Sub-Saharan Africa (ex South Africa) markets US$ returns up 2.1% in May 2023 Top 30
Sub-Saharan Africa’s (excluding South Africa’s) stock markets were up 2.1% in US$ terms in May and are up 2.2% 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:
- Malawi 64.8%
- Zimbabwe 41.9%
- Nigeria 7.9%
- Namibia 7.1%
- Tanzania 4.6%
- Seychelles 4.5%
- Zambia 4.0%
- Uganda 1.7%
Markets rising in May 2023 include Malawi, Nigeria, Seychelles, Zimbabwe, Mauritius and Uganda which rose by 18.6%, 5.7%, 1.7%, 1.6%, 1.5% and 0.3% respectively.
Markets falling in May 2023 include Zambia, Kenya, Namibia, BRVM Cote d’Ivoire, Botswana, Ghana, Tanzania and Rwanda which fell by 6.6%, 5.5%, 5.4%, 4.7%, 4.1%, 3.5%, 1.4% and 0.5% respectively.
Fundamental valuation outliers
NOTE: Valuation figures are listed as at 31 May 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 1,250.00 NGN
- IHS Towers -32.5% with a share price at 8.25 USD
Companies with the highest and lowest Price to Earnings Ratio
- Geregu Power 75.9x with a share price at 309.00 NGN
- Endeavour Mining, AVZ Minerals, IHS Towers, Helios Towers and Africa Oil are loss making.
Companies with the highest and lowest Dividend Yield
- MTN Ghana 15.0% with a share price at 1.09 GHS
- 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 0.90 GBP
- Access Bank 0.43x with a share price at 12.30 NGN
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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.
