African stock markets exhibited varied performance in July, with Nigeria's exchange emerging as a standout performer. The country's benchmark index surged by 16.56% during the month, repeatedly hitting record highs and solidifying its position as a bright spot in the region.
South Africa's equity market presented a more nuanced picture. While the Johannesburg Stock Exchange reached an all-time closing high of 92,457 points on July 23, with an intraday peak of 92,825.17 points, it subsequently entered a period of consolidation. The main index ultimately closed the month at 90,781.37 points, registering a 2.28% monthly gain. Analysts note that the South African rand's approximately 2.50% depreciation against the U.S. dollar during the same period may have influenced market dynamics.
Other African markets demonstrated positive momentum. Mauritius' SEMDEX index advanced 5.15%, while Kenya's Nairobi All-Share Index gained 4.43%, reflecting broader regional optimism.
The month's trading activity underscored the structural nature of Africa's market recovery, with significant disparities in performance across different economies. Investors are advised to carefully evaluate country-specific economic conditions when making allocation decisions.