Master the Africa weekly 14august - africanalliance.com · %Chg 1 week Dollar Return (% chg) Mkt...

The Africa WeeklyEquity Research | Pan-Africa | News & Analysis

African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africa’s leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent.

For more information please visit www.africanalliance.com

African Alliance Pan-African Securities Research

Equity Research I Pan-Africa I Weekly Market Indicators

THE AFRICA WEEKLY

MTD YTD

Botswana BSE DCI 8,985 -0.31 -1.02 -4.42 9,799 8,985 10.30 -0.21 -1.02 3.74 -0.52 -2.03 -0.85 136.9 4,128

BRVM IC Comp 251.2 0.32 0.24 -14.02 297.7 247.7 558.8 -0.19 0.72 12.72 0.12 0.96 -3.08 5,004.5 8,394

Egypt*** EGX 30 13,280 -2.79 -1.04 7.57 13,956 7,881 17.77 0.01 0.55 2.06 -2.78 -0.50 9.79 102,064 18,502

Ghana GSE ALSI 2,271 0.38 0.64 34.46 2,278 1,528 4.43 -0.51 -1.07 -4.46 -0.13 -0.43 28.47 438.3 3,306

Kenya FTSE NSE15 210.8 5.11 5.03 30.42 210.8 140.2 103.9 0.13 0.08 -1.30 5.25 5.11 28.73 17,071.8 21,866

Malawi MSE ALSI 18,101 4.95 7.25 35.89 18,101 12,861 725.3 0.03 0.12 0.30 4.98 7.38 36.30 34.1 1,015

Mauritius SEMDEX 2,186 -0.04 0.03 20.88 2,211 1,793 33.24 -0.53 0.34 8.22 -0.57 0.37 30.82 12,249.2 13,248

Morocco MORALSI 12,326 1.13 1.02 5.86 12,886 9,861 9.44 -0.01 0.36 7.29 1.13 1.38 13.58 39,006 60,230

Namibia Local 569.6 0.00 0.05 4.05 579.5 543.8 13.47 -0.58 -2.52 2.02 -0.58 -2.47 6.15 0.1 2,351

Nigeria NIG ALSI 38,199 1.79 6.56 42.14 38,199 24,582 365.2 0.77 -11.59 -13.66 2.57 -5.79 22.73 61,476 34,038

Rwanda RSE Index 116.5 0.00 -0.15 -2.84 136.5 115.5 841.0 -0.98 -1.07 -2.26 -0.98 -1.21 -5.04 11 302

South Africa JSE ALSI 55,155 -1.80 -0.09 8.89 56,164 48,936 13.47 -0.58 -2.52 2.02 -2.36 -2.61 11.09 2,131,511 367,109

Swaziland SSX ALSI 286.8 0.00 0.00 0.00 0.00 0.00 13.47 -0.58 -2.52 2.02 -0.58 -2.52 2.02 0.0 179

Tanzania DAR ALSI 2,041 -2.05 -7.43 -7.15 8,401 2,038 2,228 0.50 -0.03 -2.10 -1.56 -7.46 -9.10 1,190.2 3,384

Tunisia TUNIS 6,191 0.17 0.79 12.80 6,233 5,332 2.39 0.35 0.78 -3.29 0.52 1.57 9.10 1,748 6,087

Uganda USE ALSI 1,775 1.98 1.41 20.12 1,775 1,331 3,608 0.19 0.10 -0.30 2.18 1.51 19.76 29.0 1,129

Zambia LuSE ALSI 4,749 -0.02 -0.01 13.17 4,776 4,030 9.02 0.80 -1.77 10.14 0.78 -1.78 24.65 102.7 3,037

Zimbabwe ZSE IND 210.6 1.34 3.62 45.72 210.6 97.75 1.00 0.00 0.00 0.00 1.34 3.62 45.72 3,347.9 5,206

1 year price charts

Local USD

28.7 28.6

27.1 28.1

27.3 27.4

20.9 20.9

20.6 20.6

Local USD

-15.5 -16.0

-11.3 -11.8

-12.3 -11.6

-10.5 -10.7

-10.5 -9.8

* See individual country pages for more details about the indices. ** USD market cap is that of the whole market, not the respective index. ***Note that Egypt consists only of the EGX30 and EGX 70 constituents

AA Indes (1.4; -1.2% w/w)Gold (1,287.6; +1.5% w/w) MSCI WORLD (1,937.7; -1.5% w/w)

Crude Oil (52.1; -0.6% w/w) MSCI EM (1,042.8; -2.3% w/w)

MSCI AFRICA (499.1; +2.0% w/w)

S&P 500 (2,441.3; -1.4% w/w)

FTSE 100 (7,310.0; -2.7% w/w)Copper (6,383.0; +0.6% w/w)

Sonasid

Top 5 gainers

Top 5 decliners

Guinness Nigeria

TNM

Morocco

Zimbabwe

1 Year

Low

YTD

%Chg

Conoil

Company

PPC

Group Five

Dangote Sugar Refinery

FILTISAC CI

RISMA

Colcom Holdings

Country Index*Index

Level

Company

FX-Rate

per USD

YTD

% Chg

1 MTD

% Chg

1 Wk

%Chg 1 week

Dollar Return (% chg) Mkt Cap

USDm**

Trade

USD'000

11 Aug 2017

Nigeria

MTD

%Chg

% chg

Country

South Africa

South Africa

Nigeria

BRVM

1 Wk

%Chg

Country

Morocco

Nigeria

Malawi

1 Year

High



THE AFRICA WEEKLY

1 month price charts

Botswana BRVM

Key

Egypt*** Ghana Up

8.189 5.795 3.53 7.738 4.694 4.872 Flat

15.174 15.463 17.16 18.39 19.36 19.978 Down10.54 14.341 14.921 25.254 19.198 19.985

Kenya Malawi 170.651 231.6 248.19 264.2 286.47 316.04

6.96 7.976 7.356 6.584 6.265 7.134

1123.63 1484.1 1547.9 1603.6 1692.3 1816.913.935 11.742 10.333 11.984 7.938 7

Mauritius Morocco

Namibia Nigeria

South Africa Tanzania

Tunisia Uganda

Zambia Zimbabwe

-1.80%

-0.31%

South Africa

BotswanaNamibiaNamibia

-0.04%

Mauritius

1.13%Morocco

0.17%

Tunisia

-2.79%Egypt

5.11%

Kenya

-0.02%Zambia

1.98%Uganda:

Swaziland

Ghana

-2.05%Tanzania

0.32%BRVM

4.95%

Malawi

Zimbabwe1.34%

1.79%

Nigeria

0.38%

Rwanda:



THE AFRICA WEEKLY

Inflation and Interest Rate Summary

Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month

Southern Africa

Angola 14.00 31.89 June

Botswana 4.53 Mar-17 BW007 7.6 yrs 5.50 3.50 June

Lesotho 7.65 Oct-17 LSO 8 5.2 yrs 11.40 5.30 May

Malawi 24.00 11.30 June

Mauritius 3.21 Dec-17 Five year 3.3 yrs 2.48 2.70 July

Namibia 10.19 Oct-17 GC24 7.2 yrs 10.75 5.40 July

South Africa 8.64 Dec-17 R186 9.4 yrs 10.25 5.10 June

Swaziland 8.75 Nov-17 SG23 3.3 yrs 10.75 7.10 June

Zambia 19.25 Jan-17 10 year 8.5 yrs 12.50 6.60 July

Zimbabwe 8.50 -0.24 June

East AfricaKenya 12.66 Jan-17 10 year 6.4 yrs 13.71 7.47 July

Rwanda 12.93 Aug-17 10 year 10.0 yrs 16.76 11.70 May

Tanzania 18.87 Nov-17 10 year 8.2 yrs 17.62 6.40 June

Uganda 15.58 Apr-17 UG0000001244 5.7 yrs 22.45 5.70 July

West Africa

Senegal 2.10 April

Ghana 23.87 Nov-17 Five year 3.3 yrs 23.50 12.10 June

Nigeria 16.36 Mar-17 10 year 6.6 yrs 17.06 16.10 June

North Africa

Egypt 16.45 Nov-17 EGBGR01631F3 8.3 yrs 16.75 32.95 July

Morocco 5.24 0.30 June

Tunisia 6.73 May-17 10 year 4.8 yrs 4.25 4.80 May

Source: Central banks, statistical agencies



THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira) Nigeria

2012 2013 2014 2015 2016E 2017F

4.4 3.6 0.2 -1.8 -1.2 -0.5

10.4 10.5 10.5 11.9 13.7 15.4

- - - - - -

2,835.3 3,082.5 3,300.0 2,758.4 2,640.5 2,695.1

4.3 5.4 6.3 4.0 4.3 4.5

467.1 521.8 574.0 493.0 484.9 508.5

12.0 7.9 7.9 10.5 9.5 8.0

Company Reporting period Expected reporting date Year DPS

EKOCORP PLC Full Year 8/14/2017 Ecobank Transnat 2015 0.00

EVANS MEDICAL PLC Full Year 8/15/2017 University Press 2015 0.2

PZ CUSSONS NIGERIA PLC Full Year 8/16/2017 Nestle Nigeria P 2015 10.0

SKYE BANK PLC Full Year 8/18/2017 Vetiva Griffin30 2015 0.1

GUINNESS NIGERIA PLC Full Year 9/20/2017 Consolidated Hal 2015 0.02

3

Type

Omitted

Final

Interim

Regular Cash

Market Commentary

Govt net debt (% GDP)

Nominal GDP (USDbn)

GDP growth (%, constant prices)

GDP per capita (USD)

Inflation (%, end of period)

Current account balance (% GDP)

Govt gross debt (% GDP)

Dividends Last Cum date

7-Jul-15

11 Aug 2017

1-Sep-15

23-Nov-15

10-Aug-15

10-Aug-15Final

The NSE ALSI gained 1.8% to close the week at 38,198.6 on the back of gains in Guinness Nigeria(+27.1%), Nestle Nigeria (+14.0%), and Unilever Nigeria (+12.8%). During the week, losses were recordedin Dangote Sugar Refinery (-12.3%), Conoil (-10.5%), and Forte Oil (-9.3%). The top traders by value wereNestle Nigeria (USD 13.3m), Guaranty Trust Bank (USD 13.3m), and Zenith Bank (USD 9.0m). Trading inthese shares accounted for 57.9% of this week’s turnover of NGN 22.5bn (USD 61.5m). The averageweekly value traded in the last six months is NGN 16.4bn (USD 44.9m). The NSE ALSI is up 42.1% ytd(+22.7% USD) and the total market capitalisation is currently USD 34.0bn.



THE AFRICA WEEKLY


NIGSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 38,198.6 365.20 H: 11-Aug-17 38,198.6 Guinness Nigeria 27.1 91.50

This week 37,525.4 1.79 368.00 0.77 2.57 L: 06-Mar-17 24,582.0 Nigerian Aviation Handling 14.8 3.56

Prev week 35,847.8 4.68 322.88 -12.26 -8.15 Off peak 0.0% Nestle Nigeria 14.0 1,208

MTD 35,847.8 6.56 322.88 -11.59 -5.79 At High 51/199 Unilever Nigeria 12.8 45.25

YTD 26,874.6 42.14 315.33 -13.66 22.73 At Low 49/199 Stanbic IBTC Holdings 10.8 41.00

22,537 9.07% NGNm 16,382.9 Company Week % chg Price

2,709 120 USDm 44.9 Morison Industries -13.3 0.98

60% Dangote Sugar Refinery -12.3 13.04

12,520 27 Conoil -10.5 32.59

9,811 32 NGNm 12,430,520 N.E.M Insurance Co (Nig) -9.8 1.10

27.6% -5 USDm 34,038 Forte Oil -9.3 54.00

Company NGN'000 % of total

Nestle Nigeria 4,882,102 21.66

Guaranty Trust Bank 4,873,330 21.62

Zenith Bank 3,284,936 14.58

Nigerian Breweries 3,224,583 14.31

Access Bank 1,445,420 6.41

*The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of Nigerian Naira See the notes page for more information about calculations 11 Aug 2017 4

Total value Value Traded / Mkt Cap (%)

NGN/USD USD returnsIndex performance *

Turnover analysis ** Avg weekly value traded

Market highs and lows

Top 5 declinersTrading numbers

Advance - Decline

Stocks traded (%)

Stocks up Total Market cap

Top 5 gainers

Top 5 (value) traders Rebased Index Performance

Net value Stocks traded (absolute)

Upside value

Downside value Stocks down

Upside/downside ratio

-24%

-10%

4%

18%

32%

46%

Aug-16 Nov-16 Feb-17 May-17 Aug-17

USD NGN

0 5,000 10,000 15,000

11 Aug 2017

11-Aug

Market Cap (NGN bn) : Current vs Peak



THE AFRICA WEEKLY


Price Value Volume 6 mths

Company Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000)

Dangote Cement BUIL 240.0 -0.3 Down 466,691 1,945 245.0 149.3 -2.0 37.9 80.5 4,089,722 11,199 2,987.4

Nigerian Breweries BREW 191.0 5.5 Up 3,224,583 16,964 191.0191.0191.0191.0 112.8 - 29.1 90.8 1,444,477 3,955 3,853.0

Guaranty Trust Bank BANK 39.60 -1.3 Down 4,873,330 122,086 41.10 20.65 -3.6 60.3 146.6 1,165,475 3,191 7,961.5

Nestle Nigeria CONS 1,208 14.0 Up 4,882,102 4,118 1,216 570.0 -0.7 49.1 72.6 957,529 2,622 2,839.1

Zenith Bank BANK 23.75 -5.4 Down 3,284,936 136,791 25.90 13.30 -8.3 61.0 118.5 745,667 2,042 8,299.7

Stanbic IBTC Holdings BANK 41.00 10.8 Up 114,748 2,886 41.0041.0041.0041.00 13.90 - 173.3 189.8 410,000 1,123 929.1

UBA BANK 9.88 2.1 Up 846,247 86,965 10.41 4.01 -5.1 119.6 256.7 325,856 892 2,921.3

ETI (Nigeria) BANK 17.58 1.6 Up 329,278 18,728 17.99 7.10 -2.3 71.0 15.7 280,449 768 668.2

Access Bank BANK 10.45 4.2 Up 1,445,420 139,835 10.76 5.15 -2.9 78.0 158.0 239,127 655 3,210.7

FBN Holdings BANK 6.09 -1.3 Down 338,800 55,744 7.07 2.95 -13.9 81.8 75.5 198,729 544 2,033.1

Lafarge WAPCO BUIL 63.00 5.0 Up 164,830 2,712 63.0063.0063.0063.00 34.50 - 53.8 -25.5 189,101 518 573.0

Unilever Nigeria CONS 45.25 12.8 Up 257,979 5,798 50.01 27.81 -9.5 29.3 68.8 171,194 469 267.8

Dangote Sugar Refinery CONS 13.04 -12.3 Down 225,643 16,137 14.91 5.71 -12.5 113.4 132.9 156,480 428 352.5

Guinness Nigeria BREW 91.50 27.1 Up 448,883 4,967 100.0 60.00 -8.5 10.2 -19.0 137,789 377 736.5

Intl Breweries BREW 34.00 - Flat 6,072 179 34.0034.0034.0034.00 15.00 - 83.8 74.4 110,926 304 234.2

P Z Cussons Nigeria CONS 27.00 8.1 Up 196,830 7,358 27.0027.0027.0027.00 11.04 - 86.2 23.3 107,203 294 136.3

Union Bank Nig. BANK 5.77 8.9 Up 11,905 2,158 6.12 3.90 -5.7 4.9 14.3 97,720 268 36.7

Mobil Oil Nig UTIL 236.9 - Flat 7,397 31 360.0 162.6 -34.2 -15.1 58.5 85,425 234 304.5

Total Nigeria UTIL 249.0 -4.8 Down 42,877 169 345.0 223.0 -27.8 -16.7 71.7 84,541 231 327.1

Presco AGRI 71.98 -3.4 Down 34,247 480 76.95 36.96 -6.5 79.5 111.7 71,980 197 463.2

Okomu Oil Palm AGRI 72.72 3.9 Up 31,433 432 80.03 36.00 -9.1 81.0 142.4 69,368 190 238.8

Flour Mills Nig. CONS 29.00 0.1 Up 30,205 1,042 30.00 16.20 -3.3 56.8 50.3 69,184 189 626.9

7-Up Bottling Comp. BREW 96.96 2.4 Up 137,117 1,400 159.9 76.01 -39.4 -24.8 -43.0 62,112 170 102.0

Forte Oil UTIL 54.00 -9.3 Down 118,735 2,117 178.6 43.00 -69.8 -36.0 -84.2 58,335 160 423.5

TransCorp Nigeria INVE 1.39 -6.1 Down 56,331 39,379 1.86 0.67 -25.3 59.8 28.7 53,822 147 309.6

Oando UTIL 7.58 -2.8 Down 72,510 9,711 9.57 3.61 -20.8 61.3 129.7 51,713 142 612.9

Julius Berger BUIL 35.99 - Flat 4,271 119 48.39 32.14 -25.6 -6.7 -13.3 43,188 118 108.7

Cadbury Nigeria CONS 12.70 2.5 Up 22,218 1,762 16.53 7.41 -23.2 23.4 -27.4 39,756 109 87.2

Fidelity Bank BANK 1.34 6.3 Up 83,251 62,638 1.42 0.76 -5.6 59.5 17.5 38,826 106 311.9

Ashaka Cement BUIL 17.08 19.95 9.03 -14.4 42.1 -28.8 38,250 105 8.1

511 Aug 2017

Movement (% chg) Market cap12 MonthWeekly



THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi) Ghana

2012 2013 2014 2015 2016E 2017F

-11.7 -11.9 -9.6 -8.3 -7.2 -5.5

49.1 56.2 69.0 72.8 70.5 66.3

47.0 52.9 66.1 70.4 68.0 64.0

1,682.6 1,870.2 1,473.0 1,401.4 1,533.9 1,659.3

8.0 7.3 4.0 3.5 5.7 9.4

41.9 47.8 38.6 37.7 42.3 46.9

8.1 13.5 17.0 12.0 8.0 7.6


Total Petroleum 2015 0.09

Mechanical Lloyd 2015 0.02

Trust Bank Ltd 2015 0.2

6

Type

Interim

Regular Cash

Interim

Market Commentary


Nominal GDP (USDbn)







25-Nov-15

11 Aug 2017

30-Nov-15

29-Sep-15

The GSE Composite gained 0.4% to close the week at 2,271.3 on the back of gains in Enterprise Group(+10.8%), HFC Bank (+9.6%), and CAL Bank (+3.4%). During the week, losses were recorded in GuinnessGhana (-3.4%), Ghana Oil (-1.3%), and Ghana Commercial Bank (-0.2%). The top traders by value wereTotal Petroleum (USD 204.1k), SocGen (Ghana) (USD 67.6k), and CAL Bank (USD 32.2k). Trading in theseshares accounted for 69.3% of this week’s turnover of GHS 1.9m (USD 438.3k). The average weekly valuetraded in the last six months is GHS 5.4m (USD 1.2m). The GSE Composite is up 34.5% ytd (+28.5% USD)and the total market capitalisation is currently USD 3.3bn.



