African indices struggle to make headway

Of the 11 bourses we report on in Africa (ex South Africa), only four made gains during April 2014 with seven losing ground.

Egypt’s EGX 30 returned 5.78%, reversing its 3.97% decline the month before, putting it 21.72% in profit year to date (20.63% in USD).

Namibia’s Overall Index has had a good three-month run, increasing 3.18% for the month and notching up a double-digit gain of 12.21% for the year so far.

At month-end, Zambia’s Lusaka All Share was 12.93% up for the year, having been 7.44% in positive territory on March 27, according to figures released by The Africa Weekly. However, its USD-adjusted return YTD was 1.45% in the red.

Kenya’s NSE 20 edged up by 0.06% in April, and was 0.45% ahead for the year. The broader Nairobi Securities Exchange meanwhile was 11.43% in positive territory YTD.

April was another cruel month for Nigeria’s All Share Index, which declined for a fourth straight month, by 0.68%, to take its losses to 6.88% YTD. Of the 11 bourses we report on (ex South Africa) the All Share Index is the largest by some margin with a NAV of US$38.48 billion.

The CFG 25 in Morocco, which is the next biggest index, with a NAV of $19.66 billion, shaved 0.07% off the bottom line but was nevertheless 4.5% in positive territory YTD by month-end.

Ghana’s GSE Composite Index receded 5.53% in April on the back of a 1.39% dip in March. The bourse was still up by 5.13% for the year, having notched up an impressive 78.81% gain in 2013.

Tunisia’s TUNINDEX lost a further 2.26% in April after shedding 2.6% in March. The index was 2.42% in positive territory for the year so far.

Botswana’s Gaborone Index suffered its third monthly loss in succession, dropping 0.83% to put it 1.9% in the red YTD.

The SEMDEX in Mauritius was 0.66% down for the month and 1.04% in negative territory for the year.

Zimbabwe’s Industrials Index hit a 15-month low during mid-April and, despite notching up gains in the second half of the month, was down 1.15% for April and 14.45% in the red YTD. After gaining 30.49% in 2013, the index is one of the worst performers on the continent this year. Copyright. HedgeNews Africa – May 2014.

Data: Bloomberg, The Africa Weekly