Wednesday, August 18, 2010

Market Intelligence - Equities

During the week, growing concerns about fragile economic recovery especially in the U.S. led to weak global stock markets and major commodity markets. Most African stock markets followed suit and closed the week with losses. The stock markets in Kenya, Nigeria and South Africa registered substantial losses of 3.8%, 3% and 2.7%, respectively, while marginal losses of between 0.1% and 1.2% were posted on the markets in Côte d'Ivoire, Egypt, Mauritius and Morocco. In contrast, the Ghana stock market registered a significant gain of 2.8%, followed by Uganda and Tunisia which registered minor gains of 0.7% and 0.3%, respectively.

Equity Focus

Kenya: The Nairobi Stock Exchange's NSE 20 Share Index fell by 3.8%, partially offsetting the earlier weekly gain of 5.3%. The fall was driven by profit taking by investors and shifts to the recently launched infrastructure bonds with an interest rate of 6%.

Ghana: The Ghana stock market’s All Share Index rebounded by 2.8% from the previous week. The rally was fuelled by gains by Ghana Commercial Bank, Unilever Ghana (consumer goods), Fan Milk (dairy and fruit drink manufacturer), Enterprise Insurance Co., and SIC Insurance Co.

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