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|Index Rules| Size Based Indices| Sector Indices| Regional Indices| Country Indices|
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.
• 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).
• 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.
Other indices within the Africa All-Share (ex South Africa) Index
• 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
• 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:-
• Western Africa Index: - covers Cote d'Ivoire, Ghana, and Nigeria