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Investors get mixed returns in Africa

May 03 2016 19:35
Malcom Sharara

Harare -  Equity market investors suffered heavy losses in Nigeria and Ghana but enjoyed good returns in South Africa for the four months ended April 29 2016.

According to closing levels recorded on Friday last week, investors on the Nigerian All Share Index had lost 13.25% in US dollar terms while in Ghana the GSE ALSI was down 8.43% in US$ terms.

Analyts said currency devaluation uncertainties and shortages of forex in Nigeria has forced investors to remain cautious about being invested on the equity market.

Other markets to record losses as at 29 April 2016 were the Zimbabwe stock Exchange down 7.89%, Malawi down 17.36% and Zambia down 0.37%.

The Johannesburg Stock Exchange, however, had investors a little bit comfortable having earned 4.46% in Rand terms and 13.25% in US$ terms.

Tanzania was also a positive performer up 5.91% as was Namibia up 11.92%.

Overall performance in African markets is expected to be positive on the back of strengthening currencies against the US dollar. The dollar has fallen 5.9 per cent this year.

On Friday, the rand extended its gains against dollar to hit a five-month high while the Kenya shilling is also at an eight-month high.

africa  |  equities
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