Wild ride on African bourses

It has been a year of wildly mixed fortunes for African indices with some commodities-based economies suffering double-digit percentage declines. As at the end of October, of the 11 main indices in Africa, ex South Africa, six were down and five were in positive territory.

In USD-adjusted terms, at month’s end some of the biggest losers included the Nigeria All Share Index, down around -40% on the year, and the Lusaka All Share Index, which was -19.3% in arrears to the end of October.

Zimbabwe’s ZSE Industrial Index surged from 98.96 points to 120.82, or 22.08%, lifting it 5.2% into positive territory year to date.

The EGX30 ended the month 6.41% positive and 19.7% ahead for the year.

The Morocco All Share Index (MASI) gained approximately 5.2% in October to end the month at approximately 18.4% in positive territory for the year.

Tunisia’s TUNINDEX put on 2.77%, extending its year-to-date gain to 8.87%.

Namibia’s NSX Overall Index improved 0.99% in October to extend its gain to 19.85% for the year so far.

The Nigeria All Share Index gave back -3.94% in October to end the month -4.97% in arrears for the year. In USD-adjusted terms, the index was down -40%. The Nigerian economy has been hammered by depressed oil prices, slowing oil production, a lack of foreign currency, and fuel and power shortfalls.

Ghana’s GSE Composite Index retreated -2.62% and was -13.36% in arrears for the year.

The Lusaka All Share Index lost -2.5% in USD-adjusted terms, to end the month -19.3% in arrears year to date.

The SEMDEX in Mauritius recorded a -1.52% loss in October and was just underwater for the year, at -0.48%.

Botswana’s Gaborone Index retreated -0.7% during the month to end -8.25% in arrears on the year.

Kenya’s NSE 20 slipped -0.43% in October to settle at -20.08% negative year to date. Copyright. HedgeNews Africa – November 2016.