17-Oct Stock Market Update October 17, 2014 CIEL HEALTHCARE gains effective control over MED & SURG Semdex Sem-10 2,133.00 CIEL HEALTHCARE LIMITED (CHL) gains effective control over MED & SURG following the acquisition of an additional 86,234,892 shares of MED & SURG at Rs1.75 which thus increases CHL’s stake in MED & SURG to 44.93% (previous stake: 29.80%). The acquisition has triggered the takeover rule whereby CHL has to make a mandatory offer to the shareholders of MED & SURG. SEMDEX declines further 0.4% (2,133) ending the last trading session of the week on negative territory and thus posting a 1.1% decline weekon-week. Total volume traded (TVT) for the day is at 14.8m and market value traded (MVT) amounts to Rs110m. Foreign Investors (FI) are to a large extent net sellers with FI sales (FIS) of Rs68.5m while FI Purchases (FIP) are at a mere Rs16.4m. Banks attract the majority of FIS with Rs50m on MCBG (73.5%) and Rs12.8m on SBMH (17.6%). MCBG and PAD account for 48% and 31% of FIP respectively. Financial Services stocks are in the red for the day. MCBG and SBMH are on the downside, where the former loses 0.5% to close at Rs211 and SBMH ends 1% lower at Rs1.03. BRAMER is equally down 1.2%. CIM faces a two day consecutive decline with a 0.5% loss. Commerce: INNODIS weakens 0.4% whilst IBL closes 0.2% higher settling at Rs115.25. Market Indices: 1 year Trend (Rebased 100) 120 Industry: GAMMA slipped 1.6% and MCFI bounces 3.5% reaching Rs26.50. Investments: ALTEO moves forward (+1.5%) closing at Rs35.00, followed by ENL LAND.O which is up 0.5% whilst FINCORP sheds 3.1% to end at Rs21.80 and TERRA loses 0.3%. Leisure & Hotels: LOTO loses 1.3% and two out of the three listed hotels, LUX and SUN closed 2.6% (Rs55.50) and 0.1% (Rs45.45) lower respectively whilst NMH is flat at Rs87.50. Property Development: BLUELIFE is off 1.5% closing at Rs6.74. Sugar: OMNICANE decreases 0.6% to Rs86. DEMEX ends the week on a lower note dragged downwards by : FIDES (-0.3%), RHT HOLDING (-6.7%), MEDINE.O (-4.7%) and MEDINE.P (-2.7%). SODIA (+5.3%), SCT (+8.3%), TPL.O (+0.2%), CIEL TEXT. (+1%) and MED & SURG (+2.9%) are on the upside. International equity markets plunged further into the red on Thursday. NIKKEI dropped 2.2%, FTSE 100 lost 0.3% and EURO STOXX declined 0.6% whilst S&P 500 was subject to a meager 0.01% rise. IBOVESPA stumbled 3.3%, MICEX fell 1.2%, SENSEX and SHANGHAI COMP were 1.3% and 0.7% down respectively whereas JSE ALL SHARE added 0.4%. Top gainers Top losers SEMDEX MCFI 3.5% FINCORP -3.1% SEM10 ALTEO 1.4% LUX -2.6% DEMEX ENLLAND.O 0.5% GAMMA -1.6% SWAN 0.0% BLUELIFE -1.5% MUA 0.0% LOTTO -1.3% 115 110 105 100 95 17 Oct 13 203.19 Market Activity 130 125 Demex 402.79 Most Active (Value) Key Market Statistics MCBG 51.6 m Market Cap (Rs) PAD 14.1 m Market Cap (USD) SBMH 13.6 m Market Div Yield NMH 13.4 m Market P/E FI Participation 1D ∆ 1M ∆ 3M∆ 2,133.00 -0.4% 0.5% 3.0% SEM10 402.79 -0.3% 0.5% 1.3% DEMEX 203.19 -0.4% 0.5% 9.2% 14,738.38 -2.2% -7.2% -4.2% US: S&P 500 1,862.76 0.01% -6.8% -6.0% UK: FTSE 100 6,195.91 -0.3% -8.8% -8.7% Europe: Euro Stoxx 50 2,874.65 -0.6% -10.8% -10.2% 54,298.33 -3.3% -8.1% -2.5% Russia: MICEX 1,360.33 -1.2% -7.9% -7.8% India: SENSEX 25,999.34 -1.3% -1.9% 1.8% 2,356.50 -0.7% 2.6% 14.0% 46,881.12 0.4% -8.4% -10.0% Summary Market Data 17 Apr 14 17 Jul 14 Closing Mauritius SEMDEX Global Indices Japan: Nikkei 225 Emerging Market Indices Brazil: IBOVESPA China: Shanghai Comp South Africa: JSE All Share 7.5 bn 2.9% 12.69× 6.0 m 17 Jan 14 17 Oct 14 TERRA 234.2 bn 1 year trend 38.4% Closing 1D ∆ 12M ∆ Currencies 84.47 