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AfricaMoney | August 20, 2017

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Stock Exchange of Mauritius sees indices dip as financial services major MCB disappoints

Stock Exchange of Mauritius sees indices dip as financial services major MCB disappoints

The Stock Exchange of Mauritius closed lower last week, with the broader Semdex dipping 0.6% to hit 1917.14 points even as the SEM-10 fell 0.6% to 365.14 points, as dominant market players MCBG, in the financial services sector, and CIEL Ltd, in the investment cluster, reported declines of 0.5% and 1.2% respectively.

The Stock Exchange of Mauritius saw its indices end on a negative note last week as the broad equity index, the Semdex, decreased by 0.6% to hit 1917.14 points, while the blue chip index, the SEM-10 index, also declined by 0.6% to close at 365.14 points.

Overall, the SEM recorded a total turnover of Rs 68.2 million for the week ended Thursday, 17 September 2015.

Dominant market player and financial services major MCB Group Ltd posted a drop of 0.5% in value to close at Rs 209.00 on Thursday, 17 September 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 mixed, with the value of MCB shares declining by 0.5% while SBM Holdings Ltd remained flat at Rs 0.85.

In the investment cluster segment, a downward performance was noted, with CIEL Ltd shares declining in value by 1.2% to end at Rs 6.72.

Moreover, besides CIEL, Rogers & Co. Ltd also ended the week on a negative note with a drop of 2.5% in share price, while Alteo Ltd posted a positive performance with a 0.8% gain. Other investment stocks in the SEM-10, namely and Terra Mauricia Ltd, inched up by 0.9% each.

ENL Land Ltd posted a flat performance to end the week at Rs 48.00

In the hospitality cluster, Lux Island resorts and New Mauritius Ltd posted a negative performance of 0.4% and 2.7% each respectively to close at Rs 62.70 and Rs 18.00 each.

Coming to the top three performers of the week, United Docks Ltd gained 5.2%, followed by Omnicane Ltd which gained 1.4%, while Terra Mauricia Ltd saw a rise of 0.9%.

On the downside, the weakest performances on the bourse were logged by Air Mauritius Ltd Gamma Civic Ltd and New Mauritius Ltd , which recorded decreases of 8.3%, 5.1% and 2.7% respectively.

Following the Official Market, the Development and Enterprise Market (DEM) closed on a positive note this week, with gain of 2.0% to end at 208.83 points on September 17, 2015, mainly attributed to the rise in value of United Investments Ltd shares.

As for the SEMSI index which has been newly introduced by the SEM the index declined by 0.6% to reach 99.35 points mainly due to the which the major  market player MCB Group Ltd lower performance.

During the week, major market news came in the form of the amalgamation of Quality Beverages Ltd considers amalgamating with Vital Water Bottling Co Ltd with the amalgamation to become effective on 31st December 2015, where shareholders of VITAL will, in exchange, receive ordinary shares of QBL in the ratio of 7 new ordinary shares of QBL for every 1 share of Vital .The proposed amalgamation is a related party transaction as both VITAL and QBL are subsidiaries of Currimjee Industries.

Finally, Ascencia Limited to raise Rs 1,425,171,036 to ‘Sophisticated Investors’ through a private placement made in order to finance its future acquisitions. A minimum of 11,530,510 bundles of financial instruments consisting of class A ordinary shares, convertible non-voting preference shares and redeemable bonds shall be listed on the Stock Exchange of Mauritius Ltd.

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