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Welcome to Indices Section

Index Rules| Size Based Indices| Sector Indices| Regional Indices| Country Indices

Index Guide

The Africa All-Share (ex South Africa) Index is a composite measure of the average performance of all stock exchanges in Africa excluding South Africa. It covers all companies listed on African Stock exchanges (excluding South Africa) that conform to a minimum size and trading liquidity requirement. The base level (opening value) of the index was 1000 points at 1 January 1999.

 

Eligible countries
To be included in the Africa All-Share (ex South Africa) Index, a country must meet the following criteria:

Non-nationals must be permitted to invest in the stock market (until 01/10/2002 Tanzania is excluded as prior to this date foreigners were prohibited from investing in the market)

There should not be any significant exchange controls preventing the repatriation of dividends or capital (Zimbabwe is currently excluded on this basis).


 

Constituent selection
All classes of ordinary shares are eligible for inclusion in the index subject to fulfilling minimum size and trading liquidity requirements as follows:-

All securities must have a minimum market value of $1 million at the quarterly index review date

Each individual security must achieve a traded turnover of at least 0.1% of its market capitalisation in the quarter preceding the index review date and in at least 2 of the 4 quarters prior to the quarterly index review date.

 

Index review
The index is reviewed quarterly (on the last day of March, June, September and December) and decision about inclusion or exclusion is strictly rule based and implemented by a computer algorthim to ensure consistency and transparency.


 

Other indices within the Africa All-Share (ex South Africa) Index
To provide a deeper understanding of the underlying trends and performance of African equities, the Africa All-Share (ex South Africa) Index is segmented into the following sub-indices: -

 

Size Indices

Africa Large Company Index: - covers the largest 50 companies. The number of constituents in this index is maintained at 50.

Africa Medium Company Index: - covers the next 100 largest companies below the top 50. The number of constituents in this index is maintained at 100.

Africa Small Company Index: - covers companies below the top 150. The number of constituents in this index is variable and includes all companies that do not fall into the large or medium company indices.

 

Economic sector indices
Economic sector classification is based on a classification system with 6 economic sectors and 25 sub-sectors. The classification of a company at the sector level or the sub-sector level is used to calculate the index for each of the sectors and sub-sectors.  The number of constituents in economic sector indices is variable. The 6 economic sector indices are:-

 

Africa Financials Index: - covers banks, insurance, life assurance, investment companies, real estate, speciality & other finance.

Africa Consumer Goods Index: - covers both cyclical and non-cyclical consumer goods i.e. automobile & parts, household goods, textiles, beverages, food producers, health, packaging, personal care, pharmaceuticals, tobacco, leisure, entertainment, hotels.

Africa Industrials Index: - covers chemicals, construction, building materials, forestry & paper, steel & other metals, electronic & electrical equipment, engineering & machinery, aerospace & defence, information technology, software & computer services.

Africa Natural Resources Index: - covers mining, oil & gas exploration.

Africa Telecoms and Utilities Index: covers telecoms, electricity generation & distribution, shipping & ports, waterways, transportation.

Africa Services Index: - covers distributors, retailers, oil & gas marketing, media, support services.

 

The 25 economic sub-sector indices are:-


Financials
Africa Banks Index
Africa Insurance Index
Africa Financial Services (Excluding Banks) Index
Africa Property and Real Estate Index
 
Consumer Goods
Africa Agriculture and Raw Materials Index
Africa Automobiles and transport Equipment Index
Africa Entertainment and Leisure Index
Africa Consumer Goods Food and Beverages Index
Africa Pharmaceuticals and Health Index
Africa Consumer Goods Non Food Index
 
Industrial
Africa Aerospace and Defence Index
Africa Chemicals Index
Africa Construction and Materials Index
Africa Diversified Conglomerates Index
Africa Information Technology Index
Africa Manufacturing Index
Africa Miscellaneous Index

Natural Resources
Africa Mining and Metals Index
Africa Oil and Gas Index
 
Utilities
Africa Telecommunications Index
Africa Transportation Index
Africa Utilities Index
 
Services
Africa Media Index
Africa Retail and General Trading Index
Africa Professional Services and Consulting Index


Geographic and Regional Indices
A number of regional indices are presented for an appreciation of the variations in regional performance. The number of constituents in geographic indices is variable. The regional indices are:-

Western Africa Index: - covers Cote d'Ivoire, Ghana, and Nigeria
Eastern Africa Index: - covers Kenya, Mauritius, Uganda and Tanzania (until 01/10/2002 Tanzania is excluded as prior to this date foreigners were prohibited from investing in the market).
Northern Africa Index: - covers Algeria, Egypt, Morocco and Tunisia
Southern Africa Index: - Botswana, Malawi, Namibia, Swaziland, Zambia (Zimbabwe is excluded due to the restrictive foreign exchange regulations)
Sub-Saharan Africa Index: - Botswana, Cote d'Ivoire, Ghana, Kenya, Malawi, Mauritius, Namibia, Nigeria, Swaziland, Uganda, and Zambia (Tanzania was included after 01/10/2002).

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