MCB share value rises to 2015 high of Rs 218; pulls up Stock Exchange of Mauritius
The Stock Exchange of Mauritius ended the week on a positive note with the Semdex and the Sem-10 index gaining 0.2% and 0.6% to hit 1953.78 points and 373.49 points respectively for the trading week ended July 24, 2015, upon positive performance by banking major MCBG which hit an annual record high of Rs 218, as well as a 1.2% rise in the stock value of the island’s second largest financial services provider, SBMH.
The Stock Exchange of Mauritius closed the trading week of July 24, 2015 in positive territory, with the Semdex and the SEM-10 indices gaining 0.2% and 0.6% to reach 1953.78 points and 373.49 points respectively.
It may also be noted that the overall turnover of the Official Market amounted to Rs 27.5million and was mainly geared towards SBMH, LUX and MCBG which accounted for 80.6% of Total Market Turnover (TMT).
The upward trend in the market reflected gains by banking major MCB Group Ltd, whose stock went up by 3.0% to close at Rs 218.00, representing its highest value yet in 2015.
In the banking cluster, the performance of SBM Holdings Ltd also contributed positively to the upward trend of the stock market with a 1.2% gain to close at Rs 0.88.
The positive performance of the SEM-10 can be attributed to the increase in the value of banking sector stocks even as other stocks pulled in negative performances.
In the investment cluster, Terra Mauricia Ltd and ENL Land Ltd reported the largest drop with dips of 2.1% and 1.3% respectively in the value of their shares.
Other investment stocks, namely CIEL Limited, Rogers & Co Ltd and Alteo Ltd, reported losses of 1.2%, 0.8% and 0.3% respectively.
On the hospitality front, bluechip stock Lux Island Resorts Ltd remained flat at Rs 61.50 while renowned player New Mauritius Hotel Ltd saw its stock value dip by 4.4% to close at Rs 18.50.
The top three performers of the week were Gamma Civic Ltd, which appreciated by 3.3% to close at Rs 28.00, followed by MCBG’s increase of 3.0% and finally a rise of 1.5% in the share value of United Docks Ltd.
The main market losers were Bluelife Ltd, which dipped by 4.0%, followed by Air Mauritius Ltd whose share price depreciated by 4.5% while NMH reported a loss of 4.4% in share value.
Following the official market of the SEM, the Development and Enterprise Market also saw its flagship index, the DEMEX, pursue a positive trend, rising by 0.33% to close at 207.8 points. However, market turnover was relatively low at Rs 1.9 million.
Major market news during the week pertained to the release of the MCB focus report. The latest edition of the definitive report by the financial services major encourages the island economy to power its own growth ambitions of transforming into a regional hub for investment and trade. It advises the government to undertake a wide-scale yet carefully-executed opening up of the labour market to foreign talents, notably those displaying extensive experience in dealing with broad-based African markets and businesses/investors.