From 2007 when African markets closed on a positive note, 2008 saw the tables turn. Most of the markets plunged deep into correction and at the close of the year did not seem to have bottomed out. Only 4 markets lay above the red mark (in USD terms) while the other markets recorded negative returns. For markets such as South Africa and Nambia, their poor performance are directly attributable to the global financial crisis that saw its worst in September 2008. Mauritius and Kenya's abysmal record can be partly blamed on the credit crunch. Botswana, Zambia and Nigeria had been tipped to correct on grounds that valuation multiples were rich and fully priced. Malawi, Ghana, Tunisia and Tanzania were the only markets that closed the year in the green. Malawi was set to correct, but due to good results released by listed companies, fundamentals improved edging the market up although at a rather slow pace. The same can be said for Ghana whose seeming correction begun after mid-October, 2008.