BSE snaps 11-week bearish streak
Isaac Pinielo | Tuesday March 22, 2016 18:00
Weekly financial markets highlights released by Motswedi Securities show that local equities ended the week 22 basis points firmer, driven by gains from some of the blue chip counters.
During the week, over 32 million shares worth P105 million were traded with Letshego trading about 85 percent of those volumes.
However market analyst, Tlotlo Ramalepa said the modest recovery of the DCI last week does not necessarily mean that the downtrend has come to an end.
“We are still anticipating a further downward trajectory since the price-earnings ratio (P/E ratio) is still high and profit taking is expected to continue in the coming few weeks,” he said.
On the domestic front, Botswana Insurance Holdings Limited (BIHL) led the rally as it leaped up by 1.7 percent to reach a new 12-month high of 1,595 thebe.
Investment holding company, Sechaba Holdings also closed in the black pocketing 0.9 percent to trade at 2,875 thebe.
On the property space, RDC Properties Limited and New African Properties (NAP) both advanced by 0.4 percent each to close the week trading at 254 thebe and 273 thebe in that respective order. Primetime Property Holdings Limited was also another gainer for the week as it notched up by 0.3 percent.
Trailing on the downside, property giant Turnstar Limited slid by 0.7 percent to trade at 303 thebe while retail consortium, Sefalana Holding was trading at 1,330 thebe after losing 0.1 percent for the week.
As for the exchange-traded funds (ETFs), Newplat plunged by two percent to trade at 10,630 thebe per unit.
Meanwhile on the foreign exchange, the pula lost traction against most of its major trading peers but rebounded relative to the dollar. The local unit gave up half a percent to the pound, but appreciated by 0.8 percent against the greenback.