The sentiment was positive on African equity markets this week. Among the 17 markets we cover, twelve advanced while four retreated, and one remained flat. The Namibian Exchange led the performance charts as equities in Windhoek jumped 4.21%. Conversely, the Dar Es Salaam Stock Exchange, last week’s top performer, was the laggard. Tanzanian equities dropped 6.35% this week, the most on the continent.
West Africa
BRVM - Positive sentiment prevailed in Abidjan for the fourth week in a row. Overall, the Composite Index edged up another 0.56% WoW to close at 168.17. Market activity declined 30% as XOF 343m (USD 0.62m) worth of shares changed hands every day on average compared to XOF 490m the week before. The market is now up 15.68% year-to-date, and the total market capitalisation amounts XOF 5,061bn (USD 9.18bn). Sucrivoire SA is the top performer this week. Shares in the sugar producer jumped 15% and are up 137% YTD. The market heavyweight, Sonatel, closed at XOF 14,280 on Friday (+0.04% WoW). It is now up 5.78% since the start of the year.
NGX - Bears were back in Lagos this week. The NGX ASI, the benchmark index of the Nigerian exchange, declined 0.31% WoW closing on Friday at 38,547.08. Stocks are now down 4.28% YTD. Activity jumped 35.5% as NGN 2.4bn (USD 5.75m) worth of shares were traded on average over the week. The total market capitalisation stands at NGN 20.1tn (USD 48.8bn). Oando PLC is the top performer. Shares in the energy company soared 23.2% following the amicable settlement of the long-standing dispute between the Nigerian Securities and Exchange Commission and the management of Oando Plc. The counter is now up 32.16% YTD. The market heavyweight, Dangote Cement, edged up 0.04% to close at NGN 248.1 on Friday (+1.31% YTD).
North Africa
BVC - Bullish sentiment prevailed in Casablanca this week. The MASI gained 1.29% over the period. As expected, market activity soared and got back to normal as MAD 92m (USD 10.3m) worth of shares changed hands every day on average compared to MAD 28m the week before. The total market capitalisation stands at MAD 633.2bn (USD 70.97bn), up 9.01% YTD. Marsa Maroc (Société d'Exploitation des Ports) is the second-best performer this week. Shares in the national port and terminal operator gained 6.5%. On Monday, the Moroccan Government announced it will sell a 35% strategic stake in Marsa Maroc to Tanger Med, an industrial port hub encompassing Tanger Med Port 1, Passengers and Trucks Port, Tanger Med Port 2, and more than 2,000 hectares of logistics, industrial and commercial activity zones. The move is part of the Government’s plans to reform and rationalise the public sector. The State will retain a direct holding of 25% of the share capital and voting rights of Marsa Maroc.The stock is up 23.57% YTD. The heavyweight, Maroc Telecom, closed at MAD 135.8 on Friday. The stock is down 6.34% YTD.
EGX - Bulls were still setting the tempo in Cairo this week. The EGX 30 advanced another 0.90% and closed at 10,742.23 points on Thursday. Compared to the previous week, the average daily turnover rose 28% to EGP 1.9bn (USD 120.8m), and the total market capitalisation amounts to EGP 701.6bn (USD 44.7bn). The benchmark index is now down 0.95% YTD. The Delta Sugar Company is among the heavy performers this week. Shares in the sugar products manufacturer jumped 35.5% over the period and are now up 69% YTD. The Egyptian heavyweight, CIB, closed at EGP 57.1 (+1.04% WoW) on Thursday and is now down 3.53% since the start of the year. Note that Fawry, the listed fintech company, closed the week at EGP 19.71 (up 3.63% WoW).
East Africa
NSE - Equities retreated in Nairobi. The NSE ASI shed 0.82% WoW to close at 177.52. The average daily turnover declined 26% to KES 338m (USD 3.11m), and the total market capitalisation amounts to KES 2,766.3bn (USD 25.47bn). The market is up 16.71% YTD. Crown Paints Kenya is the top performer this week. The shares in the paint manufacturing company soared 21.9% WoW as it managed to raise KES 642m (USD 6.4m) from a rights issue to “secure its balance sheet strength and give it a competitive advantage in a competitive market”. The company said it will also be to invest in its subsidiaries which have hitherto made losses, diversify its product lines to meet changing customer needs, and enable the firm to reduce reliance on short-term debt. The counter remains down 36.97% YTD. Safaricom closed at 41.95 KES (down 1.99% WoW). Shares are up 22.48% so far this year.
Southern Africa
JSE - Bullish sentiment prevailed in Johannesburg as the JSE ASI close at 68,970.78, up 1.33% WoW. Merafe Resources Ltd is among the top performers this week. Shares jumped 28.2% as the resource company announced it expects its EPS for the six months ended 30 June 2021 to be between 19.2 cents and 26.8 cents compared to basic loss per share of 38.3 cents for the prior comparative period. The expected increase in earnings is primarily driven by higher chrome ore and ferrochrome prices and higher sales volumes which were partially offset by a stronger average USDZAR exchange rate. The stock is up 116.67% YTD. The JSE heavyweight, Prosus, closed at ZAR 1,302 on Friday (-5.99% WoW). Shares in the tech investor are now down 18.94% YTD.
ZSE - Bullish sentiment prevailed in Harare this week as the ASI advanced another 3.02% WoW. Daily average turnover increased 20% to around ZWL 142m (USD 1.66m) compared to ZWL 118m the week before. The total market capitalisation amounts to ZWL 803.9bn (USD 9.39bn), up 158.63% so far this year.
