African markets had a relatively stable April in a month where gold plummeted -9.3%, its biggest one-day decline in 33 years.
With a spike of 3.99%, Botswana’s Gaborone Index was the biggest gainer in April, up 16.31% for the year. During the period the country began exporting coal to China via the Richards Bay coal terminal in South Africa, a move that should see significant capital inflows.
Ghana’s GSE Composite Index rose 3.88% for the month and was up an impressive 50.09% for the year at month’s end.
Nigeria’s All Share, though down -0.29% in April, was 19.1% higher for the year to date.
Mauritius and Kenya also achieved double-digit growth YTD, although both bourses recorded losses for April.
In Mauritius the SEMDEX was down -0.6% for the month but up 10.49% for the year.
Kenya’s NSE 20 had its first negative month for the year, shedding -1.9% in April, but was up 15.30% YTD.
The first phase of Kenya’s ambitious and far-sighted US$22 billion Lamu Port-South Sudan-Ethiopia Transport Corridor (LAPSSET) project has begun. The corridor will connect Ethiopia, Southern Sudan and possibly Uganda to modern port facilities in Kenya and will include three international airports and thousands of kilometres of highway, railway and oil pipeline.
Although -4.87% in the red YTD, Egypt’s EGX30 gained 1.92% in April.
Morocco’s CFG 25 also had a positive month with a gain of 1.86%, clawing back some of the losses sustained in the first two months of the year and leaving the index -1.04% in arrears for the first four months.
Tunisia’s TUNIDEX had a torrid month, shedding -2.19% and leaving it 0.93% in the black YTD.
Tunisia’s stock exchange reportedly expects a surge in new listings between now and the end of the year as political risk eases following the establishment of a new government. The exchange has seen three IPOs launched this year with a further 15 in the pipeline, Mohamed Bichiou, general director of the Tunis Stock Exchange said.
Namibia’s Overall Index continued its losing streak with a -4.90% decline in April and -6.60% in the red for the year. Copyright. HedgeNews Africa – May 2013.