The Africa Weekly. Equity Research Pan-Africa News & Analysis

Transcription

1 The Africa Weekly Equity 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

2 Country Index* Index Level 1 Wk %Chg MTD %Chg YTD %Chg 1 Year High 1 Year Low FX-Rate per USD Botswana BSE DCI 8, ,747 7, , ,698 BRVM IC Comp , ,614 Egypt*** EGX 30 4, ,969 4, ,024 27,012 Ghana GSE ALSI 1, ,909 1, , ,580 Kenya FTSE NSE , ,566 Malawi MSE ALSI 6, ,903 5, Mauritius SEMDEX 1, ,958 1, , ,592 Morocco MORALSI 8, ,095 8, ,772 50,046 Namibia Local ,625 Nigeria NIG ALSI 36, ,013 21, ,071 71,085 Rwanda RSE Index South Africa JSE ALSI 39, ,016 33, ,607, ,792 Swaziland SSX ALSI Tanzania DAR ALSI 1, ,567 1,432 1, , ,264 Tunisia TUNIS 4, ,267 4, ,539 7,525 Uganda USE ALSI 1, ,805 1,028 2, , ,003 Zambia LuSE ALSI 4, ,535 3, ,516 Zimbabwe ZSE IND , ,649 1 Wk %Chg 1 MTD % Chg YTD % Chg Dollar Return (% chg) 1 week MTD YTD Trade USD'000 Mkt Cap USDm** Company Top 5 gainers Country Local % chg USD 1 year price charts Gold (1,300.0; -6.3%) AA Africa (1.6; -1.6%) MSCI WORLD (1,423.9; -2.8%) Barclays Zimbabwe Aluminium Du Maroc Holcim (Maroc) CGI Sonasid Zimbabwe Morocco Morocco Morocco Morocco Crude Oil (102.2; -2.7%) MSCI EM (908.5; -3.7%) S&P 500 (1,588.2; -2.9%) Company Top 5 decliners Country % chg Local USD Dairibord SODE Nigerian Aviation Handling Business Connexion Group KPLC Zimbabwe BRVM Nigeria South Africa Kenya Copper (6,738.5; -4.0%) MSCI AFRICA (605.0; -1.1%) FTSE 100 (6,159.5; -2.3%) * 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

3 1 month price charts Botswana BRVM Tunisia 0.54% Egypt*** Ghana Egypt Up -0.56% Flat Down Kenya Malawi Morocco 2.02% Key Mauritius Morocco BRVM -1.63% Namibia Nigeria -0.84% Ghana Nigeria -1.18% South Africa Tunisia Tanzania Uganda Rwanda: 0.02% Uganda: -4.17% Tanzania 0.28% Kenya -2.45% Zambia Zimbabwe Namibia Namibia 0.37% Zambia 1.95% Zimbabwe Botswana -0.62% -0.32% Malawi 1.37% Mauritius -0.04% Swaziland South Africa -0.69%

4 Inflation and Interest Rate Summary Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola May Botswana 8.70 Mar-25 BW yrs May Lesotho 8.25 Feb-19 LS000A1GZ7W0 5.6 yrs Feb Malawi Apr Mauritius 7.06 Nov year 9.4 yrs May Namibia 7.81 Oct-24 GC yrs May South Africa 6.89 Dec-26 R yrs May Swaziland 8.25 Jan-18 SG yrs Sep Zambia Feb year 9.7 yrs May Zimbabwe 2.20 May East Africa Kenya Jun-22 FXD 1/2012/10Yr 9.0 yrs May Rwanda Sep-16 FXD2/2011/5yr 3.3 yrs May Tanzania May Uganda Jan-21 FXD 6/2010/ yrs May West Africa BRVM average 2.30 Mar Ghana Aug yrs May Nigeria Jan-22 9th FGN Series yrs May North Africa Egypt Feb-17 EGBGR00541F5 3.7 yrs May Morocco 3.87 Apr-16 MA yrs May Tunisia 5.43 Mar year 5.7 yrs May Source: Central banks, statistical agencies

