Summary
The African stock market continues its unprecedented growth that began in 1997 and carried the momentum in 1998. Stock exchanges in South Africa, Nairobi, Nigeria and Ghana all had strong performances during that period as government initiatives to improve the economy started to bear fruit. The Johannesburg Stock Exchange's performance was particularly impressive as it claimed an estimated 93% of total public offerings in the continent. However, other stock exchanges, such as those in Zambia, Uganda and Mauritius, had lackluster activity.
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Extract
African stocks remain robust.
During 1997, was it in South Africa or in Nigeria that more equity was raised by local companies through public issues? Surprisingly it was not the Johannesburg Stock Exchange (JSE) but Nigeria Stock Exchange which recorded the highest value of public equity offerings in sub-Saharan Africa during that year. And, but for the huge initial public offering of Sanlam in South Africa, this would also have been the case in 1998. When rights issues are taken into account, however, South Africa recovers its supremacy ...
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