Even though most of the stock markets in the Gulf posted declines, last week was the return of the Dubai Market to positive headlines. After another strong few days for the UAE markets, this week starts off with Dubai leaping up more that 5% on Sunday. Worth highlighting is that, while they should have been enjoying their weekend, a large share of the buying activity came from foreigners!
With regards to Sub Saharan Africa, the market in Mauritius was lifted by improved sentiment with financial and leisure groups leading the rally. Ghana is still struggling as foreign investors are taking advantage of market upticks to reduce exposure to this illiquid market. Nigeria’s NSE found its way back up after the correction at the end of last week.
Morocco lived up to its reality of ongoing domestic market support when wave of selling by retail investors, resulting from short term negative market outlook by well published market analysts, was hungrily absorbed by local institutions. Tunisia announced plans for a series of IPOs this year that would add companies from the cement, telecom and navigation industries to the local stock market. Overseas investors are clearly returning to the Tunisian market.
I hope you have a moment to have a look at our weekly market update.
We look forward to keeping you updated on the African and MENA markets.
With kind regards
Baldwin
Baldwin Berges
Silk Invest Limited
4 Lombard Street – London EC3V 9HD – United Kingdom
+44 7772 460768
+32 474 792057
www.silkinvest.com
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