, DZHL $0.61m and Delta $0.31m.

African Currencies