Overall sentiment on African equity markets was positive. Among the markets we cover, 11 of them advanced this while 6 retreated. Kenya led the pack as equities in Kenya rallied 4.09%. Conversely, Tunisia was the laggard. Equities in Tunis shed 1.91% over the last five days.
West Africa
BRVM - Equities on the Western Africa regional exchange advanced for another week. Overall, the Composite Index gained 1.76% to close at 144.32. Market activity jumped 257% as XOF 725m (USD 1.33m) worth of shares changed hands every day on average. The market is now down 0.72% year-to-date and the total market capitalization stands at XOF 4,343bn (USD 7.9bn). SMB is the top performer this week as shares in the producer of road bitumen and by-products jumped 33.86%. The counter is up 52.11% since the start of the year. The market heavyweight, Sonatel, closed the week at XOF 13,690, up 5.35% over the week. Shares in the telecom operator are now back on positive territory year-to-date (+1.41%).
NGX - Bearish sentiment prevailed in Lagos this week. The benchmark index of the Nigerian stock exchange shed 0.15% WoW closing on Friday at 38,808.01. Stocks are now down 3.63% YTD. Activity dropped this week as NGN 2.2bn (USD 5.7m) worth of shares were traded on average over the last five days. The total market capitalization stands at NGN 20.3tn (USD 53.4bn). UAC of Nigeria was among the top performers this week. Shares in the property developer gained 7.53% and are now back at the level it started this year. Dangote Cement, on the other hand, closed at NGN 220. The shares in the cement producer are down 10.17% YTD. Nigerian Exchange Group (NGX Group) Plc, has announced on 13 April 2021 the launch of its new corporate brand identity and website, following the demutualisation of The Nigerian Stock Exchange and the resulting creation of the non-operating holding company NGX Group Plc and its subsidiaries.
North Africa
BVC - Morrocan equities advanced for another week. The MASI gained 0.77% in a week that saw MAD 55m (USD 5.7m) worth of shares change hands every day on average. The total market capitalization stands at MAD 604bn (USD 63.2bn), up 3.38% YTD. Managem is one of the top performers of the week. The shares in the mining company jumped 7.27%. The counter is now up 27.07% YTD. The heavyweight, Maroc Telecom, closed at MAD 139.3 on Friday. The stock is down 3.93% YTD.
EGX - Bearish sentiment prevailed in Cairo as Egyptian equities declined for another week. The EGX 30 dropped 1.56% and closed at 10,143.21 points on Thursday. Compared to the previous week, average daily turnover increased 14% to EGP 0.97bn (USD 61.8m) and the total market capitalization amounts to EGP 630.9bn (USD 40.2bn). The benchmark index is now down 6.47% YTD. Fawry was among the top performers this week. The stocks of the $2bn market cap fintech soared 13.93% and are now up 15.39% YTD. The Egyptian heavyweight, CIB, closed at EGP 54.35 on Thursday, down 8.18% YTD.
East Africa
NSE - Kenyan equities rallied this week as the Nairobi Securities Exchange’s benchmark index jumped 4.09% WoW. The average daily turnover declined by 9% to KES 469m (USD 4.4m) and the total market capitalization amounts to KES 2,536bn (USD 23.59bn). The market is now up 8.53% YTD. TransCentury is the top performer this week. The shares in the industrial conglomerate jumped 18.45% WoW, but remain down 15.86%YTD. Safaricom advanced this week as shares in the telecom operator closed at KES 38.40 on Friday, up 5.75% WoW. The counter is up 12.12% so far this year.
Southern Africa
JSE - South African bulls were back this week as the JSE ASI rallied 2.24% to close at 68,698.81. Like other emerging-market stocks, South African equities seem to have benefitted from strong performance from the Chinese economy in the first quarter of 2021 (+18.3%). Besides, the US Fed has reiterated its supportive stance and yields have declined across the week. The South African benchmark index is now up 15.64% YTD. The JSE heavyweight, Prosus, closed at ZAR 1,641.67 on Friday (+0.3% WoW). Shares in the tech investor are now up 2.54% YTD.
ZSE - Bearish sentiment prevailed in Harare. The ASI declined by another 1.03% this week. Daily average turnover declined to around ZWL 136m (USD 1.61m) from ZWL 145m the week before. The total market capitalization amounts to ZWL 493.1bn (USD 5.84bn), up 60.32% so far this year.