THE AFRICA WEEKLY


GSE CI Level % chg Level % chg % chg Company Week % chg Price

Current 2,271.3 4.43 H: 10-Aug-17 2,277.7 Produce Buying 25.0 0.05

This week 2,262.8 0.38 4.41 -0.51 -0.13 L: 07-Dec-16 1,527.9 Enterprise Group 10.8 2.97

Prev week 2,256.8 0.27 4.39 -0.57 -0.30 Off peak -0.3% HFC Bank 9.6 0.80

MTD 2,256.8 0.64 4.39 -1.07 -0.43 At High 0/34 CAL Bank 3.4 0.91

YTD 1,689.2 34.46 4.24 -4.46 28.47 At Low 0/34 Benso Oil Palm 0.8 5.08

1.9 0.66% GHSm 5.4 Company Week % chg Price

0.2 22 USDm 1.2 Starwin Products -25.0 0.03

65% UT Bank -14.3 0.06

0.4 8 Mechanical Lloyd -10.0 0.09

0.2 7 GHSm 14,655 SIC Insurance -8.3 0.11

91.8% 1 USDm 3,306 Guinness Ghana -3.4 1.40

Company GHS'000 % of total

Total Petroleum 902.5 46.57

SocGen (Ghana) 298.7 15.41

CAL Bank 142.3 7.35

Stanchart Ghana 136.0 7.02

Ghana Commercial Bank 135.3 6.98

*The index is the GSE ALSI, an all share index ** Value Traded numbers are given in millions of Ghanaian Cedi See the notes page for more information about calculations 11 Aug 2017 7


GHS/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers

Top 5 (value) tradersRebased Index Performance


Upside value



-44%

-20%

4%

28%

52%

76%


USD GHS

0 5,000 10,000 15,000

10 Aug 2017

11-Aug

Market Cap (GHS m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000)

Stanchart Ghana BANK 26.30 0.2 Up 136 5.18 26.30 8.49 0.0 115.9 61.3 3,038 685 118.7

ETI (Ghana) BANK 0.14 - Flat 60 405.42 0.18 0.10 -22.2 40.0 -46.2 2,235 504 8.6

Ecobank Ghana BANK 7.03 0.00 0.00 - - 2,061 465 -

Fan Milk CONS 16.10 0.1 Up 3 0.18 16.10 9.42 -0.0 44.5 119.0 1,871 422 202.4

Ghana Commercial Bank BANK 5.14 -0.2 Down 135 26.31 5.24 3.49 -1.9 44.4 38.2 1,362 307 229.3

Ghana Oil OILG 2.29 -1.3 Down 58 25.39 2.32 0.96 -1.3 108.2 59.0 578 130 51.3

Unilever Ghana CONS 9.05 0.4 Up 125 13.84 9.05 8.47 -0.0 6.3 6.5 566 128 32.3

CAL Bank BANK 0.91 3.4 Up 142 157.98 0.91 0.49 -0.0 21.3 -7.1 499 113 63.6

Golden Star RESO 1.90 - Flat 1 0.30 1.95 1.80 -2.6 -2.6 -4.5 485 109 0.1

Enterprise Group INSU 2.97 10.8 Up 32 10.94 2.97 2.35 -0.0 23.8 22.7 380 86 55.5

Guinness Ghana BREW 1.40 -3.4 Down 14 9.79 1.79 1.40 -21.8 -14.1 -28.9 296 67 218.2

SocGen (Ghana) BANK 0.75 - Flat 299 398.28 0.80 0.60 -6.3 21.0 -7.4 250 56 72.6

Total Petroleum OILG 2.22 - Flat 903 406.54 3.28 1.97 -32.3 12.1 -56.8 248 56 141.2

HFC Bank BANK 0.80 9.6 Up 1 1.20 0.80 0.48 -0.0 6.7 -23.8 237 53 2.3

Benso Oil Palm AGRI 5.08 0.8 Up 4 0.72 5.08 2.08 0.0 144.2 63.3 177 40 4.0

Tullow Oil OILG 17.80 27.86 17.80 -36.1 -33.8 -36.3 63 14 0.1

Trust Bank (Gambia) BANK 0.25 0.30 0.23 -16.7 -3.8 -32.4 50 11 0.2

Cocoa Processing INDU 0.02 - Flat 2 94.93 0.03 0.01 -33.3 - 100.0 41 9 0.0

Mega African Capital INVE 4.50 0.00 0.00 - - 39 9 -

Aluworks Ghana RESO 0.16 - Flat 0 0.40 0.16 0.12 0.0 14.3 100.0 38 9 1.7

PZ Cussons Ghana CONS 0.20 - Flat 0 0.50 0.23 0.20 -13.0 -9.1 -33.3 34 8 0.1

UT Bank BANK 0.06 -14.3 Down 7 110.02 0.07 0.03 -14.3 100.0 -50.0 27 6 2.7

Produce Buying AGRI 0.05 25.0 Up 0 1.30 0.06 0.04 -16.7 -16.7 -50.0 24 5 0.5

SIC Insurance INSU 0.11 -8.3 Down 17 142.10 0.17 0.09 -35.3 -8.3 -42.1 22 5 1.3

Ayrton Drug PHAR 0.10 0.12 0.10 -16.7 -16.7 -23.1 22 5 0.0

Mechanical Lloyd CONS 0.09 -10.0 Down 0 2.90 0.16 0.09 -43.7 -40.0 -55.0 5 1 0.1

Transol TELE 0.03 0.00 0.00 - - 2 1 -

Starwin Products PHAR 0.03 -25.0 Down 0 0.50 0.05 0.02 -40.0 - 50.0 2 1 0.1

Pioneer Kitchenware. INDU 0.05 0.00 0.00 - - 2 0 -

Clydestone Ghana TELE 0.03 0.03 0.03 0.0 - 50.0 1 0 0.0

811 Aug 2017




THE AFRICA WEEKLY

BRVM Stock Exchange (CFA Franc) BRVM

2012 2013 2014 2015 2016E 2017F

-10.9 -10.4 -8.8 -6.1 -5.2 -4.7

42.8 46.6 53.1 55.0 61.9 60.7

- - - - - -

1,037.4 1,058.9 1,078.6 934.6 986.4 1,055.8

4.4 3.6 4.7 5.1 5.9 6.5

14.2 15.0 15.7 14.0 15.2 16.7

1.1 -0.1 -0.8 3.0 1.4 1.3

2012 2013 2014 2015 2016E 2017F-1.2 -1.4 -0.7 -1.0 -1.9 -2.5

Company Reporting period Expected reporting date 44.8 39.9 36.6 34.7 33.4 32.1

- - - - - -

1,235.0 1,379.5 1,460.0 1,318.8 1,409.3 1,518.8

10.7 8.7 7.9 8.2 7.6 7.4

27.1 31.1 33.7 31.3 34.3 37.9

3.4 0.4 0.9 2.0 1.8 2.0

Year Type

Bank Of Africa 2015 3,492.0

Palmci 2015 647.0

Bicici 2015 3,305.0

Sgbci 2015 5,403.0

Sicable 2015 1,000.0

9

Last Cum date

3-Jul-15

30-Apr-15

27-Jul-15

9-Jul-15

27-Aug-15


Nominal GDP (USDbn)




Ivory Coast




Market Commentary Senegal



11 Aug 2017

Dividends Amount

Regular Cash

Regular Cash

Regular Cash

Regular Cash

Nominal GDP (USDbn)




Regular Cash

The IC Composite gained 0.3% to close the week at 251.2 on the back of gains in SITAB CI (+15.2%),Tractafric Motors CI (+13.3%), and Onatel BF (+11.4%). During the week, losses were recorded inFILTISAC CI (-10.5%), Bank of Africa BN (-9.6%), and CIE (-8.2%). The top traders by value were SonatelSN (USD 2.0m), Onatel BF (USD 1.1m), and Bollore Africa Logistics CI (USD 0.3m). Trading in theseshares accounted for 66.7% of this week’s turnover of XOF 2.8bn (USD 5.0m). The average weekly valuetraded in the last six months is XOF 3.9bn (USD 7.0m). The IC Composite is down 14.0% ytd (-3.1% USD)and the total market capitalisation is currently USD 8.4bn.



THE AFRICA WEEKLY


IC Composite Level % chg Level % chg Company Week % chg Price

Current 251.2 558.83 H: 07-Sep-16 297.7 SITAB CI 15.2 85,000

This week 250.4 0.32 557.76 -0.19 0.12 L: 17-Jul-17 247.7 Tractafric Motors CI 13.3 340,000

Prev week 250.6 -0.08 562.85 0.91 0.83 Off peak -15.6% Onatel BF 11.4 8,800

MTD 250.6 0.24 562.85 0.72 0.96 At High 0/37 Vivo Energy CI 9.2 1,250

YTD 292.2 -14.02 629.93 12.72 -3.08 At Low 7/37 Nestle CI 7.5 50,000

2,794.0 2.98% XOFm 3,890.1 Company Week % chg Price

515.1 34 USDm 7.0 NEI-CEDA CI -96.0 44.00

92% Uniwax CI -81.0 4,220

1,109.5 14 FILTISAC CI -10.5 17,000

594.5 18 XOFm 4,690,594 Bank of Africa BN -9.6 85,000

86.6% -4 USDm 8,394 CIE -8.2 61,975

Company XOF'000 % of total

Sonatel SN 1,089,974 39.01

Onatel BF 623,721 22.32

Bollore Africa Logistics CI 149,927 5.37

SODE 142,228 5.09

SGB 121,664 4.35

*The index is the BRVM Composite, an all share index ** Value Traded numbers are given in millions of CFA Francs (BCEAO) See the notes page for more information about calculations 11 Aug 2017 10


XOF/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Stocks traded (absolute)

Trading numbers


Net value

Upside value



-20%

-15%

-10%

-5%

0%

5%

10%


USD XOF

0 5,000,000 10,000,000

07 Sep 2016

11-Aug

Market Cap (XOF bn): Current vs Peak



THE AFRICA WEEKLY


Price Volume Volume 6 mths

Company Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000)

Sonatel SN TELE 24,100 - Flat 1,089,974 45,101 25,250 21,500 -4.6 -3.6 -5.7 2,410,000 4,313 3,937.2

SGB BANK 129,000 -0.8 Down 121,664 921 160,000 124,500 -19.4 -11.6 -11.0 401,333 718 328.7

ETI (BRVM) BANK 19.00 5.6 Up 41,271 2,217,984 34.00 17.00 -44.1 -24.0 -55.8 303,101 542 177.8

Onatel BF TELE 8,800 11.4 Up 623,721 71,515 13,450 7,900 -34.6 -26.7 -39.1 299,200 535 331.9

CIE UTIL 61,975 -8.2 Down 64,300 1,009 75,500 58,000 -17.9 -16.8 -18.5 173,530 311 126.4

BICI CI BANK 87,900 -0.7 Down 7,187 81 100,000 83,000 -12.1 -11.1 -10.3 146,500 262 70.0

SOLIBRA CI BREW 140,000 -0.0 Down 63,000 450 199,000 130,000 -29.6 -21.1 -22.2 115,082 206 218.1

PALM CI AGRI 11,500 4.5 Up 28,865 2,510 14,500 9,900 -20.7 -17.9 15.0 88,891 159 93.2

Bank of Africa BN BANK 85,000 -9.6 Down 16,932 195 220,005 76,100 -61.4 -49.4 -54.3 85,618 153 223.7

SOGB AGRI 38,000 5.6 Up 21,399 571 49,500 25,000 -23.2 15.2 40.7 82,087 147 102.8

SITAB CI INDU 85,000 15.2 Up 59,403 785 156,000 70,000 -45.5 -43.3 -45.9 76,309 137 161.4

FILTISAC CI INDU 17,000 -10.5 Down 2,698 154 28,900 13,400 -41.2 -27.7 -43.3 59,942 107 53.0

Bank of Africa BF BANK 78,000 -2.5 Down 15,753 200 230,000 77,995 -66.1 -44.1 -38.6 57,330 103 250.4

Nestle CI CONS 50,000 7.5 Up 7,377 156 62,000 46,000 -19.4 -5.7 -13.8 55,176 99 20.3

SODE UTIL 60,500 0.8 Up 142,228 2,305 86,000 53,000 -29.7 -28.4 -32.8 54,450 97 40.6

Tractafric Motors CI CONS 340,000 13.3 Up 4,840 15 498,995 225,000 -31.9 -20.0 -39.7 54,400 97 9.6

CFAO CI CONS 44,000 -3.1 Down 266 6 109,990 44,00044,00044,00044,000 -60.0 -29.0 -54.8 48,963 88 9.9

Bank of Africa CI BANK 58,000 -7.8 Down 93,049 1,539 183,000 57,500 -68.3 -58.3 -61.1 34,800 62 198.0

Bank of Africa NG BANK 50,000 0.0 Up 14,822 295 114,000 49,000 -56.1 -44.4 -48.0 30,000 54 123.3

Unilever CI INDU 14,000 4.5 Up 1,599 115 27,000 13,210 -48.1 -26.3 -41.7 22,548 40 2.8

SMB INDU 10,400 -6.3 Down 2,969 270 31,000 10,40010,40010,40010,400 -66.5 -44.1 -55.2 20,268 36 8.6

SAPH AGRI 3,235 -2.0 Down 12,230 3,657 18,500 3,000 -82.5 -76.9 -71.8 16,536 30 64.7

Crown SIEM CI INDU 15,000 52,000 13,975 -71.2 -54.5 -57.1 9,446 17 1.3

Total CI OILG 12,700 -5.9 Down 22,430 1,750 20,000 12,430 -36.5 -34.9 -29.4 7,996 14 97.7

Air Liquide CI INDU 7,700 1.3 Up 586 77 18,300 5,650 -57.9 -30.0 -61.5 6,725 12 7.6

SICable INDU 39,000 -2.5 Down 1,310 33 100,500 39,00039,00039,00039,000 -61.2 -55.4 -68.3 5,772 10 23.2

Bollore Africa Logistics CI TRPT 4,450 7.2 Up 149,927 34,114 300,000 3,875 -98.5 -98.5 -98.4 4,845 9 64.8

SICOR AGRI 5,915 0.1 Up 213 36 14,425 3,605 -59.0 -46.7 -15.5 3,549 6 0.3

MOVIS CI TRPT 3,900 5,200 3,650 -25.0 - -21.8 3,259 6 0.2

Uniwax CI INDU 4,220 -81.0 Down 97,361 4,582 27,300 4,2204,2204,2204,220 -84.5 -84.1 -85.2 3,165 6 115.9

1111 Aug 2017




THE AFRICA WEEKLY

Nairobi Securities Exchange (Kenyan Shilling) Kenya

2012 2013 2014 2015 2016E 2017F

-8.4 -8.9 -10.4 -9.6 -9.2 -7.1

41.7 44.2 52.6 56.2 55.9 55.4

38.0 40.3 48.9 53.5 53.8 53.3

1,238.6 1,314.1 1,419.5 1,432.1 1,522.0 1,652.8

4.6 5.7 5.3 6.5 6.8 7.0

50.4 54.9 60.9 63.1 68.9 76.8

3.2 7.1 6.0 6.3 5.4 5.0


EXPRESS KENYA LTD Half Year 8/15/2017 Cfc Stanbic Hold 2015 0.8

LONGHORN PUBLISHERS LTD Half Year 8/16/2017 Nation Media Grp 2015 2.5

STANDARD CHARTERED BANK LTD Half Year 8/17/2017 Unga Group Ltd 2015 1.0

BOC KENYA LTD Half Year 8/18/2017 Bamburi Cement 2014 6.0

Jubilee Holdings 2015 1.0

12

Type

Interim

Interim

Final

Interim

Market Commentary


Nominal GDP (USDbn)







4-Sep-15

11 Aug 2017

21-Sep-15

3-Dec-15

28-Sep-15

21-Sep-15Interim

The FTSE NSE Kenya 15 gained 5.1% to close the week at 210.8 on the back of gains in KPLC (+16.7%),CIC Insurance (+13.1%), and NIC Bank (+11.5%). During the week, losses were recorded in Sasini (-3.7%),and Scan Group (-2.1%). The top traders by value were KCB Bank (USD 6.2m), Safaricom (USD 5.1m), andEquity Bank (USD 1.5m). Trading in these shares accounted for 74.7% of this week’s turnover of KES1.8bn (USD 17.1m). The average weekly value traded in the last six months is KES 3.4bn (USD 33.1m). TheFTSE NSE Kenya 15 is up 30.4% ytd (+28.7% USD) and the total market capitalisation is currently USD21.8bn.



