Wednesday, June 30, 2010

Market Intelligence - Equities

Against a weak global equity backdrop and persistent pressures on the Euro zone, African stock markets closed the week lower than the previous week. The hardest-hit markets were Nigeria and Uganda, which recorded losses of 2.7% each. The stock markets of Côte d'Ivoire, Egypt and South Africa also registered moderate losses of between 1.5% and 1.8%, while those of Ghana, Kenya, Morocco and Tunisia recorded marginal losses of less than 1% each. A minor gain of 0.5% was posted by Mauritius stock market.

Equity Focus

South Africa: The All Share Index dropped by 1.8%, in line with emerging stock markets in other regions, after a U.S.A. report showed the world’s largest economy grew less than earlier estimated.

Nigeria: The NSE All Share Index fell by 2.7%, offsetting the gain in the previous week. The stocks in the banking subsector dragged Nigeria's all-share index lower for the sixth straight day, due to on-going concerns over profit recovery of the banks after the bailout in 2009. Click here for the Market Intelligence Table.