S&P launches new East Africa index

S&P Dow Jones Indices has launched an index covering the equity markets of Malawi, Rwanda, Tanzania, Uganda and Kenya.

The S&P Extended East Africa Broad Market Index (BMI) extends the company’s coverage of Africa to 17 equity markets.

Part of the S&P All Africa Index Family, the new product, “underscores our commitment to the region”, said Michael Orzano, head of equity indices.

The largest constituents of the new index are mostly Kenyan and include Safaricom, a telecoms firm, and Equity Group, a financial services company.

The new index has risen nearly 18% in the past year, according to data from S&P Dow Jones Indices.

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