The Stock Exchange of Mauritius closed the week of 14 October in cautious territory. The SEMTRI total return index fell 0.53%, bond markets drove the bulk of trading activity, and equities recorded more decliners than gainers — all against the backdrop of the social unrest that shook the island from 12 to 15 October.
A divided equity market
At the Wednesday 14 October close, the SEMDEX stood at 2,295.47 points and the SEMTRI total return index at 11,309.71 points, down 0.53% on the week. The SEM-10, tracking large-cap stocks, settled at 437.49 points.
Of the 63 securities listed on the official market, only 12 advanced, 30 were unchanged and 21 declined. The split reflects a divided market, with sharp swings in both directions among the most active names.
Top gainers: National Investment Trust surged +5.56%, Beachcomber Hospitality (+5.50%), Lottotech (+2.51%), Terra Mauricia (+2.47%) and Omnicane (+2.20%). The hospitality sector's resilience suggests investors regard the tourism impact as short-lived.
Top losers: Phoenix Beverages dropped -6.31%, followed by Medine (-5.17%), Alteo (-4.87%), ER Group (-4.52%) and CIM Financial Services (-3.70%).
MCB Group and bonds drive liquidity
MCB Group led equity turnover with MUR 88.2 million traded during the week — well above other securities — followed by CM Structured Products (MUR 36.3M) and Diversified Credit (MUR 24M). Total official market capitalisation stands at MUR 322.7 billion.
However, it was the bond market that captured the real action: 11 debt instruments changed hands for approximately MUR 72.1 million, making it the most active market segment of the week. Institutional investors are rotating into fixed-income instruments as a hedge against uncertainty.
Global headwinds provide little support
International markets were mostly unhelpful. Over the same period, the NASDAQ fell -1.43%, the CAC 40 -0.48% and the DAX -0.74%. Only the Dow Jones (+0.29%) and FTSE-100 (+1.03%) finished in positive territory.
On the Development & Enterprise Market (DEM), MUR 4.8 million in transactions were recorded, with a total capitalisation of MUR 30.5 billion. The ten best-performing DEM stocks show annualised total returns of between 7.79% and 20.08% since listing.
Why it matters
A 0.53% weekly decline in the SEMTRI deserves context: the Stock Exchange of Mauritius navigated a week of major social tension without a significant selloff. The rotation into bonds signals temporary risk aversion, not capital flight. For policymakers and investors alike, the relative stability of the indices carries its own message: institutional confidence remains intact, even as smaller investors and SMEs absorb the more direct effects of the disruptions.