Sub-Saharan Africa (ex South Africa) markets US$ returns up 11.9% in Jan. 2024 Top 30

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

Sub-Saharan Africa’s (excluding South Africa’s) stock markets rose by 11.9% in US$ terms in January 2024. Oil prices were up 7% to US$82.60/barrel and gold down 3% to US$2,022/oz in January 2024.

US$ returns by market

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

  1. Zimbabwe 50.2%
  2. Nigeria 27.7%
  3. Seychelles 2.4%

Fundamental valuation outliers

NOTE: Valuation figures are listed as at 31 January 2024. 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 12.8% with a share price at 22.10 AUD
  • IHS Towers, Transcorp Hotels 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.