Having lost 16 percent in 2008 after the global economic crisis effects took their toll, the mainstream index on the stock exchange is now poised to finish the year in positive territory.The DCI ended the week 0.57 percent higher at 7,340.95 points, pushing its year to date growth to 4.34 percent coming from negative territory just three weeks ago.
In last week's trading, no counter slipped while 9 counters gained and 22 counters finished the week unchanged.
However, on the other hand, the FCI was static at 1,328.20 points on very little activity on the Foreign Equity Main Board. This is despite some higher bids, well above the market price in some counters such as Anglo, IamGold, Investec and African Diamonds. "We note that potential sellers are reluctant to offload their holdings at the current price in anticipation of future gains in the stocks," says Gary Juma of Motswedi Securities. AF Diamonds was the biggest mover up 12.9 percent to 350 thebe, after the company announced its intention to increase its stake to 40 percent in AK6.
Imara was the second highest climber, ending the week 12.5 percent higher at 675 thebe after the company released a renewal of its cautionary statement.
PrimeTime pushed on 4.9 percent to 150 thebe after releasing a fair set of financial results, which saw rental income growing by 33 percent.
"FSG continue to shine, finishing the week at 146 thebe. The Funeral Services Provider, has since risen by 46 percent since its initial listing in October last year as investors are currently excited about the stock after the funeral services provider officially launched its Phomolong Memorial Park about two months ago, which is expected to be a big cash cow for the group," said Juma in a weekly market report. For the week, a total of 706,615 shares, worth P6.1 million swapped hands on the BSE, down from 4.2 million shares, worth P51.2 million that were traded the previous week
Other gains were in Sefalana, Letshego, RDCP, Barclays and Turnstar. Letshego has been on an upward trend since releasing a pleasing set of interim results, while investors are also excited about RDCP as the property developer is currently developing the Masa Centre, which is expected to be a jewel in the group's property portfolio, and the first mixed use development in Botswana.
