Sub-Saharan Africa (ex South Africa) markets US$ returns down 2.0% in Apr. 2023 Top 30
Sub-Saharan Africa’s (excluding South Africa’s) stock markets fell 2.0% in US$ terms in April but are up 0.1% 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:
- Zimbabwe 39.7%
- Malawi 38.9%
- Namibia 13.2%
- Zambia 11.4%
- Tanzania 6.1%
- Uganda 4.8%
- Seychelles 2.7%
- Nigeria 2.1%
- BRVM Cote d’Ivoire 0.8%
- Botswana 0.1%
Markets rising include Zambia, Malawi, Uganda, Tanzania, Mauritius and Seychelles which rose by 23.5%, 8.4%, 1.3%, 1.1%, 0.4% and 0.3% respectively in April 2023.
Markets falling include Kenya, Nigeria, Zimbabwe, Ghana, Rwanda, Botswana, Namibia and BRVM Cote d’Ivoire which fell by 7.2%, 3.5%, 2.6%, 1.0%, 0.7%, 0.4%, 0.1% and 0.1% respectively in April 2023.
Fundamental valuation outliers
NOTE: Valuation figures are listed as at 30 April 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 1,043.80 NGN
- IHS Towers -32.1% with a share price at 9.65 USD
Companies with the highest and lowest Price to Earnings Ratio
- Geregu Power 79.4x with a share price at 323.00 NGN
- Endeavour Mining, AVZ Minerals, IHS Towers, Helios Towers and Africa Oil are loss making.
Companies with the highest and lowest Dividend Yield
- Zenith Bank 13.6% with a share price at 22.80 NGN
- 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 GBP
- First Bank Nigeria 0.45x with a share price at 11.15 NGN
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.