5 Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI declined 1.2% to close the week at 36,963.8 on the back of losses in Nigerian Aviation Handling (-14.0%), Flour Mills Nig. (-10.0%), and Wema Bank (-6.8%). During the week, gains were recorded in Total Nigeria (+5.8%), Presco (+5.7%), and Mansard Insurance (+5.5%). The top traders by value were Guaranty Trust Bank (USD 15.2m), Zenith Bank (USD 14.0m), and FBN Holdings (USD 12.6m). Trading in these shares accounted for 31.4% of this week s turnover of NGN 21.4bn (USD 133.1m). The average weekly value traded in the last six months is NGN 22.3bn (USD 138.5m). The NSE ALSI is up 31.6% YTD (+27.9% USD) and the total market capitalisation is currently USD 71.1bn. Ecobank Transnational Incorporated (ETI) has said that it will not make new acquisitions in Nigeria but will rather grow its operations organically, according to the Chairman of the bank holding company. ETI had acquired former Oceanic Bank and merged its operations with Ecobank Nigeria Limited, which boosted its market share in Nigeria from outside the top 10 to number 6 position as at the end 2012 financial year. Nigeria s daily output of crude oil declined by 150,000 barrels after Shell Petroleum Development Company shut-in the Trans Niger Pipeline (TNP) following an explosion and fire at a crude theft point. The NNPC confirmed the incident and said that Nigeria lost about USD 1.2bn in 1Q13 to oil theft and vandalism. The expected rights issue of Sterling Bank will open from next week as the bank plans to raise NGN 12.5bn from existing shareholders. The bank is offering 5.9bn ordinary shares of 50 kobo each at N2.12 per share on the basis of 3 new ordinary shares for every 8 held as at May 20, Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Dividends Year Type DPS Last Cum date Julius Berger 2013 Final Jun-13 Ashaka Cement 2013 Final Jun-13 Natl Salt Co Nig 2013 Final May-13 Chemical And All 2013 Final May-13 Uac Of Nigeria 2013 Final May-13 Senior finance officials commenced a 1-week road show which takes them to London, USA and Germany to meet with investors over plans for the upcoming USD 1.0bn Eurobond. The Debt Management Office has indicated that it wants to conclude the fund-raising by September. In anticipation of growing demand for their products, manufacturing companies continue to ramp up production capacity by investing in new plants. Cadbury Nigeria has recently spent USD 100.0m in upgrading its facilities and will spend a further USD 30.0m on the second phase of the upgrade according to its CEO while Nigerian Breweries (NB) as budgeted NGN 17.0bn for the expansion and modernization of its Aba brewing plant. Production at the plant which currently produces 1.2m HL will double as a result of the investment. 3

6 Nigerian Stock Exchange (Nigerian Naira) Nigeria Index performance * NGN/USD USD returns Top 5 gainers NIGSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 36, H: 11-Jun-13 40,012.7 Portland Paints & Products This week 37, L: 26-Jun-12 21,347.2 Fidson Healthcare Prev week 39, Off peak -7.6% Cutix MTD 37, At High 28/198 Airline Services & Logistics YTD 28, At Low 41/198 Total Nigeria Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 21,398 Value Traded / Mkt Cap (%) 9.36% NGNm 22,273.0 Company Week % chg Price Net value -6,975 Stocks traded (absolute) 150 USDm Neimeth Intl Pharmaceuticals Stocks traded (%) 76% May & Baker Nigeria Upside value 6,996 Stocks up 28 Total Market cap DN Meyer Downside value 13,971 Stocks down 56 NGNm 11,430,433 Royal Exchange Upside/downside ratio -49.9% Advance - Decline -28 USDm 71,085 Nigerian Aviation Handling USD NGN Rebased Index Performance 91% 67% 43% Top 5 (value) traders Company NGN'000 % of total Guaranty Trust Bank 2,449, Zenith Bank 2,246, FBN Holdings 2,030, Nigerian Breweries 1,885, Nestle Nigeria 1,508, % -5% -29% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (NGN bn) : Current vs Peak 20-Jun 11 Jun ,000 10,000 15,000 *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 4

7 Nigerian Stock Exchange (Nigerian Naira) Nigeria Price Weekly Value Volume 12 Month Movement (% chg) Market cap 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 Down 819,640 4, ,323,467 20,668 16,701.3 Nigerian Breweries BREW Down 1,885,448 12, ,183,163 7,358 10,098.7 Guaranty Trust Bank BANK Down 2,449,543 97, ,491 4,568 13,220.7 Nestle Nigeria CONS Up 1,508,856 1,526 1, ,602 4,071 5,980.4 Zenith Bank BANK Down 2,246, , ,907 4,042 14,758.4 FBN Holdings BANK Up 2,030, , ,799 3,724 12,773.6 Guinness Nigeria BREW Down 1,065,760 4, ,481 2,385 3,651.8 Stanbic IBTC Holdings BANK Up 67,134 4, ,938 1, UBA BANK Down 675,217 77, ,001 1,748 6,918.6 Lafarge WAPCO BUIL Up 767,827 8, ,395 1,694 1,991.7 Unilever Nigeria CONS Down 1,011,624 16, ,781 1,435 2,209.1 Access Bank BANK Down 727,135 66, ,404 1,190 7,363.6 ETI (Nigeria) BANK Up 284,394 18, ,289 1,165 5,118.7 Union Bank Nig. BANK Up 57,630 4, ,032 1, Flour Mills Nig. CONS Down 211,565 2, ,894 1,094 1,356.4 Cadbury Nigeria CONS Flat 318,263 5, ,105 1,070 1,613.5 P Z Cussons Nigeria CONS Down 151,546 3, , ,163.9 Dangote Sugar Refinery CONS Down 306,478 28, , ,033.2 U A C N CONS Down 198,470 3, , ,441.2 Fidelity Bank BANK Up 280,182 89, , ,697.6 Diamond Bank BANK Down 291,001 45, , ,049.0 FCMB BANK Down 230,235 47, , ,978.1 Julius Berger BUIL Up 152,015 2, , GSK Consumer Nig. PHAR Flat 25, , Skye Bank BANK Up 225,519 48, , ,502.2 Ashaka Cement BUIL Down 69,160 2, , Total Nigeria UTIL Up 101, , Intl Breweries BREW Up 684,588 25, , Dangote Flour Mills CONS Down 50,688 5, , Presco AGRI Up 122,100 3, ,

