African Thoughts: October 03, 2016

Nigeria:

The Nigerian bourse continues to amble along with no direction and on small volumes. The ASI closed the week 31bps higher with banks falling by 2.26% while consumers rose by 2.52%. Losses in the Banking sector were driven by Guaranty (N24.00, -4.34%), Zenith Bank (N15.21, -2.50%) and UBA (N4.20, -2.33%). Flourmill (N21.92, +9.38%) led the gainers chart in the Consumers followed by Guinness (N97.99, +5.37%), Cadbury (N16.49, +4.70%), NB (N150.00, +4.52%) and Unilever (N47.00, +3.25%). Please note that today is a holiday in Nigeria for Independence Day.

Kenya:

All indices closed higher last week with the NSE 20 rising by 2.2% (YTD is still down 19.7%). Volumes were also more subdued although we are still witnessing crosses on most days. The most active stock was Safcom which accounted for 42% of the total trading volumes. The telco gained 2.8% to KES19.95. The 2 major banks were extremely strong - Equity Bank rose by an impressive 15% to KES30.75 on the back of an aggressive foreign buyer while KNCB was 8.7% up at KES28.00. EABl led the big caps down as the brewer fell by 2.1% to KES278.00.

Zimbabwe:

The Industrials index rose by 7bps last week although we did finally see some interest return to the ZSE. The bulk of the trading action took place in Delta as the name closed at 60c (-1.64%). Hopefully the resurgent interest on the ZSE continues into this week.

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