THE AFRICA WEEKLY


FTSE NSE15 Level % chg Level % chg % chg Company Week % chg Price

Current 210.8 103.86 H: 11-Aug-17 210.8 KPLC 16.7 10.15

This week 200.5 5.11 104.00 0.13 5.25 L: 30-Jan-17 140.2 NBK 15.8 11.00

Prev week 200.7 -0.07 103.94 -0.06 -0.13 Off peak 0.0% Uchumi 13.5 4.20

MTD 200.7 5.03 103.94 0.08 5.11 At High 13/60 CIC Insurance 13.1 5.60

YTD 161.6 30.42 102.51 -1.30 28.73 At Low 0/60 NIC Bank 11.5 36.50

1,774.3 3.91% KESm 3,443.1 Company Week % chg Price

1,687.5 49 USDm 33.2 Sameer -5.6 2.55

82% Sasini -3.7 26.00

1,687.7 39 Scan Group -2.1 23.25

0.2 3 KESm 2,271,009 --

###### 36 USDm 21,866 --

Company KES'000 % of total

KCB Bank 648,077.7 36.53

Safaricom 525,815.9 29.64

Equity Bank 154,291.3 8.70

KenGen 71,986.5 4.06

EABL 61,183.5 3.45

*The index is the FTSE NSE 15, an index of 15 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations 11 Aug 2017 13


KES/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-36%

-25%

-14%

-3%

8%

19%

30%


USD KES

0 1,000,000 2,000,000 3,000,000

11 Aug 2017

11-Aug

Market Cap (KES bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000)

Safaricom TELE 24.50 4.3 Up 525,816 21,533.3 24.5024.5024.5024.50 16.00 - 27.9 53.1 981,093 9,446 12,698.5

EABL BREW 268.0 0.8 Up 61,184 228.5 285.0 213.0 -6.0 9.8 -2.5 211,928 2,041 2,802.1

Equity Bank BANK 42.75 6.2 Up 154,291 3,650.9 42.7542.7542.7542.75 23.50 - 42.5 8.9 158,294 1,524 3,906.8

KCB Bank BANK 43.50 4.8 Up 648,078 14,980.4 43.5043.5043.5043.50 23.00 - 51.3 10.1 129,810 1,250 4,172.0

BAT (Kenya) CONS 800.0 - Flat 36,000 45.0 915.0 750.0 -12.6 -12.0 1.3 80,000 770 575.1

Stanchart Kenya BANK 230.0 3.6 Up 1,047 4.6 233.0 165.0 -1.3 21.7 19.8 71,107 685 262.0

Bamburi Cement BUIL 193.0 - Flat 44,795 232.1 193.0193.0193.0193.0 140.0 - 20.6 4.9 70,051 674 611.6

Co-Op Bank BANK 16.15 2.9 Up 24,716 1,548.7 17.55 9.75 -8.0 22.3 -6.9 67,682 652 1,081.4

Barclays Kenya BANK 10.60 9.8 Up 3,681 360.8 10.60 7.15 -0.0 16.5 -16.9 57,574 554 255.6

I&M Bank BANK 115.0 - Flat 161 1.4 115.0115.0115.0115.0 74.50 - 27.8 18.6 45,122 434 78.8

Diamond Trust BANK 189.0 2.7 Up 50,821 268.9 189.0189.0189.0189.0 102.0 - 60.2 -5.5 41,599 401 470.5

CFC Stanbic BANK 81.00 1.3 Up 1,069 13.2 82.00 58.00 -1.2 14.9 7.3 32,021 308 474.9

Centum Investment INVE 43.50 4.2 Up 34,040 782.9 43.75 31.00 -0.6 17.6 -1.1 28,947 279 399.0

BA Investment INVE 14.90 3.5 Up 6,043 412.0 15.80 9.40 -5.7 49.0 24.2 28,183 271 864.9

Jubilee Holdings INSU 470.0 8.0 Up 13,107 27.9 500.0 417.0 -6.0 -4.1 2.2 28,151 271 194.0

KenolKobil OILG 16.15 4.9 Up 1,153 71.4 16.15 11.00 0.0 8.4 62.3 23,769 229 1,295.5

Nation Media MEDI 117.0 7.3 Up 1,325 11.6 122.0 74.00 -4.1 25.8 -33.9 22,059 212 208.5

KenGen UTIL 9.25 8.8 Up 71,987 7,828.3 9.259.259.259.25 4.95 - 59.5 33.1 20,335 196 528.1

NIC Bank BANK 36.50 11.5 Up 7,202 200.1 36.5036.5036.5036.50 20.25 - 40.4 -8.8 19,819 191 410.3

KPLC UTIL 10.15 16.7 Up 9,038 921.8 10.15 6.30 0.0 24.5 -12.1 19,807 191 217.4

KenyaRe INSU 22.00 3.5 Up 43,983 1,999.3 23.00 18.05 -4.3 -2.2 11.4 15,400 148 231.2

CIC Insurance INSU 5.60 13.1 Up 2,378 457.0 5.60 3.10 0.0 47.4 -4.3 12,206 118 58.8

ARM Cement Ltd RESO 21.00 - Flat 5,387 256.5 31.75 18.75 -33.9 -17.6 -35.4 10,401 100 382.2

Scan Group MEDI 23.25 -2.1 Down 94 4.1 23.75 15.00 -2.1 28.1 -15.5 8,809 85 201.1

CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 76 -

Liberty Kenya BANK 13.50 6.7 Up 236 17.5 16.95 8.90 -20.4 2.7 -18.7 6,956 67 45.1

Kenya Airways TRPT 4.60 5.7 Up 3,603 786.0 7.30 3.40 -37.0 -21.4 3.4 6,884 66 118.8

Kakuzi AGRI 309.0 325.0 253.0 -4.9 - 3.0 6,056 58 12.1

Sasini AGRI 26.00 -3.7 Down 60 2.3 28.00 16.70 -7.1 35.4 22.4 5,929 57 43.6

TPS East Africa HOTL 25.50 25.75 16.95 -1.0 24.4 6.3 4,645 45 16.2

1411 Aug 2017




THE AFRICA WEEKLY

Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania

2012 2013 2014 2015 2016E 2017F

-11.7 -10.3 -9.3 -8.2 -7.1 -6.9

29.2 30.9 35.2 40.2 41.8 42.1

- - - - - -

870.0 969.1 1,028.8 968.8 963.8 1,015.0

5.1 7.3 7.0 6.9 7.0 7.0

39.1 44.4 48.1 46.2 46.9 50.3

12.1 5.6 4.8 6.6 5.4 5.0


TANGA CEMENT CO LTD Half Year 8/17/2017 Tanzania Breweri 2015 300.0

Tanzania Cigaret 2015 300.0

15

Type

2nd Interim

Interim

Market Commentary


Nominal GDP (USDbn)







7-Dec-15

11 Aug 2017

15-Oct-15

The DSE ALSI declined 2.0% to close the week at 2,041.3 on the back of losses in .During the week, gainswere recorded in DSE (+8.3%), and Tanzania Breweries (+4.0%). The top traders by value were TanzaniaBreweries (USD 1.1m), CRDB Bank (USD 0.0m), and DSE (USD 0.0m). Trading in these shares accountedfor 99.4% of this week’s turnover of TZS 2.7bn (USD 1.2m). The average weekly value traded in the last sixmonths is TZS 7.6bn (USD 3.4m). The DSE ALSI is down 7.1% ytd (-9.1% USD) and the total marketcapitalisation is currently USD 3.4bn.



THE AFRICA WEEKLY


DAR ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 2,041.3 2,227.75 H: 23-Feb-17 8,401.4 DSE TZ Equity 8.3 1,300

This week 2,083.9 -2.05 2,238.80 0.50 -1.56 L: 02-Feb-17 2,037.6 Tanzania Breweries 4.0 13,000

Prev week 2,205.1 -5.50 2,227.05 -0.52 -5.99 Off peak -75.7% --

MTD 2,205.1 -7.43 2,227.05 -0.03 -7.46 At High 4/14 --

YTD 2,198.4 -7.15 2,181.00 -2.10 -9.10 At Low 8/14 --

2,658.1 1.76% TZSm 7,628.1 Company Week % chg Price

2,568.7 8 USDm 3.4 No Decliners

57% --

2,568.7 2 --

- 0 TZSm 7,538,101 --

- 2 USDm 3,384 --

Company TZS'000 % of total

Tanzania Breweries 2,527,945.0 95.10

CRDB Bank 71,700.8 2.70

DSE TZ Equity 40,745.0 1.53

Simba Cement 8,024.0 0.30

Tanzania Cigarette 4,088.5 0.15

*The index is the DAR ALSI, an all share index ** Value Traded numbers are given in millions of Tanzanian Shillings See the notes page for more information about calculations 11 Aug 2017 16


TZS/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-91%

-30%

31%

92%

153%

214%

275%


USD TZS

0 5,000,000 10,000,000

23 Feb 2017

11-Aug

Market Cap (TZS bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000)

Tanzania Breweries BREW 13,000 4.0 Up 2,527,945 194.47 13,730 10,000 -5.3 8.3 -12.2 3,834,070 1,721 2,800.2

NMB BANK 2,750 2,800 2,340 -1.8 - 37.5 1,375,000 617 11.1

Tanzania Cigarette CONS 11,050 - Flat 4,089 0.37 11,750 9,800 -6.0 -3.9 -8.8 1,105,000 496 102.9

CRDB Bank BANK 200.0 - Flat 71,701 358.50 295.0 170.0 -32.2 -20.0 -49.4 435,306 195 367.3

TWIGA BUIL 1,780 - Flat 440 0.25 2,500 1,7801,7801,7801,780 -28.8 -22.3 -40.3 320,263 144 88.5

Swissport HOTL 3,820 - Flat 3,656 0.96 6,400 3,800 -40.3 -29.9 -44.7 137,520 62 25.6

Precision Air TRPT 470.0 470.0470.0470.0470.0 470.0470.0470.0470.0 - - - 91,113 41 0.2

Simba Cement BUIL 1,360 - Flat 8,024 5.90 1,860 1,3601,3601,3601,360 -26.9 -15.0 -35.2 86,593 39 1.4

Swala Oil and Gas (Tanzania) OILG 500.0 500.0500.0500.0500.0 500.0500.0500.0500.0 - - - 49,977 22 0.1

TOL INDU 800.0 800.0800.0800.0800.0 800.0800.0800.0800.0 - - - 33,978 15 8.2

DSE TZ Equity BANK 1,300 8.3 Up 40,745 33.01 1,770 960.0 -26.6 30.0 26,325 12 16.2

Mkombozi Commercial Bank PLC BANK 900.0 - Flat 1,463 1.63 1,020 900.0900.0900.0900.0 -11.8 -10.0 -10.0 18,554 8 1.8

DCB BANK 395.0 500.0 395.0395.0395.0395.0 -21.0 -1.3 -28.2 12,795 6 0.9

Tanzania Tea Packers AGRI 650.0 650.0650.0650.0650.0 650.0650.0650.0650.0 - - - 11,607 5 0.0

1711 Aug 2017




THE AFRICA WEEKLY

Rwanda Stock Exchange (Rwandan Franc) Rwanda

2012 2013 2014 2015 2016E 2017F

-11.4 -7.4 -11.9 -10.6 -9.6 -12.4

20.1 27.6 30.2 32.7 34.8 37.9

- - - - - -

687.9 696.5 711.7 742.9 789.3 841.6

8.8 4.7 6.9 6.5 7.0 7.5

7.2 7.5 7.9 8.5 9.2 10.1

3.9 3.6 2.1 3.5 5.0 5.0


18

Market Commentary




Nominal GDP (USDbn)




Dividends Type Last Cum date

11 Aug 2017

The AA Rwanda Index was flat at 116.5. The top traders by value were Bank of Kigali (USD 11.0k), andBralirwa (USD k). Trading in these shares accounted for 100.0% of this week’s turnover of RWF 9.2m(USD 11.0k). The average weekly value traded in the last six months is RWF 241.8m (USD 287.5k). The AARwanda Index is down 2.8% ytd (-5.0% USD) and the total market capitalisation is currently USD 301.7m.



THE AFRICA WEEKLY


RSE SI Level % chg Level % chg % chg Company Week % chg Price

Current 116.5 841.00 H: 16-Aug-16 136.5 No Gainers

This week 116.5 0.00 832.72 -0.98 -0.98 L: 19-Jun-17 115.5 --

Prev week 116.7 -0.15 832.03 -0.08 -0.23 Off peak -14.6%

MTD 116.7 -0.15 832.03 -1.07 -1.21 At High 0/2

YTD 119.9 -2.84 822.00 -2.26 -5.04 At Low 0/2

9.2 0.18% RWFm 241.8 Company Week % chg Price

- 1 USDm 0.3 No Decliners

50% --

- 0

- 0 RWFm 253,696

- 0 USDm 302

Company RWF'000 % of total

Bank of Kigali 9,175.0 100.00

-- - -

*The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan FrancsSee the notes page for more information about calculations 11 Aug 2017 19

Index performance * RWF/USD USD returns Top 5 gainers



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners


Stocks traded (%)

Upside value Stocks up Total Market cap



Upside/downside ratio Advance - Decline

-33%

-25%

-17%

-9%

-1%

7%


USD RWF

0 100,000 200,000 300,000 400,000

16 Aug 2016

11-Aug

Market Cap (RWF bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000)

Bralirwa BREW 125.0 160.0 121.0 -21.9 -10.7 -28.2 128,571 153 136.3

Bank of Kigali BANK 250.0 - Flat 9,175 36.7 273.0 228.0 -8.4 9.6 -10.7 125,125 149 151.2

20

Weekly 12 Month Movement (% chg) Market cap

11 Aug 2017



THE AFRICA WEEKLY

Uganda Securities Exchange (Uganda Shilling) Uganda

2012 2013 2014 2015 2016E 2017F

-8.0 -7.2 -9.7 -10.5 -11.3 -12.0

24.2 27.6 31.4 35.0 37.9 41.1

- - - - - -

678.2 680.1 713.1 625.3 648.2 691.4

2.6 3.9 4.8 5.2 5.5 5.8

24.6 25.6 27.6 24.9 26.6 29.3

5.3 4.3 4.9 6.4 6.6 5.1


DEVELOPMENT FINANCE COMPANY Half Year 8/18/2017 Umeme Ltd 2015 10.8

New Vision Print 2015 0.5

21

Type

Interim

Regular Cash

Market Commentary


Nominal GDP (USDbn)







1-Dec-15

11 Aug 2017

29-Dec-15

The USE ALSI gained 2.0% to close the week at 1,774.7 on the back of gains in Umeme (+0.2%). Duringthe week, losses were recorded in Bank of Baroda (-2.8%), NIC (-1.7%), and DFCU (-0.1%). The toptraders by value were Stanbic Uganda (USD 21.7k), Umeme (USD 2.9k), and Bank of Baroda (USD 2.8k).Trading in these shares accounted for 94.8% of this week’s turnover of UGX 104.7m (USD 29.0k). Theaverage weekly value traded in the last six months is UGX 2.2bn (USD 601.5k). The USE ALSI is up 20.1%ytd (+19.8% USD) and the total market capitalisation is currently USD 1.1bn.



