Research
Africa vs the world
African indices are usually quoted in local currency, and that is how the eye-catching numbers get made. A market up 70% in a currency that lost 30% against the dollar did not return 70% to a dollar investor. This page shows both figures side by side.
After adjusting for currency, 1 of 2 African indices we track are ahead of the S&P 500 (+14.0%) so far this year.
Nigeria in three currencies, and why they differ: Nigerian stocks in 2026 (en français).
What the currency did to the return
year to date- NGX All-Share IndexNGX · Nigerialocal +59.6%currency +9.2%dollars +75.8%
- All Share IndexJSE · South Africalocal -6.3%currency +0.3%dollars -6.1%
Year to date, in US dollars
African indices and global benchmarks- NGX · NigeriaNGX All-Share IndexNGX · Nigeria+75.8%USD+83.3% CAD
- JapanNikkei 225benchmarkJapan+37.1%USD+43.0% CAD
- Global EMMSCI Emerging MarketsbenchmarkGlobal EM+20.9%USD+26.1% CAD
- United StatesNasdaq CompositebenchmarkUnited States+17.2%USD+22.2% CAD
- United StatesS&P 500benchmarkUnited States+14.0%USD+18.9% CAD
- United KingdomFTSE 100benchmarkUnited Kingdom+6.2%USD+10.8% CAD
- JSE · South AfricaAll Share IndexJSE · South Africa-6.1%USD-2.1% CAD
Where the difference comes from
local return vs currency move| Index | Local return | Currency vs USD | Dollar return | CAD return | Gap (USD) |
|---|---|---|---|---|---|
| NGX · NigeriaNGX All-Share IndexNGX · Nigeria | +59.6% | +10.1% | +75.8% | +83.3% | +16.2 pts |
| JSE · South AfricaAll Share IndexJSE · South Africa | -6.3% | +0.3% | -6.1% | -2.1% | +0.3 pts |
| EgyptEGX 30 Price Return IndexEGX · Egypt | No year-to-date index figure from our sources | ||||
| UEMOA (8 countries)BRVM CompositeBRVM · UEMOA (8 countries) | No year-to-date index figure from our sources | ||||
| BotswanaBSEBSE · Botswana | No year-to-date index figure from our sources | ||||
| UgandaUSEUSE · Uganda | No year-to-date index figure from our sources | ||||
| MalawiMSEMSE · Malawi | No year-to-date index figure from our sources | ||||
Dollar return = (1 + local return) ÷ (1 + USD/local move) − 1, using the change in the USD exchange rate since 31 December. “Currency vs USD” is shown from the local currency's point of view: negative means it weakened against the dollar.
CAD return = (1 + dollar return) × (1 + USD/CAD move) − 1, with USD/CAD up 4.3% since 31 December: the Canadian dollar weakened against the US dollar, so every return here is higher counted in Canadian dollars.
The FTSE 100 and Nikkei 225 are quoted in sterling and yen respectively and are shown here unadjusted, so treat those two as approximate.
Not ranked: EGX (Egypt), BRVM (UEMOA (8 countries)), BSE (Botswana), USE (Uganda), MSE (Malawi) — no year-to-date index history is available from our sources, so these markets are listed without figures rather than shown as flat. The gap is the index, not the market: 42 of the 161 listings on those exchanges carry a year-to-date return of their own — vendor-supplied where a vendor covers the market, computed here from the price series where none does. The screener holds every one of them.
Read this before you extrapolate
Liquidity is the real constraint. Several of these indices are driven by a handful of names, and daily turnover on the smaller exchanges can be under a million dollars. A return you cannot enter or exit at size is a different thing from an index return.
Getting money out matters as much as getting in. Capital controls and FX shortages have historically trapped foreign investors in otherwise profitable positions. Check repatriation rules per market, not per continent.
Index returns are price returns. Dividend yields on some of these markets are high, so total returns can be meaningfully better than what this page shows — in local currency terms.