Bloomberg News

Mauritius Stocks Gains Most in Six Months on Improved Earnings

March 29, 2012

Mauritius stocks advanced the most in six months, boosted by improved earnings from Terra Mauricia Ltd (TERA) and Swan Insurance Co. (SWAN)

The 38-member SEMDEX (SEMDEX) index rose 1.2 percent, the biggest gain since Sept. 28, to 1,793.78 by the close in Port Louis, the highest value in a month. The increase added 1.83 billion rupees ($63.2 million) to the gauge’s market value.

Terra Mauricia, a company with interests in sugar production and energy, said after the market closed yesterday that 2011 net income more than doubled to 582.7 million rupees. The shares gained 6.4 percent to 41.4 rupees. Swan Insurance said today full-year profit increased 6.4 percent to 195.85 million rupees. The stock climbed 0.7 percent to 310 rupees.

“The positive results from Terra and Swan have most probably given a boost to the market today,” Kishen Nadassen, a senior research analyst at CIM Stockbrokers Ltd., said in a phone interview. It has generated “an accrued interest for bank stocks,” he said.

State Bank of Mauritius Ltd, the second-biggest lender by market value, gained as much as 2.5 percent, and closed 1.9 percent higher at 81.5 rupees, the strongest since Feb. 22. Mauritius Commercial Bank (MCB), the largest lender, rose 0.6 percent to 163 rupees.

The two banks have a 40 percent weighting on the SEMDEX index, according to data compiled by Bloomberg.

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

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


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