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AfricaMoney | August 20, 2017

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SBMH drops by 4.3%; triggers 0.3% dip in Mauritian stock market

SBMH drops by 4.3%; triggers 0.3% dip in Mauritian stock market

The Stock Exchange of Mauritius closed lower last week, with the broader Semdex dipping 0.3% to hit 1981.39 points and the SEM-10 also climbing down 0.5% to 378.52 points, as dominant market player, financial service major SBMH, reported a decline of 4.3% in share value.

The Stock Exchange of Mauritius saw its indices end last week on a negative note with the broad equity index, the Semdex, decreasing by 0.3% to hit 1981.39 points, while the blue chip index, the SEM-10 index, also declined by 0.5% to close at 378.52 points.

Overall, the SEM recorded a total turnover of Rs 59.3 million for the week ended Friday 26 June 2015.

Dominant market player and financial services major MCB Group Limited continues to pursue an upward trend over the past five weeks upon favourable financial results for the first quarter of 2015. Accordingly, MCBG closed the week at Rs 217.20 after appreciating 0.45 over last week.

Other components of the SEM-10 depicted that the banking sector’s overall performance was mixed, with the 4.3% decline in the value of SBMH shares being partly offset by the positive performance of MCBG.

In the investment cluster segment, an upward performance was noted with both  Alteo Ltd and Terra Mauricia Ltd inching up by 0.6%, Rogers & Co Ltd increasing by 3.1%, while ENL Land Ltd and CIEL Limited posted a flat performance.

In the hospitality cluster, Lux Island resorts continues to pursue a positive trend over the past four weeks upon the release of sound financial results, and most recently, with TripAdvisor awarding four of its Hotel with the Hall of Fame award. Accordingly, the overall positive sentiment around the company led to an increase of 2.0% for its stock to close the week at Rs 63.25.

However, hospitality major New Mauritius Hotels Ltd, which owns the Beachcomber brand in Mauritius, saw its value decreasing by 1.9% to close at Rs 20.60 and, in the commerce cluster, Ireland Blyth Limited edged higher by 0.4%.

Coming to the top three performers of the week, New Frontier Properties Ltd listed in GBP gained 69.4%, followed by Caudan Development Ltd’s gain of 4.5% and Phoenix Beverages Ltd’s rise of 3.2%.

On the downside, the weakest performances on the bourse were logged by Rockcastle Global Real Estate Company Ltd quoted in USD, which dropped by 15.5%, followed by Atlantic Leaf Properties Limited. The latter’s GBP quoted stock dipped by 8.6%, with SBMH also featuring among the weakest performers of the week, after a drop of 4.3%.

On the Development and Enterprise Market (DEM), the Demex posted a positive performance to end the week at 206.38 points with a 1.0% increase over last week, mainly attributed to the gain of Ascencia class A shares by 5.7%.

During the week, major market news came in the form of dividend declaration for various stock which contributed to appreciation in their price. Notable dividend declarations came from Promotion and Development Ltd, Fincorp Investment Limited, MCB Group Limited, Rogers and Company Ltd, Alteo Ltd and Lux Island Resorts Ltd. On the DEM, RHT Holding Ltd released dividend to its shareholders.

Moreover, Alteo Ltd’s Chief Executive Officer P Arnaud Dalais has expressed his wish to retire as Group Chief Executive of the Company with effect from June 30, 2015. Therefore, at a Board Meeting held on June 24, 2015, the Board of Directors has decided to appoint P Arnaud Dalais as Chairman of the company in replacement of Mr. Arnaud Lagesse, who remains member of the Board.


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