Kenya leads amongst African markets in February

Of the 11 main indices in Africa, ex South Africa, eight recorded gains for the month of February and three declined. However, in US$-adjusted terms the picture was not as rosy, with several currencies – notably those of Nigeria, Zambia, Ghana and Mauritius – losing ground against the greenback, resulting in net dollar losses for investors.

Kenya’s NSE 20 continued its upward trend for 2015 with a 5.36% rise, boosting its year-to-date gain to 7.41%.

Namibia’s Overall Index gained 5.01% in February and by month’s end was up 6.87% for the year.

Tunisia’s TUNINDEX increased 4.26% for the month, lifting its gains to 6.92% for the year.

Morocco’s CFG 25 maintained its positive upward momentum with a 3.03% gain for the month, elevating its year-to-date increase to 10.04%, making it the best-performing index for the year so far.

Zimbabwe’s US$-denominated Industrials Index was 1.89% in the black on February 26 according to figures published by The Africa Weekly, and 3.21% up year to date.

Nigeria’s All Share Index gained 1.83% following its precipitous 14.7% plunge in January. However, the index was down more than 5% for the month in US$ terms. Meanwhile, presidential elections – due in mid-February – were again postponed, until the end of March.

Botswana’s Gaborone Index reversed a 0.4% January deficit with a 1.37% rise in February, putting it 0.97% in positive territory for the year.

Ghana’s GSE Composite Index edged up 0.18% in February having fallen 3.85% in January but its US$ decline was above 11% YTD.

Profit taking saw Egypt’s EGX 30 give back some of its January gains, sliding 5.17% in February, leaving it 4.56% in positive territory for the year so far.

The SEMDEX in Mauritius slipped 0.04% on top of a 2.62% decline in January.

Zambia’s Lusaka All Share was 0.36% in negative territory by February 26, according to figures published by The Africa Weekly, and 0.18% down for the year. In US$ terms, it was 8.31% in the red. Copyright. HedgeNews Africa – March 2015.