Major African Stock Indexes and Exchange Rate Changes in Q3

Advansa International follows exchange rates and stock market indexes for several emerging and frontier markets. Exchange rates and stock indexes are recorded on the last trading day of the week. The tables below show changes from the last trading day of the last full week of the quarter for several key markets in Africa.

Table 1 

 STOCK MARKET INDEX TRACKER 3RD QUARTER 2012

AFRICA

COUNTRY

3RD QUARTER PCT CHANGE

GHANA-Local Currency

0.21%

GHANA-US$

2.62%

KENYA-Local Currency

7.24%

KENYA-US$

6.01%

NIGERIA-Local Currency

20.43%

NIGERIA-US$

23.92%

SOUTH AFRICA-Local Currency

6.08%

SOUTH AFRICA-US$

5.20%

WEST AFR. BOURSE-Local Currency

0.06%

WEST AFR. BOURSE-US$

1.44%

MSCI AFRICA-Local Currency

7.74%

MSCI AFRICA-US$

7.02%

MSCI EMERGING MARKETS-Local Currency

5.14%

MSCI EMERGING MARKETS-US$

6.97%

Sources: Stock exchangewebsites, Financial Times, Advansa International data

Table 2

3RD QUARTER 2012 EXCHANGE RATE TRACKER

AFRICA

COUNTRY

3RD QTR PCT CHG

YTD SEPT PCT CHANGE

CFA AREA*

1.38%

-0.90%

GHANA

2.40%

-13.57%

KENYA

-1.23%

-0.23%

NIGERIA

3.50%

3.21%

SOUTH AFRICA

-0.88%

-2.15%

TANZANIA

-0.25%

0.38%

UGANDA

-3.13%

-2.94%

Sources: Financial Times, Advansa International data

*Includes most French speaking countries such as Benin , Cameroon , Cote D’ivoire , Guinea , Senegal , Togo and others

Equity market performance in Africa showed considerable variation from country to country during Q3. Table 1 shows 2012 stock market returns for several markets through the end of September. The Nigerian Stock exchange was the standout with a 20.43% increase. Nigeria’s improved performance was largely due to institutional reasons. Regulatory enhancements instituted after the 2008 crash resulted in greater confidence in the market.

The MSCI Africa index increased by 7.7% for Q3, compared with the MSCI Emerging markets index which was up 5.1%. (Both indexes rose 7% in US Dollar terms) All African markets tracked here finished the quarter higher than when they began, both in local currency and in US Dollar terms. Ghana and the West Africa Bourse were up slightly.

During the 3rd quarter and on a year to date basis the Nigerian Naira showed the greatest strength of the currencies shown in our charts (See Table 2) The Ghanaian central bank halted the precipitous slide of the Cedi, rising 2.4% during the quarter, though it remains nearly 14% weaker since the beginning of 2012.

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2 thoughts on “Major African Stock Indexes and Exchange Rate Changes in Q3

  1. […] Major African Stock Indexes and Exchange Rate Changes in Q3 (emergingmktstories.wordpress.com) […]

  2. […] Major African Stock Indexes and Exchange Rate Changes in Q3 (emergingmktstories.wordpress.com) […]

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