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The overall sentiment was mixed on African equity markets this week. Among the 17 markets we cover, 8 advanced while 8 retreated, and 1 remained flat. The BRVM led the pack as equities in Abidjan gained 2.85%. Conversely, the Ghanaian market was the laggard for the second consecutive week after weeks of strong performance. Equities in Accra dropped another 6.17%.


West Africa

BRVM - Bulls were back in Abidjan this week. Overall, the Composite Index jumped 2.85% WoW to close at 153.70. Market activity declined 31% as XOF 382.3m (USD 0.71m) worth of shares changed hands every day on average compared to XOF 556.6m the week before. The market is now up 5.73% year-to-date and the total market capitalization stands at XOF 4,625bn (USD 8.61bn). Société ivoirienne des tabacs (SITAB) leads the performance chart this week. The shares in the tobacco producer jumped 42.78% and have almost quintupled since the start of the year (+394%). Note that Nestle Cote d’Ivoire SA was the second top performer this week. The company’s shares skyrocketed another 42.34% (+698.44% YTD). The market heavyweight, Sonatel, closed the week at XOF 14,000, up 3.7% over the week. Shares in the telecom operator are now up 3.70% YTD.

NGX - Equities in Lagos fell off this week. The benchmark index of the Nigerian exchange dropped 2.93% WoW closing on Friday at 38,324.07. Stocks are now down 4.83% YTD. Activity declined 28% as NGN 2.3bn (USD 5.6m) worth of shares were traded on average over the week compared to NGN 3.2bn the week before. The total market capitalization stands at NGN 20.0tn (USD 48.43bn). Eterna Plc is the top performer this week. Shares in the petrochemicals producer and fuel distributor jumped 21.21% and are now up 56.86% since the start of this year. Dangote Cement, on the other hand, declined to close at NGN 210 (-2.33% WoW). The shares in the cement producer are down 14.25% YTD.



North Africa

BVC - The bull run continues in Casablanca as Morrocan equities advanced for the 11th consecutive week. The MASI gained another 0.84% in a week that saw MAD 195.6m (USD 22.8m) worth of shares change hands every day on average. The total market capitalization stands at MAD 628bn (USD 71.2bn), up 7.58% YTD. Société Nationale de Sidérurgie (Sonasid) is among the top 3 performers of the week. Shares in the steel product manufacturer gained 8.57% and are now up 52.72% YTD. The heavyweight, Maroc Telecom, closed at MAD 139.95 on Friday. The stock is down 3.48% YTD.

EGX - Egyptian equities cooled down this week. The EGX 30 shed 0.33% and closed at 10,731.96 points on Thursday. Compared to the previous week, average daily turnover jumped 81% to EGP 1.63bn (USD 104.05m) and the total market capitalization amounts to EGP 671.9bn (USD 42.85bn). The benchmark index is now down 1.04% YTD. Giza General Contracting is among the top performer this week. Shares in the construction and engineering company jumped 28.75% but are still down 70.63% YTD. The Egyptian heavyweight, CIB, closed at EGP 56.98 on Thursday and is now down 3.73% since the start of the year. Note that Fawry, the listed fintech company, closed the week at EGP 22.93 (up 4.56% WoW).


East Africa

NSE - Kenyan equities remained flat this week. The average daily turnover declined 17% to KES 635.5m (USD 5.87m) and the total market capitalization amounts to KES 2,581bn (USD 23.85bn). The market is still up 8.97% YTD. Nation Media Group Plc is among the top performers this week. The shares in the media group rallied 10.63% WoW and are now up 7.77% YTD. Safaricom closed at 39.50 KES, up 0.25% WoW. The counter is up 15.33% so far this year.


Southern Africa

JSE - South African equities declined for the second consecutive week. The JSE ASI shed 0.54% this week to close at 66,238.94. The South African benchmark index is now up 11.50% YTD. The JSE heavyweight, Prosus, closed at ZAR 1,414.75 on Friday (-1.45% WoW). Shares in the tech investor are now down 11.92% YTD.

ZSE - Equities in Harare cooled down this week as the ASI declined 1.06% WoW. Daily average turnover tripled to around ZWL 428m (USD 5.06m) from ZWL 132m the week before. The total market capitalization amounts to ZWL 630.14bn (USD 7.44bn), up 104.03% so far this year.