Stock market start Q3 on strong footing

Isaac Pinielo | Friday July 17, 2015 11:59

A weekly market update by Motswedi Securities research analysts, Garry Juma and Tlotlo Ramalepa, shows that a total of 4.8 million shares worth P19.9 million were transacted during the week.

Of these volumes, the country’s largest microlender, Letshego traded 77.3 percent.

The analysts say this is a significant increase when compared to the same period last year when local equities traded P3.3 million worth of shares.

The increase followed a slump that was realised in the first week of the third quarter when local equities traded only 2.7 million shares worth P9.4 million during the short trading week as market closed for a holiday that was on Wednesday.

“During the second week of the third quarter domestic company index (DCI) looked set to keep its upward momentum, accumulating 10,755.41 points while the foreign company index (FCI) was relatively flat,” said the analysts.

On the Exchange Traded Funds (ETFs), Bettabeta edged up 0.2 percent trading at 4090 thebe per unit while NewGold advanced by a single percent to close at 11200 thebe a unit.

Chobe Holdings Limited led the upside as it pocketed a huge 4.9 percent to trade at a new 12-month high of 596 thebe. The tourism outfit is the second largest gainer on the main board, for the year thus far.

“Leading grocery group, Choppies Enterprises robust expansion continued to bring excitement to the market place as it reached a new all-time high of 493 thebe,” the analysts stated.

Meanwhile, hotel operator Cresta Marakanelo leaped up by 2.3 percent to end the week at 97 thebe. Funeral service provider, FSG Limited was also trading at a new 52 week high of 260 thebe as it rose by two percent.

On the financial sector, Botswana Insurance Holding Limited (BIHL) kept its upward trend as it closed at a 1412 thebe; its 12 month high, after gaining 1.6 percent.

Other gainers for the week were Barclays Bank of Botswana and First National Bank of Botswana (FNBB) among others, as they notched up by 0.9 percent and 0.5 percent, trading at 431 thebe and 395 thebe respectively.

On the losing end, Furnmart had a 2-week losing streak, shedding 2.5 percent to trade at 159 thebe.