8 Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary After sending the GSE-CI up by nearly 60.0% over the last 23 weeks, buyers took a breather as profit taking emerged in the consumer, petroleum, banking and pharmaceutical sectors. The GSE-CI in effect declined by 0.8% w/w to 1,893, closing the week at a YTD return of 57.8%. Activity in 22 equities resulted in turnover of GHS 4.1m, with GCB and FML emerging as the most traded equities for week. Both equities accounted for 58.5% of total value traded. A total number of 14 equities recorded price movements of which eight gained while six declined in value. Enterprise Group Limited (EGL) advanced the most, gaining 12.4% w/w. The other top gainers were MLC (+7.7%), TOTAL (+3.6%), BOPP (+1.4%) and CAL (+1.2%). SPL (-20%), GOIL (-6.6%), GCB (-5.7%) %), PBC (-4.2%) and FML (-1.9%) were the losers for the week. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Fan Milk Limited (FML) announced that the Abraaj Group has entered into a conditional agreement to acquire the entire issued shares of Fan Milk International (FMI), the parent company of FML. Upon the completion of the purchase of FMI, Abraaj will indirectly acquire effective control of FML through its control of the 65.8m voting shares of FML (representing 56.6% of the equity of FML) that are owned by FMI. The company however indicated that FMI will remain the majority shareholder of FML. Abraaj intends to make an application to the SEC, requesting for a waiver to a mandatory takeover offer for the remaining shares of FML under the code on takeovers and mergers. This will be the second of such a request to the SEC, following a similar appeal by the Republic Bank of Trinidad and Tobago after acquiring majority interest in HFC Bank. The completion of the transaction is conditional upon the grant of an exemption by the SEC. Societe Generale Ghana (SG), has signed a USD 10m credit facility with PROPARCO, a subsidiary of the Agence Française de Développement (AFD). The seven-year facility is to enable SG to provide long-term lending to their corporate as well as SME clients. Mr Gilbert Hie, MD of SG stated that, the growth in the Ghanaian economy had necessitated the demand for long-term funding. The International Finance Corporation (IFC) has indicated plans to postpone the GHS 2bn (USD 1bn) bond sale previously scheduled for this year. The corporation has cited high cost of borrowing as the underlying reason, with prevailing risk free rates (91 Day Treasury bill) pegged at 23.1%. A new date for the flotation of the bond is yet to be communicated. Proceeds from the bond were expected to fund IFC projects that support private sector development in key areas such as infrastructure and access to finance for small and medium enterprises. Dividends Year Type DPS Mechanical Lloyd 2013 Regular Cash 0.02 Ghana Commercial 2013 Final 0.1 Last Cum date 21-Jun May-13 6

9 Ghana Stock Exchange (Ghana Cedi) Ghana Index performance * GHS/USD USD returns Top 5 gainers GSE CI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, H: 13-Jun-13 1,909.0 Enterprise Group This week 1, L: 20-Jul-12 1,016.7 Mechanical Lloyd Prev week 1, Off peak -0.8% Total Petroleum MTD 1, At High 2/33 Benso Oil Palm YTD 1, At Low 1/33 CAL Bank Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4.1 Value Traded / Mkt Cap (%) 1.56% GHSm 7.5 Company Week % chg Price Net value -1.6 Stocks traded (absolute) 23 USDm 3.8 Starwin Products Stocks traded (%) 70% Ghana Oil Upside value 1.1 Stocks up 8 Total Market cap Ghana Commercial Bank Downside value 2.7 Stocks down 6 GHSm 13,209 Produce Buying Upside/downside ratio -58.9% Advance - Decline 2 USDm 6,580 Fan Milk USD GHS Rebased Index Performance 115% 90% 65% 40% Top 5 (value) traders Company GHS'000 % of total Ghana Commercial Bank 1, Fan Milk 1, CAL Bank Ghana Oil Total Petroleum % -10% -35% Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Market Cap (GHS m) : Current vs Peak 20-Jun 13 Jun ,000 10,000 15,000 *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 7

10 Ghana Stock Exchange (Ghana Cedi) Ghana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000) ETI (Ghana) BANK Flat ,033 1, Stanchart Ghana BANK Down , Ghana Commercial Bank BANK Down 1, , Ecobank Ghana BANK Up , Unilever Ghana CONS Up Guinness Ghana BREW Up Golden Star RESO Fan Milk CONS Down 1, Total Petroleum OILG Up CAL Bank BANK Up SG-SSB BANK Flat Ghana Oil OILG Down UT Bank BANK Flat Enterprise Group INSU Up Tullow Oil OILG Flat Produce Buying AGRI Down Benso Oil Palm AGRI Up HFC Bank BANK Flat SIC Insurance INSU Flat Trust Bank (Gambia) BANK PZ Cussons Ghana CONS Cocoa Processing INDU Flat Ayrton Drug PHAR Mechanical Lloyd CONS Up Aluworks Ghana RESO Flat , Transol TELE Starwin Products PHAR Down African Champion Ind INDU Pioneer Kitchenware. INDU Golden Web CONS

