The bullish sentiment about stock markets across the region comes despite a number of countries holding elections this year.
Elections in Africa are often associated with uncertainty but analysts have taken a long-term and positive view about polls in Kenya and fresh voting expected later this year in Zimbabwe.
"Sub-Saharan Africa‚ in particular‚ remains strongly on growth trajectory‚" said analysts at Renaissance in a research note entitled African Boom Continues.
Tony Hawkins‚ a Zimbabwean economist‚ said yesterday (12 February) that foreign investors were active on the Zimbabwe Stock Exchange while another analyst at EFE Securities said African bourses remained attractive to investors.
"So far foreign participation has been quite bullish. This is in tandem with what is happening in the rest of Africa; look at Nigeria and Kenya and all the other African markets‚ they have been up and it's mainly because of foreign investor participation‚" said Isaac Isaki‚ an equities analyst at EFE Securities.
Renaissance Capital is expecting "the reform drive in Nigeria to remain on course in 2013". with the 2015 elections only affecting markets sometime in 2014.
"After a 35% rise in the Nigerian Stock Exchange in 2012‚ we have already seen a 20% increase since the start of 2013‚ while in Kenya the 29% rise last year has been followed by another 8% increase this year."
Kenya has in the past few years seen a surge in interest by international investors seeking to capitalise on the country's booming telecommunications sector.
Zin Bekkali‚ chief executive of asset management firm Silk Invest‚ has said that while investors have in the past "tilted away from Africa" they are now increasingly attracted to the continent's markets as this is "where they want to go above all" these days.
"If you look across African markets you will see that [as of mid-January]‚ stock markets are up in quite a few of the bigger markets as global investors and local investors have more risk appetite‚" said investment analyst Edem Lassey.
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