The SEMDEX experienced a modest 0.2% gain amidst subdued trading activity.
Banking stocks exhibited mixed performance, with MCBG edging up 0.2% to MUR 372.75 on 12.5k shares traded, while SBMH dipped by 0.2% to MUR 4.84 on 48.1k shares traded.
Similarly, hotel stocks displayed a varied trend, with LUX surging by 1.9% to MUR 53.00, SUN gaining 1.2% to MUR 42.00, and NMH falling 2.8% to MUR 10.60.
Among conglomerates, CIEL saw a significant surge of 6.1% to MUR 7.70, while IBL declined 1.1% to MUR 43.50.
International Markets
US equities closed lower on Friday, pressured by concerns about inflation and ongoing geopolitical tensions. Additionally, disappointing earnings reports from major US banks further weighed on the market. JP Morgan disclosed potentially lower-than-expected net interest income in 2024, while Wells Fargo reported lower-than-anticipated net interest income for the first quarter.
European shares were rather flat on Friday while UK’s FTSE 100 rose 0.9% to a near-record high propelled by a surge in commodity prices and supportive GDP data. The UK economy grew 0.1% in February, raising hopes that the country has emerged from a shallow recession.
Following an inflation-driven selloff on Thursday, Asia-Pacific markets displayed a mostly negative performance on Friday. Investors digested monetary policy news from Singapore, with the city-state's central bank opting to keep its current monetary policy settings unchanged.
Regional Markets
South Africa's stock market closed Friday with minimal movement. Gains in several precious metal mining stocks including gold miner Harmony Gold Mining and platinum miner Impala Platinum were countered by losses in telecom companies (Telkom SA, Vodacom Group) and retailers (Cashbuild, Foschini).
FX & Commodities
The US dollar strengthened to its highest level since November on Friday, driven by ongoing geopolitical tensions in the Middle East increasing demand for safe-haven assets and a growing divergence in monetary policy between the Federal Reserve and other major central banks.
Gold prices edged sharply lower on Friday. Geopolitical tensions initially sparked a flight to safety, pushing gold towards an all-time high but a strengthening US dollar later led to a price pullback.