Sub-Saharan Africa (ex South Africa) markets US$ returns down 15.8% YTD in Dec. 2023 Top 30

Published On: January 29, 2024By Tags: Pan-African

Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell by 3.4% in US$ terms in December and are down 15.8% 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. Namibia 23.3%
  2. Zimbabwe 20.1%
  3. Botswana 10.0%
  4. Ghana 9.6%
  5. BRVM Cote d’Ivoire 9.1%
  6. Malawi 3.9%
  7. Zambia 3.7%
  8. Tanzania 3.1%
  9. Seychelles 2.5%
  10. Uganda 1.9%

Markets rising in December 2023 include Zimbabwe, Namibia, Botswana, BRVM Cote d’Ivoire and Seychelles which rose by 8.2%; 2.7%; 2.3%; 1.8% and 1.3% respectively.

Markets falling in December 2023 include Zambia, Nigeria, Malawi, Kenya, Uganda, Rwanda, Mauritius, Ghana and Tanzania which fell by 8.3%; 7.8%; 2.5%; 2.2%; 1.6%; 1.1%; 1.1% and 0.5% respectively.

Fundamental valuation outliers

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

Companies with the highest and lowest Return on Equity

  • Airtel Uganda >100% with a share price at 93.76 UGX
  • Endeavour Mining -1.6% with a share price at 29.77 CAD

Companies with the highest and lowest Price to Earnings Ratio

Companies with the highest and lowest Dividend Yield

  • MTN Uganda 12.6% with a share price at 170.55 UGX
  • IHS Towers 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.