AM Weekly Market Commentary – February 12, 2021

AM Weekly Market Commentary - February 12, 2021

Overall sentiment on African equity markets was mixed. Among the markets we cover, 10 of them advanced this week and 7 retreated. Ghana led the pack as its benchmark index jumped 5.41%. Conversely, Nigeria declined for the second week in a row, shedding another 3.04% over the week.

West Africa

BRVM – Bears were back on the Western Africa regional exchange. The Composite Index lost 2.26% in a thinly traded week that saw only XOF 169m (USD 0.31m) worth of shares change hands every day on average, about a fifth of the daily average turnover of the week before. The market is now down 8.46% year-to-date and the total market capitalization stands at XOF 4,005bn (USD 7.4bn). The top performer this week is the Palmci SA . The stock jumped 8.87% over the 5-day period and is now up 60.89% since the beginning of the year. The market heavyweight, Sonatel , closed the week at XOF 11,200, down 0.8% over the week. Shares in the telecom operator are down 17.04% year-to-date.

NGSE – The bears showed no sign of letting up in Lagos. The ASI closed on Friday at 40,439.85, down 3.04% WoW. Analysts at Greenwich Merchant Bank attributed the bearish performance to “downward price pressures on top counters like DANGCEM and GUARANTY , plus the higher yields offered in the fixed income space, which sent yield-seeking investors away from the market”. A daily average of NGN 4.7bn (USD 12.4m) worth of shares was traded over the last five days. The total market capitalization stands at NGN 21.2tn (USD 55.5bn), up 0.42% year-to-date. The top performer this week is Mutual Benefits Assurance . Shares in the insurer soared 10.53% as the company’s profit after tax jumped 25.9% in 2020. The counter is up 55.56% so far this year. Dangote Cement, on the other hand, lost some ground and closed the week at NGN 220 (-4.35%). The shares in the cement producers are down 10.17% YTD.

North Africa

BVC – Morrocan equities lost some ground this week. The MASI shed 1.34% in a week that saw MAD 107.9m (USD 12.1m) worth of shares changed hands every day on average. Total market capitalization stands at MAD 597bn (USD 66.8bn). Delattre Levivier is the top performer this week. The shares in the engineering and construction company rose 6.35% and are up 39.65% YTD. The heavyweight Maroc Telecom closed at MAD […]

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