11 BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite declined 1.6% to close the week at on the back of losses in SODE (-14.2%), Bank of Africa NG (-5.6%), and SGB (-5.4%). During the week, gains were recorded in Vivo Energy CI (+3.3%), BICI CI (+0.9%), and FILTISAC CI (+0.1%). The top traders by value were Sonatel SN (USD 2.1m), Onatel BF (USD 0.5m), and Bank of Africa BN (USD 0.4m). Trading in these shares respectively represented 49% and 31% of this week s turnover of XOF 1.8bn (USD 3.7m). The average weekly value traded in the last six months is XOF 3.4bn (USD 6.8m). The IC Composite is up 26.6% YTD (+26.6% USD) and the total market capitalisation is currently USD 9.6bn. The Deputy Director General of Sonatel SN suggested that the arrival of a fourth mobile operator, as announced March 7, 2013, at the last Council of Ministers is will not necessarily be a good thing for the telecommunications sector. In addition, emphasis was placed on the already extremely low prices that are practiced and that strong competition will be exacerbated on too small a market. Senegal Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) Ivory Coast Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , E 2014F , , , , , , Dividends Year Type Amount Bollore Africa L 2013 Regular Cash 7,562.0 Solibra 2013 Regular Cash #### Last Cum date 04-Jun May-13 9

12 BRVM Stock Exchange (CFA Franc) BRVM Index performance * XOF/USD USD returns Top 5 gainers IC Composite Level % chg Level % chg Market highs and lows Company Week % chg Price Current H: 04-Jun SETAO CI ,480 This week L: 25-Jul Servair Abidjan ,930 Prev week Off peak -5.3% Vivo Energy CI ,000 MTD At High 4/37 BICI CI ,000 YTD At Low 3/37 FILTISAC CI 0.1 7,505 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,825.7 Value Traded / Mkt Cap (%) 1.90% XOFm 3,395.7 Company Week % chg Price Net value -1,634.8 Stocks traded (absolute) 32 USDm 6.8 Uniwax CI ,975 Stocks traded (%) 86% SODE ,360 Upside value 51.7 Stocks up 6 Total Market cap Bank of Africa NG ,005 Downside value 1,686.6 Stocks down 15 XOFm 4,801,100 SGB ,000 Upside/downside ratio -96.9% Advance - Decline -9 USDm 9,614 Bank of Africa BF ,000 USD XOF Rebased Index Performance 62% 44% 26% Top 5 (value) traders Company XOF'000 % of total Sonatel SN 1,061, Onatel BF 252, Bank of Africa BN 196, SAPH 67, SGB 49, % -10% -28% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (XOF bn): Current vs Peak 20-Jun 04 Jun ,000,000 4,000,000 6,000,000 *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 10

13 BRVM Stock Exchange (CFA Franc) BRVM Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector XOF % chg Move XOF '000 High Low Off high YTD 12 mths XOF m USD m Val (000) Sonatel SN TELE 19, Down 1,061,929 55,779 19,200 10, ,900,500 3,806 4,488.1 ETI (BRVM) BANK Down 20, , ,350 1, SOLIBRA CI BREW 269, , , , SGB BANK 68, Down 49, ,990 42, , Onatel BF TELE 56, Down 252,858 4,724 62,000 38, , SAPH AGRI 32,000 - Flat 67,074 2,096 44,000 25, , PALM CI AGRI 17, Down 27,886 1,643 22,655 13, , SOGB AGRI 54,000 - Flat 1, ,250 44, , CIE UTIL 39, Up 15, ,000 23, , Bollore Africa Logistics CI TRPT 95, Down 2, ,000 46, , SITAB CI INDU 105,000 - Flat 4, ,000 70, , CFAO CI CONS 40, Down ,000 21, , BICI CI BANK 43, Up 15, ,170 33, , Total CI OILG 107,500 - Flat ,500 80, , Unilever CI INDU 37,000 - Flat 2, ,000 32, , Bank of Africa BN BANK 59, Down 196,126 3,319 61,000 54, , Bank of Africa BF BANK 68, Down 30, ,300 37, , Nestle CI CONS 44,500 - Flat 4, ,505 42, , SMB INDU 22,000 - Flat 2, ,000 15, , Vivo Energy CI UTIL 31, Up 10, ,500 19, , SODE UTIL 39, Down 10, ,450 23, , Bank of Africa CI BANK 46, Down 11, ,060 27, , FILTISAC CI INDU 7, Up 2, ,000 3, , Bank of Africa NG BANK 42, Down 16, ,500 32, , Bernabe CI TRPT 71,000 - Flat ,375 38, , Uniwax CI INDU 24, Down 4, ,900 6, , Tractafric Motors CI CONS 114, Down 1, ,000 80, , Crown SIEM CI INDU 28,000 32,250 20, , Air Liquide CI INDU 13,000 - Flat 3, ,900 6, , SICable INDU 76, Down 1, ,260 30, ,

