It was 99 degrees in Cairo yesterday, but the weather isn’t the only thing that’s hot in Africa - exchange traded fund (ETF) investing is, too.

Dow Jones Indexes launched a new index today that comes out of Africa, with and exchange traded fund (ETF) to follow. Dow Jones Africa Titans 50 Index is a pan-African index that measures the stock performance of 50 companies that are headquartered in or generate a majority of their revenues in Africa.

The index includes direct or indirect exposure 11 markets in Africa: Angola, Democratic Republic of the Congo (DR Congo), Egypt, Equatorial Guinea, Ghana, Kenya, Mali, Morocco, Nigeria, South Africa and Zambia. The index has been licensed to Van Eck and the anticipated ETF is Market Vectors Africa Index (AFK).

Other ETFs holding Africa include:

• Claymore/BNY Mellon Frontier Markets (FRN)
• Powershares MENA Frontier Countries Portfolio (PMNA)
• iShares MSCI South Africa Index (EZA)

Angola trades most with Portugal and Brazil, so an economic slowdown in the country may have a negative effect on exports, reports Mario De Queiroz for AllAfrica. Forecasts are that Angola’s annual growth rate will fall by 15% by 2009.

Meanwhile, areas such as South Africa are growing strong with no sign of a recession in sight. High investment growth and massive government investment programs are boosting energy, transportation, and other infrastructure to help support the economic growth and ensure it continues, reports Gordon Bell for Reuters.

Tags | Egypt, Emerging Markets, EZA, FRN, Frontier Markets, Infrastructure, PMNA, South Africa