The SEMDEX gained 0.3% today closing at 2,152.27 points, driven by a rally in hotelier SUN. SUN soared by an impressive 12.9% to MUR 48.00, reaching a level not witnessed since Feb-2019, with a traded value of 7.7m and accounting for around 30% of today's turnover.
Other notable gainers included POLICY (+1.6% to MUR 3.10), SWAN GENERAL (+1.1% to MUR 455.00), and MEDINE (+0.5% to MUR 53.75).
However, benchmark gains were partially offset by declines in CIEL (-1.6% to MUR 7.56) and TERRA (-3.9% to MUR 22.00).
Foreign investors were net sellers today, purchasing MUR 736m while selling MUR 2.4m worth of shares, primarily focusing on AFREXIM and SBMH.
International Markets
US stocks fell on Wednesday due to investor uncertainty surrounding the Fed's interest rate plans and weaker-than-expected earnings reports from companies like Travelers, Prologis, and Abbott Laboratories.
European stocks rebounded on Wednesday after a sell-off, buoyed by positive earnings reports from 2 big consumer companies. Notably, sportswear company Adidas surged over 5% after raising its revenue and profit outlook, while luxury brand LVMH's strong results lifted the luxury sector.
Asian stocks closed in a mixed session on Wednesday, with mainland Chinese stocks rising after a positive GDP data release the prior day. The CSI 300 index in China climbed 1.5%. In contrast, Japan's NIKKEI 225 fell 1.3% and South Korean KOSPI declined 1.0%.
Regional Markets
Nigerian stocks ended their 8-day decline with a modest 0.1% gain, fuelled by renewed investor interest in banking names like FBNH and Access Holdings.
South Africa’s JSE All Share index closed marginally lower on Wednesday as investors weighed Powell's "higher-for-longer" interest rate comments overnight. Losses in banking and insurancestocks were countered by gains in platinum and gold miners.
FX & Commodities
The US dollar snapped a six-day winning streak, as investors took profits after the greenback's recent strength. The Japanese yen gained versus the dollar after finance leaders from the United States, Japan and South Korea pledged to "consult closely" on FX markets in their first trilateral meeting, acknowledging concerns by Tokyo and Seoul over their currencies' recent sharp declines.