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African Stock Markets

African Stock Markets

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Published by Fanele Chester
Research report on African stock markets for the period 1992 - 2002
Research report on African stock markets for the period 1992 - 2002

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Published by: Fanele Chester on Jul 14, 2012
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African Stock Markets
Handbook 
United Nations Development Programme
 
UNDP is the UN’s global development network, advocating forchange and connecting countries to knowledge, experienceand resources to help people build a better life.Weare on the ground in 166 countries, working with them ontheir own solutions to global and national developmentchallenges. As they develop local capacity, they draw on thepeople of UNDP and our wide range of partners.World leaders have pledged to achieve the MillenniumDevelopment Goals, including the overarching goal of cuttingpoverty in half by 2015. UNDP's network links and coordinatesglobal and national efforts to reach these Goals. Our focus ishelping countries build and share solutions to the challenges of:• Democratic Governance• Poverty Reduction• Crisis Prevention and Recovery• Energy and Environment• Information and Communications Technology• HIV/AIDSUNDP helps developing countries attract and use aid effectively.In all our activities, we encourage the protection of human rightsand the empowerment of women.
 
FOREWORD
 The African Stock Markets Handbook, published by the United Nations Development Program (UNDP) on the occasion of the 2003African Capital Markets Forum, provides investors with a comprehensive overview of the African stock industry. With cross-countrydata, country profiles and detailed market information on all 18 African stock exchanges, it should help potential investors considerthe many investment opportunities now available through the continent’s financial markets.During the last decade, the number of African Stock Exchanges has risen from 10 to 18. There are now stock markets in Botswana,Côte d'Ivoire, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Tunisia, Uganda, Zambia and Zimbabwe. These stock exchanges range from the larger South African and Egyptian exchanges thatwere established in the 1880s to smaller exchanges in Uganda and Mozambique only in the past four years.African equities represent a vastly underutilized option for international investors. These are growing markets that have providedattractive returns in the last several years and can achieve the goal of portfolio diversification as they offer a superior risk/returnprofile that is not affected by trends in the more developed markets. Many African equities have very attractive Price/Earnings ratios.And as this Handbook shows, two of the top five world best performing stock exchanges were African markets; Sub Sahara Africaindices, weighted by country market capitalisation, have outperformed most developed and emerging markets indices. The cumulativereturns in the last five years in US dollars for sub-Saharan-Africa has been 4.3% in comparison to –3.9% for the S&P 500 and –15.5%for the UK FTSE 100.UNDP, as the UN’s global development network, has organized the 2003 African Capital Markets Forum in collaboration with the NewYork Stock Exchange and the African Stock Exchanges Association and published this Handbook to help the African countries derivemore benefits from portfolio investments and further integrate in the global economy. By mobilizing private capital, Africa canpromote the economic growth needed to reduce poverty.Zéphirin DiabréAssociate AdministratorUnited Nations Development Program
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