African Stock Market Sept & Q3 2015 Report: Nigeria Local Champ, Uganda Foreign Favourite, BRVM Q3 Winner

Lagos, Nigeria Capital Markets in Africa — African stock markets performance measured by country equity benchmark index returns ended in negative for the month of September, with eight gainers and ten laggards on the local currency basis. Still on local basis return, the September average return of -0.6 percent was recorded across eighteen African equity indices and September monthly returns ranges from  -7.4 percent recorded by the Namibian equity markets  (measured by Namibia Overall Index) to +8.1 percent registered by the Ugandan equity markets (measured by USE All Share Index).

Furthermore, Ghanaian equity markets (measured by GSE Composite Index) plunged by 6.9 percent and Rwanda Stock Exchange All Share index tumbled by 4.6 percent to emerge as second and third worst September returns respectively. Whereas, Nigerian equity markets grew by 5.2 percent and Kenyan equity markets (measured by NSE All Share Index) surged by 2.9 percent as second and third best September returns respectively. Also, Egyptian equity and South African equity added 1.1 percent and 0.20 percent respectively.

Looking at the performance in third quarter (Q3), the market strength ended negative with 2 positive returns and 16 negative returns.  The average returns across eighteen Africa equity indices were recorded at -5.2 percent compared to 0.2 percent and 1.8 percent in second (Q2) and first(Q1) quarter respectively. Cote d’Ivoire equity market (measured by BRVM Composite All Share) topped the positive returns’ league table after surging by almost 6.90 percent (against 6.05 percent and 1.79 percent in Q2 and Q2 respectively). On the contrary, the Ghanaian equity markets emerged as the worst after plummeted by 14.70 percent and then followed by Namibian equity markets shedding off 4.8 percent.

From the foreign investor viewpoint, African equity shed off an average of -3.2 percent in September and -11.7 percent in Q3. Ugandan equity market and Cote d’Ivoire equity market (measured by BRVM Composite All Share) topped the positive returns’ league table after soaring by 7.2 percent (for September) and 7.5 percent (for Q3) respectively. On the other hand, Zambian equity market occupied the worst performing equity markets after crashing by 26.6 percent (in September, Zambian kwacha depreciated by 26.2 percent against dollar) and 38.1 (in Q3, about 37.4 percent depreciation in Zambian kwacha). The African equity benchmark indices, FTSE ASEA Pan Africa Index and the S&P All Africa Index for instance, gained 0.2 percent (sagged by 9.2 percent in Q3) and plunged by 4.9 percent (-15.8 percent in Q3) respectively.

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.