14 Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE 15 dropped 2.5% closing at this week. Limuru Tea (+8.9%, KES 490), Bamburi Cement (+6.9%, KES 216) and DTB (+3.1% KES 166) were the top gainers this week, while KPLC (-11%, KES 14.95), Kenya Re (-8.5%, KES 15.05) and TPS (-8.2%, KES 47.75) topped the losers. Safaricom, Equity and KCB were the most active counters this week moving 60% of the market. The KES dropped 43 bps against the USD closing at The Treasury has removed the controversial clause of 16% VAT on basic commodities such as food items, medicines and fertilisers from the VAT Bill to address people s concern about product affordability. The UK has offered KES 4bn for modernising the Mombasa port. The British Commissioner believes Kenya could achieve double-digit economy growth if port inefficiency is addressed. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , The state s shareholding in Telkom Kenya, jointly owned by the government and France Telecom, is likely to drop to 30% as the Treasury did not allocate any funds for the company. By the end of June, the Treasury was expected to contribute KES 2.4bn, its share of the rights issue, to the company. Kenyan tourism companies are disappointed after KES 2bn was reduced from the tourism budget. Kenya Tourism Federation has warned of job losses due to the reduction in the budget. Kenya Airways is planning to set up a fuel procurement company in line with its focus on new cost-cutting measures. The company reported an 8.3% y/y decline in revenues to KES 98.9bn in FY13, primarily due to a fall in passenger traffic; a loss of KES 7.9bn in FY13 compared with a profit of KES 1.6bn in FY12. This translated to loss per share of KES 6.35 vis-à-vis profit of KES 3.58 per share in FY12. The company decided not to pay any dividends. The World Bank expects Kenya s GDP to grow 5.7% in The bank said that Kenya needs to improve the contribution of exports to effectively deal with its fiscal challenges. The estimated poverty rate has dropped to 38% currently from 47% in The Treasury Secretary presented a budget with a deficit of KES 329bn that will be financed through a combination of debt and grants. This could lead to an increase in borrowing costs and reverse the drop in the cost of loans. Dividends Year Type DPS Kapchorua Tea Co 2013 Final 7.5 Williamson Tea K 2013 Final 7.5 Scan Group 2013 Final 0.6 Sasini Ltd 2013 Interim 0.3 Co-Operative Ban 2013 Final 0.5 Last Cum date 26-Jun Jun Jun Jun May-13 12

15 Nairobi Securities Exchange (Kenyan Shilling) Kenya Index performance * KES/USD USD returns Top 5 gainers FTSE NSE15 Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 22-May Limuru Tea This week L: 28-Jun Bamburi Cement Prev week Off peak -8.9% Diamond Trust MTD At High 1/59 Equity Bank YTD At Low 0/59 TransCentury Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 3,219.1 Value Traded / Mkt Cap (%) 10.11% KESm 2,742.2 Company Week % chg Price Net value -1,632.6 Stocks traded (absolute) 54 USDm 32.0 KPLC Stocks traded (%) 92% KenyaRe Upside value Stocks up 10 Total Market cap TPS East Africa Downside value 2,424.0 Stocks down 37 KESm 1,591,490 Sasini Upside/downside ratio -67.4% Advance - Decline -27 USDm 18,566 Car & General USD KES Rebased Index Performance 67% 49% 31% Top 5 (value) traders Company KES'000 % of total Safaricom 1,061, Equity Bank 471, KCB Bank 429, EABL 346, Bamburi Cement 116, % -5% -23% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (KES bn) : Current vs Peak 20-Jun 22 May ,000,000 2,000,000 *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 13

16 Nairobi Securities Exchange (Kenyan Shilling) Kenya Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000) Safaricom TELE Down 1,061, , ,000 3,220 5,699.1 EABL BREW Down 346,877 1, ,654 3,146 6,175.3 Equity Bank BANK Up 471,927 14, ,969 1,458 2,496.0 KCB Bank BANK Down 429,300 11, ,097 1,343 4,883.3 Barclays Kenya BANK Down 63,693 3, ,707 1, Stanchart Kenya BANK Down 19, , Bamburi Cement BUIL Up 116, , Co-Op Bank BANK Down 73,269 4, , BAT (Kenya) CONS Up 91, , Nation Media MEDI Down 33, , Diamond Trust BANK Up 89, , KenGen UTIL Down 32,368 2, , Athi River Mining BUIL Down 9, , ,268.4 KPLC UTIL Down 19,113 1, , NIC Bank BANK Down 42, , CFC Stanbic BANK Down 14, , Scan Group MEDI Down 16, , BA Investment INVE Down 6, , Kenya Airways TRPT Down 33,324 3, , Jubilee Holdings INSU Down 6, , Centum Investment INVE Down 21,304 1, , KenolKobil OILG Down 28,586 2, , CIC Insurance INSU Down 13,772 2, , KenyaRe INSU Down 71,432 4, , TransCentury INVE Up , CMC Holdings CONS , TPS East Africa HOTL Down 1, , Mumias Sugar AGRI Up 19,722 4, , NBK BANK Down 21, , CFC Insurance BANK Down 1, ,

