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A comparison between the MSCI Emerging Frontier Markets ex SA Index and the MSCI Emerging Markets Index shows the disparity between Africa’s economies and the rest of the developing world.

Sector composition

Financial sector's dominance remains Sector exposure of the MSCI over time Download the graph PDF (29kb)


The MSCI Emerging Frontier Markets Africa Ex South Africa Index captures large and mid-cap companies. This index includes 36 constituents, covering about 85% of the free float-adjusted market capitalisation in each country. The sector exposure of the index has remained relatively consistent over time. Financials have remained a dominant sector, while growth of telecoms, materials and, more recently, real estate has slightly eroded exposure from consumer staples and financials. Africa has not followed global trends in the significant expansion of the listed Information technology sector, although it contributes significantly to private equity activities.

Country composition

According to market capitalisation, Nigeria’s concentration within the index has decreased from 48% in the first quarter of 2013 to 22.0% in the first quarter of 2017, recording its lowest concentration within the analysed period. This is the result of Nigeria’s asset prices which remain depressed in comparison to the remainder of the continent.

While Morocco has steadily increased in concentration from 8.5% in the first quarter of 2013 to be the largest constituent in 2018 at 26%.

Egypt has decreased from 26% in the first quarter of 2013 to its lowest concentration of 10.7% in the second quarter of 2017.

About 70% of Egypt’s exposure within the index is from Commercial International Bank of Egypt, further highlighting the concentration of the financial sector in listed markets.

Nigeria dominance diluted Country composition of the MSCI over time Download the graph PDF (29kb)