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AfricaMoney | July 25, 2017

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MCBG shares drop 2.2%; trigger 0.9% fall in Mauritius’ stock market

MCBG shares drop 2.2%; trigger 0.9% fall in Mauritius’ stock market

The Stock Exchange of Mauritius closed lower last week, with the broader Semdex dipping 0.9% to hit 1964.4 points and the SEM-10 down 1.2% to 373.8 points, as dominant market player, financial services major MCBG, declined by 2.2% to close at Rs 212.50.

The Stock Exchange of Mauritius saw its indices end last week on a negative note with the broad equity index, the Semdex, decreasing by 0.9% to hit 1964.4 points, while the blue chip index, the SEM-10 index, also declined by 1.2% to close at 373.8 points.

Overall, the SEM recorded a total turnover of Rs 12.3 million for the week ended Friday, 03 July 2015.

Dominant market player and financial services major MCB Group Limited posted a drop of 2.2% in value to close at Rs 212.50 on Friday, 03 July 2015, which prompted the market to end the week at lower levels.

Other components of the SEM-10 depicted that the banking sector’s overall performance was not favourable, as not only was there a decline in the value of MCB shares, but SBM Holdings Ltd also posted a flat performance to close at Rs 0.89.

In the investment cluster, a downward performance was noted, with CIEL Ltd declining by 1.4% to end at Rs 7.10.

Moreover, apart from CIEL, Terra Mauricia also ended the week on a negative note with a drop of 3.4% in share price. Besides, ENL Land Ltd posted a negative performance with a 0.2% dip. The main reason for the loss in value of investment stocks was their exposure to the sugar cluster, which is currently facing uncertainties upon a significant drop in sugar price.

It is to be noted that Terra commented on its financial performance for 2014 last week, where the sugar cluster reported losses but the group managed to notch profits nevertheless. For 2015, comments from the Managing Director of the Group revealed that the upcoming price of sugar will determine the performance of this segment.

Meanwhile, other investment stocks in the SEM-10, namely Alteo Ltd and Rogers & Co. Ltd, reported a constant performance.

On the hospitality side, both elite hospitality groups reported negative performances. New Mauritius Hotels Ltd, which owns the Beachcomber brand in Mauritius, witnessed a weekly close of Rs 20.00, representing a decline of 2.95% over last week, followed by a 0.8% drop in the value of Lux Island Resorts’ shares.

Coming to the top performers of the week, Phoenix Beverages Ltd bagged the first position with a gain of 10.8%. It is inferred that investors have been positively impacted by the new “Share a Coke” campaign, which is expected to boost company sales amidst fierce competition. This draws from the personalised value-add to customers, basis which such campaigns were successful in other countries such as Australia.

Rounding up the top three performers were ENL Commercial Ltd, which edged higher by 4.1%, and Belle Mare Holding Ltd, which zoomed up 3.1%.

On the downside, the weakest performances on the bourse were logged by National Investment Trust, which went down by 4.6%, followed by Vivo Energy Ltd and Omnicane ltd, which dropped 4.5% and 4.1% respectively.

On the Development and Enterprise Market (DEM), the Demex ended the week at a lower 207.7 points, with a 0.7% drop over last week. This decline in the value of the Demex was mainly attributable to the fall in value of ENL Investment Ltd shares.

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