17 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DAR ALSI was up 28bps closing at 1,526.6 this week. CRDB bank (+9.5%, TZS 230) was the only gainer while DCB (-13.6%, TZS 380) was the only loser this week. Tanzania Breweries was the most actively traded stock this week moving USD 5m worth of shares. The TZS remained flat against the USD at 1,640. Vodacom Tanzania will invest over KES 200bn to build over 650 network sites this year as it plans to increase its countrywide network coverage. The Managing Director stated that the investment aims at enhancing the network expansion to meet the country s demand. With the current investment in plan, the company will have spent more than TZS 430bn (USD 5bn) in two years (2012 and 2013) and have a total of 1,540 network sites. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F Barclays Bank will focus on SME s whose demand for loans is high and long term unlike credit requirements for ordinary consumers. The bank is ready for lending discussions with SMEs by helping them to secure loans for their diverse activities. The bank s acting head for consumer retail and distribution, has indicated more jobs will be created and the overall economy will grow through lending to SMEs rather than focusing exclusively on consumer financing. Dividends Year Type DPS Last Cum date Two US energy firms operating in the country have signed an agreement worth USD 1bn for a gas powered project, which aims at revamping the power supply system in the country. A trend in the reduction of alcohol and cigarette consumption in the country will squeeze Government revenues due to the commodities serving as a main traditional source of income. Debating the 2013/14 budget proposals, some Members of Parliament have asked the government to find and establish new tax sources because the trend has shown that collections from the traditional sources are dwindling. For years, the government has been relying on tax imposed on a number of products mainly beer, soft drinks, spirit, tobacco and petroleum products. 15

18 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Index performance * TZS/USD USD returns Top 5 gainers DAR ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, , H: 19-Jun-13 1,567.2 CRDB Bank This week 1, , L: 25-Jun-12 1, Prev week 1, , Off peak 0.0% -- MTD 1, , At High 8/11 -- YTD 1, , At Low 1/11 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 10,631.9 Value Traded / Mkt Cap (%) 14.32% TZSm 1,494.7 Company Week % chg Price Net value Stocks traded (absolute) 10 USDm 0.9 DCB Stocks traded (%) 91% -- Upside value Stocks up 1 Total Market cap -- Downside value 23.4 Stocks down 1 TZSm 3,712, Upside/downside ratio % Advance - Decline 0 USDm 2, USD TZS Rebased Index Performance 25% 20% 15% 10% Top 5 (value) traders Company TZS'000 % of total Tanzania Breweries 9,567, CRDB Bank 862, NMB 100, Tanzania Cigarette 46, DCB 23, % 0% -5% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (TZS bn) : Current vs Peak 20-Jun 19 Jun ,000,000 4,000,000 *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 16

19 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths 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 3,180 - Flat 9,567,284 3, ,180 2, , NMB BANK 1,600 - Flat 100, , , Tanzania Cigarette CONS 6,500 - Flat 46, ,500 3, , CRDB Bank BANK Up 862,200 3, , TWIGA BUIL 2,640 - Flat 10, ,640 2, , Simba Cement BUIL 2,400 - Flat 16, ,420 2, , Precision Air TRPT , Swissport HOTL 2,000 - Flat 5, ,180 1, , DCB BANK Down 23, , TOL INDU Flat , Tanzania Tea Packers AGRI Flat ,

20 Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary This week s RSE turnover was RWF 282.2m (previously RWF 127.8m). BK price closed down 3.0% at RWF 193, on value traded of RWF 5.9m (previously RWF 23.2m). Bralirwa price closed up 0.9 at RWF 868 on turnover of RWF 276.3m (previously RWF 104.6m). Bralirwa was the bulk of turnover with contribution of 98%. The Rwanda Share Index closed up 2bps at from last week. The National Bank of Rwanda (BNR) has reduced the key repo rate from 7.5% to 7.0%. The bank reported that the rate was reviewed downwards to encourage commercial banks to lend to the private sector. According to the central bank s monetary policy committee, outstanding credit increased by 4% over the past five months compared to 16.2% recorded in the same period in BNR reported that new authorized loans were RWF 176.1bn over the past five months compared to RWF 214.4bn over the same period in Economic growth this year is expected to be 7.5% from 8% in 2012, driven by the agricultural sector which is expected to grow by 6.7%, the services sector that will expand by 7% and industry 9.1 %. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F Dividends Year Type DPS Last Cum date The United Nations Industrial Development Organization (UNIDO) will work with the government to design a new industrialization strategy that will elevate the country s industrial sector. UNIDO reported that it is going to design its new programme for the country which will include a new industrialization vision which will eventually be part of the country s poverty reduction strategy that the country has. It has also agreed to put more emphasis on agro-business sector that will create jobs for the citizens. The government recently outlined goals for Industrial Policy which are also stipulated in Vision 2020 and the Economic Development and Poverty Reduction Strategy (EDPRS II): to ensure transformational industrial growth that would make Rwanda competitive. Industry is expected to account for 26% of GDP by Rwanda signed a deal with South Korea s largest telecoms provider KT Corp to roll out high-speed 4G Internet to most of its citizens within three years. KT Corp will inject around USD 140m into a joint venture company, which will be responsible for rolling out a fast 4G LTE broadband network to 95% of Rwandans. The officials in the Ministry of ICT reported that this agreement with KT marks a major milestone in Rwanda s drive to become a modern and knowledge-based economy. 18

