Tanzania Zimbabwe Nigeria Lead African Equity Market Gains in 2024

The African equity markets have shown a wide range of performance in 2024, with frontier markets in East and West Africa leading the gains while larger markets like South Africa and Morocco faced pullbacks. Tanzania's Dar es Salaam Stock Exchange All Share Index recorded the highest local currency gain of 69.52%, closing at 4,682.13 with a 1.74% weekly advance, translating to a 56.80% return in U.S. dollar terms. Zimbabwe's ZSE ASI followed closely with a 67.67% local year-to-date return, or 63.59% in dollars, after a 2.86% weekly increase to 465.90.

Nigeria's NGX All-Share Index also performed strongly, rising 0.92% over the week to 252,113.41, achieving a 62.01% local year-to-date gain and a 76.05% return in dollars. Ghana's GSE-CI advanced 58.34% locally, or 42.63% in dollars, despite a 2.95% weekly decline to 13,886.74. The BRVM in West Africa held a 56.41% local year-to-date return, equal to 51.81% in dollars, after a 2.34% weekly dip to 540.78.

Uganda's USE ASI saw a 4.01% weekly bump to 2,523.26, boosting its year-to-date return to 54.63% in local currency and 46.29% in dollars. Kenya and Rwanda also delivered double-digit gains, with the NSE ASI rising 4.15% on the week to 248.51, representing a 33.19% year-to-date return in local currency and 32.48% in dollars. Rwanda's RSE ASI edged up 0.20% to 262.41, translating to a 43.98% local year-to-date return and 41.86% in dollar terms.

On the lower end, Malawi's Stock Exchange All Share Index fell 1.48% over the week to 489,687.34, deepening its local currency year-to-date loss to -18.12% and -18.57% in U.S. dollar terms. Morocco's MASI posted a year-to-date decline of -5.46%, or -10.17% in dollars, to 17,818.09, despite a modest 1.28% weekly uptick. South Africa's JSE ASI dropped 1.93% for the week to close at 110,826.04, placing its year-to-date performance at -4.32% in rand and -2.81% in dollar terms. Mauritius's SEM ASI was down -2.26% year-to-date, or -5.38% in U.S. dollars, at 2,070.93, while Zambia's LuSE ASI remained virtually flat on the year in local currency at -0.19% at 25,871.69, though it retained a 13.07% return in U.S. dollar terms due to currency movements.