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Among sub-Saharan African stock markets, Kenya’s proved the best performer over the past decade, joined only by South Africa in producing dollar-based gains since 2010 as currency depreciation ravaged returns for investors.

Nairobi’s benchmark gauge climbed 74 percent since the decade opened, with Johannesburg’s benchmark up just short of 9 percent. The Zambian and Nigerian stock markets have retreated almost 50 percent. MSCI’s gauge of developing country stocks has gained 13 percent, while its frontier-markets index has advanced 12 percent.

Aside from the weak showing from equity benchmarks, the period was characterised by a dwindling number of listed companies on the region’s major exchanges, from Lagos to Johannesburg. Nigeria has the fewest number of listed companies since 2004, while in South Africa the tally hasn’t been this low in 16 years. — Fin24.com.