Kenya's equity market has emerged as the top-performing frontier market globally in 2019, according to MSCI data. The nation's index gained 17.64% in U.S. dollar terms, surpassing the 5.39% average return across all frontier markets. This 12.25 percentage point advantage highlights Kenya's strong economic performance relative to its peers.
Mauritius ranked second in Africa with a 5.46% increase, while Nigeria's market saw minimal growth of 0.39% amid political uncertainty. African frontier markets as a whole rose 3.96% on average, though Morocco and Tunisia declined by 2.34% and 0.89% respectively. Serbia posted the worst performance globally, with a 25.54% drop year-to-date.
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