East African equity markets top in sub-Saharan Africa

East African equity markets top in sub-Sahara Africa

East African capital markets were the best performers in sub-Sahara African during 2014, topped by the Tanzanian bourse that grew by 22.7 per cent, followed by Uganda at 14.1 per cent and Kenya, 13.3 per cent, a report by fund manager PineBridge indicates.
The sub-Saharan Africa market performance report, however, shows sub-Saharan Africa equity market performance was mixed, with Rwanda Securities Exchange declining by 4.5 per cent over the reporting period.
The worst performers in local currency terms were Zimbabwe where the market lost 19.5 per cent and Nigeria which lost 16.1 per cent of its value in the year.
In dollar terms, however, most markets had negative returns. Performers with positive returns were only Kenya, Uganda, Tanzania and Malawi. The worst performers were Ghana, Nigeria and Zimbabwe. Ghana lost 31.9 per cent while Nigeria and Zimbabwe lost 27.9 and 19.5 per cent respectively in the year.
“The Nigerian market dropped by 27.9 per cent on fears of currency devaluation amid falling oil prices,” said PineBridge Investments.
The poor returns in most countries in the sub-Saharan region had to do with the […]

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