Nigeria bucks bearish trend

Of the 11 main African indices, ex South Africa, only two posted gains in September and only two, Botswana and Tunisia, are in positive territory year to date (YTD).

Nigeria’s All Share Index was the top gainer in September, finishing the month 5.16% to the upside, but the index was still down 9.92% year to date. In the first half of 2015, Nigeria’s real GDP growth dropped to 3.1%, compared with an average 5.6% over the previous five years, impacted by oil prices, election-related uncertainty and foreign-exchange restrictions.

Egypt’s EGX 30 rose 1.11% in September following an 11.46% sell-off the month before, leaving it 17.85% in negative territory year to date. Security concerns over militant attacks, mainly in the Sinai Peninsula, have dulled investor sentiment.

Namibia’s Overall Index recorded the biggest loss for the month plunging 7.4% in September, dragging it down to -12.51% year to date.

Ghana’s GSE Composite Index retreated 6.74% with year-to-date losses of 11.12%.

Tunisia’s TUNINDEX saw a 3.9% decline in September, its third consecutive monthly decline, but the index was up 3.63% year to date.

Zimbabwe’s ZSE Industrial Index weakened by 2.58% and was down 18.96% year to date.

Botswana’s Gaborone Index slipped 2.49% in September and was 11.82% in profit on the year.

Morocco’s CFG 25 saw a 2.11% decline for the month, extending its year-to-date deficit to 3.85%.

The SEMDEX in Mauritius shed 0.92% in September and was 7.87% down on the year.

The Lusaka All Share ended the month 0.45% down, with a year-to-date loss of 5.66%.

Although slightly down – by -0.07% for the month – Kenya’s NSE 20 saw some relief after suffering losses of 10.22% in July and 5.18% in August. By month’s end, the index was 18.37% in the red year to date. Copyright. HedgeNews Africa – October 2015.