THE AFRICA WEEKLY


USE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 1,774.7 3,607.50 H: 11-Aug-17 1,774.7 Umeme 0.2 426.0

This week 1,740.2 1.98 3,614.50 0.19 2.18 L: 31-Jan-17 1,330.8 --

Prev week 1,750.1 -0.56 3,611.00 -0.10 -0.66 Off peak 0.0% --

MTD 1,750.1 1.41 3,611.00 0.10 1.51 At High 1/8 --

YTD 1,477.4 20.12 3,596.50 -0.30 19.76 At Low 1/8 --

104.7 0.13% UGXm 2,169.9 Company Week % chg Price

-1.8 7 USDm 0.6 Bank of Baroda -2.8 106.0

88% NIC -1.7 11.80

10.6 1 DFCU -0.1 758.0

12.5 3 UGXm 4,071,102 --

-14.7% -2 USDm 1,129 --

Company UGX'000 % of total

Stanbic Uganda 78,464.6 74.96

Umeme 10,629.6 10.15

Bank of Baroda 10,133.8 9.68

Uganda Clays 2,903.6 2.77

DFCU 1,364.4 1.30

*The index is the USE ALSI, an all share index ** Value Traded numbers are given in millions of Ugandan Shillings See the notes page for more information about calculations 11 Aug 2017 22


UGX/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-34%

-25%

-16%

-7%

2%

11%


USD UGX

0 2,000,000 4,000,000 6,000,000

11 Aug 2017

11-Aug

Market Cap (UGX bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000)

BAT (Uganda) AGRI 30,000 0.00 0.00 - - 1,472,400 408 -

Stanbic Uganda BANK 27.25 - Flat 78,465 2,806.3 28.00 24.00 -2.7 9.0 -12.1 1,394,891 387 62.6

Umeme UTIL 426.0 0.2 Up 10,630 25.0 532.0 400.0 -19.9 -13.1 -25.3 691,772 192 489.5

Bank of Baroda BANK 106.0 -2.8 Down 10,134 94.3 138.0 100.0 -23.2 -14.5 -31.6 265,000 73 5.4

DFCU BANK 758.0 -0.1 Down 1,364 1.8 800.0 755.0 -5.3 -1.6 -19.4 188,439 52 42.3

New Vision MEDI 539.0 - Flat 216 0.4 550.0 539.0539.0539.0539.0 -2.0 -1.1 -11.1 41,234 11 0.2

Uganda Clays BUIL 14.00 - Flat 2,904 207.4 14.0014.0014.0014.00 12.00 - 16.7 -12.5 12,600 3 1.2

NIC INSU 11.80 -1.7 Down 963 81.1 12.00 10.50 -1.7 -1.7 7.3 4,766 1 0.4

2311 Aug 2017




THE AFRICA WEEKLY

Johannesburg Stock Exchange (South African rand) South Africa

2012 2013 2014 2015 2016E 2017F

-5.0 -5.8 -5.4 -4.3 -4.5 -4.5

40.5 43.3 46.0 48.4 49.8 50.8

34.7 37.6 41.0 43.9 45.6 47.0

7,592.2 6,889.7 6,482.8 5,783.5 5,859.1 6,014.5

2.2 2.2 1.5 1.4 1.3 2.1

397.4 366.2 350.1 317.3 326.5 340.5

5.7 5.4 5.8 5.5 5.7 5.6

Year DPS

Stenprop Ltd 0.04

Marshall Monteag 2016 0.02

Gold Fields Ltd 2016 21.0

Hudaco Inds Ltd 2016 345.0

Stanlib Swix 40 2015 6.2

24

Market Commentary




Nominal GDP (USDbn)




Dividends Type Last Cum date

Interim 18-Jan-16

Final 25-Jan-16

Final 7-Mar-16

Final 29-Feb-16

Income 24-Dec-15

11 Aug 2017

For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. Thereare 60 companies included in the list, and the top 30 are shown here. This data is for informational andreference purposes, and thus we do not provide market commentary.

Please feel free to get in touch with us with any comments, suggestions, or queries relating to thisinformation.



THE AFRICA WEEKLY


JSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 55,155 13.47 H: 07-Aug-17 56,164 Ellies Holdings 19.2 0.31

This week 56,164 -1.80 13.39 -0.58 -2.36 L: 06-Dec-16 48,936 Telkom SA 3.2 66.07

Prev week 55,207 1.73 13.13 -1.95 -0.25 Off peak -1.8% Mondi 1.3 349.9

MTD 55,207 -0.09 13.13 -2.52 -2.61 At High 0/60 AFROX 1.0 18.74

YTD 50,654 8.89 13.74 2.02 11.09 At Low 0/60 Bell Equipment 0.7 7.70

28,625 28.95% ZARm 44,203 Company Week % chg Price

-25,943 46 USDm 3,282 PPC -15.5 3.76

77% Group Five -11.3 14.86

1,341 6 Cashbuild -5.0 363.0

27,284 38 ZARbn 4,944 Lewis Group -4.5 29.61

-95.1% -32 USDbn 367 Aveng -4.1 3.95

Company ZAR'm % of total

Naspers 11,385 39.77

Firstrand 2,837 9.91

Standard Bank Group 2,349 8.21

MTN Group 1,776 6.20

Absa Group 1,349 4.71

*The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of South African Rands See the notes page for more information about calculations 11 Aug 2017 25

Index performance * ZAR/USD USD returns Top 5 gainers



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners


Stocks traded (%)




Rebased Index Performance Top 5 (value) traders

-21%

-15%

-9%

-3%

3%

9%

15%


USD ZAR

0 2,000 4,000 6,000

07 Aug 2017

11-Aug

Market Cap (ZAR bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000)

SABMiller BREW 792.0 856.3 746.3 -7.5 - -12.4 1,264,666 93,900 -

Naspers MEDI 2,765 -4.1 Down 11,385 4,002 2,909 1,936 -4.9 37.3 52.3 1,145,580 85,058 990,436

Firstrand BANK 54.15 -0.4 Down 2,837 52,017 54.80 43.47 -1.2 1.8 22.2 305,295 22,668 241,482

Vodacom Group TELE 181.1 -2.4 Down 935 5,115 185.5 140.0 -2.4 18.8 20.7 269,394 20,002 104,225

Standard Bank Group BANK 161.5 -2.7 Down 2,349 14,372 166.0 130.2 -2.7 6.4 48.2 259,416 19,261 227,477

MTN Group TELE 120.5 -0.2 Down 1,776 14,738 134.9 107.0 -10.7 -4.5 -6.7 226,866 16,845 284,757

Steinhoff Intl CONS 79.01 0.00 0.00 - - 145,075 10,772 -

Mondi INDU 349.9 1.3 Up 596 1,719 356.6 262.6 -1.9 25.5 27.0 128,487 9,540 81,568

Aspen Pharmacare PHAR 275.7 -3.5 Down 773 2,770 375.6 261.0 -26.6 -2.8 -1.5 125,588 9,325 128,690

Nedbank Group BANK 223.8 -2.6 Down 581 2,575 268.0 203.9 -16.5 -6.0 21.8 113,576 8,433 114,053

Shoprite Holdings CONS 197.5 -1.3 Down 967 4,867 212.1 167.3 -6.9 15.2 32.6 112,689 8,367 126,924

Absa Group BANK 148.2 -0.6 Down 1,349 9,040 171.7 135.8 -13.7 -12.1 1.5 106,453 7,904 272,027

Mediclinic International PHAR 120.3 0.00 0.00 - - 99,442 7,383 -

Tiger Brands CONS 403.0 -0.5 Down 1,037 2,564 429.0 359.5 -6.1 1.3 39.2 77,048 5,721 103,061

Bidvest Group INVE 172.4 -3.0 Down 339 1,937 183.1 148.0 -5.9 -4.9 -50.6 56,488 4,194 64,493

Mr Price Group CONS 208.9 0.00 0.00 - - 52,416 3,892 -

Woolworths Holdings CONS 64.45 -2.2 Down 686 10,571 93.35 58.76 -31.0 -9.3 -22.1 48,550 3,605 98,074

Imperial Holdings INVE 186.5 0.1 Up 444 2,366 190.0 151.0 -1.8 2.2 59.7 39,158 2,907 48,445

Truworths International CONS 77.84 -1.6 Down 1,026 13,122 93.77 62.93 -17.0 -2.3 -8.3 35,947 2,669 87,410

Foschini Group CONS 148.9 -2.6 Down 380 2,528 174.0 126.0 -14.4 -6.4 26.0 35,808 2,659 78,802

Telkom SA TELE 66.07 3.2 Up 300 4,598 80.03 57.46 -17.4 -10.7 27.6 34,408 2,555 39,356

Pick N Pay CONS 61.70 -1.0 Down 113 1,813 83.00 55.21 -25.7 -3.2 10.3 29,641 2,201 34,704

Barloworld INVE 117.5 -1.6 Down 101 853 128.3 80.00 -8.4 -0.4 82.1 27,139 2,015 37,028

Massmart Holdings CONS 110.4 -2.2 Down 77 688 152.9 99.61 -27.8 -12.5 11.5 23,953 1,779 19,868

Nampak INDU 19.04 -0.3 Down 42 2,190 21.99 15.81 -13.4 2.6 13.5 13,275 986 14,614

Tongaat Hulett CONS 117.9 -0.9 Down 48 401 134.8 113.6 -12.6 -9.9 26.1 12,790 950 9,784

AECI INDU 104.6 -0.1 Down 61 584 116.6 97.80 -10.3 3.5 16.2 12,175 904 7,809

Illovo Sugar CONS 24.87 0.00 0.00 - 27.2 11,445 850 -

Super Group TRPT 36.00 -0.2 Down 27 751 43.50 33.65 -17.2 -6.8 -11.1 11,352 843 8,963

Blue Label Telecoms TELE 16.35 -1.5 Down 37 2,254 21.75 14.68 -24.8 -10.2 36.1 11,028 819 6,488

26


11 Aug 2017



THE AFRICA WEEKLY

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius

2012 2013 2014 2015 2016E 2017F

-7.3 -6.3 -5.6 -4.8 -4.8 -5.3

51.5 53.9 56.2 56.0 54.3 52.8

51.5 53.9 56.2 56.0 54.3 52.8

8,932.3 9,476.5 9,999.3 9,186.5 9,643.4 ####

3.2 3.2 3.6 3.2 3.8 3.6

11.2 11.9 12.6 11.6 12.1 12.9

3.2 4.1 0.2 3.0 3.0 3.0


Enl Commercial L 2015 0.5

Harel Mallac &Co 2015 1.8

Belle Mare Hldg 2015 0.8

Mauritian Eag In 2016 1.1

Innodis Ltd 2016 0.9

27

Type

Interim

Final

Final

Interim

Market Commentary


Nominal GDP (USDbn)







25-Nov-15

11 Aug 2017

22-Dec-15

30-Nov-15

24-Feb-16

18-Jan-16Interim

The SEMDEX declined 0.0% to close the week at 2,186.0 on the back of losses in New Mauritius Hotels (-1.4%), Rogers & Co (-1.0%), and CIEL (-0.8%). During the week, gains were recorded in Gamma Civic(+12.2%), Terra Mauricia (+5.0%), and CIM Financial (+2.0%). The top traders by value were CMPL (USD4.1m), CIEL (USD 3.3m), and MCB (USD 2.5m). Trading in these shares accounted for 81.0% of this week’sturnover of MUR 406.1m (USD 12.2m). The average weekly value traded in the last six months is MUR224.4m (USD 6.8m). The SEMDEX is up 20.9% ytd (+30.8% USD) and the total market capitalisation iscurrently USD 13.2bn.



THE AFRICA WEEKLY


SEMDEX Level % chg Level % chg % chg Company Week % chg Price

Current 2,186.0 33.24 H: 28-Jul-17 2,210.8 Lottotech 12.2 29.90

This week 2,186.9 -0.04 33.06 -0.53 -0.57 L: 15-Sep-16 1,793.2 United Docks 11.3 89.00

Prev week 2,185.3 0.07 33.35 0.87 0.95 Off peak -1.1% Terra Mauricia 5.0 33.80

MTD 2,185.3 0.03 33.35 0.34 0.37 At High 7/44 Mauritius Union Assurance 3.4 60.00

YTD 1,808.4 20.88 35.97 8.22 30.82 At Low 0/44 Harel Mallac 2.2 70.00

406.1 4.61% MURm 224.4 Company Week % chg Price

-145.0 35 USDm 6.8 Air Mauritius -3.3 15.90

80% Mauritius Oil Refineries -3.0 28.75

59.0 15 New Mauritius Hotels -1.4 21.40

204.0 11 MURm 440,346 Rogers & Co -1.0 28.40

-71.1% 4 USDm 13,248 INNODIS -1.0 40.00

Company MUR'000 % of total

CMPL 136,362.3 33.58

CIEL 110,550.4 27.23

MCB 81,935.8 20.18

State Bank Mauritius 42,392.1 10.44

New Mauritius Hotels 5,477.1 1.35

*The index is the SEMDEX, an all share index ** Value Traded numbers are given in millions of Mauritian Rupees See the notes page for more information about calculations 11 Aug 2017 28


MUR/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-14%

-5%

4%

13%

22%

31%


USD MUR

0 200,000 400,000 600,000

28 Jul 2017

11-Aug

Market Cap (MUR bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000)

State Bank Mauritius BANK 7.82 1.8 Up 42,392 5,427.82 8.00 0.70 -2.3 17.8 16.7 237,525 7,146 942.7

MCB BANK 269.0 -0.4 Down 81,936 303.71 279.0 207.5 -3.6 25.1 30.9 67,351 2,026 2,272.0

ENL Land AGRI 49.85 - Flat 1,149 24.26 50.00 40.00 -0.3 23.1 6.1 11,490 346 48.0

CIEL INSU 7.28 -0.8 Down 110,550 15,263.64 7.94 5.88 -8.3 15.2 11,475 345 369.0

Alteo LTD CONS 34.55 -0.3 Down 1,001 28.90 34.90 26.00 -1.0 16.1 11,004 331 256.0

Ireland Blyth INVE 125.0 0.00 0.00 - 5.7 8,930 269 -

Terra Mauricia INVE 33.80 5.0 Up 3,467 107.35 33.80 29.45 0.0 12.7 10.8 7,691 231 99.1

Phoenix Beverages BREW 461.0 0.2 Up 1,909 4.14 461.0461.0461.0461.0 400.0 - 9.8 28.1 7,582 228 57.9

Rogers & Co INVE 28.40 -1.0 Down 271 9.50 30.00 26.20 -5.3 4.0 -0.4 7,158 215 62.1

Lux Island Resorts HOTL 57.75 0.4 Up 805 13.96 60.25 57.00 -4.1 -2.9 -2.5 6,586 198 111.5

CIM Financial BANK 9.20 2.0 Up 707 77.67 9.36 6.78 -1.7 27.4 19.5 6,261 188 302.9

Sun Resorts HOTL 41.15 0.4 Up 2,454 59.81 44.80 32.80 -8.1 17.1 19.3 5,225 157 136.0

Promotion & Development INVE 123.0 1.2 Up 1,871 15.31 123.0123.0123.0123.0 89.50 - 34.4 29.5 4,784 144 66.1

Omnicane AGRI 67.00 -0.7 Down 101 1.50 68.00 59.25 -1.5 11.2 -6.0 4,490 135 18.5

Vivo Energy OILG 137.5 0.2 Up 275 2.00 144.5 103.0 -4.8 29.7 47.8 4,032 121 19.6

Lottotech BUIL 29.90 12.2 Up 620 21.50 29.90 22.65 0.0 19.6 27.2 3,984 120 66.7

Bramer Bank BANK 4.30 0.00 0.00 - - 3,876 117 -

New Mauritius Hotels HOTL 21.40 -1.4 Down 5,477 255.94 23.00 18.35 -7.0 13.5 4.4 3,454 104 905.6

United Basalt Products INDU 117.0 - Flat 173 1.48 118.5 84.50 -1.3 23.2 47.2 3,102 93 39.4

Fincorp CONS 27.50 - Flat 1,477 53.71 28.00 19.30 -1.8 37.2 25.3 2,842 86 54.8

Swan Insurance INSU 312.3 312.3312.3312.3312.3 300.0 - 2.9 -20.8 2,584 78 5.6

Dale Capital (USD) INVE 2.44 2.54 2.04 -3.9 -3.9 -12.9 2,091 63 265.6

LOTTOTECH INVE 5.90 - Flat 196 33.41 6.50 4.14 -9.2 FALSE 80.4 2,006 60 13.8

MDIT INVE 4.60 1.1 Up 1,306 284.35 4.72 3.72 -2.5 16.2 3.8 1,948 59 46.3

Air Mauritius TRPT 15.90 -3.3 Down 1,601 100.93 16.55 12.90 -3.9 12.8 19.5 1,627 49 115.5

POLICY INVE 6.62 -0.3 Down 1,453 219.27 6.80 5.50 -2.6 14.9 5.4 1,503 45 98.2

INNODIS CONS 40.00 -1.0 Down 1,324 33.10 40.50 36.00 -1.2 -7.0 1,469 44 38.7

Mauritius Union Assurance INSU 60.00 3.4 Up 186 3.10 63.50 56.75 -5.5 4.8 -0.8 1,202 36 75.1

Mauritius Oil Refineries OILG 28.75 -3.0 Down 106 3.67 29.65 26.00 -3.0 6.5 14.1 957 29 10.7

United Docks INVE 89.00 11.3 Up 2,643 30.49 89.0089.0089.0089.00 51.00 - 72.8 29.0 940 28 16.9

2911 Aug 2017




THE AFRICA WEEKLY

Botswana Stock Exchange (Botswana Pula) Botswana

2012 2013 2014 2015 2016E 2017F

-3.4 8.8 16.1 2.8 0.1 -0.4

18.9 17.5 14.5 12.4 11.3 10.1

- - - - - -

7,205.9 7,261.0 7,233.1 6,149.7 6,040.6 6,351.5

4.8 9.3 4.4 2.6 3.2 3.5

14.8 15.1 15.2 13.1 13.0 13.8

7.4 4.1 3.7 4.3 4.4 4.4

Company Reporting period Expected reporting date Year Type

Turnstar 2015 8.0

Sechaba Brewerie 2015 40.0

G4S Security 2015 10.9

Primetime Proper 2015 8.1

Choppies Enterpr 2015 4.9

30




Nominal GDP (USDbn)




Dividends

Market Commentary

Amount

Interim

Regular Cash

Regular Cash

Regular Cash

Interim

11 Aug 2017

Last Cum date

16-Nov-15

2-Nov-15

7-Sep-15

17-Aug-15

19-Oct-15

The BSE DCI declined 0.3% to close the week at 8,984.9 on the back of losses in Letshego (-2.4%),Sefalana (-1.3%), and Stanchart Botswana (-0.9%). During the week, gains were recorded in FNBBotswana (+0.4%). The top traders by value were BIHL Botswana (USD 104.3k), Letshego (USD 32.0k), andTurnstar (USD 30.3k). Trading in these shares accounted for 82.2% of this week’s turnover of BWP 1.4m(USD 202.6k). The average weekly value traded in the last six months is BWP 452.8m (USD 44.0m). TheBSE DCI is down 4.4% ytd (-0.8% USD) and the total market capitalisation is currently USD 33.0bn.



