Research

Today’s session was particularly bearish in-line with the direction of our African and Frontier peers with more than 2 drops for every gain although a lot of these moves were narrow.

 

Leading the pack were NBFIs CIM (-2.0%) and FINC (-2.2%) both of whom retreated to their lowest in 8Wks, VEM (-0.4%) extended its Ex-Div trading descent on an atypically large exchange of just under 14k shares. Sugar conglomerates ALTEO and TERRA each inched lower by 5cts as did MEDL (-0.7%) which appears to have begun a retreat.

 

GRIT continued to record heavy trading – foreign crosses with a net outfow of Rs1M – at $1.50 (±0%) having announced a series of acquisition in Accra & Maputo as well as being in the midst of applying for a London listing. Also recorded heavy foreign trading were banks MCB (-0.4%) and SBM (+0.3%) with net outflows on the former and inflows on the latter.