African Thoughts: July 03, 2017

Nigeria:

It was a very shortened trading week in Nigeria with both Monday and Tuesday being closed for the Eid celebrations. Turnover suffered as a result of the short week with a few crosses in the usual suspects driving proceedings, but nothing to write home about. The market closed the week strong with the ASI gaining +3.10% as both major sectors closed higher as banks gained +2.96% while consumers closed +2.22% higher. Unfortunately there is not much else to report on.

Kenya:

It was a rather muted week in Kenya with the trading week being shortened due to the Eid celebrations and as such total turnover amounted to $25.5m with some action in the likes of Safcom, EQBNK and BATK driving proceedings, but nothing to get too excited about. The market closed the week slightly lower as the NSE 20 Index fell -0.46% with Safcom (-2.15%) being one of the major drags on the market. The two major banking stocks ended the week mixed with KNCB closing unchanged while EQBNK gained +0.67%. EABL closed the week -1.89% lower.

Zimbabwe:

The market continued to impress in Zimbabwe on the activity front this week with total turnover amounting to an impressive $8.4m thanks largely to crosses in market heavyweights Delta and Econet. The market also continued full steam ahead with the Industrial Index gaining +2.52% thanks to solid moves in OK Zim (+11.76%), Econet (+4.0%) and Delta (+1.20%).

Mauritius:

The market sprung to life quite drastically on Friday thanks to three massive off market crosses in Mara Delta, and as such total turnover for the week amounted to $25m. Elsewhere, there was some decent activity in MCBG once again as the banking giant closed +1.5% higher while SBMH gained +0.6%. Hoteliers ended mixed with NMH gaining +0.5% while SUN and LUX fell -1.7% and -0.9% respectively.

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