The market remains fairly dry even after the peak reporting season. The exchange saw just over 8.65 million shares valued at P27.5 million cross the board for the entire week. The subdued activity however did not rob the market of some level of excitement. The DCI closed the week at 9,3777.01 hovering around its 3 month high and up from a low of 9,005.95 on the 23rd of February. The Foreign company index on the other hand retreated with Lucara to close at 1,583.4.
Afinitas has seen some strong performance for the month over the last 6 weeks as it rose by 10.6%, to close the week as 3rd best performing stock on the BSE. Trading seems to be concentrated among retail investors as volumes remain fairly constrained, with 56 000 shares trading for the week. The venture capital listed stock pocketed 2 thebe for the week to close at P1.04 per share.
Investor confidence on BIHL is unwavering. The diversified financial services provider leaped 25 thebe higher for the week to close at P18.50 per share. The stock, which saw profitability decline over 2016, remains fundamentally sound, with a Return on Equity of 19.7% and PE ratio of 10.7 times. Sefalana saw some much needed recovery as it rose 1.4% or 15 thebe higher to close at P10.90 per share. The share price had remained under pressure with demand dampened by their November rights offer. The stock is currently trading 16.2% lower, for the year thus far.
BTCL and Letlole continue to pile on gains, both pocketing a thebe for the week. BTCL closed the week closed the week 0.8% higher at P1.32 per share while Letlole moved 0.45 to end the week at P2.33. New African Properties was among the list of thebe gainers, as it rose to an all time high of P3.18 per share.
Leading the losers was Lucara diamonds which fell 45 thebe lower to close the week 1.95 softer at P23.64 per share. The diamond producer however released the results of their exceptional stone tender. 15 diamonds of varying sizes sold for over $54.8 million, the 1765.72 carats on sale grossed an average of $31, 000 per carat. The news should see increased demand for the stock and potential share price growth. Letshego and FNBB were the only stocks that retreated for the week, dropping a thebe apiece to close at P2.27 and P2.79 respectively. (Motswedi Securities)