Almost everywhere you look in Africa, stock markets are soaring with some hitting unprecedented levels. Egyptian equities, as measured by the EGX 30 index, climbed another 0.45% in the week ending July 10. The benchmark index has surged over 13% since the start of the year in local currency terms – an impressive rally by any measure. Last month, one of the world’s largest asset managers BlackRock said it was liquidating its $400 million iShares ETF which had investments in countries like Nigeria and Kenya, citing tough economic conditions and currency issues. The liquidation points to broader systemic challenges in these markets: currency volatility has made it increasingly difficult for foreign investors to maintain stable returns, alongside market liquidity challenges and restrictions on the repatriation of profits.