Nigeria’s trades up 0.92 per cent over the week to 252,113.41.
African equity markets displayed a wide divergence in performance, as year-to-date figures highlight significant growth in several frontier markets alongside ongoing pullbacks in others.
According to a performance overview of trading data from African markets on Friday, “African equity markets displayed a wide divergence in performance, with frontier exchanges in East and West Africa outperforming larger markets like South Africa and Morocco.”
Tanzania led the continent in year-to-date local currency gains, with the Dar es Salaam Stock Exchange All Share Index soaring 69.52 per cent. The benchmark closed the week at 4,682.13 following a 1.74 per cent weekly advance, translating to a strong 56.80 per cent return in U.S. dollar terms.
Close behind, Zimbabwe’s ZSE ASI posted a 67.67 per cent local year-to-date return, representing 63.59 per cent in U.S. dollars, after gaining 2.86 per cent over the week to reach 465.90.
Nigeria’s NGX All-Share Index also maintained its upward trajectory, trading up 0.92 per cent over the week to 252,113.41, which brings its local year-to-date gain to 62.01 per cent and an impressive 76.05 per cent in dollar terms.
Other notable strong performers included Ghana, where the GSE-CI advanced 58.34 per cent local year-to-date, or 42.63 per cent in U.S. dollar terms, despite a 2.95 per cent weekly decline to 13,886.74.
The West African regional exchange BRVM held a 56.41 per cent local year-to-date return, equal to 51.81 per cent in U.S. dollars, after dipping 2.34 per cent on the week to 540.78.
Uganda’s USE ASI registered a 4.01 per cent weekly bump to reach 2,523.26, boosting its year-to-date return to 54.63 per cent in local currency and 46.29 per cent in U.S. dollars.
Kenya and Rwanda also delivered double-digit year-to-date gains, with the NSE ASI rising 4.15 per cent on the week to 248.51, representing 33.19 per cent year-to-date in local currency and 32.48 per cent in U.S. dollars.
Rwanda’s RSE ASI edged up 0.20 per cent to 262.41, translating to a 43.98 per cent local year-to-date return and 41.86 per cent in dollar terms.
Conversely, Malawi anchored the lower end of the regional performance table. The Malawi Stock Exchange All Share Index fell 1.48 per cent over the week to 489,687.34, deepening its local currency year-to-date loss to -18.12 per cent and -18.57 per cent in U.S. dollar terms.
Morocco’s MASI also struggled, posting a year-to-date decline of -5.46 per cent, or -10.17 per cent in U.S. dollars, to 17,818.09, despite a modest 1.28 per cent uptick on he week. South Africa’s JSE ASI dropped 1.93 per cent for the week to close at 110,826.04, placing its year-to-date performance at -4.32 per cent in rand and -2.81 per cent in dollar terms.
Mauritius’s SEM ASI was down -2.26 per cent year-to-date, or -5.38 per cent in U.S. dollars, at 2,070.93, while Zambia’s LuSE ASI remained virtually flat on the year in local currency at -0.19 per cent at 25,871.69, though it retained a 13.07 per cent return in U.S. dollar terms due to currency movements.
