Sub-Saharan Africa (ex South Africa) markets US$ returns up 4.1% in July 2023 Top 30
Sub-Saharan Africa’s (excluding South Africa’s) stock markets were up 4.1% in US$ terms in July and are down 11.7% year to date.
US$ returns by market
Nine of the fourteen Sub-Saharan Africa’s (excluding South Africa’s) stock markets have positive US$ returns year to date:
- Malawi 70.2%
- Namibia 26.0%
- Ghana 9.7%
- Zambia 8.6%
- BRVM Cote d’Ivoire 6.0%
- Uganda 4.3%
- Botswana 4.1%
- Seychelles 3.2%
- Tanzania 0.1%
Markets rising in July 2023 include Nigeria, Namibia, Ghana, Botswana, BRVM Cote d’Ivoire, Rwanda, Mauritius, Malawi and Uganda which rose by 9.2%, 6.7%, 6.5%, 5.9%, 5.3%, 3.5%, 1.6%, 1.5% and 0.6% respectively.
Markets falling in July 2023 include Zimbabwe, Zambia, Kenya, Tanzania and Seychelles which fell by 13.2%, 6.0%, 2.8%, 1.6% and 0.4% respectively.
Fundamental valuation outliers
NOTE: Valuation figures are listed as at 31 July 2023. Please click on the company name for the updated share price.
Companies with the highest and lowest Return on Equity
- Airtel Malawi Plc 97.7% with a share price at 100.07 MWK
- IHS Towers -31.3% with a share price at 8.10 USD
Companies with the highest and lowest Price to Earnings Ratio
- Geregu Power 84.8x with a share price at 345.00 NGN
- Endeavour Mining, AVZ Minerals, IHS Towers, Nestlé Nigeria, Helios Towers and Africa Oil are loss making.
Companies with the highest and lowest Dividend Yield
- MTN Uganda 12.6% with a share price at 170.00 UGX
- 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
- Nestle Nigeria Plc negative with a share price at 1,175.00 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.
