Dashboard: 31 October 2021

Despite some volatility amongst the African markets considered, overall returns have been inspiring over the 12 months. The Ghanaian and Mauritian equity markets lead the pack over this period with real returns of 45.1% and 39.3% – respectively. Over the month, the Rand weakened against all currencies considered except the kwacha and the Mauritian Rupee.

South African Markets (ZAR)

Latest value Last mo. 3 mos. 1 yr 3 yrs ann. 5 yrs ann.
JSE ALL SHARE  67 464.69  5.0%  -2.2%  30.5%  8.8%  5.9%
JSE Volatility Index (% increase)  19.23  -14.9%  6.0%  -25.0%  -4.1%  -0.9%
ALBI  795.53  -0.5%  -1.0%  10.9%  9.5%  8.3%
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 value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
FTSE All World Index  490.61  4.9%  2.8%  35.2%  15.3%  12.6%
FTSE Emerging Market Index  629.46  1.1%  0.4%  14.6%  10.0%  6.5%
All Share Index (Kenya)  177.96  0.5%  0.2%  27.1%  7.2%  5.4%
All Share Index (Zambia)  4 938.49  -0.6%  4.7%  29.6%  -1.9%  2.8%
All Share Index (Nigeria)  42 038.60  4.5%  9.1%  37.7%  9.0%  9.1%
All Share Index (Mauritius)  2 123.80  5.6%  10.8%  44.6%  -1.8%  3.3%
Composite Index (Ghana)  2 865.21  0.3%  5.4%  55.4%  1.5%  10.6%

Inflation***

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
CPI (ZAR)  173.39  0.2%  0.7%  4.7%  3.9%  4.3%
CPI (Kenya)  116.67  0.5%  1.1%  6.5%  5.9%  5.8%
CPI (Zambia)  332.11  0.4%  0.3%  21.1%  15.9%  12.4%
CPI (Nigeria)  395.98  1.1%  2.2%  14.9%  13.6%  13.6%
CPI (Mauritius)  111.73  0.1%  0.0%  5.3%  2.9%  3.0%
CPI (Ghana)  132.50  0.6%  0.9%  10.4%  9.3%  9.8%

Currencies (ZAR)

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
GBP  20.83  2.3%  2.7%  -1.0%  3.3%  4.7%
USD  15.20  0.8%  4.4%  -6.4%  0.9%  2.5%
EUR  17.61  0.7%  1.8%  -7.0%  1.7%  3.5%
MUR  0.35  -0.2%  2.9%  -13.2%  -6.2%  -1.3%
KES  0.14  0.0%  1.8%  -8.5%  -1.9%  0.6%
ZMW  0.88  -2.3%  16.2%  11.7%  -10.9%  -8.9%
GHS  2.54  0.2%  3.1%  -9.9%  -6.4%  -5.7%
NGN  0.04  0.7%  4.6%  -13.1%  -8.5%  -3.5%

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 some volatility amongst the African markets considered, overall returns have been inspiring over the 12 months. The Ghanaian and Mauritian equity markets lead the pack over this period with real returns of 45.1% and 39.3% respectively. Over the longer-term (5 years) the performance is less impressive with most markets struggling to yield returns in excess of inflation.

The South African equity market has outperformed the bond market by 5.49% over the past month. Over the longer-term (5 years), the situation is reversed with the bond market outperforming the equity market by 2.33%.

The inflation rates continue their upward trend across all markets considered. In fact, inflation over the last 12 months (as measured by CPI) is higher than the 3 year and 5 year annualised rates for all markets considered.

Over the month, the Rand weakened against all currencies considered except the Kwacha and the Mauritian Rupee. Over the longer-term (5 years), it is more of a mixed bag with the Rand weakening against the developed market currencies considered (i.e. Dollar, Euro and Pound) while strengthening against most of the other African


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