Overall sentiment on African equity markets was mixed with as many markets advancing as losing ground among the ones we cover on the continent. Zimbabwe leads the pack. Its benchmark index jumped 13.55%, while, conversely, Namibia’s dropped 3.13% over the week.
West Africa
BRVM – Market participants on the BRVM halted the downward trajectory the regional market was on since the start of the year. The Composite Index gained 1.30% in a week that saw XOF 387m (USD 0.72m) worth of shares change hands every day on average. The market is down 7.95% year-to-date and the total market capitalization stands at XOF 4,020bn (USD 7.4bn). The top performer this week remains Nestle Cote d’Ivoire. The stock soared another 25.45% over the 5-day period and is now up 115.63% since the beginning of the year. In contrast, the market heavyweight, Sonatel, closed the week at XOF 11,000 and is among the top decliners this week (-4.35%). Shares in the telecom operator are down 18.52% year-to-date.
NGSE – Bullish sentiment prevailed on the Nigerian market. The ASI jumped 3.44% week-on-week to close at 42,412.66. A daily average of NGN 5.6bn (USD 14.7m) worth of shares was traded over the last five days. The total market capitalization stands at NGN 22.2tn (USD 58bn), up 5.32% year-to-date. The top performer in Lagos this week is again Champion Breweries. The brewer’s shares soared another 59.49%. Recall that there are speculations of a soon to be made takeover announcement of the company by Heineken. This follows the short notification made on January, 11th, that Raysun, the largest shareholder and majority owner of Champions Breweries, increased its participation in the company from 60.4% to 84%. No further news was available except that Raysun is also an entity owned by Heineken, the majority shareholder in Nigeria Breweries Plc, Nigeria’s largest brewer. The Champion Breweries ’stocks are up 261.63% so far this year. Dangote Cement, on the other hand, remained roughly flat and closed the week at NGN 236. The shares in the cement producers are down 3.63% YTD.
North Africa
BVC – Morrocan equities had a good week. The MASI gained 0.57% as MAD 104m (USD 11.6m) worth of shares changed hands every day on average. Total market capitalization stands at MAD 601bn (USD 67bn). IB Maroc is the top performer this week. The shares in the IT services company jumped 12.28%. The heavyweight Maroc […]
