Stock Exchange of Mauritius goes up on positive performance of banking major MCB
Both the Semdex and the SEM-10 index of the Stock Exchange of Mauritius inched up by 0.2% and 0.5% to reach 1975.05 points and 376.10 points respectively for the trading week ending June 12, 2015, upon positive performances by banking major MCB and certain investment stocks.
The Stock Exchange of Mauritius closed the trading week of June 12, 2015 in positive territory, where both the Semdex and the SEM-10 indices gained 0.2% and 0.5% each to reach 1975.05 points and 376.10 points respectively.
It may also be noted that the Official Market turnover reached Rs 22.8 million, and market capitalisation stood at Rs 219.6 billion.
The upward trend in the market reflected the gains of banking major MCB Group Ltd, whose stock went up by 0.7%. Also, in the investment cluster, the performance of Terra Mauricia Ltd contributed positively to the upward performance of the stock market with a gain of 2.9%.
The positive performance of the SEM-10 can be attributed to the increase in value of investment stocks, such as Terra Mauricia and CIEL which gained 0.6% each, followed by ENL Land whose stock rose by 1.3%.
Rogers and Co Ltd, however, reported a negative performance with a decline of 1.5%, while Alteo Ltd remained flat at Rs 31.30.
In the banking cluster, MCB reported a positive performance while SBM Holdings Ltd remained steady.
On the hospitality front, bluechip stocks Lux Island Resorts Ltd inched up by 0.4%.
The top three performers of the week were Bluelife Ltd, whose stock appreciated by 4.1%, followed by Terra Mauricia Ltd, which rose 2.9%, and finally, Air Mauritius Ltd, whose share price went up 2.2% to close at Rs 11.45.
The main market losers were Go Life International PCC, which dropped by 25%, followed by Atlantic Leaf Properties Limited, whose shares decreased by 10.5%, even as POLICY Ltd stock value fell by 5.2%.
On the Development and Enterprise Market, the DEMEX pursued a negative trend and decreased by 1.2% to 205.13 points. Market turnover was relatively low at Rs 1.9 million, driven by the loss of 3.1% in Medine Ltd.
Major market news during the week pertained to the Bank of Mauritius having approved the transfer of 4,500,000 floating rates subordinated notes due in 2023 to the MCBG to be listed on the SEM as from 26th June 2016.
Also, the Board of Directors of the Mauritius Union Assurance Cy. Ltd has decided to proceed with a rights issue of 5,010,000 new ordinary shares at an issue price of Rs 65.00 each to the shareholders of the Company representing a total amount of Rs 325.65 m. The aim of the rights issue is to strengthen the capital base of the company which shall be carried out in the ratio of one (1) new ordinary share for every eight (8) ordinary shares held
Finally, CIEL Ltd’s medical arm, the Medical and Surgical Centre, released its financial results for the year ended March 2015, displaying satisfactory performance with improvements in both revenue and profits after tax, which is an indicator of consistent performance.