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Overall sentiment on African equity markets was bearish. Among the markets we cover, 11 of them retreated this week and 6 advanced. Zimbabwe led the pack as equities in Harare rallied 5.93%. Conversely, Ugandan equities lost 2.62% over the 5-day period.

 

West Africa

BRVM - Bulls were back on the Western Africa regional exchange. The Composite Index rallied 4.53% in a thinly traded week that saw only XOF 255m (USD 0.47m) worth of shares change hands every day on average. This is 20% lower than the daily average turnover of the week before. The market is now down 4.60% year-to-date and the total market capitalization stands at XOF 4,173bn (USD 7.7bn). The top performer this week is Nestle Côte d’Ivoire. The stock jumped 17.50% over the 5-day period and is now up 120% since the beginning of the year. The market heavyweight, Sonatel, closed the week at XOF 12,775, up 13% over the week. Shares in the telecom operator are down 5.37% year-to-date.

NGSE - Bearish sentiment prevailed in Lagos as stocks plunged for the fourth week in a row. The ASI closed on Friday below 40,000 pts at 39,799.89, down 0.96% WoW. YTD returns moved further in negative territory in local currency (-1.17%). The improving yield environment in the fixed income space remained the main driver of the performance (or lack thereof) in equities. A daily average of NGN 3.2bn (USD 8.5m) worth of shares was traded over the last five days. The total market capitalization stands at NGN 20.8tn (USD 54.6bn). The top performer this week is LASACO Assurance Plc. Shares in the insurer jumped 193% but this is mainly due to the finalisation of the Share Reconstruction operation. A Share Reconstruction otherwise known as reverse stock split is just a way of technically reducing the number of outstanding shares and increasing share price without affecting market value. In January, LASACO Assurance Plc obtained regulatory approval to reverse stock split in the ratio one (1) new ordinary shares for every four (4) ordinary shares previously held by its shareholders. 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 declined for another week. The MASI shed 0.95% in a week that saw MAD 93.95m (USD 10.5m) worth of shares changed hands every day on average. Total market capitalization stands at MAD 585bn (USD 65.5bn), up 0.63% YTD. Cartier Saada is the top performer this week. The shares in the can food producer rose 4.30%, but are down 9.15% YTD. The heavyweight Maroc Telecom closed at MAD 137.25 on Friday, down 1.6% WoW and 5.34% YTD.

EGX - The Egyptian market rallied this week. The EGX 30 gained 2.09% and closed at 11,617.91 points on Thursday. Average daily turnover increased to EGP 1.61bn (USD 102.8m) and the total market capitalization amounts to EGP 709.3bn (USD 45.2bn). The benchmark index is up 7.12% so far this year. The top performer this week is Ismailia Development and Real Estate Co, the real estate developer. The counter soared 41.90% over the week and is up 44.02% so far this year. The Egyptian heavyweight, CIB, closed EGP 62.36 on Thursday, up 5.36% YTD. Fawry, the listed fintech, remains an investor favorite. Its stocks closed at EGP 48.22 on Thursday, up 43.85% YTD.

 

East Africa

NSE - Kenyan equities edged down this week. The Nairobi Securities Exchange’s benchmark index shed a mere 0.10% WoW. Average daily turnover increased to KES 635.9m (USD 5.8m) and the total market capitalization amounts to KES 2,541bn (USD 23bn). The market is up 8.73% year-to-date. The notable performer this week is Nation Media Group. The shares in the regional media group rallied 23.37% WoW as it announced plans to buy back 10% of its own shares from shareholders in a share buyback programme that will give its investors a chance to cash in on their investments. The company's share price at the stock market has remained suppressed since it did not declare an interim dividend when it announced its half year results in 2020. The media group performance has been adversely impacted by coronavirus. Safaricom remained flat WoW as shares in the telecom operator closed at KES 38.75 on Friday, up 13.14% this year.

 

Southern Africa

JSE - South African equities cooled down this week. The JSE ASI shed 1.97% and closed at 66,138.05, tracking global markets that went into a bit of a spin on Friday over concern that inflation could begin rising too quickly as more stimulus is pumped into the economy while the recovery from the coronavirus seems on track. South African equities are up 11.33% so far this year. The top performer this week is Nictus Limited. The shares in the retailer of household furniture, electrical appliances and home electronics soared 73.91%. The JSE heavyweight Prosus closed at ZAR 1764.10 on Friday. It is up 9.83% so far this year.

ZSE - The Zimbabwean market significantly rallied from the first weekly loss it experienced in weeks. The ASI jumped 5.93%. Daily average turnover grew 25% to ZWL 95m (USD 1.1m) and total market capitalization amounts to ZWL 501bn (USD 6.0bn).