21 Rwanda Stock Exchange (Rwandan Franc) Rwanda Index performance * RWF/USD USD returns Top 5 gainers RSE SI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 19-Jun Bralirwa This week L: 28-Jun Prev week Off peak -0.2% MTD At High 1/2 YTD At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 2.60% RWFm 1,109.4 Company Week % chg Price Net value Stocks traded (absolute) 2 USDm 1.7 Bank of Kigali Stocks traded (%) 100% -- Upside value Stocks up 1 Total Market cap Downside value 5.9 Stocks down 1 RWFm 542,996 Upside/downside ratio % Advance - Decline 0 USDm 835 USD RWF Rebased Index Performance 150% 119% Top 5 (value) traders Company RWF'000 % of total Bralirwa 276, Bank of Kigali 5, % 57% 26% -5% -36% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (RWF bn) : Current vs Peak 20-Jun 19 Jun , , ,000 *The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan Francs See the notes page for more information about calculations 19

22 Rwanda Stock Exchange (Rwandan Franc) Rwanda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000) Bralirwa BREW Up 276, , ,216.1 Bank of Kigali BANK Down 5, ,

23 Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary The USE ALSI declined 4.2% to close the week at 1,550.1 on the back of losses in Uganda Clays (-14.3%), and Bank of Baroda (-4.0%).During the week, gains were recorded in Umeme (+2.9%), and BAT Uganda (+0.2%). The top traders by value were Umeme (USD 1.1m), Bank of Baroda (USD 0.5m), and BAT Uganda (USD 50k). Trading in these shares accounted for 98.5% of this week s turnover of UGX 4.2bn (USD 1.6m). The average weekly value traded in the last six months is UGX 6.8bn (USD 2.6m). The USE ALSI is up 28.8% YTD (+32.7% USD) and the total market capitalisation is currently USD 1.0bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F Dividends Year Type DPS Last Cum date 21

24 Uganda Securities Exchange (Uganda Shilling) Uganda Index performance * UGX/USD USD returns Top 5 gainers USE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, , H: 23-May-13 1,804.8 Umeme This week 1, , L: 27-Jun-12 1,028.3 BAT (Uganda) 0.2 2,270 Prev week 1, , Off peak -14.1% -- MTD 1, , At High 2/8 -- YTD 1, , At Low 3/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4,170.1 Value Traded / Mkt Cap (%) 8.00% UGXm 6,806.6 Company Week % chg Price Net value 1,642.5 Stocks traded (absolute) 7 USDm 2.6 Uganda Clays Stocks traded (%) 88% Bank of Baroda Upside value 2,890.5 Stocks up 2 Total Market cap -- Downside value 1,248.0 Stocks down 2 UGXm 2,606, Upside/downside ratio 131.6% Advance - Decline 0 USDm 1, USD UGX Rebased Index Performance 71% 52% 33% Top 5 (value) traders Company UGX'000 % of total Umeme 2,760, Bank of Baroda 1,215, BAT (Uganda) 129, Uganda Clays 32, New Vision 22, % -5% -24% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (UGX bn) : Current vs Peak 20-Jun 23 May ,000,000 2,000,000 3,000,000 *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 22

25 Uganda Securities Exchange (Uganda Shilling) Uganda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000) Stanbic Uganda BANK Flat 8, ,535, Umeme UTIL Up 2,760,576 7, , DFCU BANK 1,030 - Flat ,030 1, , ,653.3 BAT (Uganda) AGRI 2, Up 129, ,290 1, , Bank of Baroda BANK Down 1,215,600 10, , New Vision MEDI Flat 22, , Uganda Clays BUIL Down 32,430 1, , NIC INSU ,

26 Johannesburg Stock Exchange (South African rand) South Africa Market Commentary For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. There are 60 companies included in the list, and the top 30 are shown here. This data is for informational and reference 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 this information. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Dividends Year Type DPS Last Cum date African Media En 2013 Final Jul-13 Telkom Sa Soc Lt Final N.A. Acucap Propertie 2013 Final Jul-13 Sycom Property 2013 Final Jul-13 Bettabeta Cis Bg 2013 Income Jul-13 24

27 Johannesburg Stock Exchange (South African rand) South Africa Index performance * ZAR/USD USD returns Top 5 gainers JSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 39, H: 31-May-13 42,016 Raubex Group This week 39, L: 28-Jun-12 33,253 JD Group Prev week 40, Off peak -5.9% Blue Label Telecoms MTD 42, At High 0/60 BSI Steel YTD 39, At Low 0/60 Cashbuild Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 46,385 Value Traded / Mkt Cap (%) 76.18% ZARm 36,084 Company Week % chg Price Net value -10,744 Stocks traded (absolute) 60 USDm 3,518 Business Connexion Group Stocks traded (%) 100% Ellies Holdings Upside value 17,721 Stocks up 32 Total Market cap Metmar Downside value 28,465 Stocks down 26 ZARbn 3,044 Esorfranki Upside/downside ratio -37.7% Advance - Decline 6 USDbn 297 Massmart Holdings USD Rebased Index Performance Top 5 (value) traders ZAR Company ZAR'm % of total MTN Group 8, % Naspers 6, SABMiller 3, % Standard Bank Group 3, Firstrand 2, % -1% -10% -19% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (ZAR bn) : Current vs Peak 20-Jun 31 May ,000 4,000 *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 25

