BMCE Capital Research

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1 Morocco BMCE Capital Research Exchange rates, as of Friday, April 22 nd, 2016 Currency Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Floating MASI (pts) 9, Daily perf % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf % Volume (MAD m) 47.8 Market Cap. (MAD Bn) MAROC TELECOM: A 10.2% progression (+ 5.1% on a comparable basis) of consolidated sales in Q to MAD 8,750m for a net income Group share of MAD 1,526m improved by 16%; S2M: Won a new deal with DIGITAL BRIDGE MONEY SERVICES in COTE D IVOIRE. Tunisia 10, , , , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y Apr-15 Jul-15 Oct-15 Jan-16 CPI: A 1.8% increase y-o-y of the consumer price index at the end of March 2016; RATING: Fitch maintains Morocco s investment grade. MASI MADEX 6956 Commodities, as of Friday, April 22nd, 2016 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 22, % AGRICULTURAL & LUMBER Coffee (Robusta) t 1, % Cocoa t (GBP) 2, % Cotton t (USc) % TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 6.0 Market Cap. (TND Bn) 18.7 SOTUVER: Recorded a 10.2% rise of its turnover amounting to TND 11.85m in Q , , , , , , , , , IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX Apr-15 Jul-15 Oct-15 Jan TUNINDEX 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) 1,465.3 BRVM BRVM 10 Market Cap. (XOF Bn) 7,903.7 CMDT: Signature of 2 agreements amounting to XOF 28.5bn with WADB for activities extension; LIMAK GROUP: The industrial conglomerate launches investments in COTE D IVOIRE. Egypt COTE D IVOIRE: Signature of two agreements, which could lead to a double taxation treaty with Mauritius in the context of investment promotion. Session of Sunday, April 24 th, 2016 EGX 30 Index (pts) 7, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) EGX 30 EGX 100 Market Cap. (EGP Bn) RENAULT: Sold 402 cars during January and February 2016, recording a 73% decline compared to the same period last year. 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) 22,050.5 HELIOS TOWERS TANZANIE: Obtained a USD 95m syndicated loan, secured by STANDARD BANK GROUP. Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf. -2.5% DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) 20.1 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) 2,079.8 FRAUD: Cheque and internal fraud are the major risks that banks are grappling with in Kenya, according to security solutions firm NETGUARDIAN. Nigeria NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 24, Daily perf % Annual perf % Volume (NGN m) 1,512.4 IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 8,548.0 DANGOTE SUGAR REFINERY PLC: Has recorded a 7% group turnover increase to NGN 101bn in CENTRAL BANK OF NIGERIA: Has imposed a total fine of NGN 3.2bn on UNITED BANK FOR AFRICA PLC, ZENITH BANK PLC, GUARANTY TRUST BANK PLC, and STERLING BANK PLC for committing various kinds of regulatory infractions. 4

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) 44.0 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 54.5 ECONOMY: Government sells USD 294m 3-year domestic bond at 24.5% yield. Rest of Africa AfDB: Grants XOF 811bn to Gabon to support the economic diversification plan for the period. 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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