THE AFRICA WEEKLY


BSE DCI Level % chg Level % chg % chg Company Week % chg Price

Current 8,984.9 10.30 H: 04-Oct-16 9,799.0 FNB Botswana 0.4 2.40

This week 9,012.9 -0.31 10.28 -0.21 -0.52 L: 10-Aug-17 8,984.9 --

Prev week 9,077.7 -0.71 10.19 -0.82 -1.52 Off peak -8.3% --

MTD 9,077.7 -1.02 10.19 -1.02 -2.03 At High 2/24 --

YTD 9,400.7 -4.42 10.68 3.74 -0.85 At Low 1/24 --

1.4 0.17% BWPm 46.5 Company Week % chg Price

-0.2 13 USDm 4.5 Letshego -2.4 2.00

54% Sefalana -1.3 11.00

0.0 1 Stanchart Botswana -0.9 5.60

0.2 4 BWPm 42,517 New Africa Properties -0.3 3.21

-99.8% -3 USDm 4,128 --

Company BWP'000 % of total

BIHL Botswana 587.9 41.75

Turnstar 312.0 22.16

Barclays Botswana 235.6 16.73

Letshego 180.8 12.84

Sefalana 41.0 2.91

*The index is the DCI, the domestic companies index ** Value Traded numbers are given in millions of Pula See the notes page for more information about calculations 11 Aug 2017 31

Top 5 decliners

Top 5 (value) traders

Stocks traded (%)

Trading numbers

Total value

Net value

Upside value


Downside value

Advance - Decline

Turnover analysis **

Top 5 gainers

Avg weekly value traded

Index performance *

Total Market cap

Value Traded / Mkt Cap (%)


Stocks down

USD returnsBWP/USD


Stocks up

Rebased Index Performance

-2708%

-10%

2688%

5386%

8084%

10782%


USD BWP

0 20,000 40,000 60,000

04 Oct 2016

11 Aug 2017

Market Cap (BWPm) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector BWP % chg Move BWP '000 '000 High Low Off high YTD 12 mths BWP m Val (000)

FNB Botswana BANK 2.40 0.4 Up 0 0.18 3.05 2.39 -21.3 -18.9 -34.2 6,153 597 525.8

BIHL Botswana INSU 18.83 - Flat 588 31.22 18.85 16.85 -0.1 7.3 20.7 5,293 514 274.8

Barclays Botswana BANK 5.90 - Flat 236 39.94 5.90 4.73 -0.0 17.1 29.7 5,028 488 69.9

Letshego BANK 2.00 -2.4 Down 181 89.99 2.40 1.80 -16.7 -12.7 -20.0 4,353 423 394.2

Choppies CONS 2.56 - Flat 1 0.38 3.80 2.20 -32.6 6.7 -37.6 3,006 292 433.5

Sechaba BREW 20.00 - Flat 1 0.05 30.00 20.0020.0020.0020.00 -33.3 -25.9 -29.8 2,660 258 563.8

Sefalana CONS 11.00 -1.3 Down 41 3.73 14.00 10.70 -21.4 -15.4 -18.4 2,043 198 117.9

New Africa Properties PROP 3.21 -0.3 Down 3 0.90 3.22 2.94 -0.3 9.2 18.0 1,940 188 1,726.6

Turnstar PROP 3.21 - Flat 312 97.19 3.26 3.20 -1.5 -1.2 5.2 1,837 178 116.1

ABCH Botswana BANK 7.14 0.00 0.00 - - 1,834 178 -

Stanchart Botswana BANK 5.60 -0.9 Down 3 0.48 7.90 5.60 -29.1 -27.7 -48.1 1,671 162 50.4

Engen Botswana OILG 10.00 10.0010.0010.0010.00 8.30 - 2.0 17.6 1,597 155 6.7

Wilderness HOTL 5.25 - Flat 39 7.43 5.255.255.255.25 5.15 - 1.5 7.1 1,213 118 2.7

Chobe HOTL 8.43 8.43 7.49 -0.0 9.5 22.5 754 73 25.1

Letlole La Rona PROP 2.33 2.33 2.20 0.0 5.4 8.4 652 63 43.2

Primetime PROP 3.16 3.16 3.02 -0.0 1.9 6.8 568 55 106.1

RDCP PROP 2.74 2.75 2.65 -0.4 1.5 8.3 484 47 43.0

Furnmart CONS 0.60 - Flat 1 1.60 0.85 0.60 -29.4 -14.3 -43.9 364 35 0.4

FSG INSU 2.80 0.00 0.00 - - 338 33 -

G4S CONS 4.00 4.10 3.60 -2.4 -2.0 10.5 320 31 11.7

Cresta HOTL 1.30 - Flat 3 2.24 1.31 1.21 -0.8 1.6 17.1 240 23 4.4

Imara Botswana INVE 2.60 2.60 2.60 0.0 - -3.3 154 15 -

RPC Data TELE 0.30 0.00 0.00 - - 9 1 -

Olympia Capital (Botswana) BUIL 0.20 0.00 0.00 - - 6 1 -

32

12 MonthWeekly

USD m

Market capMovement (% chg)

11 Aug 2017



THE AFRICA WEEKLY

Zimbabwe Stock Exchange (US Dollar) Zimbabwe

2012 2013 2014 2015 2016E 2017F

-24.6 -25.4 -22.0 -22.9 -21.8 -20.9

56.7 54.2 53.4 69.3 57.5 58.3

- - - - - -

961.4 1,028.5 1,043.1 1,037.2 1,054.4 1,094.2

10.6 4.5 3.3 1.4 2.4 3.0

12.5 13.5 13.8 13.9 14.3 15.0

2.9 0.3 -0.8 -0.7 0.5 1.2


AFRICAN SUN LTD Half Year 8/18/2017 Cbz Holdings Ltd 2015 0.00

Natl Foods Hold 2015 0.05

Colcom Holdings 2015 0.01

Fbc Holdings Ltd 2015 0.00

Delta Corp 2015 0.01

33

Market Commentary




Nominal GDP (USDbn)




11 Aug 2017

12-Oct-15

14-Sep-15

Interim


14-Sep-15

12-Oct-15

Type

Interim

Regular Cash

Regular Cash

Regular Cash

30-Nov-15

The ZSE Industrial gained 1.3% to close the week at 210.6 on the back of gains in Colcom Holdings (USD)(+20.6%), CFI Holdings (USD) (+17.3%), and Kingdom Meikles Africa (USD) (+10.0%). During the week,losses were recorded in Econet Wireless (USD) (-0.2%). The top traders by value were Econet Wireless(USD) (USD 1.5m), Seed Co (USD) (USD 0.8m), and CBZ Bank (USD) (USD 0.3m). Trading in these sharesaccounted for 77.7% of this week’s turnover of USD 3.3m (USD 3.3m). The average weekly value traded inthe last six months is USD 4.5m (USD 4.5m). The ZSE Industrial is up 45.7% ytd (+45.7% USD) and thetotal market capitalisation is currently USD 5.2bn.



THE AFRICA WEEKLY


ZSE INDUSTRIAL Level % chg Level % chg % chg Company Week % chg Price

Current 210.6 1.00 H: 11-Aug-17 210.6 General Beltings 100.0 0.00

This week 207.8 1.34 1.00 0.00 1.34 L: 19-Sep-16 97.8 Medtech Holdings 50.0 0.00

Prev week 203.3 2.25 1.00 0.00 2.25 Off peak 0.0% NMBZ Holdings 22.5 0.05

MTD 203.3 3.62 1.00 0.00 3.62 At High 2/74 Colcom Holdings 20.6 0.49

YTD 144.5 45.72 1.00 0.00 45.72 At Low 0/74 Zimplow 19.8 0.05

3.3 3.22% USDm 4.5 Company Week % chg Price

0.1 30 USDm 4.5 Dawn Properties -6.7 0.02

41% ART Holdings -6.7 0.04

1.6 20 Bindura Nickel Corp -0.3 0.03

1.5 4 USDm 5,206 Econet Wireless -0.2 0.42

5.6% 16 USDm 5,206 --

Company USD'000 % of total

Econet Wireless 1,472.5 43.98

Seed Co 820.6 24.51

CBZ Bank 308.0 9.20

ZB Financial Holdings 302.8 9.04

Delta Corp Zimbabwe 159.0 4.75

*The index is the ZSE industrial, an all share index ** Value Traded numbers are given in millions of USD See the notes page for more information about calculations 11 Aug 2017 34

Index performance * USD/USD USD returns Top 5 gainers (Top 40)

Stocks traded (%)

Upside value Stocks up

Rebased Index Performance



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40)


Top 5 (value) traders

Total Market cap



-35%

-5%

25%

55%

85%

115%

145%


USD USD

0 2,000 4,000 6,000

11 Aug 2017

11-Aug

Market Cap (USD m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector USD % chg Move USD '000 '000 High Low Off high YTD 12 mths USD m USD m Val (000)

Delta Corp Zimbabwe BREW 1.28 0.4 Up 159 123.98 1.29 0.60 -0.6 44.9 142.0 1,583 1,583 1,024.0

Innscor Africa CONS 0.75 3.1 Up 58 77.94 0.750.750.750.75 0.19 - 56.3 295.8 406 406 373.7

Econet Wireless TELE 0.42 -0.2 Down 1,472 3,496.40 0.42 0.13 -0.6 40.0 90.9 382 382 1,560.4

BAT (Zimbabwe) CONS 18.05 - Flat 1 0.06 18.05 12.00 0.0 18.4 57.0 372 372 102.8

Seed Co AGRI 1.50 2.0 Up 821 552.43 1.50 0.57 -0.0 48.0 81.8 291 291 314.3

National Foods Holdings INDU 3.80 3.80 2.05 0.0 5.5 49.0 260 260 13.3

ABCH (Zimbabwe) BANK 0.73 0.00 0.00 - - 188 188 -

Hippo Valley Estates AGRI 0.94 3.3 Up 5 5.01 0.94 0.19 0.0 169.3 170.1 182 182 23.0

Padenga CONS 0.30 1.0 Up 4 11.62 0.30 0.10 0.0 90.0 406.7 165 165 60.3

OK Zimbabwe CONS 0.11 3.3 Up 33 300.49 0.11 0.03 -0.0 56.3 217.1 128 128 138.6

First Banking Corp BANK 0.14 1.8 Up 9 61.84 0.14 0.06 -0.0 73.1 130.8 93 93 17.2

TSL CONS 0.24 0.24 0.14 0.0 40.9 78.5 84 84 9.4

Colcom Holdings INDU 0.49 20.6 Up 1 1.95 0.49 0.19 -0.0 33.6 209.1 79 79 2.5

CBZ Bank BANK 0.10 - Flat 308 3,079.52 0.11 0.09 -9.1 -4.8 -9.1 68 68 113.7

Barclays Zimbabwe BANK 0.03 0.04 0.01 -27.9 -3.1 -8.8 67 67 35.2

CFI Holdings INDU 0.61 17.3 Up 79 138.06 0.61 0.09 -0.0 523.7 906.6 64 64 209.1

African Distillers BREW 0.60 0.61 0.44 -1.6 - 33.3 58 58 9.9

Kingdom Meikles Africa BANK 0.22 10.0 Up 1 5.62 0.30 0.07 -26.7 69.2 214.3 54 54 30.8

Dawn Properties PROP 0.02 -6.7 Down 0 2.19 0.02 0.01 -6.7 13.8 -9.0 45 45 7.5

AFRE Corp BANK 0.12 1.7 Up 0 0.19 0.12 0.02 -0.8 178.6 431.8 44 44 22.5

Mashonaland Holdings PROP 0.02 - Flat 1 26.19 0.02 0.02 0.0 10.6 29.4 41 41 22.7

Lafarge Zimbabwe BUIL 0.50 0.500.500.500.50 0.20 - 28.2 85.2 40 40 28.8

Bindura Nickel Corp RESO 0.03 -0.3 Down 0 3.14 0.05 0.01 -35.0 -25.3 232.2 37 37 5.8

Zimplow AGRI 0.05 19.8 Up 12 228.27 0.05 0.02 0.0 79.7 170.9 34 34 9.6

RioZim RESO 0.60 0.4 Up 3 4.87 0.60 0.17 -0.0 100.8 479.3 32 32 59.2

ZB Financial Holdings BANK 0.16 14.3 Up 303 1,892.40 0.17 0.03 -5.9 254.0 540.0 28 28 18.2

Pearl Properties PROP 0.04 0.04 0.01 -2.7 2.9 63.6 27 27 19.0

Dairibord INDU 0.08 7.1 Up 11 163.52 0.08 0.03 -0.0 25.0 8.7 27 27 7.0

TA Holdings INVE 0.14 0.00 0.00 - - 23 23 -

Hunyani Holdings INDU 0.07 0.07 0.02 -0.0 191.7 366.7 22 22 2.1

35


11 Aug 2017



THE AFRICA WEEKLY

Lusaka Stock Exchange (Zambian Kwacha) Zambia

2012 2013 2014 2015 2016E 2017F

5.5 -0.6 -1.4 -1.4 -2.6 -1.9

25.5 28.6 35.2 41.9 44.9 46.5

20.0 25.1 29.5 37.7 42.0 44.0

1,771.9 1,845.4 1,771.6 1,576.4 1,569.1 1,640.3

6.8 6.7 5.6 4.3 4.0 5.8

24.9 26.8 26.6 24.5 25.2 27.2

7.3 7.1 7.9 8.0 7.0 6.0


METAL FABRICATORS OF ZAMBIA Half Year 8/14/2017 National Brewer 2016 0.3

Standard Charter 2015 0.06

Lafarge Cement 2015 0.3

Zambia Sugar Plc 2015 0.02

Real Estate Inve 2015 0.08

36




Nominal GDP (USDbn)




Market Commentary


29-Jan-16

Type

Interim

4-Nov-15

23-Sep-15

27-Aug-15

Interim

Interim

Final

28-Oct-15Interim

11 Aug 2017

The LuSE ALSI declined 0.0% to close the week at 4,748.5 on the back of losses in Madison FinancialServices PLC (-2.9%). The top traders by value were Lafarge Zambia (USD 63.3k), Copperbelt Energy(USD 25.8k), and Celtel (USD 7.1k). Trading in these shares accounted for 92.9% of this week’s turnoverof ZMK 938.2k (USD 103.6k). The average weekly value traded in the last six months is ZMK 26.0m (USD2.9m). The LuSE ALSI is up 13.2% ytd (+24.6% USD) and the total market capitalisation is currently USD3.0bn.



