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Overall sentiment on African equity markets was mixed. Among the markets we cover, 10 of them advanced this week and 7 retreated. Namibia led the pack as its benchmark index jumped 2.58%. Conversely, Zimbabwe retreated significantly, losing 6.59% over the week.


West Africa

BRVM - Bears remained active on the Western Africa regional exchange. The Composite Index lost 0.30% in a week that saw only XOF 317m (USD 0.59m) worth of shares change hands every day on average, about twice the daily average turnover of the week before. The market is now down 8.74% year-to-date and the total market capitalization stands at XOF 3,993bn (USD 7.4bn). The top performer this week is the SMB (Société Multinationale de Bitumes). The stock jumped 8.75% over the 5-day period and is now up 17.05% since the beginning of the year. The market heavyweight, Sonatel, closed the week at XOF 11,290, up 0.8% over the week. Shares in the telecom operator are down 16.37% year-to-date.

NGSE - Bearish sentiment prevailed in Lagos as stocks plunged for the third week in a row. The ASI closed on Friday at 40,186.70, down 0.63% WoW. YTD returns are now in negative territory in local currency (-0.21%). The improving yield environment in the fixed income space seems to have outweighed the news of better-than-expected GDP recovery of 0.11% YoY in the fourth quarter. A daily average of NGN 3.6bn (USD 9.6m) worth of shares was traded over the last five days. The total market capitalization stands at NGN 21.0tn (USD 55.2bn). The top performer this week is Portland Paints, a company active in the manufacturing, distribution, and marketing of decorative and industrial paints and coatings used in the building, construction, and oil & gas industries in Nigeria. Shares soared 14.44% as the company’s merger with the Lagos-listed Chemical Allied Products Plc (CAP) completes. At a court-ordered meeting of CAP’s shareholders, the company has been “authorised to receive all the assets, liabilities, product offerings, and property rights of Portland Paints and Products Nigeria Plc”. CAP Plc is hereby authorized to pay Cash Consideration of NGN 2.90 to the Scheme Shareholders for each ordinary share of NGN 0.50 held in Portland Paints as at close of business on the Terminal Date. Upon the completion of the merger, the “Enlarged CAP” is expected to dominate the Nigerian paints markets with an estimated market share of 14.9%. The counter is up 32.11% so far this year. Dangote Cement, on the other hand, remained flat and closed the week at NGN 220. The shares in the cement producers are down 10.17% YTD.



North Africa

BVC - Morrocan equities lost some ground this week. The MASI shed 0.77% in a week that saw MAD 69.4m (USD 7.8m) worth of shares changed hands every day on average. Total market capitalization stands at MAD 591bn (USD 66.4bn), up 1.59% YTD. Promopharm is the top performer this week. The shares in the pharmaceutical and cosmetics company rose 8.11% and are up 8.87% YTD. The heavyweight Maroc Telecom closed at MAD 139.5 on Friday, down 2.92% WoW and 3.79% YTD.

EGX - The Egyptian market retreated for the second consecutive week. The EGX 30 lost 1.44% and closed at 11,380.55 points on Thursday. Average daily turnover declined to EGP 1.45bn (USD 92.7m) and the total market capitalization amounts to EGP 697.1bn (USD 45.0bn). The benchmark index is up 4.94% so far this year. The top performer this week is El-Ebour Real Estate Investment, the real estate developer. The counter soared 44.20% over the week and is up 189.25% so far this year. The Egyptian heavyweight, CIB, closed EGP 60.05 on Thursday, down 1.31% YTD. Fawry, the listed fintech, remains an investor favorite. Its stocks closed at EGP 49.54 on Thursday, up 47.79% YTD. It is now the third-largest company on the EGX. Orascom Financial Holdings started trading the EGX on February 17th, becoming the final step of its split from Orascom Investment Holding (OIH).


East Africa

NSE - Kenyan equities had a strong week. The Nairobi Securities Exchange’s benchmark index gained 0.93% WoW. Average daily turnover increased to KES 484m (USD 4.4m) and the total market capitalization amounts to KES 2,543bn (USD 22bn). The market is up 8.84% year-to-date. The notable performer this week is BAT Kenya. The shares in the tobacco company jumped 14.06% WoW as it announced a 41% growth in profit for the year ended December 31, 2020, to KES 5.5bn from KES 3.9bn in 2019. The counter is up 34.28% so far this year. Safaricom reached new heights. Shares in the telecom operator closed at KES 38.75 on Friday, up 13.14% this year.


Southern Africa

JSE - Bullish sentiment prevailed in South Africa. The JSE ASI jumped another 2.02% to and closed at 67,464.88. After reaching the milestone for the first time on Monday, the benchmark index closed above 67,000 points for four days this week, tracking firmer global markets as progress on stimulus, vaccines and positive global economic data lifted sentiment. South African equities are up 13.56% so far this year. The top performer this week is Aveng Limited. The shares soared 100% as the international infrastructure, resources, and mining group hinted in a regulatory announcement ahead of the official release this week that the EPS for the 6 months ended 31th December 2020 was expected to be between 2.1cps and 2.5cps. This represents an improvement greater than 100% against a reported loss of 0.9cps in the comparative period.


ZSE - The Zimbabwean market experienced the first weekly loss in weeks as the ASI dropped 6.59%. Daily average turnover declined to ZWL 76m (USD 0.9m) and total market capitalization amounts to ZWL 474bn (USD 5.8bn).