Africa’s stocks, bonds and currencies are leading the hottest streak for emerging markets in years after record metals prices, a weaker US dollar and painful economic and currency reforms paid off for the continent’s investors.
South African, Nigerian, Kenyan and Moroccan stocks have returned at least 40 per cent this year in US dollar terms, ahead of a 31 per cent dollar gain for an MSCI emerging-market share gauge that is itself the strongest since 2017.
This year’s $5tn boost in the MSCI benchmark’s market value to $26tn has been dominated by Asian chipmaker and technology shares as part of the global frenzy for artificial intelligence stocks.
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