Nigerian market bounces back

Five of the 11 main Africa indices made gains in April and six lost ground with Nigeria’s All Share index posting the biggest gains for the month and Egypt’s EGX 30 recording the biggest losses.

Nigeria’s All Share Index bounced back 9.31% in April, its third straight month of gains following a -14.70% rout in January. For the first time this year the index was in positive territory – up 0.15% – but still has a way to go to recoup its -16.14% loss in 2014. Despite the fallout from plunging oil prices, Nigeria’s GDP growth rate has been above 6% every year since 2003, according to the World Bank, and Africa’s most populous nation remains an attractive proposition for frontier-market investors.

Botswana’s Gaborone Index added 3.33% in April and by month’s end was 5.43% in positive territory year to date.

Namibia’s Overall Index increased 2.74% to lift its 2015 gain to 9.37%, making it the best performer so far this year.

Tunisia’s TUNINDEX reversed its -2.38% March decline with a 4.37% gain in April, boosting its gain for the year so far to 8.94%.

Ghana’s GSE Composite Index added 2.36% in April, also its third straight month of gains, lifting it 0.52% into the black year to date.

Egypt’s EGX 30 recorded the biggest loss for April, shedding -5.06%. Having declined -2.13% in March and -5.17% in February the index was -2.85% down for the year so far.

Morocco’s CFG 25 gave back -3.39% for the month but was 4.23% in profit year to date.

Kenya’s NSE 20 was down -2.99% for the month on top of a -4.43% decline in March, dragging it -0.42% into the red for the year.

The Lusaka All Share was down -1.72% in April and -2.51% in the red year to date, according to*. However, as reported last month, in US dollar terms the index was down more than 16% year to date.

Zimbabwe’s US$-denominated ZSE Industrial Index dropped -1.24% in April and was -4.01% in the red YTD.

The SEMDEX in Mauritius fell -0.98% in April, its seventh consecutive losing month. The index was -5.68% in the red YTD having recorded a -1.05% loss in 2014. Copyright. HedgeNews Africa – May 2015.