Wednesday, August 25, 2010

Market Intelligence - Equities

During the week of 16 – 20 August 2010, some African stock markets registered gains while others fell along with the major global stock markets which retreated due to heightened concerns about the weak U.S. economy and high debt levels in Europe. The stock markets in Ghana and Kenya recorded significant gains of about 3.5% and 2.3% respectively, while marginal gains of 1.1%, 0.9%, and 0.4% were recorded in the markets in Tunisia, Egypt and Nigeria respectively. The market in Mauritius remained virtually unchanged. In contrast, the stock markets in Côte d'Ivoire and South Africa recorded substantial losses of about 2.2% and 2% respectively, while moderate losses of about 1.1% and 0.4% were posted in Morocco and Uganda respectively.

Equity Focus

Ghana: The Ghana stock market continued its rally during the week. The GSE All Share Index rose by 3.5% over the week, representing a gain of 19.3% this year. Blue chips such as Unilever Ghana, Ecobank Ghana and Enterprise Insurance led the rally, bringing renewed confidence to investors.

Côte d'Ivoire: The BRVM Composite Index fell by 2.2% during the week, led by losses of agricultural stocks such as PALM CI, SAPH and SOGB.

South Africa: The All Share Index fell for fourth consecutive week, dropping by 2% during the week. The stock market’s movement followed those of global equity markets, which were weighed down by persistent worries over fragile global economic recovery.

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