Delta makes return to Sub-Saharan Africa (ex South Africa) Top 30 in Mar. ’23 report

Published On: April 27, 2023By Tags: Pan-African

Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell 1.1% in March but are up 2.1% year to date.

US$ returns by market

Eight of the fourteen Sub-Saharan Africa’s (excluding South Africa’s) stock markets have positive US$ returns year to date:

  1. Zimbabwe 43.4%
  2. Malawi 28.2%
  3. Namibia 13.4%
  4. Nigeria 8.9%
  5. Tanzania 4.9%
  6. Seychelles 2.4%
  7. BRVM Cote d’Ivoire 0.9%
  8. Botswana 0.5%

Markets rising include Zimbabwe, Ghana, Namibia and Malawi which rose by 34.2%, 23.5%, 18.8% and 13.7% respectively in March 2023.

Markets falling include Kenya, Nigeria, Uganda and Mauritius which fell by 14%, 2.8%, 2.8%, and 1.8% respectively in March 2023.

Delta Corporation (Zimbabwe), made its entrance into the Top 30, replacing Kenya Commercial Bank.

Fundamental valuation outliers

NOTE: Valuations figures are listed as at 31 March 2023. Please click on the company name for the updated share price.

Companies with the highest and lowest Return on Equity

  • Nestle Nigeria 161.6% with a share price at 1,100.30 NGN
  • IHS Towers -32.6% with a share price at 8.76 USD

Companies with the highest and lowest Price to Earnings Ratio

  • Geregu Power  79.4x with a share price at 323 NGN
  • Endeavour Mining, AVZ Minerals, IHS Towers, Helios Towers and Africa Oil are loss making.

Companies with the highest and lowest Dividend Yield

  • MTN Ghana 13.1% with a share price at 1.25 GHS.
  • IHS Towers, AVZ Minerals and Helios Towers are currently not paying dividends.

Companies with the highest and lowest Price to Book Value Ratio

  • Helios Towers >100.00x with a share price at 1.04 EUR
  • First Bank Nigeria 0.45x with a share price at 11.15 NGN

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.