This week only 6 out of the African markets under our coverage ended the week on positive territories. The best performers are the NGSE ASI and the MASI.

The end of the year comes with its share of surprises and disappointments. Let’s first focus on the surprises.

Going into the last week of November, African markets mostly closed negatively. With only 5 out of the markets under coverage reaching positive territories.

Fitch rating agency kept its rating for South African foreign currency and local currency unchanged at the lowest investment grade level on Friday. However, the agency changed its assessment over the outlook to negative from stable based on the continued political instability that the country is facing. Over the last months, political turmoil in the country has weighed on investors' sentiment and increased concerns over the country's ability to make required reforms to turn the economy around. S&P Global Rating is expected to announce its outlook on 2nd December and consequences could be harsh for the country such as increased borrowing costs and making it tougher for the government to meet its debt obligations, obtain credit and meet fiscal targets. Fitch forecasts a GDP growth of 0.5% this year, 1.3% next year and 2.1% in 2018. The JSE ASI closed almost flat at 0.14%.