Tuesday, October 19, 2010

Market Intelligence - Equities

During the week of 11 – 15 October 2010, most African stock markets rallied alongside stock markets in Europe and the United States. The latter rose on expectations that the U.S. Federal Reserve would provide additional monetary stimulus in the near term. Among African stock markets, those in Nigeria and Mauritius led the winners, recording substantial appreciations of 5.5% and 4.1%, respectively. The stock markets in Uganda, Côte d’Ivoire, and South Africa registered moderate gains of between 1.4% and 2.5% while those in Ghana, Kenya, and Egypt posted marginal gains of less than 0.6%. In contrast, the stock market in Tunisia declined by 2.4%.

Equity Focus

Nigeria: The Nigeria Stock Exchange All-share Index rose by 5.5% over the week. The appreciation was led by the food, beverages, and tobacco subsector. On the other hand, trade volume increases were most prominent in the banking subsector. In particular, the shares of Access Bank, UBA, and First City Monument Bank were heavily traded.

Tunisia: The Tunis Stock Exchange Index fell by 2.4% over the week, continuing the previous week’s decrease. The recent declines of the Index reflected in part the planned replacement of the zero tax on export activity income with a 10% tax from January 1, 2011.

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