As the first half of the year drew to a close, there were mixed fortunes for the major markets in Africa, ex South Africa. While Kenya, Mauritius and Zimbabwe were in the red, the other eight markets we cover were in profit.
It was a similar picture for the month of June with nine indices gaining ground and two declining.
Egypt’s EGX 30 slipped 0.98% in June, its second consecutive monthly decline. But it was still a healthy 20.34% in positive territory for the first six months – and the best performer of the basket of 11 Africa indices we report on.
Morocco’s CFG 25 lost 2.91% in June, and at month’s end was 1.71% in positive territory for the year.
Zimbabwe’s Industrials Index had a stellar month, adding 6.67%, but the index was still 7.63% in negative territory YTD. In contrast, Zimbabwe’s Mining Index was up by more than 20% by mid-year.
Nigeria’s All Share Index continued to gain traction in June, adding 2.43% for the month on the back of its 7.77% increase in May. After a shaky start to the year, where the All Share had four consecutive losing months, the index ended the first half 2.79% in positive territory.
Ghana’s GSE Composite Index added 2.34% to close the first half 10.64% in the black. However, the cedi has been the region’s worst-performing currency and in US dollar terms the index was more than 20% in the red. Moody’s Investors Service on June 27 downgraded Ghana’s sovereign rating by one notch to B2, citing the country’s high and rising debt burden and deteriorating debt affordability. Public debt was expected to exceed 65% of GDP by the end of 2015 from 55.7% in 2013.
Zambia’s Lusaka All Share was up by 5.35% for the first half with a gain of 2.06% in June. During the month, the kwacha staged a 9.4% comeback against the US dollar, following heavy losses the month before, putting the index’s USD YTD return above 2%.
Tunisia’s TUNINDEX gained 1.29% for the month and was 4.9% in positive territory YTD.
Namibia’s Overall Index gained 0.85% in June, reversing a 2.17% decline in May and leaving it 10.71% in positive territory for the first six months.
Botswana’s Gaborone Index gained 0.8% in June, and was up by 0.89% for the year so far.
The SEMDEX in Mauritius gained 0.33% for the month but was 0.52% down for the year.
Kenya’s NSE 20 edged up by 0.07% in June, leaving it 0.85% lower YTD. Copyright. HedgeNews Africa – July 2014.