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AfricaMoney | October 16, 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 0.5% to hit 1950.52 points even as the SEM-10 fell 0.3% to 371.32 points, as dominant market players MCBG, in the financial services sector, and CIEL Ltd,in the investment cluster, reported declines of 0.6% and 3.3% 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 0.5% to hit 1950.52 points, while the blue chip index, the SEM-10 index, also declined by 0.3% to close at 371.32 points.

Overall, the SEM recorded a total turnover of Rs 38.3 million for the week ended Friday, 17 July 2015.

Dominant market player and financial services major MCB Group Ltd posted a drop of 0.6% in value to close at Rs 211.75 on Friday 17 July 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 0.6% while SBM Holdings Ltd remained flat at Rs 0.87.

In the investment cluster segment, a downward performance was noted, with CIEL Ltd shares declining in value by 3.3% to end at Rs 6.96.

Moreover, besides CIEL, Terra Mauricia Ltd also ended the week on a negative note with a drop of 0.6% in share price, while ENL Land Ltd posted a positive performance with a 0.8% gain. Other investment stocks in the SEM-10, namely Alteo Ltd and Rogers & Co. Ltd, inched up by 0.3% each.

In the hospitality cluster, Lux Island resorts posted a negative performance of 0.4% to close at Rs 61.50 while New Mauritius Hotels Ltd’s performance was positive with a 2.1% gain to close the week at Rs 19.35.

Coming to the top three performers of the week, New Frontier Properties Ltd, quoted in GBP, gained 14.3%, followed by Belle Mare Holdings which gained 10.9%,while Air Mauritius Ltd saw a rise of 5.7%.

It is to be noted that Air Mauritius launched the “Travel Extravaganza” campaign for the period of 15 July to 30 August 2015, enabling passenger to benefit from certain privileged and promotions such as excess baggage and other benefits on 6 destinations which is expected to prompt more passengers to travel by Air Mauritius and boost sales in the low tourist season.

On the downside, the weakest performances on the bourse were logged by Compagnie des Magasins Populaires Ltée, POLICY, and Caudan Development Ltd, which recorded decreases of 5.6%, 4.2% and 3.6% respectively.

Following the Official Market, the Development and Enterprise Market (DEM) too closed weaker this week, as the Demex posted a negative performance to end at 207.11 points on July 17, 2015 with a 0.04% drop over last week, mainly attributed to the fall in value of Ascencia Class A shares.

During the week, major market news came in the form of the upcoming listing of Mauritian hotel chain Attitude Property, which is offering up to 100,000,000 ordinary shares of no par value at an offer price of Rs 10 each for subscription, following which 178,000,000 ordinary shares of no par value will be listed on the Development and Enterprise Market (DEM).

Finally, rounding up a week where listings are once again making waves on the stock exchange, AfrAsia Bank, which is majorly owned by Mauritius’ largest conglomerate GML, declared itsintentions to issue an IPO in late 2016.

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