THE AFRICA WEEKLY


LuSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 4,748.5 9.02 H: 14-Jun-17 4,775.7 No Gainers

This week 4,749.6 -0.02 9.09 0.80 0.78 L: 26-Jan-17 4,030.0 --

Prev week 4,748.8 0.02 8.86 -2.56 -2.54 Off peak -0.6% --

MTD 4,748.8 -0.01 8.86 -1.77 -1.78 At High 5/19 --

YTD 4,196.0 13.17 9.94 10.14 24.65 At Low 6/19 --

0.9 0.17% ZMKm 25.8 Company Week % chg Price


53% --

- 0 --

- 0 ZMKm 27,399 --

- 0 USDm 3,037 --

Company ZMK'000 % of total

Lafarge Zambia 574 61.66

Copperbelt Energy 234 25.13

Airtel 64 6.90

Puma Energy 23 2.42

ZANACO 11 1.13

*The index is the LuSE, an all share index ** Value Traded numbers are given in millions of Zambian Kwacha See the notes page for more information about calculations 11 Aug 2017 37


Avg weekly value traded

Top 5 gainers



Stocks traded (%)




ZMK/USD USD returns


Top 5 decliners

Index performance *

Turnover analysis ** Trading numbers

-25%

-15%

-5%

5%

15%

25%

35%


USD ZMK

0 10,000 20,000 30,000

14 Jun 2017

11-Aug

Market Cap (ZMK bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector ZMK % chg Move ZMK '000 '000 High Low Off high YTD 12 mths ZMK m USD m Val (000)

ZANACO BANK 0.75 - Flat 11 14.04 0.90 0.29 -16.7 158.6 -39.0 6,497 720 2,157.1

Zambian Breweries BREW 6.20 - Flat 6 1.01 6.20 6.04 0.0 - - 3,385 375 211.0

Airtel TELE 32.00 - Flat 64 2.01 32.97 32.0032.0032.0032.00 -2.9 -1.5 -3.0 3,328 369 131.5

StanChart Zambia BANK 1.96 - Flat 8 3.85 1.96 1.50 -0.0 13.3 3.7 3,267 362 136.1

ZCCM INVE 38.00 38.0038.0038.0038.00 38.0038.0038.0038.00 - - -5.0 2,045 227 0.7

Copperbelt Energy RESO 1.45 - Flat 234 161.27 1.46 0.60 -0.7 68.6 113.2 1,450 161 10.0

ZAMEFA INDU 5.00 5.005.005.005.00 5.005.005.005.00 - - - 1,355 150 14.2

Lafarge Zambia BUIL 6.50 - Flat 574 88.25 7.75 2.25 -16.1 25.5 -69.0 1,300 144 51.1

Zambia Sugar AGRI 2.70 3.50 2.25 -22.9 -10.0 -46.0 855 95 16.6

National Breweries BREW 13.00 13.0013.0013.0013.00 13.0013.0013.0013.00 - - - 819 91 11.0

Bata Zambia CONS 2.00 2.44 2.002.002.002.00 -18.0 -18.0 -18.0 761 84 1.0

Zambeef AGRI 2.61 - Flat 7 2.50 3.00 1.15 -13.0 4.4 50.0 647 72 6.9

Puma Energy OILG 1.00 - Flat 23 22.56 1.02 0.85 -2.0 17.6 -1.0 500 55 27.2

BAT (Zambia) CONS 2.00 - Flat 0 0.22 4.20 1.90 -52.4 -18.4 -64.6 425 47 16.6

AEL Zambia INDU 19.00 19.0019.0019.0019.00 5.13 - 177.4 177.4 388 43 32.8

REIZ PROP 5.75 6.00 4.20 -4.2 4.5 44.5 246 27 39.5

Investrust Bank INVE 13.50 - Flat 5 0.36 13.5013.5013.5013.50 13.5013.5013.5013.50 - - - 63 7 0.7

Pamodzi HOTL 0.62 0.62 0.62 -0.0 - - 62 7 0.1

Cavmont Capital Zambia INVE 1.20 1.50 1.20 -20.0 -20.0 -40.0 6 1 0.6

38

Weekly Movement (% chg) Market cap12 Month

11 Aug 2017



THE AFRICA WEEKLY

Malawi Stock Exchange (Malawian Kwacha) Malawi

2012 2013 2014 2015 2016E 2017F

-2.4 -1.2 -3.6 -2.6 -2.5 -2.5

0.0 0.0 0.0 0.0 0.0 0.0

- - - - - -

359.6 317.5 344.0 352.7 330.0 338.5

1.9 5.2 5.7 4.0 5.0 5.3

6.0 5.4 6.1 6.4 6.1 6.5

34.6 23.5 24.2 18.7 9.1 9.0


NATIONAL BANK OF MALAWI Half Year 8/15/2017 Natl Bk Of Malaw 2015 3.2

STANDARD BANK GROUP Half Year 8/17/2017 National Investm 2015 60.0

MALAWI PROPERTY INVESTMENT C Half Year 8/18/2017 First Merchant B 2015 50.0

Press Corp Ltd 2015 4.0

Nico Holdings Lt 2015 0.4

39

Type

Regular Cash

Regular Cash

Interim

Interim

Market Commentary


Nominal GDP (USDbn)







28-Aug-15

11 Aug 2017

11-Sep-15

28-Aug-15

28-Sep-15

25-Sep-15Regular Cash

The MSE ALSI gained 4.9% to close the week at 18,101.1 on the back of gains in TNM (+27.3%), NITL(+6.9%). During the week, losses were recorded in Standard Bank (-0.0%). The top traders by value wereTNM (USD 19.7k), NICO (USD 8.2k), and NITL (USD 3.8k). Trading in these shares accounted for 92.8% ofthis week’s turnover of MWK 24.7m (USD 34.1k). The average weekly value traded in the last six monthsis MWK 216.1m (USD 298.0k). The MSE ALSI is up 35.9% ytd (+36.3% USD) and the total marketcapitalisation is currently USD 1.0bn.



THE AFRICA WEEKLY


MSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 18,101.1 725.29 H: 11-Aug-17 18,101.1 TNM 27.3 14.03

This week 17,247.3 4.95 725.50 0.03 4.98 L: 14-Dec-16 12,861.1 NITL 6.9 60.00

Prev week 16,877.2 2.19 726.17 0.09 2.29 Off peak 0.0% --

MTD 16,877.2 7.25 726.17 0.12 7.38 At High 7/13 --

YTD 13,320.5 35.89 727.47 0.30 36.30 At Low 0/13 --

24.7 0.17% MWKm 216.1 Company Week % chg Price

16.4 6 USDm 0.3 Standard Bank -0.01 624.9

46% --

17.0 2 --

0.6 1 MWKm 735,989 --

2523.8% 1 USDm 1,015 --

Company MWK'000 % of total

TNM 14,305 57.81

NICO 5,928 23.96

NITL 2,732 11.04

NBM 987 3.99

Standard Bank 649 2.62

*The index is the MSE ALSI, an all share index ** Value Traded numbers are given in millions of Malawian Kwacha See the notes page for more information about calculations 11 Aug 2017 40


MWK/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-18%

-5%

8%

21%

34%

47%


USD MWK

0 200,000 400,000 600,000 800,000

11 Aug 2017

11-Aug

Market Cap (MWK bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector MWK % chg Move MWK '000 '000 High Low Off high YTD 12 mths MWK m USD m Val (000)

Illovo Malawi AGRI 218.0 218.0218.0218.0218.0 150.0 - 36.3 -5.2 155,531 214 28.2

TNM TELE 14.03 27.3 Up 14,305 1,022.20 14.03 5.00 0.0 131.9 168.8 140,868 194 30.2

Standard Bank BANK 624.9 -0.0 Down 649 1.04 650.0 479.1 -3.9 25.0 42.0 133,319 184 14.9

NBM BANK 270.0 - Flat 987 3.66 270.0270.0270.0270.0 215.0 - 13.9 4.7 126,070 174 64.3

Press Corp INVE 570.0 - Flat 143 0.25 570.0570.0570.0570.0 535.0 - 5.6 6.5 68,546 95 11.4

FMB Malawi BANK 18.51 18.51 10.60 -0.0 8.9 42.4 43,244 60 20.5

NICO INSU 26.00 - Flat 5,928 228.00 26.0026.0026.0026.00 10.00 - 52.9 -7.1 27,119 37 29.5

Sunbird HOTL 64.00 64.0064.0064.0064.00 42.50 - 9.4 178.3 16,741 23 17.7

MPICO PROP 9.05 9.05 6.00 -0.0 15.6 13.1 10,399 14 2.8

NITL INVE 60.00 6.9 Up 2,732 48.00 60.0060.0060.0060.00 25.00 - 76.5 20.0 8,100 11 8.7

NBS BANK 6.50 8.00 5.00 -18.8 8.3 -66.5 4,730 7 69.9

Blantyre Hotels HOTL 25.00 25.0025.0025.0025.00 20.10 - 24.4 155.1 823 1 0.0

Real Insurance INSU 2.00 0.00 0.00 - - 500 1 -

4111 Aug 2017




THE AFRICA WEEKLY

Namibian Stock Exchange (Namibian Dollar) Namibia

2012 2013 2014 2015 2016E 2017F

-5.6 -3.9 -9.9 -12.1 -16.3 -10.7

24.1 23.8 24.7 25.8 26.1 31.1

18.1 20.9 21.5 25.0 30.0 31.4

6,068.4 5,955.3 6,188.1 5,787.2 6,118.2 6,608.4

5.1 5.1 4.5 4.8 5.0 6.2

13.0 12.9 13.6 12.9 13.7 14.9

6.4 4.9 4.6 5.3 5.5 5.8


CAPRICORN INVESTMENT GROUP L Full Year 8/18/2017 Namibian Asset M 2015 0.08

Bank Windhoek Ho 2016 0.3

Fnb Namibia Hold 2016 0.9

Bidvest Namibia 2015 34.0

Fnb Namibia Hold 2016 0.9

42

Type

Regular Cash

Interim

Interim

Final

Market Commentary


Nominal GDP (USDbn)







16-Nov-15

11 Aug 2017

22-Feb-16

22-Feb-16

7-Sep-15

22-Feb-16Interim

The NSX Local was flat at 569.6. The top traders by value were Namibian Asset Mgmt (USD 0.1k), FNBNamibia (USD k), and Nictus Holding (USD k). Trading in these shares accounted for 100.0% of thisweek’s turnover of NAD 1.4k (USD 0.1k). The average weekly value traded in the last six months is NAD6.8m (USD 508.3k). The NSX Local is up 4.0% ytd (+6.1% USD) and the total market capitalisation iscurrently USD 2.4bn.



THE AFRICA WEEKLY


NMB Local Level % chg Level % chg % chg Company Week % chg Price

Current 569.6 13.47 H: 07-Jun-17 579.5 No Gainers

This week 569.6 0.00 13.39 -0.58 -0.58 L: 19-Dec-16 543.8 --

Prev week 569.3 0.05 13.13 -1.95 -1.90 Off peak -1.7% --

MTD 569.3 0.05 13.13 -2.52 -2.47 At High 1/8 --

YTD 547.5 4.05 13.74 2.02 6.15 At Low 1/8 --

0.0 0.00% NADm 6.8 Company Week % chg Price


13% --

- 0 --

- 0 NADm 31,663 --

- 0 USDm 2,351 --

Company NAD'000 % of total

Namibian Asset Mgmt 1.4 100.00

-- - -

-- - -

-- - -

-- - -

*The index is the NMB Local, a local companies index ** Value Traded numbers are given in millions of Namibian Dollars See the notes page for more information about calculations 11 Aug 2017 43


NAD/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-16%

-10%

-4%

2%

8%

14%

20%


USD NAD

0 10,000 20,000 30,000 40,000

07 Jun 2017

11-Aug

Market Cap (NAD m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector NAD % chg Move NAD '000 '000 High Low Off high YTD 12 mths NAD m USD m Val (000)

FNB Namibia BANK 46.74 48.01 46.74 -2.6 -2.3 3.9 12,507 929 142.5

Bank Windhoek BANK 17.51 17.51 17.45 -0.0 - 3.1 8,830 656 -

Namibia Breweries BREW 33.50 35.25 27.57 -5.0 20.1 47.6 6,919 514 278.7

Bidvest Namibia INDU 7.87 10.47 7.78 -24.8 -22.4 -25.0 1,668 124 10.9

Oryx Properties PROP 20.70 21.54 20.60 -3.9 -2.2 -1.0 1,367 102 35.0

Namibian Asset Mgmt INVE 0.72 - Flat 1 2.00 0.85 0.72 -15.3 -4.0 -15.3 144 11 36.5

Stimulus Investments INVE 121.3 121.3 121.3 -0.0 - - 121 9 4.7

Nictus Holding CONS 2.00 2.002.002.002.00 2.002.002.002.00 - - -9.1 107 8 -

4411 Aug 2017




THE AFRICA WEEKLY

Swaziland Stock Exchange (Swazi Lilangeni) Swaziland

2012 2013 2014 2015 2016E 2017F

3.1 5.2 2.9 1.1 -2.8 -2.6

14.4 14.8 13.6 17.6 21.5 25.5

4.7 3.3 2.8 7.6 13.9 19.5

4,550.7 4,178.0 3,994.2 3,847.7 3,847.6 3,874.7

3.0 2.9 2.5 1.9 0.7 1.0

4.9 4.6 4.4 4.3 4.4 4.4

8.3 4.4 6.2 6.1 5.4 5.2

45

Market Commentary

11 Aug 2017


Nominal GDP (USDbn)





Govt gross debt (% GDP)There was no trading in Swaziland this week.



THE AFRICA WEEKLY


SSX ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 286.8 13.47 H: 00-Jan-00 0.0 No Gainers

This week 286.8 0.00 13.39 -0.58 -0.58 L: 00-Jan-00 0.0 --

Prev week 286.8 0.00 13.13 -1.95 -1.95 Off peak --

MTD 286.8 0.00 13.13 -2.52 -2.52 At High 0/7 --

YTD 286.8 0.00 13.74 2.02 2.02 At Low 0/7 --

- 0.00% SZLm 0.0 Company Week % chg Price


0% --

- 0 --

- 0 SZLm 2,405 --

- 0 USDm 179 --

Company SZL'000 % of total

No Trade - -

-- - -

-- - -

-- - -

-- - -

*The index is the SSX ALSI, an all share index ** Value Traded numbers are given in millions of Swazi Lilangeni See the notes page for more information about calculations 11 Aug 2017 46


SZL/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers


Upside value




-15%

-10%

-5%

0%

5%

10%

15%


USD SZL

0 1,000 2,000 3,000

00 Jan 1900

11-Aug

Market Cap (SZL m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector SZL % chg Move SZL '000 '000 High Low Off high YTD 12 mths SZL m USD m Val (000)

Royal Swazi Sugar AGRI 13.00 0.00 0.00 - - 1,148 85 -

Swazi Empowerment INVE 24.00 0.00 0.00 - - 444 33 -

SBC Limited BANK 3.92 0.00 0.00 - - 378 28 -

Nedbank BANK 6.40 0.00 0.00 - - 153 11 -

Swaprop PROP 5.40 0.00 0.00 - - 126 9 -

Greystone Partners INVE 1.35 0.00 0.00 - - 115 9 -

Swazispa HOTL 6.00 0.00 0.00 - - 42 3 -

4711 Aug 2017




THE AFRICA WEEKLY

Egyptian Stock Exchange (Egyptian Pound) Egypt

2012 2013 2014 2015 2016E 2017F

-3.9 -2.4 -0.8 -3.7 -4.5 -4.5

78.9 89.0 90.5 90.0 89.3 84.8

67.9 78.1 81.9 82.6 82.8 79.1

3,182.7 3,204.6 3,303.8 0.0 0.0 0.0

2.2 2.1 2.2 4.2 4.3 4.5

262.3 271.4 286.4 - - -

7.3 9.8 8.2 11.4 10.4 10.4


Raya Holding Co 2016 0.2

Elswedy Electri 2016 1.0

Palm Hills 0.2

Misr Beni Suef C 2015 3.0

Golden Textiles 2015 0.3

48




Nominal GDP (USDbn)





Market Commentary

Regular Cash

Type

21-Jan-16

13 Aug 2017

15-Sep-15

14-Jul-15

Regular Cash

Regular Cash

2-Feb-16

N.A.

Regular Cash

Regular Cash

The EGX 30 declined 2.8% to close the week at 13,279.6 on the back of losses in EFG Hermes (-7.9%),Delta Sugar (-6.8%), and Naeem Holding (USD) (-5.9%). During the week, gains were recorded in NationalDevelopment Bank (+11.2%), Canal Shipping Agencies (+10.5%), and HandD Bank (+4.0%). The top tradersby value were Citadel Capital (USD 11.5m), EFG Hermes (USD 10.5m), and CIB Egypt (USD 7.7m). Tradingin these shares accounted for 29.2% of this week’s turnover of EGP 1.8bn (USD 102.1m). The averageweekly value traded in the last six months is EGP 3.3bn (USD 184.4m). The EGX 30 is up 7.6% ytd (+9.8%USD) and the total market capitalisation is currently USD 18.5bn.



