Stock Exchange of Mauritius gets a boost as banking majors MCB & SBMH gain
Both the Semdex and the SEM-10 index of the Stock Exchange of Mauritius inched up by 1.0% and 1.2% to reach 1970.79 points and 371.12 points respectively for the trading week of June 5, 2015, upon positive performances by banking majors MCB and SBMH.(Image: Executive Magazine)
The Stock Exchange of Mauritius closed the trading week of June 5, 2015 in positive territory, where both the Semdex and the SEM-10 indices gained 1.0% and 1.2% each to reach 1970.79points and 371.12pointsrespectively.
It may also be noted that the Official Market turnover reached Rs 50.9 million, and market capitalisation stood at Rs 219.1 billion.
The upward trend in the market reflected the gains of the two banking majors — MCB Group Ltd stock went up by 2.5% and SBM Holdings Ltd increased by 1.1%.
The positive performance of the SEM-10 can be attributed to the increase in the SBMH share price by 1.1%, together with the rise in share prices of the MCB Group Ltd, while other constituents of the index reported a mixed performance, with ENL Land Ltd and Ireland Blyth Limited posting a flat performance.
A noteworthy declining performer amidst the SEM-10 investment stocks was Rogers and Co Ltd, which dipped by 0.8%, while other stocks such as CIEL Limited, Terra Mauricia Ltd and Alteo Ltd inched up by 4.1%, 0.3% and 1.0% each.
However, on the hospitality front, bluechip stocks such as New Mauritius Hotels Ltd and Lux Island Resorts Ltd reported negatively, with a drop of 1.2% and 0.4% respectively.
The top three performers of the week were CIEL Limited, which appreciated by 4.1%, followed by The Mauritius Development Investment Trust Ltd, which rose by 3.2%, and finally, Phoenix Beverages Ltd, whose share price pushed up 3.0% to close at Rs 315.00.
The main market losers were Gamma Civic Ltd, which dropped by 2.4%, followed by ENL Land Ltd preference shares,which decreased by 2.2%,even as Sanlam Africa Core Real Estate Investments Ltd dipped by 4.2%.
On the Development and Enterprise Market, the DEMEX also pursued the same positive trend as the Official Market indices and increased by 1.8% to 207.55 points.Market turnover was relatively high at Rs108.4 million, driven by a gain of 4.8% in Medine Ltd.
Major market news during the week pertained to property developer Bluelife announcing the signature of a new management contract with Rezidor Hotel Group to manage Haute Rive Azuri Hotel Ltd and Poste Lafayette Resort Ltd.
Moreover, major local hospitality player Sun Resorts Ltd has expanded its hotel portfoliowith the 100% acquisition of Anahita Resorts Ltd.
Finally, Public Investment Corporation Limited, a South African public entity, will buy 6.38 million shares in Bayport Management Ltd for $149 million and these shares will be listed on June 17, further consolidating the position of Mauritius as a platform for Africa-bound investments.