Sub-Saharan Africa (ex South Africa) markets US$ returns down 12.8% YTD in Aug. 2023 Top 30

Published On: September 28, 2023By Tags: Pan-African

Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell 1.2% in US$ terms in August and are down 12.8% 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. Malawi 70.7%
  2. Namibia 20.0%
  3. Ghana 12.9%
  4. Zambia 6.2%
  5. BRVM Cote d’Ivoire 4.0%
  6. Botswana 3.3%
  7. Seychelles 2.6%
  8. Uganda 2.3%

Markets rising in August 2023 include Zimbabwe, Mauritius and Ghana which rose by 6.8%, 4.8% and 3.6% respectively.

Markets falling in August 2023 include Kenya, BRVM Cote d’Ivoire and Nigeria which fell by 7.8%, 1.9%, and 1.2% respectively.

Fundamental valuation outliers

NOTE: Valuation figures are listed as at 31 August 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 100.47 MWK
  • Endeavour Mining -2.5% with a share price at 27.95 CAD

Companies with the highest and lowest Price to Earnings Ratio

  • Dangote Sugar 102.6x with a share price at 55.00 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

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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.