From Monday 22nd to Friday 26th September 2008, the all share index, SEMDEX fell by 0.28% or 4.59 pts to close the week at 1,614.49 pts. The blue chip index, SEM-7 wnet down by 0.41% or 1.59 pts and it settled last week at 388.98 pts. Return on the market index, SEMTRI lost 0.28% or Rs 12.32 and stood at Rs4, 336.74 on Friday.

Shell was the weekly top gainer with an increase in share price amounting 20% or Rs 18.00. The weekly worst loser was MEI which saw its share price plunged by 7.03% or Rs 4.50.

SBM recorded both the biggest weekly volume and the highest weekly turnover. A total 1, 007, 755 SBM shares were interchanged for Rs 76 million.

Evolution of share (Weekly)

Weekly Gainers: Shell (20% or Rs 18), UBP ( 9.81% or Rs 4.2), Caudan Dev( 6.67% or 10 cents), PBL ( 4.55% or Rs 5), ASL ( 3.77% or Rs 2), SBM ( 3.33% or Rs 2.50), MCB ( 3.27% or Rs 5), MOR( 2.84% or 40 cents ), MCFI(2.63% or 50 cents ), LIT (1.27% or 50 cents ), Rogers (1.11% or Rs 4 ), IBL ( 0.88% or 50 cents ), POLICY (0.65% or 5 cents ) and Fincorp (0.61% or 10 cents ).

Weekly Losers: MEI ( 7.03% or Rs 4.50), Naiade Resort.( 5% or Rs 3), Harel Frere ( 4.89% or 90 cents), MSM ( 3.03% or Rs 1), Savannah ( 2.63% or Rs 5), Sun Resorts ( 1.99% or Rs 1.50), Innodis ( 1.64% or 20 cents), MDIT ( 0.95% or 5 cents), NMH ( 0.72% or Rs 1), United Docks ( 0.52% or 50 cents).

10 Biggest volume Traded: SBM (1, 007, 755 shares or 45.56% of total volume), MCB (311, 960 shares or 14.10% of total volume), NMH (171, 646 shares or 7.76% of total volume ), MDIT ( 108, 088 shares or 4.89% of total volume), PBL (100, 503 shares or 4.54% of total volume), POLICY (93, 853 shares or 4.24% of total volume), MOR(55, 064 shares of 2.49% of total volume) , MUA (54, 700 shares or 2.47% of total volume), AIR Mauritius( 48, 873 shares or 2.21% of total volume) and Naiade Resorts ( 34, 855 shares or 1.58% of total volume ).

10 Highest value traded ( Turnover): SBM (Rs 76.0 million or 41.56% of Market turnover), MCB( Rs 47.9 million or 26.22% of Market turnover), NMH (Rs 23.8 million or 12.99% of Market turnover), PBL ( Rs 11.4 million or 6.24% of Market turnover) , Rogers (Rs 4.8 million or 2.65% of Market turnover), MUA (Rs 3.2 million or 1.74% of Market turnover), Sun Resorts (Rs 2.6 million or 1.42 of Market turnover), MTMD (Rs 2.1 million or 1.14% of Market turnover), Naiade Resorts (Rs 2.1 million or 1.12% of Market turnover) and Shell (Rs 1.8 million or 0.97% of Market turnover).

Financial analysis

1) Mauritius Chemical Fertilizer Ltd - P&L favorable while cash flow statement not healthy

Highlights (six months ended June 2008) - Turnover increased by 30.2% to Rs 204, 330. EPS went up from Rs 0.25 in 2007 to Rs 2.36 in 2008. Net asset per share rose slightly by Rs 2.76 to Rs 28.14. The darker side of the financial report can be found in the Cash flow Statement. Net operating cash flow showed a deficit of Rs 35, 098 compared to a surplus of Rs 9, 737 in last year. The decrease in cash equivalent for the first six months of 2008 was Rs 43, 461 while last year a surplus of Rs 18 806 was recorded.

Revenue from fertilizer has also decreased by 16.5% to Rs 134, 505 whereas revenue from trading grew by 68.3% to Rs 69825.

2) United Basalt Product - Favorable P&L a/c but cash flow still in red

Highlights (year ended 2008)- Revenue increased by 22.4% to Rs 1.7 billion. Operating profit increased by 56.8% to Rs 162 million. Bottom line profit grew by 364% to Rs 159 million but this figure should not be taken as an outstanding result as Rs 95.2 million came as profit from the sale of major part of quoted available-for-sale investments and from the sale of 25.5% stake in Highway Properties Ltd, an associate company which owns the Trianon Shopping Park buildings. As a matter of fact, the EPS of Rs 7.17 is not a good indicator for investors. Removing the Rs 95.2 million and recalculating the bottom line profit will lead to Rs 87.2 million and which is an estimated 150% increase in profit. Dividend per share went up by 50 cent compared to last year. The cash flow statement though still is showing a balance in red, has improved slightly. Net operating cash increased to Rs 20 million.An increase of Rs 29 million in cash equivalent was recorded while last year a deficit of Rs 158 million was experienced.

3) Shell (Mauritius) Ltd - Booming company

Highlights (six months ended June 2008) - Sales grew by 32% to Rs 5 billion. Gross profit margin increased from 6.9% in 2007 to 7.3% in 2008. EPS rose from Rs 2.22 in 2007 to Rs 8.01 in 2008. This remarkable increase in EPS was mainly due to the increase in sales and other favorable note like an increase in finance income by Rs 9 million, an increase in other operating income by Rs 76 million and a slight rise in share of profit of associates by Rs 3 million. DPS rose from Rs 2.10 in 2007 to Rs 5.80 in 2008. Net asset per share rose by Rs 6.01 to Rs 18.15. The return on equity for SHELL was 44% in 2008 compared to 18.1% in 2007. The cash flow statement showed a favorable Rs 419 million as net cash from operating activities compared to only Rs 137 million in 2007. The cash balance for the six months ended June 2008 grew by 385 million and was thus 150% higher compared to the same period in 2007.

Last week, the Mauritian rupee ended the Forex market high. Against the UK pound, USA dollar, Singaporean dollar, Euro, Australian dollar, New Zealand dollar, Japan yen(100), Canadian dollar, South African rand, the rupee gained 1.63%, 0.45%, 0.94%, 0.98%, 1.72%, 2.06%, 2.98%, 0.34% and 1.44% from Monday to Friday.

Source: Bank of Mauritius and Stock Exchange of Mauritius