The SEMDEX extended its winning streak, climbing 0.5%, amid subdued trading activity. Turnover for the day amounted to just MUR 16.8m on the Official Market, with MCBG accounting for 72% of activity.
MCBG continued its rally, gaining 1.1% to reach MUR 370.50 on 32.7k shares traded, contributing the most to the benchmark gains. TERRA emerged as the top gainer, soaring 3.8% to MUR 22.95 on 2.8k shares traded. Hotel stock NMH also advanced 0.9% to MUR 10.90.
On the flip side, POLICY (-1.6% to MUR 3.12), ALTEO (-0.6% to MUR 9.88), and CIEL (-0.3% to MUR 7.22) were among today's losers.
Foreigners shifted to net selling, with purchases totalling MUR 2.3m and sales reaching MUR 7.0m, and were mostly focused on MCBG shares.
International Markets
US stocks rose on Wednesday, with the DOW JONES outperforming its large-cap peers and the S&P 500 setting a new closing record. Merck was the top performer on the Dow, surging 5% after the FDA approved its therapy for a rare lung condition in adults.
European markets edged higher on Wednesday, closing at another record high for the pan-European STOXX 600 index. The gain was driven by strength in defensive sectors, particularly utilities and healthcare companies.
Asian markets closed with mixed results on Wednesday. Investors reviewed economic data released by China, which showed a 10.2% rise in industrial profits for the first two months of 2024 compared to the same period in 2023. China’s CSI 300 fell 1.2% to close at its lowest level in about a month while the HANG SENG index declined 1.4%.
Regional Markets
South African stocks closed higher on Wednesday, after the South African Reserve Bank announced its decision to hold the repo rate at 8.25%, in line with expectations. The SARB highlighted the need for a restrictive policy stance due to inflation concerns.
Nigeria's stock market notched its first gain this week on Wednesday, edging up 0.3%. This positive performance came despite the Central Bank of Nigeria's decision on Tuesday to raise its policy rate by 200 basis points to 24.75% in a move to curb inflation.
FX & Commodities
The Japanese yen experienced significant volatility on Wednesday. It plunged to its weakest point against the US dollar since 1990, reaching 151.98 yen per dollar. Following reports of a meeting by Japanese monetary officials to discuss the weakening currency, the yen showed a slight recovery, closing the day 0.1% stronger versus the dollar.