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

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

Sub-Saharan Africa’s (excluding South Africa’s) stock markets rose by 7.2% in US$ terms in November and are down 12.8% year to date.

US$ returns by market

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

  1. Namibia 20.1%
  2. Zambia 13.2%
  3. Zimbabwe 11.0%
  4. Ghana 10.2%
  5. Botswana 7.5%
  6. BRVM Cote d’Ivoire 7.1%
  7. Malawi 6.5%
  8. Uganda 3.5%
  9. Tanzania 3.3%
  10. Seychelles 1.2%
  11. Mauritius 0.6%

Markets rising in November 2023 include Zimbabwe, Nigeria, BRVM Cote d’Ivoire, Kenya and Botswana which rose by 20.3%, 18.2%, 5.7%, 2.0% and 1.7% respectively.

Markets falling in November 2023 include Malawi, Rwanda, Tanzania and Uganda which fell by 31.4%, 0.5%, 0.3% and 0.2% respectively.

Fundamental valuation outliers

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

Companies with the highest and lowest Return on Equity

Companies with the highest and lowest Price to Earnings Ratio

Companies with the highest and lowest Dividend Yield

  • Zimplats 14.0% with a share price at 19.99 AUD
  • IHS Towers is 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.