Reports say Southern African equity markets hardest hit as Middle East tensions persist

African equity markets recorded mixed performances in the week ending March 6, as rising geopolitical tensions in the Middle East weighed on investor sentiment and triggered sharp losses on several major exchanges.

According to the African Markets Weekly Brief, the escalation of military activity in Iran over the previous weekend increased global risk aversion, prompting investors to retreat from markets closely linked to international capital flows.

The downturn was most pronounced in Southern Africa. South Africa’s JSE All Share Index fell 9.24 percent during the week, while Namibia’s NSX Overall Index suffered the steepest decline among major African exchanges, dropping 10.41 percent.

“North African markets also posted losses, with Morocco’s MASI Index declining 5.75 percent, pushing its year-to-date performance further into negative territory at -9.28 percent in local currency,” the brief stated.

East African markets felt the impact as well.

Kenya’s NSE All Share Index slipped 3.55 percent, while Tanzania’s DSE All Share Index dropped 4.31 percent.

Egypt’s benchmark EGX 30 lost 3.45 percent over the week.

Despite the turbulence, some markets showed resilience.
Ghana led the continent, with the GSE Composite Index surging 13.87 percent, pushing its year-to-date gains to 62.74 percent in local currency and nearly 60 percent in euro terms.

Nigeria’s NGX All Share Index also recorded modest growth, rising 2.15 percent for the week and extending its annual performance to 26.58 percent in local currency and over 31 percent in US dollar terms.

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