Falling fortunes define a difficult year

Most bourses in Africa declined steeply in 2015, battered by a sluggish global economy, declining commodity prices, depreciating local currencies and the imminent rise of interest rates in the US.

Of the 11 main indices in Africa, ex South Africa, seven recorded double-digit declines with only one – Botswana’s Gaborone Index – achieving a positive return for the year.

By comparison, the MSCI Emerging Markets Index was down -16.96% for 2015 while the MSCI Frontier Markets Africa Index ended the year -21.38% in the red.

Zimbabwe’s ZSE Industrial Index experienced the most pain in 2015, shedding -2.1% in December to end the year -29.31% lower. The index was also the biggest loser in 2014, recording a loss of -19.64%.

Egypt’s EGX 30 gained 10.22% in December to end the year -21.52% weaker. In 2014 the EGX 30 was the best performer of the basket of indices we report on, posting a gain of 31.61%.

Namibia’s Overall Index gave back -8.46% in December to end the year down -21.18% compared to a 10.16% increase in 2014.

Kenya’s NSE 20 edged up 0.61% in December to close the year -20.97% in deficit compared to a 3.77% gain in the previous 12-month period.

Nigeria’s All Share Index gained 4.59% in December but was down -17.36% for 2015, following a 3.77% gain in 2014.

The SEMDEX in Mauritius slipped -0.49% in December and was down -12.67% for the year on the back of a -1.05% decline in 2014.

Ghana’s GSE Composite Index rose 1.06% to end 2015  -11.77% in arrears, having posted gains of 5.4% in 2014 and an impressive 78.81% increase in 2013.

Morocco’s CFG 25 declined -2.63% to end the year -6.1% down compared with a 7.54% gain in 2014.

Tunisia’s TUNINDEX gained 1.85% in December to end the year -0.94% lower. The index was up 16.17% in the previous 12-month period.

The Lusaka All Share slipped 0.31% to end the year -6.73% in arrears, having risen by more than 15% in 2014.

Botswana’s Gaborone Index shed -0.05% in December to end the year 11.58% up, following gains of a respective 4.95% and 20.55% in 2014 and 2013. Copyright. HedgeNews Africa – January 2016.