July 20 (Bloomberg) -- Economic growth is making Africa a “fantastic” investment destination, with the most attractive companies being those focused on consumers, said Mark Mobius, the executive chairman of Templeton Emerging Markets Group.
Producers of “packaged foods, soft drinks, beer, anything that’s relatively low priced and within reach of the massive population” are top picks, Mobius, who oversees about $45 billion, said in an interview on Bloomberg Television’s “The Pulse” with Maryam Nemazee in London today.
The MSCI EFM Africa Index of shares has climbed 6.1 percent this year, compared with a 2.7 percent gain in the MSCI Emerging Markets Index. Gross domestic product in Sub-Saharan Africa will increase 5.4 percent this year, compared with a 3.5 percent expansion for the global economy, according to forecasts by the International Monetary Fund this month.
To contact the reporter on this story: Michael Patterson in London at email@example.com
To contact the editor responsible for this story: Stephen Kirkland at firstname.lastname@example.org