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
Download the full report
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.