Dashboard: 31 December 2021

The JSE ended the year strong with a real return of 18.8% p.a. in local currency terms. The Zambian, Ghanaian and Mauritian performed even better, returning 39.4%, 32.6% and 20.5% respectively, in real local currency terms. The Nigerian market ended the year disappointingly with a negative real yield of 7.5% in local currency terms.

South African Markets (ZAR)

Latest value Last mo. 3 mos. 1 yr 3 yrs ann. 5 yrs ann.
JSE ALL SHARE  73 709,39  4,6%  14,7%  24,1%  11,8%  7,8%
JSE Volatility Index (% increase)  19,40  0,8%  -14,1%  5,2%  -3,8%  -1,2%
ALBI  822,72  2,7%  2,9%  8,4%  9,1%  9,1%
Repo Rate (% increase)  3,75%  0,0%  7,1%  7,1%  -17,8%  -11,7%

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  496,89  4,0%  6,3%  16,7%  18,2%  12,2%
FTSE Emerging Market Index  614,37  1,5%  -1,4%  -2,4%  8,7%  6,9%
All Share Index (Kenya)  165,27  1,6%  -6,6%  9,4%  5,8%  4,5%
All Share Index (Zambia)  5 989,19  13,1%  22,7%  55,8%  5,1%  7,9%
All Share Index (Nigeria)  42 716,44  -1,2%  6,2%  6,1%  10,8%  9,7%
All Share Index (Mauritius)  2 097,89  4,3%  4,3%  27,3%  -1,8%  3,0%
Composite Index (Ghana)  2 793,24  -2,6%  -2,2%  43,9%  3,8%  10,6%

Inflation***

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
CPI (ZAR)  174,66  0,5%  0,7%  5,3%  4,1%  4,3%
CPI (Kenya)  118,27  0,9%  1,9%  5,7%  6,2%  5,7%
CPI (Zambia)  336,31  0,6%  1,7%  16,4%  15,7%  12,1%
CPI (Nigeria)  404,18  1,1%  2,1%  13,6%  13,8%  13,6%
CPI (Mauritius)  113,28  0,9%  1,4%  6,7%  3,4%  3,3%
CPI (Ghana)  135,20  1,4%  2,0%  11,3%  9,4%  9,9%

Currencies (ZAR)

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
GBP  21,65  2,4%  6,3%  7,6%  5,7%  5,0%
USD  15,99  0,7%  6,0%  8,9%  3,7%  3,1%
EUR  18,21  1,1%  4,2%  1,5%  3,3%  4,7%
MUR  0,37  0,5%  3,7%  -0,9%  -4,4%  -0,8%
KES  0,14  0,2%  3,5%  5,1%  0,1%  1,1%
ZMW  0,96  7,6%  6,5%  38,3%  -7,3%  -7,1%
GHS  2,65  0,7%  4,9%  5,4%  -3,8%  -3,7%
NGN  0,04  0,2%  5,5%  0,7%  -6,0%  -3,0%

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

The JSE ended the year strong with a real return of 18.8% p.a. in local currency terms. The Zambian, Ghanaian and Mauritian performed even better, returning 39.4%, 32.6% and 20.5% respectively, in real local currency terms for the year. The Nigerian market ended the year disappointingly with a negative real yield of 7.5% in local currency terms.

The South African equity market has outperformed the bond market by 15.7% over the past year. However, over the longer-term (5 years), the bond market outperforms the equity market generating an excess return of 1.3% p.a.

South African inflation ended the year at the higher end of the South African Reserve Bank’s target range of 3-6%.

Over the year the Rand has weakened against all currencies considered with the exception of Mauritius. The Zambian Kwacha in particular performed well against the South African Rand with gains of 38.3% over the year.


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