Malawi US$ returns up 61.8% YTD in Sep. 2023 Sub-Saharan Africa ex SA Top 30

Published On: November 3, 2023By Tags: Pan-African

Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell 2.3% in US$ terms in September and are down 14.8% year to date.

US$ returns by market

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

  1. Malawi 61.8%
  2. Namibia 21.7%
  3. Ghana 14.7%
  4. Zambia 9.6%
  5. Botswana 4.5%
  6. Uganda 4.1%
  7. BRVM Cote d’Ivoire 2.8%
  8. Seychelles 2.6%
  9. Tanzania 2.6%
  10. Mauritius 2.3%

Markets rising in September 2023 include Mauritius, Tanzania and Zambia which rose by 4.7%, 2.9% and 3.3% respectively.

Markets falling in September 2023 include Kenya, Nigeria and BRVM Cote d’Ivoire which fell by 5.8%, 3.2%, and 1.2% respectively.

Fundamental valuation outliers

NOTE: Valuation figures are listed as at 30 September 2023. Please click on the company name for the updated share price.

Companies with the highest and lowest Return on Equity

  • Airtel Malawi Plc 124.4% with a share price at 100.45 MWK
  • Endeavour Mining -2.4% with a share price at 26.62 CAD

Companies with the highest and lowest Price to Earnings Ratio

  • Geregu Power 83.4x with a share price at 339.50 NGN
  • Endeavour Mining, AVZ Minerals, IHS Towers, Nestlé Nigeria and Helios Towers are loss making.

Companies with the highest and lowest Dividend Yield

  • MTN Uganda 12.6% with a share price at 170.00 UGX
  • IHS Towers, AVZ Minerals and Helios Towers are currently not paying dividends.

Companies with the highest and lowest Price to Book Value Ratio

Download the full report

Sign up to The Investor Mailing List to receive equities reports for listed companies in Sub-Saharan African markets in your email inbox, and to AfricanFinancials’ Equity Valuation Insights LinkedIn page for access to African stock market valuation insights, annual and earnings reports.

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.