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Kenya, Nigeria, and Zimbabwe battle for stock market glory per most up-to-date reports

July 28, 2023 1:38 PM

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  • Kenya, Nigeria, and Zimbabwe compete fiercely for stock market supremacy, per most up-to-date reports.
  • Kenya’s equities market posted the weakest returns at 30.9%, while Nigeria and Zimbabwe reported losses of 24.3% and 20.7%, respectively.
  • Despite challenges, Tunisia, Morocco, and Senegal emerged as outliers with necessary gains in the equities market.

Kenya, Nigeria, and Zimbabwe own grow to be the epicentres of an intense battle for stock market glory in Africa, as published by the most up-to-date Morgan Stanley Capital Global Index (MSCI).

The six-month records, ending in June, unveils keen dispositions in buck-denominated returns for investors in the future of these countries, with every vying for supremacy in the equities market. The MSCI records illustrates the efficiency of every country’s equities marketplace in the future of the first half of 2023.

Kenya, known for its shiny financial panorama, faced challenges as it posted paper losses of 30.9 per cent, marking the weakest returns among the many three contenders. Nigeria, with its tough and diverse economy, reported losses of 24.3 per cent, no longer some distance at the support of Kenya.

In the intervening time, Zimbabwe’s market experienced a 20.7 per cent contraction, showcasing its resilience amidst diverse financial challenges. On the opposite hand, several African countries emerged as outliers, showing excellent energy amid the prevailing dispositions.

Tunisia’s equities market defied the percentages, achieving buck gains of 4.9 per cent. On the identical time, Morocco and Senegal additionally showcased excellent performances, with gains of 14.8 per cent and 3.6 per cent, respectively.

The Capital Markets Authority (CMA) has attributed the fluctuating returns to international investor flight, as investors assessed certain African markets as riskier due to debt wound points.

This cautious methodology dampened hobby in the equities market, ensuing in a salvage selling role of ($107.77 million) by offshore investors in the future of the six months, with the bulk of sales going down in March.

On the opposite hand, the matter took an unexpected flip in June, as offshore investors surprised the market by shopping shares price ($1.7 million), ending a 15-month selloff fling. This certain model has continued into July, with international investors turning into salvage investors in the marketplace for the past three weeks.

Attempting ahead, the CMA is optimistic about the doubtless return of inflows from international investors, waiting for that leading central banks will stop on extra monetary policy tightening towards the launch of 2024.

The CMA has additionally engaged with MSCI to address perceived barriers to international investors investing in Kenya, as a model to scheme more funding to the country’s equities market.


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