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AfricaMoney | September 22, 2017

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Mauritius stock market indices continue on downward trend as bank stocks disappoint

Mauritius stock market indices continue on downward trend as bank stocks disappoint

Decliners pushing the Semdex down were mainly financial majors MCB Group Limited and SBM Holding Ltd which decreased by 2.2% and 1.0% respectively while New Mauritius Hotels Ltd and Rogers & Co Ltd went down by 2.4% and 1.3% each respectively. (Image: pixshark.com)

The Mauritian bourse continued in negative territory with the broad equity index, the Semdex, which captures the Official Market (OM) performance, having dropped by 1.2% to end at 1977.7 points and the bluechip index, the SEM-10 having dipped by 1.2% as well to at 373.3 points, for the week ended 13 March 15.

The overall market capitalisation on Friday amounted to nearly Rs 220 billion, with value traded of Rs 36.5 million on the OM.

On the Development and Enterprise Market (DEM), the Demex followed the same trend as the OM to close lower at 200.5 points, having declined by 0.6%.

Decliners pushing the Semdex down were mainly financial majors MCB Group Limited and SBM Holding Ltd, which decreased by 2.2% and 1.0% respectively while New Mauritius Hotels Ltd and Rogers & Co Ltd went down by 2.4% and 1.3% each respectively.

Other important companies forming the Sem-10 index are Lux Island Resorts Ltd which fell by 0.5% and Alteo Ltd, which declined by 0.6%. Ireland Blyth Ltd was the only gainer among SEM-10 companies, inching up by 0.9%, while others such as Terra Mauricia Ltd, CIEL Limited and ENL land Ltd posted a flat performance.

The top three gainers on the Mauritian bourse were Rockcastle – a Global Business License category (GBC) one firm listed in USD on the local bourse – which climbed by 6.1% to end at USD 2.60, Lottotech Ltd which recouped part of recent losses by gaining 2.1%, and ENL Commercial Ltd, which increased by 2.3%.

On the other hand, the worst three performers which contributed negatively towards the stock market performance were, Bramer Banking Corporation Ltd which went down by 11.5% to close at Rs 4.60 last Friday, followed by Bluelife Ltd and Air Mauritius Ltd which dipped by 4.8% and 3.9% respectively.

Major market news during the week consisted mainly of the release of published accounts of Harell Mallac Ltd and its subsidiaries, Bychemex Ltd, Chemco Ltd and the Mauritius Chemical & Fertilizer Industry Ltd, which demonstrated mixed performance as export revenues suffered amid a weakening Euro.

Finally, industry major Gamma Civic Ltd published its account as well, showing a commendable performance amidst difficult economic condition as it managed to increase revenues — even as profits took a hit — and declared final dividend of Rs 1.50 for fiscal year 2014.

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