Wednesday, September 22, 2010

Market Intelligence - Equities

During the week of 13 – 17 September 2010, the majority of African stock markets advanced alongside hopes for global economic recovery that boosted the stock markets in the U.S. and in Asia. The stock market of Mauritius led the gainers, recording a 5.3% weekly gain, followed by the markets of Uganda and Tunisia, which registered gains of 3.7% and 2.9%, respectively. Moderate gains of between 0.4% and 1.4% were posted by the stock markets of Kenya, South Africa, Egypt, and Ghana. In the contrast, the Nigerian market recorded a substantial loss of 3.6% and those of Côte d'Ivoire and Morocco registered moderate losses of 0.9% and 0.1%, respectively.

Equity Focus

Mauritius: The Mauritius stock market was strong throughout the week, recording a 5.1% gain. This rally was led by the gain by the stock of Savannah Sugar, which was the best performer of the week with its stock price rising by 50% for the week due to a bonus preference share issue to ordinary shareholders.

Nigeria: The All Share Index fell by 3.5% over the week, reducing its year-to-date gain to 10%, partly driven by a sell-off in banking stocks. The index once extended its year-to-date gain to about 25% in August 2010, placing it among the best performing frontier markets, but it has since been on a steady decline, partly amid concerns about the pace of bank reforms.

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