Movers & Shakers: March 21, 2014

Kenya: NSE 20 +0.62%, USD 8.5m

The Nairobi bourse had a strong end to the week as the NSE 20 rose by 62bps. The general theme is still local buyers and foreign sellers. Strong local buying in Safcom pushed the telco higher by 80bps to KES 12.60. The major banks were also active and both names closed in the green. KNCB rose by 50bps to KES 46.75 while Equity Bank increased by 1.6% to KES 32.00. Britam saw some active foreign participation and the name closed at KES 18.00. EABL continues to chug away as the brewer rose by 80bps to KES 261.

Nigeria: ASI +1.29%, USD 31.6m

The bulls won the day in Lagos. Banks were exceptionally strong as the sector gained an impressive 2.93%. Strength was recorded across the board with the sector also displaying good turnover. Leading the rally were Fidelity (+7%, N2.15), Zenith (+5.8%, N22.00) and Skye Bank (+5%, N3.57). The positive sentiment spilled over into the Consumers as the sector gained 1.21%. The brightest lights were NB (+4.7%, N152.89) and Nestle (+1.48%, N973) while these were partially offset by losses in Flourmills (-9.7%, N67.25) and PZ (-5%, N30.69). In the cements, Dangote Cement saw some decent turnover as the market giant shed just 22bps to close at N228.00.

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