Egypt, Ghana record double-digit growth for the year so far

Six of the 11 Africa indices we cover notched up gains in February, with five in negative territory.

Egypt’s EGX 30 soared 9.75%, having jumped 9.18% in January, taking its year-to-date gain to 19.82%. Remarkably, the outperformance came against an economic backdrop of fuel shortages, power cuts and widespread strikes. Additionally, in response to mounting criticism, Prime Minister Hazem al-Beblawy on February 24 announced the surprise resignation of Egypt’s entire interim cabinet. Former housing minister Ibrahim Mehleb was subsequently appointed interim prime minister by Adly Mansour, the military-appointed interim president. Egypt has had no less than six governments since 2011 and dates have yet to be set for anticipated presidential polls.

It was steady as she goes for Ghana’s GSE Composite Index, which spiked a further 7.33% in February, following its 5.14% increase in January and on the back of a 78.81% gain in 2013. The index’s NAV had risen to 2,420.91 by month’s end, compared with 1,482.26 at the end of February 2013.

Tunisia’s TUNINDEX has been gaining traction this year, increasing 4.79% in February and adding to a 2.67% rise the month before.

Namibia’s Overall Index gained 6.28% in February, mitigating its 1.48% decline in January.

Morocco’s CFG 25 put on 3.99% for the month on top of a 0.3% gain in January.

Kenya’s NSE 20 returned 1.59% for February, having shed 1.44% in the previous month.

Nigeria’s All Share declined 2.5% in February, compounding its 1.83% loss in January. On February 19 the government suspended Central Bank of Nigeria (CBN) Governor Sanusi Lamido for “acts of financial recklessness and misconduct”, precipitating a 1.5% dive on the day. The CBN subsequently reported that foreign reserves had declined 6.5% in the first two months, largely as a result of efforts to prop up the naira, which had come under pressure as global investors exited frontier markets.

Botswana’s Gaborone Index, was down 3.01% in February, giving back much of its 4.43% gain in January.

Zambia’s Lusaka All Share gave up 1.82% in February pushing it 0.05% into negative territory YTD.*

The SEMDEX in Mauritius slipped a further 0.6% in February following a 0.19% decline in January.

Zimbabwe’s Industrials Index shed 0.03%, taking its losses to 6.49% for the year so far.*

*Source: The Africa Weekly. All other data from Bloomberg.