0.8% -20.8% USDMUR Gold 1,238.81 -0.3% -3.4% Platinum 1,247.38 -1.1% -10.9% Commodities Oil Closing 1D ∆ 12M ∆ 31.66 - 2.1% EURMUR 40.52 -0.2% -2.8% GBPMUR 50.91 0.6% 3.6% 1M ∆ 3M ∆ Closing VWAP P/E FIP FIS 1D ∆ MCBG 211.00 211.00 11.50 7.8 m 50.0 m -0.5% 1.1% 0.8% SBMH 1.03 1.03 8.00 2.0 m 12.8 m -1.0% -1.0% -2.8% NMH 87.50 87.50 38.21 - 0.05 m - -0.6% 3.9% ENLLAND.O 50.50 50.19 15.80 - - 0.5% 0.5% 3.1% ALTEO 35.00 34.63 175.00 - - 1.4% -2.8% 2.0% Selected stocks SEM-10 CIEL 7.64 7.64 NA - 3.4 m - 7.6% 13.7% 35.00 35.00 21.88 1.1 m - -0.3% -3.0% -5.7% 115.25 115.57 15.88 - - 0.2% 0.2% 9.8% GAMMA 48.00 48.31 17.58 0.1 m - -1.6% - - BRAMER 6.60 6.62 66.00 - - -1.2% -4.1% -2.9% 1.75 1.75 17.50 - - 2.9% 2.9% 2.9% HOTELEST 36.80 36.80 NA - - - -3.2% 11.5% CHSL 40.00 40.00 NA - - - 3.1% 17.6% Market Event Type Rs/share Ex date Payment Date TERRA IBL DEM Most Active MED & SURG Latest Upcoming Entitlements Ann. Date Company 2-Oct-14 BMH Official Dividend Final 8.00 17-Oct-14 12-Dec-14 26-Sep-14 NIT Official Dividend Final 1.50 13-Oct-14 24-Oct-14 25-Sep-14 MEI Official Dividend Final 1.30 10-Oct-14 3-Dec-14 25-Sep-14 ABC Motors DEM Dividend Final 1.20 15-Oct-14 13-Jan-15 22-Sep-14 CIM Official Dividend Final 0.16 7-Oct-14 24-Oct-14 Latest Announcements Date Company Details 17-Oct-14 MED & The Board of Directors of Medical and Surgical Centre Limited (MED & SURG) issued a Communiqué informing its SURG shareholders and public in general that its main shareholder, CIEL Healthcare Limited (CHL) has acquired 86,234,892 additional shares in MED & SURG on the 17th of October 2014 at Rs1.75 per share. This transaction increases CHL's direct holding in MED & SURG to 44.93% which has given CHL an effective control over MED & SURG. This transaction has thus triggered Rule 33 (1) (b) of the securities (Takeover) Rules 2010 which requires CHL to make a mandatory offer to shareholders of MED & SURG to acquire all the shares which are not subject to the CHL Transaction and which are not already held by CHL. The offer price has been set at Rs1.75 per share and the Board of CHL shall make an offer to the shareholders of MED & SURG on or about two months from the date of the CHL transaction which should normally remain open for a minimum of 35 days. MCB Stockbrokers Ltd (the “Company”) issues from time to time publications on specific companies, groups or sectors. Our publications should not be construed as offers or solicitations to buy or sell securities. The information and opinions contained therein have been compiled or arrived at by the Company from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. All our opinions and estimates constitute the Company's own judgment as at respective dates of issue and are subject to change without notice. Our publications are published for the assistance of recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient. Neither the Company, nor any of its director, officer or employee accepts any liability whatsoever for any direct or consequential loss arising from any use of our publications. Furthermore, our publications may not be reproduced, distributed or published in whole or in part for any purpose, unless prior authorization is obtained from the Company. Further, these publications are always subject to our legal notices and disclaimers found on our website: http://www.mcbcapitalmarkets.mu/en/information/legal-notice For trading please contact: Ashveen Chummun T: (+230) 202 5776 Michaëlla Garnier T: (+230) 202 5456 E: [email protected] MCB Stockbrokers Ltd Sir W. 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