Major African Stock Indexes and Exchange Rate Changes in Q1-2013

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 – 1ST QUARTER 2013

AFRICA

COUNTRY 1ST QUARTER PCT CHANGE
GHANAL-Local Currency

45.88%

GHANA-US$

44.28%

KENYA-Local Currency

17.92%

KENYA-US$

18.56%

NIGERIA-Local Currency

20.32%

NIGERIA-US$

18.74%

SOUTH AFRICA-Local Currency

1.21%

SOUTH AFRICA-US$

-6.37%

WEST AFRICA BOURSE-Local Currency

15.87%

WEST AFRICA BOURSE-US$

12.99%

MSCI AFRICA-Local Currency

-1.33%

MSCI AFRICA-US$

-8.38%

MSCI EMERGING MARKETS-Local Currency

-0.74%

MSCI EMERGING MARKETS-US$

-1.92%

Sources: Stock exchange websites, Financial Times, Advansa International data

Table 2

1ST QUARTER 2013 EXCHANGE RATE CHANGE

AFRICA

COUNTRY 1ST QTR PCT CHG YTD MAR PCT CHANGE
CFA AREA*

-2.87%

-4.05%

GHANA

-1.60%

1.38%

KENYA

0.64%

1.51%

NIGERIA

-1.61%

-3.32%

SOUTH AFRICA

-7.58%

2.17%

TANZANIA

-2.41%

-5.66%

UGANDA

5.24%

5.24%

Sources: Financial Times, Advansa International data

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

The MSCI Africa index decreased by 1.33% for Q1, compared with the MSCI Emerging markets index which was down 0.74%. Several country stock markets were quite strong. Ghana was the star this period rising 46% for the quarter in local currency and 44% in US dollars. The strong performance was driven largely by the financial sector with Ecobank, Standard Chartered and Ghana Commercial Bank leading the way. The Nigerian and Kenyan markets were also strong, rising 20% and 19% respectively.

Exchange rates have continued the pattern established late last year.. Fiscal and current account deficits continue to put downward pressure on the Ghanaian cedi. The South African rand has weakened significantly this quarter. With the economy growing slowly the Reserve Bank is likely to maintain a looser monetary stance which suggests a weaker rand. The CFA franc lost ground as the euro declined slightly. Generally speaking currency changes have been relatively small in either direction in the major African economies, South Africa being the exception due to an active central bank trying to rev up a stagnant economy.

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One thought on “Major African Stock Indexes and Exchange Rate Changes in Q1-2013

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