Markets mainly down in May

May was a tough month with only four of the 11 indices we report on in Africa, ex South Africa, making gains in May.

Botswana’s Gaborone Index performed best for the month, adding 4.86% and lifting its gains to 10.55% year to date.

Ghana’s GSE Composite Index added 3.95% and was 4.49% in positive territory year to date but approximately -17% in the red in US dollar terms.

Tunisia’s TUNINDEX added 1.83% in May taking its year-to-date gain to 10.93%, the highest 2015 percentage return of the indices we cover.

Egypt’s EGX 30 gained 1.27% in May, its first positive return since January. Having ended 2014 a stellar 31.61% in profit, the EGX 30 gained a further 10.27% in January but then suffered a three-month losing streak to wipe out all its gains. By month’s end, the index was -1.61% down for the year.

Namibia’s Overall Index plunged -6.74% to end the month 2% in profit year to date.

Kenya’s NSE 20 also had a tumultuous month, shedding -5.98% and dragging it down to -6.37% for the year.

Zimbabwe’s ZSE Industrial Index dropped -2.1% and ended the month with a -6.03% deficit year to date.

Morocco’s CFG 25 shed -2.83% in May, leaving it 1.28% up for the year.

Following a 9.31% surge in April, Nigeria’s All Share Index gave back -1.15% in May and at month’s end was -1% down for the year, or -9.08% down in US dollar terms. After protracted and painful losses in the wake of collapsing oil prices, a mood of optimism has entered the conversation.

In a press release on May 18 Igor Vayn, CEO of Renaissance Capital, said: “We think Nigeria is at the cusp of a recovery, and the low oil price combined with a change in the government provides the best investment opportunity in years.”

The Lusaka All Share was -1.02% in negative territory for May and -3.69% down year to date.

The SEMDEX in Mauritius fell -0.2%, its eighth consecutive monthly decline and was -5.87% in the red year to date. Copyright. HedgeNews Africa – June 2015.