Dashboard: 30 June 2021

With the exception of the South African and Nigerian markets – which posted negative returns – the other African markets considered returned positive real returns in local currency terms over the second quarter of the year. These performing markets exceeded the yields on the FTSE Emerging Market Index over the same period in nominal local currency terms.

South African Markets (ZAR)

Latest valueLast mo.3 mos.1 yr3 yrs ann.5 yrs ann.
JSE ALL SHARE66 248,74-1,9%-0,4%21,9%4,8%4,9%
JSE Volatility Index (% increase)20,086,1%-9,6%-18,3%4,3%-2,3%
ALBI796,871,1%6,9%13,7%9,2%9,2%
Repo Rate (% increase)3,50%0,0%0,0%-6,7%-18,6%-12,9%

South African Market Cumulative Performance

South African Yield Curve

Offshore Markets*

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
FTSE All World Index474,541,1%6,8%37,1%12,5%12,5%
FTSE Emerging Market Index674,18-0,3%4,4%36,0%9,0%9,7%
All Share Index (Kenya)172,09-0,3%8,5%25,0%-0,4%4,1%
All Share Index (Zambia) 4 655,3611,1%15,8%18,8%-5,2%-0,4%
All Share Index (Nigeria) 37 907,28-0,9%-2,9%54,9%-0,3%5,1%
All Share Index (Mauritius) 1 865,197,8%16,6%12,2%-6,0%1,3%
Composite Index (Ghana) 2 643,679,2%19,4%39,5%-2,8%8,1%

Inflation****

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
CPI (ZAR)169,990,1%0,8%4,6%3,8%4,2%
CPI (Kenya)115,110,1%1,1%6,3%5,3%5,8%
CPI (Zambia)330,141,3%5,6%24,6%16,2%12,5%
CPI (Nigeria)379,941,0%2,0%16,5%13,4%13,5%
CPI (Mauritius)109,770,7%1,1%4,4%2,2%2,8%
CPI (Ghana)127,570,8%2,3%6,5%8,3%9,4%

Currencies (ZAR)

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
GBP19,761,2%-0,2%-8,1%2,9%0,2%
USD14,274,0%-3,4%-17,6%1,3%-0,6%
EUR16,950,8%-2,4%-12,9%1,8%0,7%
MUR0,33-0,2%-8,4%-23,1%-5,7%-4,3%
KES0,133,8%-2,1%-18,6%-0,9%-1,9%
ZMW0,633,5%-5,8%-34,1%-22,9%-16,0%
GHS2,442,7%-5,1%-19,3%-5,4%-8,2%
NGN0,033,9%-10,6%-27,8%-8,2%-7,8%

African Stock Exchanges’ Cum. Performance

Rand Exchange Rate

* Indices are all reflected in their respective local currencies. FTSE Indices are quoted in USD. Data Source: Thomson Reuters
*** CPI is lagged by one month

Commentary

With the exception of the South African and Nigerian markets – which posted negative returns – the other African markets considered returned positive real returns in local currency terms over the second quarter of the year. These performing markets exceeded the yields on the FTSE Emerging Market Index over the same period in nominal local currency terms.
The local bond market outperformed the equity market over the month, generating an excess return of 3.03%. Over the quarter, the trend persists with the equity market lagging the bond market by 7.21%.
Inflation rates are continuing their upward trend across all markets considered. Over 5 years, inflation rate for each country is higher than the relevant market index (apart from South Africa), which is indicative of negative real returns.
Over the month the Rand weakened against all currencies considered except the Mauritian Rupee. The quarterly performance on the other hand sees the Rand stronger against all currencies considered.

Contact us

Craig Falconer
CEO
T +27 11 038 3705
Kirchual Sauls
Actuarial Manager
T +27 11 038 3711
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