Egypt’s EGX 30 surged 9.99% in October on the back of a 6.7% gain in September, lifting its year-to-date gains to 13.17% (or 4.55% in US dollar terms). Despite the market rally, Egypt has been making headlines for all the wrong reasons. Political conflict has claimed more than 1,000 lives since former president Mohamed Morsi, leader of the Muslim Brotherhood, was overthrown in July and replaced by army chief General Abdel Fatah el-Sisi. The US meanwhile has cut military aid to incentivise the army to relinquish power.
Morocco’s CFG 25 had a stellar October, rising 7.78% for the month and pushing it 1.15% into positive territory year to date.
With a 3.39% rise for the month buoyed by solid third-quarter company results, Ghana’s GSE Composite Index climbed to a 75.03% gain for the year (50.84% in US dollars). The index is the year’s best performer of the basket of 11 indices we cover, bolstered by oil, mining and agriculture, but problems remain. Ghana’s budget deficit is among the highest in Africa, with 70% of state income used to pay public-sector salaries. Inflation meanwhile rose to a fresh three-year high of 13.1% in October, from 11.9% in September.
The Zimbabwean Industrials Index gained 4.84% in October and was up 37.62% year to date.
Zambia’s Lusaka All Share was 4.3% higher for the month of October and 34.31% in positive territory year to date. On October 4, Finance Minister Alexander Chikwanda removed a 10% export tax on unprocessed metals after companies asked the government to waive the tax because of a lack of smelting capacity in the country. The tax was promptly restored by President Michael Sata.
Nigeria’s All Share index climbed 2.84% in October pushing it to a 33.99% gain for the year so far.
In the wake of a deadly terrorist attack on the Westgate Mall in Nairobi in September, Kenya’s NSE 20 nevertheless rallied 4.17% in October and was up 20.80% YTD.
The SEMDEX in Mauritius has had a three-month winning streak, gaining 3.91% in October with an increase of 17.67% YTD.
Botswana’s Gaborone Index gained 1.5% in October and at month’s end was 16.15% up for the year.
Namibia’s Overall Index posted a 3.98% gain for the month pushing it into positive territory at 3.8% to the upside YTD.
Tunisia’s TUNINDEX inched up 0.61% in October but was still 1.97% in the red on a year-to-date basis. Copyright. HedgeNews Africa – November 2013.
