Dashboard: 30 September 2021

Despite a poor showing by the JSE over the last quarter, All African markets considered outperformed the global emerging market index in local currency terms. The Rand weakened against all currencies considered over the last quarter.

South African Markets (ZAR)

Latest valueLast mo.3 mos.1 yr3 yrs ann.5 yrs ann.
JSE ALL SHARE 64 281,77-4,7%-3,0%18,5%4,9%4,4%
JSE Volatility Index (% increase)22,5920,4%12,5%-9,3%7,7%3,4%
ALBI799,81-2,1%0,4%12,5%9,1%8,5%
Repo Rate (% increase)3,50%0.0%0,0%0.0%-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 Index 467,61-4,2%-1,5%25,5%10,6%11,1%
FTSE Emerging Market Index 622,89-3,6%-7,6%16,0%6,8%6,5%
All Share Index (Kenya) 177,04-4,7%2,0%26,6%5,8%5,3%
All Share Index (Zambia) 4 986,007,3%7,3%30,8%-3,0%2,9%
All Share Index (Nigeria) 40 221,172,6%6,1%49,9%7,1%7,3%
All Share Index (Mauritius) 2 010,582,9%7,8%33,3%-3,7%1,9%
Composite Index (Ghana) 2 855,293,8%8,0%53,8%-0,3%9,1%

Inflation***

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
CPI (ZAR)172,960,4%1,5%4,7%3,9%4,4%
CPI (Kenya)116,080,3%0,8%6,9%5,4%5,8%
CPI (Zambia)330,73-0,5%0,2%22,1%16,0%12,4%
CPI (Nigeria)391,481,0%2,0%15,3%13,4%13,5%
CPI (Mauritius)111,57-0,1%0,1%5,3%3,0%2.9%
CPI (Ghana)131,650,3%1,9%9,9%9.3%10.0%

Currencies (ZAR)

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
GBP20,371,8%3,1%-5,9%3,3%2,7%
USD15,094,0%5,8%-9,8%2,2%1,9%
EUR17,481,9%3,1%-11,0%2,1%2,5%
MUR0,364,9%6,6%-15,8%-4,9%-1,8%
KES0,143,4%3,3%-11,5%-0,9%-0,2%
ZMW0,90-1,1%42,9%7,7%-8,0%-8,0%
GHS2,534,1%3,6%-13,5%-5,2%-6,2%
NGN0,044,3%6,1%-16,3%-7,3%-4,0%

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

Despite a poor showing by the JSE over the last quarter, All African markets considered outperformed the global emerging market index in local currency terms.
Year-on-year the local bond market underperformed relative to equities by 6%. However, over all other durations considered, the bond market provided higher returns.
The Zambian, Nigerian and Mauritian markets have seen notable inflationary increases in recent years. Over 5 years, inflation rates for each country considered are higher than the relevant market index (apart from South Africa), which is indicative of negative real returns.
The Rand weakened against all currencies considered over the quarter. Over the longer term (5-years), it is more of a mixed bag with the Rand strengthening against the Kwacha, Cedi, Naira, and the Mauritian Rupee and weakening against the other currencies.


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