Wednesday, April 24, 2024

FSG wakes from slumber as it leads weekly gainers

The FSG Limited, the Botswana Stock Exchange (BSE) quoted funeral services company was one of the gainers as it closed the week on a high in a market that has been in a bull run since the beginning of the year.

Motswedi Securities said on its weekly BSE wrap that the bull-run in the market was unfazed by the elevated average market P/E of almost 14x, as numerous counters continue to breakthrough to new highs.

“On the upside, FSG led the rally pocketing 3.4 percent to trade at 245thebe. The funeral service provider will be expected to release their year-end results,” Motswedi said.

FSG carries on the principal business activity of manufacturing and retail of coffins and caskets, provision of funeral-related services and provision of funeral insurance in partnership with Botswana Life Insurance Limited.
The company was a major gainer together with BIHL which surged by 2.2 percent to reach a new 12 month high of 1210thebe.

“The insurance giant realized a 6percent growth in net premiums for their FY results while its fee income increased by 13percent.”

On the other hand, Motswedi revealed that Sefalana Holdings maintained its upward momentum as investors were taking in their trading update regarding potential transactions. The retail conglomerate which saw its revenue surge by 32 percent for their HY results, released a trading statement announcing that it has entered into negotiations with third parties which, if successfully concluded might have an impact on its share price. Other gainers for the week were property giants Letlole and Turnstar.

So far, most of the top seven largest counters which make up a huge 75 percent of the total domestic market board, have released their financial results. The Domestic Company Index (DCI) regained its upward impetus as it soared by 24 basis points to end with 9,617.04 points. For the week, 19.9mn shares worth of P52mn were traded, with most generated from Letshego as it traded 91percent of the total trades.


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