Nigeria’s All Share bucks downward trend

The MSCI Frontier Markets Africa Index rose 3.91% in May to end the month up 2.9% for the year so far. But only two of the 11 main African indices, ex South Africa, ended higher than the month before, and only four (in Egypt, Morocco, Namibia and Tunisia) were in positive territory year to date.

The Nigeria All Share Index was the standout performer in May, spiking 10.41%, fuelled by anticipation of a currency devaluation. The index reached a year-high of 28,902.25 points on Friday, May 27, but profit-taking along with data showing the economy shrank in the first quarter spurred a -4.3% retreat in the last two trading days. The index nevertheless ended the month “only” -3.39% down year to date compared with a -12.5% deficit at the end of April.

Tunisia’s TUNINDEX rose 2.46% in May, taking its year-to-date gain to 8.85%.

Kenya’s NSE 20 led the losers, falling -4.53% to end -5.27% in the red for the year so far.

Ghana’s GSE Composite Index retreated -3.85% on the back of a -4.53% loss in April, pushing its year-to-date deficit to -11.86%.

Egypt’s EGX 30 declined -3.73% in May after three straight months of gains, settling at 6.82% in positive territory for the year. Egyptian stocks declined after an EgyptAir jet en route from Paris to Cairo crashed into the Mediterranean on May 19 with 66 people on board.

Namibia’s NSX Overall Index gave back its April gains with a -3.59% retreat in May but was still 14.07% up year to date.

The Morocco All Share Index (MASI) dropped -2.18% in May leaving it 9.32% in profit year to date.

In Mauritius, the SEMDEX retreated -1.99%, taking its year-to-date loss to -3.56%.

Botswana’s Gaborone Index gave back -1.05% to end the month -3.88% down on the year.

Zimbabwe’s ZSE Industrial Index saw a -1.03% decline in May, extending its year-to-date deficit to -8.84%.

The Lusaka All Share recorded a -0.92% loss in May and a -13.43% year-to-date deficit. Copyright. HedgeNews Africa – June 2016.