Most countries showed good performance in recent months. Over the last month yields in South Africa and Zambia were flat but year to date returns have been strong. Over the year all the African countries performed well in local terms with real yields ranging from 8% to 49%. Over 3 years however the real yields have been less impressive with only Mauritius showing positive real returns in local currency terms.
Over the last month the rand strengthened against all currencies considered, except the British Pound. Year-on-year the rand strengthened against all currencies considered except the Euro.
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