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AfricaMoney | June 28, 2017

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Mauritian bourse moves up on positive earnings results & good banking performance

Mauritian bourse moves up on positive earnings results & good banking performance

Stock Exchange of Mauritius (SEM) recovered on positive earnings of major listed entities, including banking major MCB, which increased the confidence level of investors leading to higher activity on the bourse, with both the Semdex and the SEM-10 posting 1.3% and 1.2% increases over the week.(Image: warsawstockjournal.com)

The Stock Exchange of Mauritius saw its indices ending in positive territory on the back of the dominant market player, MCB Group Ltd, announcing a profit surge of 35.4% for the nine months ended 31 March 2015, following which its stock price went up by 1.7% to Rs 206.75 on Friday 15 May 2015.

The broad-based equity index, the Semdex, inched up by 1.03% during the week to close at 1975.98 points last Friday while the blue chip index, the Sem-10, gained 1.2%.

Market turnover at Rs 178.2 billion on Friday 15 May 2015 was mainly geared towards MCB with market turnover depicting an increase in activity compared to the corresponding weekly periods, when market capitalisation stood at Rs 219.7 billion.

SEM-10 componentsthat drove indices towards a positive performance were mainly the surge in the performance of banking major MCB, followed by SBM Holdings Ltd which inched up by 2.13%.

Moreover, the hospitality segment also reported positive performance upon encouraging results, with LUX* Island Resorts Ltd gaining 3.4% to close at Rs 60.50 and New Mauritius Hotels Ltd rising by 4.6% to end at Rs 63.00.

In the investment cluster, a mixed performance was noted with Rogers& Co increasingby 3.0% while Terra Mauricia Ltd, ENL Land Ltd and Alteo Ltd dipped by 5.5%, 1.0% and 0.2% respectively, while CIEL Limited remained flat at Rs 6.90.

In the commerce cluster, Ireland Blyth Ltd posted a negative performance or 0.9% to end the week at Rs 114.00.

The top three performers of the week Cim Financial Services Ltd which went up by11.6%, followed by Sun Resorts Ltd, whichrose by 7.6% and United Basalt Product’s gain of 4.7%.

On the decliners side, investors had negative views on the gaming sector, following which shares of Lottotech parent Gamma Civic Ltd and Lottotech Ltd itself declined by 6.3% and 6.4% respectively. The tightened rules on the gaming sector in Mauritius as announced under Budget 2015 also triggered a disappointing earnings result for Lottotech in the first quarter of this year.Besides, Mauritius Eagle Insurance Ltd also reported a negative performance with a dip of 6.1% in share price.

Major market news during the week wasthat of New Mauritius Hotels (NMH) financial restructuring through a bonus and rights issue in order to reduce the debt of the company and improve its liquidity position.

Finally, last week marked the release of quarterly financial results of companies for the period ended March 2015. To sum up,positive results was recorded in the hospitality industry, mixed performance was noted in the banking sector, but, for companies carrying out activities in the sugar sector, results were by and large not favourable.

 

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