Bloomberg News

Mauritius Stocks Trim Quarterly Drop as Company Earnings Climb

September 30, 2011

Sept. 30 (Bloomberg) -- Mauritius’s stock index rallied to a two-week high, paring its first quarterly decline in six as companies reported an improvement in full-year profit.

The SEMDEX gauge of the 38-member official market of the Stock Exchange of Mauritius increased 0.9 percent to 1,900.93 by the 1:30 p.m. close, in Port Louis, the capital, paring its quarterly loss to 9.4 percent, snapping a five-quarter rally.

State Bank of Mauritius Ltd., the Indian Ocean island nation’s second-biggest lender, led the gains, rising 2.4 percent to 87 rupees, after saying net income climbed 8.3 percent in the year through June.

“It’s the earnings effect, excluding stocks in the manufacturing segment,” Bhavik Desai, a senior analyst at Port Louis-based AXYS Stockbroking Ltd., said by phone today.

New Mauritius Hotels Ltd., the country’s largest leisure operator by turnover, rallied 2.5 percent to 82 rupees after saying it will pay final dividend of 0.5 rupee for the year through September.

Naiade Resorts Ltd, the third-biggest hotel operator, rallied 0.7 percent to 27.30 rupees, after returning to profit.

--Editors: Ana Monteiro, Alex Nicholson

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis via Johannesburg at gbell16@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net


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