BMCE Capital Research

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1 BMCE Capital Research Exchange rates, as of Monday, April 25 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY % WTI bbl % METALS Copper lb % Gold oz 1, % Silver oz % Lead t 1, % MINOR METALS Cobalt t 23, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Monday, April 25th, , % Cocoa t (GBP) 2, % Cotton t (USc) % Morocco Floating MASI (pts) 9, Daily perf % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf. +7.3% Volume (MAD m) 59.6 Market Cap. (MAD Bn) CIH: Approval to distribute a MAD 14 DPS at the AGM of 04/20/2016, the payment is scheduled starting from 07/01/2016. Tunisia DOMESTIC DEBT: A 1.7% increase of the outstanding at the end of March 2016 amounting to MAD 479.7bn; TELECOMS: A 3.1% annual decline of the mobile base at end of March TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 3.0 Market Cap. (TND Bn) 18.6 TUNISAIR: Q financial results show a 3.1% revenues growth to M TND and a debt widening to M TND 978.5, against M TND at the same period last year. 10, , , , , , , , , , , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y Apr-15 Jul-15 Oct-15 Jan-16 MASI IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX Apr-15 Jul-15 Oct-15 Jan-16 TUNINDEX MADEX Please refer to important legal information at the end of the document and on our website: Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report)

2 West Africa BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % BRVM 10 (pts) Daily perf % Annual perf % Volume (XOF m) 1,499.8 Market Cap. (XOF Bn) 7,855.2 BRVM BRVM 10 BURKINA FASO: An 18% decline to 581,000 tons of cotton production at the end of the 2015/2016 campaign; COTE D IVOIRE: The government allocates XOF 86bn for the PHOENIX Plan dedicated to SMEs; SENEGAL: An 88.2% decrease y-o-y to 14,800 tons of groundnut production at the end of February Egypt Session of Sunday, April 24 th, 2016 IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 7, Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 Day off on Monday, April 25 th, 2016: Sinai Liberation Day. UNITED ARAB EMIRATE: Grants a USD 4bn help to Egypt, half destined to direct investments and the other half as deposit in Central Bank to support foreign exchange reserves. 2

3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 3, Daily perf % Annual perf % Volume (TZS m) Market Cap. (TZS Bn) 21,625.2 HELIOS TOWERS TANZANIA: Announced a USD 95m upsizing of its syndicated term loan facility, led by STANDARD BANK GROUP, in order to fund the expansion of its telecommunication towers network across the country. Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf % DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) 24.2 Market Cap. (MUR Bn)

4 Kenya NSE Index (pts) 4, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,061.5 COMMONWEALTH DEVELOPMENT CORPORATION: Repurchased shares of the German and French institutions DEG and PROPARCO in the capital of I&M HOLDINGS, the Kenyan Banking Group. Nigeria NSE 30 Index (pts) 1, Daily perf. -0.4% Annual perf % Nigerian All-Share (pts) 24, Daily perf % Annual perf % Volume (NGN m) IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 8,518.7 UNITED CAPITAL PLC: Has announced a 59% progression of its Q profit before tax amounting to NGN 1.42bn. FEDERAL GOVERNMENT: Borrowed NGN 2.89tn from the Banking sector in the fourth quarter of

5 Ghana GSE Composite Index (pts) 1, IN GHANA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 54.5 SANKOFA: The project that recently received a USD 700m funding from the World Bank, should be operational in February The project will produce 180 million cubic feet of gas. Rest of Africa CDC GROUP: Will support through a USD 9m loan the VIRUNGA POWER GROUP project to generate 50 MW of hydroelectric power and improve the distribution network of the surrounding communities in RD Congo. Sources Press: L Economiste, La Vie Eco, Telquel, Les Ecos, Jeune Afrique, Finance News, La Nouvelle Tribune, Aujourd hui le Maroc, Le Matin, L Opinion. Web sites: InfoMédiaire, Ministry of Finance, Info Express, Centre Marocain de Conjoncture, Le 2 minutes, Agence Eco Fin, Trésorerie Générale du Royaume, Media24, Reuters, Bloomberg, L Economiste Maghrébin, Ventures Africa, Tunisie Numérique, Tunisie News, OANDA, Fin 24, Star Africa, Investir en Tunisie, BBC News Africa, Senenews, Bourse de Casablanca, BRVM, Office des Changes, Axis Bourse, Ministère de l Energie et des Mines, CDVM, le360.ma, AfricaMoney, Ghanaweb, Allkenyanews. Softwares : Thomson Reuters, Six Financial Information. 5

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