News

Nigeria fuels surge in African equities

Africa mapA positive reaction to Nigeria's recent election helped the country's stock market rise nearly 10% in April, contributing to an overall rise in African equities.

The Nigerian broad market index from S&P gained 9.8% in April, meaning the exchange is now up more than 20% so far this year, in dollar terms.

The largely peaceful election, in which incumbent Goodluck Jonathan conceded defeat to Muhammadu Buhari on March 31, gave investors comfort that the Nigerian economy would continue to perform well. A gradual recovery in the oil price may also have played a part.

The gains helped the All Africa index from S&P rise 6.2% during the month. The index provider noted that large companies did better than small ones, stating that "our best performing index in April was the blue-chip S&P South Africa 50".

Not every African market rose in April. The index of the Egyptian exchange fell, and S&P says there is now a difference in year-to-date returns of more than 30 percentage points between Nigeria and Egypt.

©2015 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.