Africa behind the curve on markets’ recovery

The third quarter of 2020 delivered mixed fortunes for global investors, with emerging and frontier markets remaining in the doldrums.

Of the 10 main indices in Africa, ex SA, five gained ground in the third quarter, led by Nigeria. All except Zimbabwe’s industrials index (+602.79%) were in arrears YTD with the Mauritian Semdex taking the most strain (-30.74%).

The Nigeria All Share Index surged 9.61% in Q3 on the back of a 5.94% gain in September, shaving its YTD loss to -0.04%. 

Zimbabwe’s ZSE Industrial Index posted a 6.89% gain for Q3 to settle 602.79% ahead YTD.

Egypt’s EGX30 Index advanced 2.09% for the quarter but ended -21.29% in the red YTD. 

Tunisia’s TUNINDEX gained 1.82% in Q3 to record a YTD loss of -5.24%.

Kenya’s NSE All-Share Index (NASI) ended 1.6% positive for Q3 following a 3.2% spike in September but finished -15.93% in deficit YTD. 

The SEMDEX in Mauritius posted a -9.31% loss in Q3 and by the end of September was -30.74% underwater YTD. The domestic tourism industry in the island nation has been decimated by the coronavirus shutdown, exacerbated by a lethal oil spill off the coast in August.

Zambia’s Lusaka All Share Index ended the quarter -2.45% behind and -10.34% in arrears YTD.

Botswana’s Gaborone Index ended the quarter -2.44% down and -6.58% in arrears YTD.

Ghana’s GSE All share index finished -2.28% lower for the period and -17.75% negative YTD. 

The Morocco All Share Index (MASI) gave up -1.78% in the third quarter, extending its YTD loss to -17.94%.

Data sources:, RisCura,