African Stock Market November 2015 Performance: Kenya’s equity gains 4.5%, EGX 30 Index 15.35% lower, Zambian kwacha returns 17.1%

Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns ended in negative for the month of November, with five gainers and thirteen losers on the local currency basis. Still on local basis return, the November’s average return of -3.0 percent (relatively to  -0.9 percent in October) was recorded across eighteen African stock indices and November monthly returns range from  -15.3 percent recorded by the Egyptian equity market (measured by Egyptian EGX 30 Index) to +4.5 percent registered by Kenyan equity markets (measured by NSE All Share Index).

In the red zone, Zimbabwe equity (measured by ZSE Industrial Index) plunged by 13.28 percent to end at 117.55 and Nigerian equity markets (measured by NSE All Share Index) faltered by 6.7 percent to emerge as second and third worst November returns respectively. Also, Nigerian equity markets (measured by NSE All Share Index) sagged by 6.2 percent to close at 27,385.69 points, South African Johannesburg All-Share ended November at 51,607.83 points after dropping 4.1 percent and Mauritius Stock markets dipped by 3.3 percent to close at  1,819.96.  

In the green territory, Cote d’Ivoire equity market (measured by BRVM Composite All Share) advanced by 0.7 percent and Botswana Domestic Composite Index climbed by 0.4 percent to end at 10,608.10 points as second and third best November returns respectively. Also, and Swaziland equity market (measured by SSE All Share) and Morocco equity markets (measured by Morocco All Share Index) added 0.20 percent and 0.1 percent respectively. 

Looking at the year-to-date performance (YTD in the table below), the market strength ended negative with 4 positive returns and 14 negative returns.  The returns across eighteen Africa equity indices ranges from -28.8 percent to 18.3 percent recorded by Egyptian equity markets and Cote d’Ivoire equity market (measured by BRVM Composite All Share) respectively. 

From the foreign investor viewpoint, African equity shed off an average of -3.5 percent in November and -21.1 percent on a year-to-year basis. Zambia equity markets (measured by LSE All Share index) and Cote d’Ivoire equity market (measured by BRVM Composite All Share) topped the positive returns’ league table by adding 20.9 percent (for November, Zambian Kwacha gained 17.7 percent against the US dollar and 1.7 percent (for year-to-date) respectively. On the other hand, Egyptian equity markets occupied the worst performing stock markets after dropping 13.1 percent in November, Egyptian pound appreciated by 2.5 percent against US dollar in November) and Zambian equity market slipped by 42.4 percent (year-to-date, about 62.1 percent depreciation in Zambian kwacha against US Dollar in 2015). The African equity benchmark indices, FTSE ASEA Pan Africa Index lost 4.5 percent in November (-23.0 percent on year-to-date) and the S&P All Africa Index fell by 6.8 percent in November (sagged by 15.9 percent on year-to-date).

Note:

• The S&P All Africa index is a comprehensive benchmark for the African market, covering companies listed in 13 countries: Botswana, Côte d’Ivoire, Egypt, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, South Africa, Tunisia, Zambia and Zimbabwe plus companies listed in developed markets that derive the majority of their revenue from the African continent.
• The FTSE ASEA Pan Africa Index Series represents the performance of eligible securities listed on ASEA (African Securities Exchanges Association) member exchanges. It is a free float market capitalisation weighted index series constructed from securities domiciled in the almost eighteen countries.
• BRVM Bourse is the regional stock exchange for eight West Africa countries: Benin, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo.