Quantitative Analytics

Nex Rubica's Indexes & Ratings team has been the leading provider of Pan African securities pricing, financial information, risk ratings, and analytic tools to institutional and individual investors. The company supplies pricing (including evaluated pricing), dividend, corporate action, and descriptive information for more than 900 securities traded in Africa, including hard-to-value investments. The risk map we provide also determines the extent to which a company minimizes recognized risks and maximizes asset safety for investors. The overall risk (default) rating we assign to a company listed on our Africa 40 or 100 basket is based on our assessment of Liquidity, Credit, Market, Operational and Asset commitment risk. NR Indexes data is published in Bloomberg, Reuters and various other editorial magazines like Forbes and Euromoney's Global Investor.

Our Goal

NR's Indexes products will continually gain wider acceptance as more large institutional investors use the Index to evaluate their managers' (research staff and analyst) performance.

NR's Indexes will offer objectivity and realism through a methodology carefully developed with indigenous firms in mind. What will make NR Indexes effective isn't just its breadth of coverage or the methodology we use, but our understanding of the corporate culture and risks in Emerging Markets.

The initial impetus for NR Indexes to create its own African index series was the need for a quantitative means of telling the story of daily securities trading around the continent.

Not only would the indices be weighted by market capitalization, but also the geographic groupings of countries and regions would be complemented by a more detailed breakdown of economic sectors and industry groups than was available from other index providers. For more see our FAQ document.

For example, to accurately reflect market activity, NR Indexes will represent only stocks that are likely to be traded. NR Indexes provides state-of-the-art performance measurement tools and risk analyses.


See our FAQ


CEGX | ZAR | 95.4 | +12%
GXAFR | USD | 33.3 | -10%

In the Press & Commentary

(NR Capital) Apr 2017 - African Business Magazine: Why the smart money is heading for African infrastructure

(NR Capital) Jun 2016 - CNBC: The state of infrastructurre developement in Senegal

(NR Capital) Nov 2013 - Nex Rubica Capital presents at the Thomson Reuters 3rd Annual Tradng Africa Summit in Cape Town, South Africa

(NR Capital) Nov 2013 - Nex Rubica Capital panelist at the Inaugural of South African Competiveness Forum an Initiative by Brand South Africa

(NR Capital) Sep 2013 - Triple A Frontier Investments & South African Petroleum Industry Assosiaction Funding Workshop supported by Nex Rubica Capital (Pty) South Africa

(NR Capital) Aug 2013 - Elidata signs with Nex Rubica Capital as Product Partner for Africa Strategy

(NR Capital) Jun 2013 - Nex Rubica Capital presents at the South African Suppliers Diversity Council: 2013 Synergy Conference and Business Opportunity Fair.

(NR Capital) May 2013 -  Nex Rubica Capital joins the Africa panel at The Exporta 5th Annual Trade & Commodity Finance Conference

(NR Indexes) Mar 2012 - Nex Rubica Capital acquires NR Indexes & Ratings LLP

(NR Capital) Jun 2011 - CNBC Africa - Regional Business Roundup on African capital markets

(NR Indexes) Feb 2011: Country Brief: Egyptian Market Highlights 

(NR Capital) Jan 2011 : Deep Impact in Nigeria's Financial Markets

(NR Indexes) Jan 2010: - Electronic Trading Sweeps Africa

NR Indexes: Sep 2008 - Kenya Firms among top performers in Nex Rubica’s African Equity Capital Markets Review

Benchmark Commentary: With the Egyptian Stock Exchange (EGX) still closed, the North African constituent of the NR Africa Top 40 and NR Africa Mid 45 became more sensitive to volatility in the Sub Saharan markets. Nigeria being the major driver in the Top 40 index dropped by -1.4% over the week. Increased price volatility in the Nigerian Banking sector saw more casualties with First Bank, Zenith Bank and Guaranty Trust Bank all losing ground as investors hastily bought shares following the coming M&A activity in the sector. Kenya remained the best performing country in the Top 40 with Telcoms reporting positive numbers of about 5.5% up from last week.

The NR Africa Top 40 saw $118,56mio worth of shares traded this week with liquidity levels on the Benchmark moving up to 0.1% from a year to date high of 0.6%. The NR Africa Mid 45 was less volatile dropping -17.9712 points over the week an equivalent of $31mio. Morocco was the major country looser as it dropped by -2.1% and Industrials by -0.9%. Kenyan stocks dominated the Top 5 list with Mumias Sugar and NIC Bank breaking through this week.

Index Rebalancing Week: The NR Africa Top 40 saw El Ezz Alexandria (Egypt) exit the basket, replaced by Suez Cement (Egypt).



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