Morocco shines while Namibia tumbles

In a month when the worst ever Ebola outbreak continued to cast a shadow over the West African region and beyond, there were mixed fortunes on the bourses. Of the 11 indices we report on, six gained ground and five ended September in the red.

Morocco’s CFG 25 was the best performer for the month with a gain of 6.31% to more than double its year-to-date gains to 11.66%. The CFG 25 Index tracks 25 stocks listed on the Casablanca Stock Exchange, representing approximately 84% of the total market capitalisation.

Egypt’s EGX 30 returned 3.86% in September, taking its year-to-date gain to 44.65%.

Kenya’s NSE 20 continued its positive run, adding 2.26% for the month on the back of a 4.76% gain the month before and taking it 6.67% into positive territory year to date.

The SEMDEX in Mauritius had its best month of the year with a gain of 2.17%, lifting it to a 2.8% profit year to date.

Ghana’s GSE Composite Index increased 1.8% in September and was 4.4% up for the year.

As at October 2, 2014, Zambia’s Lusaka All Share was 17.25% up on the year, according to figures published by The Africa Weekly, the same level it was at on August 28. However, a weakening kwacha saw the US dollar return decline to 2.13% from 7.26% the month before.

Nigeria’s All Share Index slipped 0.78% to end the month 0.29% in the red year to date.

Botswana’s Gaborone Index shed 0.01% leaving it 4.27% higher on the year.

Tunisia’s TUNINDEX lost 2.18% and was 4.54% in the black year to date.

Namibia’s Overall Index tumbled 4.66% in September, ending the month 6.69% higher for the year.

Zimbabwe’s Industrials Index slipped 0.84% in September and was down 3.38% year to date, against the backdrop where the country is still struggling to contain a government wage bill that consumes 70-80% of revenue income.

The IMF reportedly started its Staff-Monitored Programme (SMP) visit to Zimbabwe on September 23 and said the country will not be eligible for support until improved debt-repayment efforts have been made. Copyright. HedgeNews Africa – October 2014.

Sources: The Africa Weekly; Bloomberg, IMF