Ghana still on track as Zimbabwe takes a dive

Ghana’s GSE Composite Index continued its upward momentum in August, adding 2.75% for the month and taking its year-to-date gains to 65.83%. Of the 11 main Africa indices the GSE Composite has been by far the best performer for the first eight months of the year. In US dollar terms, the YTD return was more than 46% by August 31.

Mauritius also enjoyed a positive month with the SEMDEX the month’s best performer of the basket of indices we cover, gaining 3.37% to reverse declines of 1.5% and 2.53% in June and July. At month’s end the SEMDEX was up 11.38% for 2013.

Nigeria had a bumpy ride in August with the All Share index reversing most of its gains from the month before to end 4.39% in the red. This was largely as a result of sell-offs in the financial services sector underpinned by external monetary tightening measures and profit-taking. During the month the local currency, the naira, also declined by 1.4% against the US dollar.

The Lusaka All Share in Zambia rose 0.39% during the month and was up an impressive 28.01% YTD (23.64% in USD) by month’s end.

Namibia’s Overall Index also had a positive month, 2.68% to the upside on the back of a 4.06% gain in July but the index was still down 5.24% YTD.

Morocco’s CFG 25 and Egypt’s EGX 30 indices are also both in negative territory YTD, down by 8.99% and 3.56% respectively. During August the CFG 25 shed 2.12% and the EGX 30 was down by 1.07%.

Tunisia’s TUNINDEX inched into positive territory with a 1.85% gain in August, putting it 0.49% in the black for the year so far.

Botswana’s Gaborone Index declined 1.94% in August but was up by 13.12% YTD. After a good start in the first four months, the market appears to have run out of steam.

Kenya’s NSE 20 gave back 1.88% in August but was 13.66% in positive territory YTD.

Zimbabwe’s Industrials Index took a 21.77% pounding as investors headed for the exits, following the re-election of President Robert Mugabe’s ruling ZANU-PF party. The index was nevertheless still up 19.53% for the year. Copyright. HedgeNews Africa – September 2013.