Seven of the 11 main Africa ex-South Africa indices lost ground in November, with only four in positive territory for the month.
The Nigerian economy continued to reel in November, impacted by falling oil prices and currency devaluation. The All Share Index plummeted 8.01% on top of its 8.88% decline the month before, leaving it down 16.42% year to date, or approximately 25% in US dollar terms.
Nigeria’s oil revenue fell 24.5% to N630.3 billion (US$3.89 billion) in July from N784.9 billion ($4.84 billion) in June. The price of Brent crude has fallen by a third since June, touching a five-year low below $68 on December 1. Meanwhile, hopes that the Organisation of Petroleum Exporting Countries (Opec) would reduce production to bolster prices were dashed when the cartel decided on November 27 to maintain quotas.
Morocco’s CFG 25 was the month’s next worst performer with a loss of 3.16% in November, paring its year-to-date gain to 10.97%.
Zimbabwe’s Industrials Index declined 3.08% for the month and at month end was 14.71% lower on the year. In contrast, the country’s mining index was 45.76% up for the year.
The SEMDEX in Mauritius shed 1.4%, leaving it 0.23% in positive territory year to date.
Kenya’s NSE 20 slipped 0.74% for the month and was 4.66% higher for the year.
Botswana’s Gaborone Index lost 0.42% in November and was 5.19% higheryear to date.
Zambia’s Lusaka All Share gave back 0.06% but was 16.35% in the black year to date. In dollar terms, gains for the year were a more muted 1.5%.
Egypt’s EGX 30 put on the best performance for the month, bouncing back 2.11%, after a 7.09% decline in October. The index is the year’s best performer amongst African markets, and by month end was 37.23% higher for the year, a 33.63% gain in US dollar terms.
Namibia’s Overall Index added 2% for the month and was 11.49% up year to date.
Tunisia’s TUNINDEX added 1.36% in November lifting its year-to-date gain to 13.43%.
Ghana’s GSE Composite Index edged up 0.78% to end the month 5.67% in positive territory for the year. Copyright. HedgeNews Africa – December 2014.