THE AFRICA WEEKLY


EGX 30 Level % chg Level % chg % chg Company Week % chg Price

Current 13,279.6 17.77 H: 17-Jul-17 13,956.3 Universal Unipack 43.2 17.14

This week 13,660.8 -2.79 17.78 0.01 -2.78 L: 29-Sep-16 7,881.1 Misr Oils & Soap 22.5 23.92

Prev week 13,419.4 1.80 17.87 0.54 2.35 Off peak -4.8% Egyptians Abroad 11.9 4.31

MTD 13,419.4 -1.04 17.87 0.55 -0.50 At High National Development Bank 11.2 10.86

YTD 12,344.9 7.57 18.14 2.06 9.79 At Low 0/101 Canal Shipping Agencies 10.5 9.47

1,814 27.58% EGPm 3,278.4 Company Week % chg Price

-651 92 USDm 184.4 Giza General Contracting -26.7 1.37

91% Asek Mining -12.1 12.61

579 22 Engineering Industries -7.9 11.47

1,230 66 EGPm 328,860 EFG Hermes -7.9 20.64

-52.9% -44 USDm 18,502 United H&D -7.6 5.10

Company EGP'000 % of total

Citadel Capital 204,998.1 11.30

EFG Hermes 186,863.0 10.30

CIB Egypt 137,755.3 7.59

Palm Hills Development 102,814.8 5.67

Arab Cotton Ginning 84,046.6 4.63

*The index is the EGX 30, an index consting of the top 30 most active Egyptian stocks ** Value Traded numbers are given in millions of Egyptian Pounds See the notes page for more information about calculations 13 Aug 2017 49


EGP/USD USD returnsIndex performance *



Top 5 gainers

Top 5 declinersTrading numbers

Advance - Decline

Stocks traded (%)






Net value

Upside value

-68%

-40%

-12%

16%

44%

72%


USD EGP

0 100,000 200,000 300,000 400,000

17 Jul 2017

13-Aug

Market Cap (EGPbn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector EGP % chg Move EGP '000 '000 High Low Off high YTD 12 mths EGP m USD m Val (000)

CIB Egypt BANK 82.63 -3.4 Down 137,755 1,630.91 88.38 47.94 -6.5 13.1 150.2 74,387 4,185 21,276.3

Orascom Construction BUIL 217.5 0.00 0.00 - - 45,438 2,556 -

Global Telecom Holding TELE 6.50 -2.0 Down 48,140 7,357.17 7.82 3.75 -16.9 -9.6 225.0 34,097 1,918 16,441.3

Telecom Egypt TELE 11.35 2.2 Up 32,277 2,875.28 13.75 8.14 -17.5 -3.4 80.7 19,375 1,090 4,211.6

Elswedy Cables INDU 85.46 -1.1 Down 34,631 403.62 93.93 48.99 -9.0 15.3 131.0 19,093 1,074 2,914.6

TMG Holding PROP 7.58 -3.6 Down 65,617 8,539.07 9.85 5.23 -23.0 -17.0 60.9 15,642 880 11,917.3

MOBINIL TELE 125.8 0.00 0.00 - 46.2 12,576 708 -

EFG Hermes BANK 20.64 -7.9 Down 186,863 8,732.93 28.23 12.18 -26.9 -19.2 195.3 11,846 666 27,550.0

Sidi Kerir Petrochemicals OILG 18.53 0.2 Up 25,980 1,394.68 21.64 11.74 -14.4 8.1 72.9 9,728 547 3,434.9

El Ezz Steel BUIL 17.33 -1.3 Down 21,763 1,243.72 22.19 6.50 -21.9 -2.4 169.5 9,415 530 6,407.1

Egyptian Kuwaiti Holding (USD) INVE 0.60 - Flat 4,470 419.87 0.70 0.39 -14.3 3.4 36.4 8,951 504 1,514.7

HandD Bank BANK 57.21 4.0 Up 22,298 389.20 58.45 16.30 -2.1 135.6 175.7 6,579 370 639.1

Delta Sugar AGRI 30.09 -6.8 Down 9,468 311.22 32.29 9.23 -6.8 132.9 234.3 4,279 241 226.0

Pioneers Holding INVE 8.52 -5.1 Down 48,623 5,590.14 12.70 7.94 -32.9 -25.8 26.6 4,260 240 6,444.0

Palm Hills Development PROP 3.06 -1.3 Down 102,815 33,356.03 3.52 2.25 -13.1 -1.3 33.0 4,126 232 8,764.7

Orascom Telecom M&T TELE 0.68 -4.2 Down 47,934 69,691.68 0.94 0.53 -27.7 -19.0 17.2 3,567 201 8,163.1

Heliopolis Housing PROP 26.90 -3.8 Down 36,378 1,310.31 83.57 20.30 -67.8 8.4 -33.1 2,993 168 6,174.1

Naeem Holding (USD) BANK 0.48 -5.9 Down 5,127 598.54 0.69 0.41 -30.4 -29.4 9.1 2,507 141 110.7

National Development Bank BANK 10.86 11.2 Up 67,965 6,366.93 11.76 3.17 -7.7 54.7 185.8 2,171 122 2,524.7

Egyptian Iron & Steel BUIL 4.19 -2.1 Down 15,524 3,650.37 7.51 4.06 -44.2 -36.5 -28.9 2,047 115 2,596.9

South Valley Cement BUIL 4.11 0.2 Up 10,661 2,566.12 5.81 3.64 -29.3 -21.0 19.5 2,025 114 1,045.3

Canal Shipping Agencies TRPT 9.47 10.5 Up 41,921 4,652.54 9.47 4.21 -0.0 36.7 67.0 1,894 107 926.6

Oriental Weavers INDU 18.34 -1.6 Down 22,123 1,177.88 19.94 6.65 -8.0 18.4 161.3 1,651 93 2,660.0

Al Baraka Bank BANK 14.07 2.7 Up 28,610 1,998.69 14.50 8.38 -3.0 41.3 49.5 1,635 92 383.6

Medinet Nasr Housing PROP 10.62 -3.7 Down 56,789 5,164.00 23.69 10.27 -55.2 -48.6 -42.3 1,434 81 6,794.6

Citadel Capital INVE 1.13 0.9 Up 204,998 181,011.34 1.26 0.64 -10.3 9.7 -8.1 1,356 76 8,399.6

Sinai Cement BUIL 19.01 -0.8 Down 1,052 55.11 23.98 19.01 -20.7 -3.5 -17.1 1,331 75 95.5

LNC for Maize Products INDU 43.78 -0.6 Down 8,245 185.32 49.05 10.98 -10.7 230.7 205.9 1,292 73 1,069.9

Maridive & Oil (USD) OILG 0.20 - Flat 747 208.52 0.29 0.20 -31.0 -23.1 -23.1 1,274 72 353.4

Arab Cotton Ginning INDU 4.78 -5.0 Down 84,047 17,214.71 5.48 2.61 -12.8 - 86.7 1,266 71 6,038.6

50


13 Aug 2017



THE AFRICA WEEKLY

Casablanca Stock Exchange (Moroccan Dirham) Morocco

2012 2013 2014 2015 2016E 2017F

-9.5 -7.9 -5.5 -2.3 -1.6 -1.5

58.3 61.5 63.4 63.9 63.9 63.2

57.8 61.0 62.9 63.4 63.4 62.7

3,021.5 3,264.1 3,315.6 3,076.6 3,249.2 3,442.2

3.0 4.7 2.4 4.9 3.7 4.8

98.3 107.2 110.0 103.1 109.9 117.6

2.6 0.4 1.6 1.6 2.0 2.0


JORF LASFAR ENERGY CO Half Year 8/18/2017 Credit Du Maroc 2015 22.0

Unimer 2015 3.0

Afriquia Gaz 105.0

Balima 2015 4.2

Auto Hall 2.5

51

Type

Regular Cash

Final

Regular Cash

Regular Cash

Market Commentary


Nominal GDP (USDbn)







11-Aug-15

11 Aug 2017

15-Sep-15

N.A.

21-Jul-15

N.A.Special Cash

The MASI gained 1.1% to close the week at 12,326.2 on the back of gains in Sonasid (+28.7%), RISMA(+20.9%), and Alliances (+19.1%). During the week, losses were recorded in Afriquia Gaz (-5.9%), HPS (-0.8%), and Douja Prom. Addoha (-0.7%). The top traders by value were Alliances (USD 11.0m), AttijariwafaBank (USD 4.4m), and SNEP (USD 4.4m). Trading in these shares accounted for 49.8% of this week’sturnover of MAD 374.1m (USD 39.6m). The average weekly value traded in the last six months is MAD564.9m (USD 59.8m). The MASI is up 5.9% ytd (+13.6% USD) and the total market capitalisation iscurrently USD 60.7bn.



THE AFRICA WEEKLY


MORALSI Level % chg Level % chg % chg Company Week % chg Price

Current 12,326.2 9.44 H: 10-Jan-17 12,886.3 Sonasid 28.7 810.5

This week 12,188.1 1.13 9.44 -0.01 1.13 L: 31-Aug-16 9,860.8 RISMA 20.9 162.0

Prev week 12,201.3 -0.11 9.47 0.36 0.25 Off peak -4.3% Alliances 19.1 277.0

MTD 12,201.3 1.02 9.47 0.36 1.38 At High 8/78 Involys 14.4 143.0

YTD 11,644.2 5.86 10.13 7.29 13.58 At Low 1/78 Promopharm 11.5 1,536

368.1 3.24% MADm 547.7 Company Week % chg Price

315.3 46 USDm 58.0 Afriquia Gaz -5.9 2,688

59% Maghreb Oxygene -3.8 128.9

335.1 29 Timar -3.7 231.1

19.8 11 MADm 568,476 Stokvis Nord Afrique -3.6 21.54

1596.3% 18 USDm 60,230 Cartier Saada -3.1 24.10

Company MAD'000 % of total

Alliances 103,469.1 28.11

Attijariwafa Bank 41,581.2 11.29

SNEP 41,408.4 11.25

Sonasid 27,685.5 7.52

Maroc Telecom 26,372.0 7.16

*The index is the MORALSI, the (new) all share index ** Value Traded numbers are given in millions of Moroccan Dirhams See the notes page for more information about calculations 11 Aug 2017 52


MAD/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-14%

-5%

4%

13%

22%

31%


USD MAD

0 200,000 400,000 600,000

10 Jan 2017

11-Aug

Market Cap (MAD bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector MAD % chg Move MAD '000 '000 High Low Off high YTD 12 mths MAD m USD m Val (000)

Maroc Telecom TELE 137.0 0.7 Up 26,372 192.86 158.0 126.4 -13.3 -3.5 15.3 120,436 12,760 7,683.0

Attijariwafa Bank BANK 450.0 0.2 Up 41,581 92.03 457.0 348.5 -1.5 9.0 36.4 91,587 9,704 9,627.4

BCP BANK 291.0 - Flat 8,522 29.27 332.0 225.5 -12.3 2.1 35.3 50,384 5,338 6,621.3

BMCE Bank BANK 205.0 - Flat 3,392 16.55 230.0 197.0 -10.9 -8.1 -0.9 36,790 3,898 3,283.6

Lafarge Morocco BUIL 1,936 0.00 0.00 - 13.9 33,820 3,583 -

Ciments Du Maroc BUIL 1,410 0.7 Up 1,425 1.01 1,520 1,150 -7.2 8.6 17.5 20,355 2,157 2,403.9

Taqa Morocco UTIL 860.0 1.9 Up 10,100 11.74 870.0 685.0 -1.1 10.3 41.2 20,286 2,149 904.0

Wafa Assurance INSU 4,898 -0.0 Down 1,837 0.38 5,000 3,506 -2.0 5.3 54.8 17,143 1,816 688.5

Douja Prom. Addoha BUIL 47.06 -0.7 Down 16,033 339.71 55.00 35.00 -14.4 9.5 47.2 15,180 1,608 4,728.1

Managem RESO 1,620 4.5 Up 24,718 15.62 1,635 723.0 -0.9 65.5 166.7 14,837 1,572 1,331.8

Centrale Laitiere AGRI 1,150 0.00 0.00 - - 10,833 1,148 -

Holcim (Maroc) BUIL 2,445 0.00 0.00 - 36.2 10,293 1,091 -

Afriquia Gaz UTIL 2,688 -5.9 Down 38 0.01 3,117 2,132 -13.8 1.6 17.4 9,240 979 149.1

BMCI Bank BANK 670.0 680.0 580.0 -1.5 9.8 24.1 8,897 943 285.6

CIH BANK 300.0 2.7 Up 6,470 21.20 335.0 260.0 -10.4 - 17.6 7,982 846 642.4

CGI BUIL 422.9 0.00 0.00 - - 7,784 825 -

Brasseries Dumaroc BREW 2,649 2,6492,6492,6492,649 1,600 - 15.2 41.4 7,484 793 1,120.1

Saham Assurance INSU 1,446 1.9 Up 2,996 2.07 1,473 1,000 -1.8 25.2 55.4 5,953 631 556.9

Auto Hall CONS 110.0 - Flat 911 8.32 119.8 103.0 -8.2 -0.0 7.3 5,291 561 357.0

CDM BANK 510.0 548.0 436.1 -6.9 4.1 25.0 5,283 560 91.6

SMI RESO 3,130 3,300 2,507 -5.2 11.8 32.1 5,149 546 238.0

Lydec UTIL 620.0 3.9 Up 1,574 2.62 691.9 475.0 -10.4 14.8 40.9 4,960 526 195.8

Lesieur Cristal INDU 161.9 1.3 Up 1,270 7.90 171.0 119.2 -5.3 19.9 29.5 4,474 474 582.5

Label'Vie CONS 1,490 2.1 Up 2,694 1.81 1,500 987.2 -0.7 11.2 35.5 3,792 402 1,673.2

Alliances PROP 277.0 19.1 Up 103,469 389.83 277.0277.0277.0277.0 60.80 - 199.8 276.9 3,391 359 3,031.8

Oulmes BREW 1,701 1,840 1,225 -7.6 17.3 41.8 3,368 357 124.7

Atlanta INDU 53.00 2.9 Up 1,207 22.65 54.30 46.11 -2.4 8.2 5.0 3,190 338 720.8

Sonasid BUIL 810.5 28.7 Up 27,685 38.57 810.5810.5810.5810.5 287.3 - 109.9 108.4 3,161 335 1,003.6

Delta Holding BUIL 33.50 1.5 Up 1,747 52.88 34.45 18.90 -2.8 15.5 78.7 2,935 311 410.6

Miniere Touissit RESO 1,600 1.9 Up 6,159 3.92 1,646 1,021 -2.8 18.5 58.4 2,644 280 1,015.3

5311 Aug 2017




THE AFRICA WEEKLY

Bourse de Tunis (Tunisian Dinar) Tunisia

2012 2013 2014 2015 2016E 2017F

-8.2 -8.3 -8.8 -8.5 -7.0 -6.2

44.5 44.3 50.0 54.0 56.3 57.2

- - - - - -

4,198.0 4,316.8 4,422.1 3,984.8 3,972.4 4,024.3

3.7 2.3 2.3 1.0 3.0 4.0

45.2 47.0 48.6 44.3 44.6 45.6

5.9 5.7 4.8 4.4 4.0 3.9


SOCIETE ELECTROSTAR Full Year 8/15/2017 Adwya 2015 0.3

Delice Holding 2015 0.6

Societe Immobili 2014 0.1

Tunisie Profiles 2015 0.2

54

Type

Regular Cash

Regular Cash

Regular Cash

Regular Cash

Market Commentary


Nominal GDP (USDbn)







6-Oct-15

11 Aug 2017

15-Jul-15

5-Aug-15

6-Jul-15

The Tunis ALSI gained 0.2% to close the week at 6,191.5 on the back of gains in BNA (+6.1%), STAR(+5.2%), and Monoprix (+5.1%). During the week, losses were recorded in ARTES (-5.8%), Arab TunisianBank (-3.1%), and Magasin Général (-1.6%). The top traders by value were Banque de Tunisie (USD410.4k), Telnet Holding (USD 209.8k), and Carthage Cement (USD 172.5k). Trading in these sharesaccounted for 45.4% of this week’s turnover of TND 4.2m (USD 1.7m). The average weekly value tradedin the last six months is TND 13.8m (USD 5.7m). The Tunis ALSI is up 12.8% ytd (+9.1% USD) and thetotal market capitalisation is currently USD 6.1bn.



