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AfricaMoney | June 22, 2017

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Stock Exchange of Mauritius sees indices dip as banking stocks disappoint

Stock Exchange of Mauritius sees indices dip as banking stocks disappoint

The Stock Exchange of Mauritius ended last weekin negative territory as dominant market players, financial service majors MCBG and SBMH, reported a decline of 0.9% and 1.0% each to take the Semdex and SEM-10 down to 1974.90 points and 375.79 points respectively. (Image: stockmarkettraining.info) 

The Stock Exchange of Mauritius saw its indices end the week on a negative note, recording a total turnover of Rs 24.8 million on Friday 22 May 2015 with the broad equity index, the Semdex, decreasing by 0.1% to hit 1974.90 points, while the blue chip index, the SEM-10 index, also declined, albeit by a marginal 0.02%, to close at 375.79 points.

The dominant market player, financial services major MCB Group Limited, posted a drop of 0.9% to close at Rs 205.00 on Friday 22 May 2015, which prompted the market to end the week at lower levels.

Other components of the SEM-10 depicted that the banking sector’s performance overall was negative, with the decline in the value of MCB shares being followed by the drop in value of SBM Holdings Ltd by 1.0% to close at Rs 0.95.

In the investment cluster segment, a mixed performance was noted with CIEL Ltd gaining 7.3% to end at Rs 7.40.This followed the release of a company communiqué noting that CIEL Healthcare Limited and The Medical & Surgical Centre Limited have expressed jointly with Swan General Ltd their interest in purchasing British American Hospitals Enterprise Ltd (ApolloBramwell), however nothing has been finalised yet.

Moreover, besides CIEL, Terra Mauricia Ltd also ended the week on a positive note with an increase of 5.1% in share price while ENL Land Ltd posted a negative performance with a  4.1% dip and other investment stocks in the SEM-10, namely Alteo Ltd and Rogers & Co. Ltd, remained flat.

In the hospitality cluster, Lux Island resorts continues to pursue a positive trend since the release of sound financial results, and most recently, with TripAdvisor awarding four of its Hotel with the Hall of Fame award, the overall positive sentiment around the company led to an increase of 0.8% for its stock to close the week at Rs 61.00.

However, hospitality major New Mauritius Hotels Ltd which owns the Beachcomber brand in Mauritius, saw its value inch down by 0.4% and, in the commerce cluster, Ireland Blyth Limited posted a flat performance.

Among the top three performers of the week, Go Life International PCC gained 33.3%, followed by SEM-10 components, namely Ciel Limited and Terra Mauricia Ltd, that saw increases of 7.3% and 5.1% respectively in their share price.

On the downside, the weakest performances on the bourse were logged by Compagnie des Magasins Populaires Ltée (CMPL), Atlantic Leaf Properties Limited and Lottotech Ltd, which recorded decrease of 5.3%, 7.8% and 4.6% respectively.

On the Development and Enterprise Market (DEM), the Demex posted a positive performance to end the week at 205.38 points with a 1.2% rise over last week, mainly attributed to the Ascencia Class A and Medical And Surgical Centre Ltd share appreciation.

During the week, major market news was in relation to listed companies expressing their interest to acquire the three key subsidiaries of the BAI group, with Cim Financial Services expressing its interest to buy Courts Ltd and ENL Commercial Ltd having expressed its interest in the proposed acquisition of the business of Iframac, while CIEL Healthcare Limited and The Medical & Surgical Centre Limited expressed joint interest with Swan General Ltd in purchasing British American Hospitals Enterprise Ltd (ApolloBramwell).

Finally, Bharat Telecom, which is listed on the DEM, posted negative performance with losses of Rs 84.6 million for the quarter ended March 2015,even though revenue for the company edged higher to Rs 38.6 million with an increase in the number of subscribers. However,in the ultimate analysis, higher operation expenses together with depreciation and amortisation costs dented the entity’s financial results.

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