Tourism operator Chobe was the biggest mover during the week under review, powering on 6.6% of its value to end the week at a 52 week high of 901 thebe. The tourism operator is currently in negotiations to acquire Dinaka Safaris, a 3 Star lodge, with property rights in the Central Kalahari.
We believe this is a worthwhile investment by Chobe Holdings and will add value to shareholders in the long run. Turnstar and BIHL were the other movers during the week with Turnstar shares on high demand particularly from institutional investors. Turnstar recently expanded the flagship Game City Mall and acquired its first office building in Dubai.
Letshego and Cresta were the only losers with micro lender Letshego down 2.1% to 190 thebe after trading 5.1mn shares worth around P9.6mn. The micro lender has just opened an IPO on the Namibia Stock Exchange for the shares of its Namibia subsidiary in line with Namibia’s Central Bank licensing conditions for its Namibia subsidiary to have a minimum of 45% local ownership within four years of the issuance of a licence.
Around 15.1mn shares worth P64.5mn exchanged hands during the week under review. This is down from 25.5mn shares worth P71.7mn which exchanged hands the previous week.
For the week, the Domestic Companies Index (DCI) lost marginally by 0.06% to 8,946.71 points weighed by a loss in Letshego and Cresta. (Motswedi Securities)