THE AFRICA WEEKLY


TUNIS Index Level % chg Level % chg % chg Company Week % chg Price

Current 6,191.5 2.39 H: 14-Jul-17 6,233.5 BNA 6.1 10.93

This week 6,181.0 0.17 2.40 0.35 0.52 L: 29-Sep-16 5,332.1 STAR 5.2 121.0

Prev week 6,142.9 0.62 2.41 0.42 1.04 Off peak -0.7% Monoprix 5.1 9.90

MTD 6,142.9 0.79 2.41 0.78 1.57 At High 0/58 Air Liquide 4.0 103.0

YTD 5,488.8 12.80 2.32 -3.29 9.10 At Low 0/58 ASTREE 3.5 47.00

4.2 1.44% TNDm 13.8 Company Week % chg Price

0.1 49 USDm 5.7 STB -10.0 4.50

84% SOTETEL -6.3 3.11

2.2 25 ARTES -5.8 7.50

2.0 22 TNDm 14,576 Arab Tunisian Bank -3.1 4.38

7.0% 3 USDm 6,087 Assurances SALIM -3.0 35.41

Company TND'000 % of total

Banque de Tunisie 984.6 23.48

Telnet Holding 503.3 12.00

Carthage Cement 413.9 9.87

UIB 292.7 6.98

Banque de l'Habitat 214.2 5.11

*The index is the TUNIS index, an all share index ** Value Traded numbers are given in millions of Tunisian Dinars See the notes page for more information about calculations 11 Aug 2017 55


TND/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-18%

-10%

-2%

6%

14%

22%


USD TND

0 5,000 10,000 15,000

14 Jul 2017

11-Aug

Market Cap (TND m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector TND % chg Move TND '000 '000 High Low Off high YTD 12 mths TND m USD m Val (000)

BIAT BANK 110.0 1.5 Up 72 0.66 112.5 83.50 -2.2 22.6 37.5 1,870 781 286.9

SFBT BREW 20.05 -0.7 Down 201 10.03 21.20 18.20 -5.4 5.5 -16.5 1,604 670 377.9

Poulina Group INVE 8.24 0.5 Up 73 8.91 8.50 5.25 -3.1 19.8 65.8 1,483 619 320.6

Attijari Bank BANK 33.49 1.8 Up 163 4.92 35.70 26.90 -6.2 22.3 26.5 1,331 556 263.5

Banque de Tunisie BANK 8.15 0.6 Up 985 121.54 8.49 7.71 -4.0 4.0 -19.3 1,223 510 230.4

Amen Bank BANK 25.00 -0.7 Down 5 0.19 26.40 21.40 -5.3 3.3 19.3 611 255 102.9

UBCI BANK 24.63 28.20 22.26 -12.7 -1.9 -5.3 493 206 17.8

UIB BANK 22.95 0.4 Up 293 12.79 23.25 17.24 -1.3 24.7 29.8 450 188 290.0

Arab Tunisian Bank BANK 4.38 -3.1 Down 27 6.25 5.10 4.01 -14.1 -3.9 -4.6 438 183 52.7

Ennakl Auto (Tunis) CONS 14.49 1.3 Up 30 2.10 15.00 13.15 -3.4 0.6 21.4 435 182 82.8

Banque de l'Habitat BANK 24.00 -1.2 Down 214 8.91 28.29 17.14 -15.2 30.8 55.0 432 180 237.4

Carthage Cement BUIL 2.39 -1.2 Down 414 172.63 2.73 1.77 -12.5 16.0 66.0 411 172 1,358.9

BNA BANK 10.93 6.1 Up 170 15.65 11.00 8.13 -0.6 20.2 4.6 350 146 122.6

Magasin Général CONS 28.98 -1.6 Down 13 0.45 29.45 22.80 -1.6 16.2 11.5 333 139 52.5

ARTES CONS 7.50 -5.8 Down 37 4.80 8.77 7.40 -14.5 -4.0 -1.7 287 120 58.9

STAR INSU 121.0 5.2 Up 30 0.25 142.0 115.0 -14.8 0.8 -25.3 279 117 49.3

SPDIT BANK 8.24 3.0 Up 1 0.10 11.10 8.00 -25.8 -6.9 -39.5 221 92 24.3

ASTREE INSU 47.00 3.5 Up 2 0.05 49.95 36.00 -5.9 30.6 17.1 188 79 0.5

Monoprix CONS 9.90 5.1 Up 33 3.33 10.90 8.65 -9.2 1.3 -26.1 165 69 30.3

TPR INDU 2.96 -0.3 Down 49 16.39 3.14 2.81 -5.7 4.6 -2.0 133 56 79.2

Tunisie Leasing BANK 15.90 1.9 Up 1 0.09 19.44 15.06 -18.2 -13.4 -6.4 132 55 41.1

Ciments de Bizerte BUIL 2.94 -0.3 Down 1 0.32 3.52 2.42 -16.5 -16.2 3.2 129 54 8.3

Air Liquide CONS 103.0 4.0 Up 4 0.04 153.4 98.50 -32.9 -24.8 -20.2 125 52 4.4

Tunis Re INSU 7.69 1.5 Up 39 5.10 8.60 7.57 -10.6 -9.4 -9.5 115 48 33.3

STB BANK 4.50 -10.0 Down 43 9.41 5.06 3.56 -11.1 15.4 -10.7 112 47 72.7

Assad INDU 8.14 1.6 Up 39 4.76 8.35 3.92 -2.5 34.8 59.0 98 41 340.6

Assurances SALIM INSU 35.41 -3.0 Down 0 0.00 43.00 30.29 -17.7 -11.5 47.6 92 38 4.4

SOTUVER INDU 4.48 -0.4 Down 77 17.18 4.89 3.50 -8.4 19.1 13.4 90 38 79.2

CIL BANK 15.20 - Flat 3 0.22 16.53 14.70 -8.0 1.3 -3.8 76 32 14.4

Arab Tunisian Lease BANK 2.99 3.1 Up 12 4.08 3.35 2.84 -10.7 -0.7 -1.6 75 31 28.5

5611 Aug 2017




THE AFRICA WEEKLY

Stocks making 12 month highs

Made Off Low MCap 6 mths

Company Name Country Sector Crncy Price % chg Move YTD 12 mths High** % chg Local m USDm USDm Val (000)

Steinhoff Intl South Africa CONS ZAr 79.01 - Flat - - 596 -- 145,075 10,772 -

Safaricom Kenya TELE KES 24.50 4.3 Up 27.9 53.1 0 53.1 981,093 9,446 12,698.5

Mediclinic International South Africa PHAR ZAr 120.3 - Flat - - 553 -- 99,442 7,383 -

Nigerian Breweries Nigeria BREW NGN 191.0 5.5 Up 29.1 90.8 0 69.3 1,444,477 3,955 3,853.0

Mr Price Group South Africa CONS ZAr 208.9 - Flat - - 658 -- 52,416 3,892 -

Lafarge Morocco Morocco BUIL MAD 1,936 - Flat - 13.9 394 -- 33,820 3,583 -

Orascom Construction Egypt BUIL EGP 217.5 - Flat - - 535 -- 45,438 2,556 -

Equity Bank Kenya BANK KES 42.75 6.2 Up 42.5 8.9 0 81.9 158,294 1,524 3,906.8

KCB Bank Kenya BANK KES 43.50 4.8 Up 51.3 10.1 0 89.1 129,810 1,250 4,172.0

Centrale Laitiere Morocco AGRI MAD 1,150 - Flat - - 683 -- 10,833 1,148 -

Stanbic IBTC Holdings Nigeria BANK NGN 41.00 10.8 Up 173.3 189.8 0 195.0 410,000 1,123 929.1

Holcim (Maroc) Morocco BUIL MAD 2,445 - Flat - 36.2 366 -- 10,293 1,091 -

Illovo Sugar South Africa CONS ZAr 24.87 - Flat - 27.2 420 -- 11,445 850 -

CGI Morocco BUIL MAD 422.9 - Flat - - 715 -- 7,784 825 -

Brasseries Dumaroc Morocco BREW MAD 2,649 - Flat 15.2 41.4 7 65.6 7,484 793 1,120.1

MOBINIL Egypt TELE EGP 125.8 - Flat - 46.2 442 -- 12,576 708 -

Stanchart Ghana Ghana BANK GHS 26.30 0.2 Up 115.9 61.3 0 209.8 3,038 685 118.7

Bamburi Cement Kenya BUIL KES 193.0 - Flat 20.6 4.9 0 37.9 70,051 674 611.6

JD Group South Africa CONS ZAr 33.86 - Flat - - 777 -- 7,443 553 -

Lafarge WAPCO Nigeria BUIL NGN 63.00 5.0 Up 53.8 -25.5 0 82.6 189,101 518 573.0

Ecobank Ghana Ghana BANK GHS 7.03 - Flat - - 634 -- 2,061 465 -

BAT (Uganda) Uganda AGRI UGX 30,000 - Flat - - 437 -- 1,472,400 408 -

Innscor Africa Zimbabwe CONS USD 0.75 3.1 Up 56.3 295.8 1 292.7 406 406 373.7

Diamond Trust Kenya BANK KES 189.0 2.7 Up 60.2 -5.5 0 85.3 41,599 401 470.5

Zambian Breweries Zambia BREW ZMK 6.20 - Flat - - 1 2.6 3,385 375 211.0

BAT (Zimbabwe) Zimbabwe CONS USD 18.05 - Flat 18.4 57.0 2 50.4 372 372 102.8

Alliances Morocco PROP MAD 277.0 19.1 Up 199.8 276.9 0 355.6 3,391 359 3,031.8

Sonasid Morocco BUIL MAD 810.5 109.9 108.4 0 182.1 3,161 335 1,003.6

Intl Breweries Nigeria BREW NGN 34.00 - Flat 83.8 74.4 0 126.7 110,926 304 234.2

P Z Cussons Nigeria Nigeria CONS NGN 27.00 8.1 Up 86.2 23.3 0 144.6 107,203 294 136.3

** # of days since the stock last traded at this price

54

Movement (% chg)

11 Aug 2017



THE AFRICA WEEKLY

Stocks making 12 month lows

Made Off High MCap 6 mths

Company Name Country Sector Crncy Price % chg Move YTD 12 mths Low** % chg Local m USDm USDm Val (000)

FNB Namibia Namibia BANK ZAr 46.74 - Flat -2.3 3.9 9 -2.6 12,507 929 142.5

Airtel Zambia TELE ZMK 32.00 - Flat -1.5 -3.0 0 -2.9 3,328 369 131.5

Sechaba Botswana BREW BWp 20.00 - Flat -25.9 -29.8 2 -33.3 2,660 258 563.8

ZCCM Zambia INVE ZMK 38.00 - Flat - -5.0 8 - 2,045 227 0.7

ZAMEFA Zambia INDU ZMK 5.00 - Flat - - 51 - 1,355 150 14.2

TWIGA Tanzania BUIL TZS 1,780 - Flat -22.3 -40.3 1 -28.8 320,263 144 88.5

Aveng South Africa INDU ZAr 3.95 -4.1 Down -50.3 40.6 0 -51.2 1,540 114 2,097.1

National Breweries Zambia BREW ZMK 13.00 - Flat - - 64 - 819 91 11.0

CFAO CI BRVM CONS XOF 44,000 -3.1 Down -29.0 -54.8 0 -60.0 48,963 88 9.9

Bata Zambia Zambia CONS ZMK 2.00 - Flat -18.0 -18.0 35 -18.0 761 84 1.0

Sinai Cement Egypt BUIL EGP 19.01 -0.8 Down -3.5 -17.1 -2 -20.7 1,331 75 95.5

Maridive & Oil (USD) Egypt OILG USD 0.20 - Flat -23.1 -23.1 -2 -31.0 1,274 72 353.4

Precision Air Tanzania TRPT TZS 470.0 - Flat - - 16 - 91,113 41 0.2

Simba Cement Tanzania BUIL TZS 1,360 - Flat -15.0 -35.2 1 -26.9 86,593 39 1.4

SMB BRVM INDU XOF 10,400 -6.3 Down -44.1 -55.2 1 -66.5 20,268 36 8.6

Furnmart Botswana CONS BWp 0.60 - Flat -14.3 -43.9 2 -29.4 364 35 0.4

Swala Oil and Gas (Tanzania) Tanzania OILG TZS 500.0 - Flat - - 10 - 49,977 22 0.1

TOL Tanzania INDU TZS 800.0 - Flat - - 16 - 33,978 15 8.2

New Vision Uganda MEDI UGX 539.0 - Flat -1.1 -11.1 1 -2.0 41,234 11 0.2

Namibian Asset Mgmt Namibia INVE ZAr 0.72 - Flat -4.0 -15.3 1 -15.3 144 11 36.5

SICable BRVM INDU XOF 39,000 -2.5 Down -55.4 -68.3 0 -61.2 5,772 10 23.2

Stimulus Investments Namibia INVE ZAr 121.3 - Flat - - 151 -0.0 121 9 4.7

Mkombozi Commercial Bank PLC Tanzania BANK TZS 900.0 - Flat -10.0 -10.0 0 -11.8 18,554 8 1.8

Nictus Holding Namibia CONS NAD 2.00 - Flat - -9.1 346 - 107 8 -

PZ Cussons Ghana Ghana CONS GHS 0.20 - Flat -9.1 -33.3 0 -13.0 34 8 0.1

Investrust Bank Zambia INVE ZMK 13.50 - Flat - - 0 - 63 7 0.7

Pamodzi Zambia HOTL ZMK 0.62 - Flat - - 45 -0.0 62 7 0.1

DCB Tanzania BANK TZS 395.0 -1.3 -28.2 11 -21.0 12,795 6 0.9

Tanzania Tea Packers Tanzania AGRI TZS 650.0 - Flat - - 16 - 11,607 5 0.0

Ayrton Drug Ghana PHAR GHS 0.10 - Flat -16.7 -23.1 17 -16.7 22 5 0.0

** # of days since the stock last traded at this price

55

Movement (% chg)

11 Aug 2017



THE AFRICA WEEKLY

Notes

General stock exclusions include secondary listings, stocks that have missing information, and those that have not traded on more than a year.

Detailed information is given per country on the top 30 stocks by market capitalisation.

Please note that the Egyptian market watchlist is limited to the EGX30 and EGX 70 constituents

Value traded numbers are given in thousands, quoted in the local currency.

Value traded is estimated as vwap or closing price, times volume traded. There will therefore be slight variations between actual value traded and our estimate.

Calculations are as follows:

Turnover Analysis

Total value - is the sum of the value traded, for the entire market.

Net value - value traded for stocks trading up less stocks trading down.

6 mth weekly value traded - the average weekly value traded (taken over a 6 month period), adjusted for trade frequency.

USD Value traded numbers are converted at the latest fx-rate to indicate today's expected USD value traded (shown in 000).

Upside value - value traded for stocks that moved up.

Downside value - value traded for stocks that moved down.

Upside/downside ratio - Upside volume divided by downside volume.

Trading Numbers

Value Traded / Mkt Cap (%) - value traded as a percentage of total market cap, annualised using 50 trading weeks per year.

Stocks traded (absolute) - number of stocks that traded.

Stocks traded (%) - %of stocks that traded per market.

Stocks up - number of stocks that moved up.

Stocks down - number of stocks that moved up.

Advance - Decline - Stock up - stocks down.

Each of the country graphs is designed to show index performance in local currency, vs. performance in USD terms.

The market capitalisation graph represents graphically the difference in current market capitalisation, and market capitalisation at the (local) index peak.

Sources: Bloomberg, Company reports, Various stock exchange daily reports, African Alliance database, Economic data from IMF WEO Oct 2013



THE AFRICA WEEKLY

Terms of use Terms of use Terms of use Terms of use ---- disclaimer disclaimer disclaimer disclaimer ---- disclosuredisclosuredisclosuredisclosure

This document is confidential and issued for the information of internal and external clients of African Alliance Ltd (Reg no 79171C, Isle of Man) and its subsidiaries (African Alliance). It is subject to copyright and may not be reproduced in whole or in part without written permission from the author.

The information, opinions and recommendations contained herein are and must be construed solely as statements of opinion and not statements of fact. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such recommendation or information is given or made by African Alliance in any form or manner whatsoever. Each recommendation or opinion must be weighed solely as one factor in any investment or other decision made by or on behalf of any user of the information contained herein and such user must accordingly make its own study and evaluation of each strategy / security that it may consider purchasing, holding or selling and should appoint its own investment or financial or other advisors to assist the user in reaching any decision. African Alliance will accept no responsibility of whatsoever nature in respect of any statement, opinion, recommendation or information contained in this document.

This research report was prepared by African Alliance. The African Alliance entities are not registered broker-dealers in the United States and, therefore, are not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and is not an associated person of a U.S. Broker Dealer and, therefore, is not subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.

African Alliance has a chaperoning agreement with Beech Hill Securities, Inc. a FINRA registered broker/dealer, in compliance with Rule 15a-6. Beech Hill Securities, Inc. has not approved, reviewed or authorized the respective research provided. Nor should such research be considered an offer by or solicitation of an offer to buy, or representation that transactions in such securities be conducted by or through African Alliance. Any transactions in the subject securities by eligible U.S. institutional investors must be effected through chaperoning of Beech Hill Securities, Inc. in compliance with Rule 15a-6 and agreed upon procedures between African Alliance and Beech Hill Securities, Inc.

African Alliance is an investment bank, and provides a full range of investment banking services. It and its affiliate companies conduct investment banking business that relates to companies covered in its research, including market making, proprietary trading, fund management and providing investment services. African Alliance has a policy in place to avoid or manage conflicts of interest that may arise due to its diverse activities. Our traders or other professional staff may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.



THE AFRICA WEEKLY

African Alliance Botswana Securities African Alliance Securities Ghana African Alliance Kenya Investment Bank

Exchange House, Plot 64511 2nd Floor, Heritage Tower 1st Floor, Transnational House

Fairgrounds Office Park 6th Avenue, Ridge Ambassadorial Enclave Mama Ngina Street

Gaborone, Botswana Accra, Ghana Nairobi, Kenya

Telephone: +267 318 8958 Telephone: +233 30 267 9761-2 Telephone: +254 20 276 2000

African Alliance Rwanda African Alliance Stockbroking Holdings African Alliance Swaziland Securities

1st Floor, Kigali City Tower 1st Floor, Ebene Heights 2nd Floor, Nedbank Centre

Avenue du Commerce 32 Ebene Cybercity Cnr Sishayi and Sozisa Roads

Kigali, Rwanda Ebene, Mauritius Mbabane, Swaziland

Telephone: +250 785 694 490 Telephone: +230 404 7400 Telephone: +268 2 404 2002

African Alliance Securities Trading African Alliance Uganda

Illovo Edge Office Block, Cnr Harries & Fricker Roads 1st Floor, Worker’s House

Illovo, 2196 1 Pilkington Road

Johannesburg, South Africa Kampala, Uganda

Telephone: +27 11 214 8300 Telephone: +256 417 777700

Master the Africa weekly 14august - africanalliance.com · %Chg 1 week Dollar Return (% chg) Mkt...

Documents

Transcript of Master the Africa weekly 14august - africanalliance.com · %Chg 1 week Dollar Return (% chg) Mkt...