Egypt’s bourse continues to defy gravity

Eight of the 11 African indices we report on, ex South Africa, gained ground in August while three ended the month in the red.

Against a backdrop of geopolitical turbulence in the region, Egypt’s EGX 30 nevertheless returned 7.03%, lifting its year-to-date gains to 39.28% (more than 35% in US dollar terms). The index, which has a market capitalisation of just over US$47 billion, is easily the best performer of the year so far.

Zambia’s Lusaka All Share rallied 1.31% in August. Year to date, the All Share has been the next-best performer in our basket of indices, but its 17.25% gain for the year has been diluted by a weakening kwacha, keeping US-dollar profits at a more moderate 7.26%.

Tunisia’s TUNINDEX rose 0.18% and is 6.88% higher for the year so far, while Morocco’s CFG 25 added 2.19% and is 5.03% up year to date.

Botswana’s Gaborone Index gained 1.92% for the month and is 4.28% up for the year.
The SEMDEX in Mauritius remained in positive territory on the back of a 0.29% rise in August, putting it 0.62% in the black year to date.

Kenya’s NSE 20 had its best monthly performance of the year with a gain of 4.76%. By month’s end the index, which had been in negative territory for the preceding three months, was 4.31% higher on the year.

Zimbabwe’s Industrials Index recorded a monthly gain of 4.67% but was nevertheless 2.6% lower for the year. Zimbabwe’s Mining Index, on the other hand, is approximately 122% up year to date. During the month, the cash-strapped Reserve Bank reduced the amount individuals are allowed to take out of the country from US$10,000 to US$5,000 per exit.

Following a jaw-dropping 78.81% gain in 2013, Ghana’s GSE Composite Index has experienced a bumpy ride this year. It gave up 4.42% in August on the back of a 3.01% decline in July, and at month’s end was sitting at just 2.56% in profit for the year so far.

Nigeria’s All Share Index declined 1.34% to end the month 0.49% in positive territory for the year. The All Share, which is the largest index with a market capitalisation of more than US$81 billion, has been flat-lining this year after soaring 47.19% in 2013.

Namibia’s Overall Index was 11.9% in profit year to date after declining 2.67% in August. Copyright. HedgeNews Africa – September 2014.

* Figures from The Africa Weekly, Bloomberg