28 Johannesburg Stock Exchange (South African rand) South Africa Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000) SABMiller BREW Down 3,980 7, ,414 76, ,311 MTN Group TELE Down 8,834 49, ,764 31, ,224 Naspers MEDI Down 6,329 8, ,700 28, ,820 Standard Bank Group BANK Down 3,010 28, ,174 16, ,875 Vodacom Group TELE Down 1,597 14, ,154 15, ,108 Firstrand BANK Up 2,758 99, ,578 14, ,692 Shoprite Holdings CONS Up 2,353 13, ,050 9, ,952 Absa Group BANK Up 1,312 9, ,873 9, ,418 Aspen Pharmacare PHAR Up 2,065 10, ,378 8,616 96,890 Nedbank Group BANK Up 1,110 6, ,769 8,361 82,485 Bidvest Group INVE Up 1,147 4, ,244 7, ,476 Tiger Brands CONS Up 972 3, ,590 5,419 81,469 Mediclinic International PHAR Down 319 4, ,752 5,240 33,714 Woolworths Holdings CONS Down 1,234 18, ,458 4, ,785 Mondi INDU Up 586 4, ,129 4,497 41,889 Steinhoff Intl CONS Up , ,958 4,285 65,705 Imperial Holdings INVE Up 1,178 5, ,203 4, ,411 Massmart Holdings CONS Down 307 1, ,176 3,722 32,109 Truworths International CONS Down 1,178 14, ,668 3,575 99,194 Mr Price Group CONS Up 616 4, ,857 3,008 69,615 Foschini Group CONS Up 1,935 19, ,444 2,285 95,833 Nampak INDU Down , ,927 2,138 37,370 Barloworld INVE Down 224 2, ,622 1,815 39,568 Pick N Pay CONS Down 339 8, ,490 1,803 20,930 PPC BUIL Down 194 6, ,411 1,697 18,492 Illovo Sugar CONS Down 36 1, ,864 1,449 6,153 Tongaat Hulett CONS Up ,598 1,326 16,522 AECI INDU Down ,571 1,226 8,449 Grindrod TRPT Up 114 5, ,425 1,211 8,087 Omnia Holdings INDU Up ,500 1,121 9,046 26

29 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Market Commentary The Semdex was flat w/w, closing at 1, on the back of lower than average trade of MUR 125.7m. Gains in the Hotel (+1.7%), Consumer (+1.6%) and Agricultural (+2.3%) sectors were balanced by losses in the Banking (-1.1%), Oil & Gas (-0.3%) and Industrial (-0.7%) sectors. YTD the market is 11.4% higher. On the currency front, the MUR lost 0.5% against the USD to close at MUR YTD the MUR has been relatively stable, losing 0.8%. Significant gainers this week were Sun Resorts (+4.5%), Terra Mauricia (+3.7%), Promotion & Development (+2.4%), Omnicane (+2.3%), and Alteo LTD (+1.7%). Significant decliners were Rogers & Co (-5.4%), CIM Financial (-1.9%), MCB (-1.8%), Ireland Blyth (-1.1%), and United Basalt Products (-1.0%). Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , The significant news of the week was action from the Central Bank. BusinessReport explained that Mauritius cut its key repo rate by 25bp to 4.65% to stimulate growth at a time when inflation is benign. The central bank stated that the Indian Ocean island was facing downside risks to its economic outlook. It noted that headline and core inflation were broadly unchanged since its previous meeting in March. The bank revised downwards its growth forecast for 2013 to a range of % from its previous forecast of a range of % given at the previous monetary policy committee (MPC) meeting in March. The MPC noted that global economic conditions have remained weak and uneven since the March 2013 meeting. The domestic economy continues to be vulnerable to the subdued external environment, the bank stated. Economic performance has been below trend, with slow growth recorded in major export sectors despite diversification efforts, while a significant contraction has been noted in the construction sector. The output gap is projected to remain negative over the forecast horizon. Dividends Year Type DPS Enl Commercial L 2013 Final 0.8 Mauritius Oil Re 2013 Final 0.5 Innodis Ltd 2013 Final 1.0 Ascencia Ltd 2013 Interim 36.5 Medical And Surg 2013 Final 0.02 Last Cum date 04-Jul Jul Jul Jul Jun-13 27

30 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Index performance * MUR/USD USD returns Top 5 gainers SEMDEX Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 1, H: 13-May-13 1,958.0 POLICY This week 1, L: 20-Nov-12 1,654.8 Automatics Systems Prev week 1, Off peak -1.4% Sun Resorts MTD 1, At High 5/41 Terra Mauricia YTD 1, At Low 1/41 Promotion & Development Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 3.10% MURm Company Week % chg Price Net value Stocks traded (absolute) 37 USDm 6.0 Rogers & Co Stocks traded (%) 90% National Investment Trust Upside value 48.0 Stocks up 16 Total Market cap CIM Financial Downside value 64.1 Stocks down 9 MURm 203,042 MCB Upside/downside ratio -25.2% Advance - Decline 7 USDm 6,592 Ireland Blyth USD MUR Rebased Index Performance 15% 10% 5% 0% Top 5 (value) traders Company MUR'000 % of total MCB 56, New Mauritius Hotels 14, State Bank Mauritius 9, Lux Island Resorts 8, Terra Mauricia 5, % -10% -15% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (MUR bn) : Current vs Peak 20-Jun 13 May , , ,000 *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 28

31 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000) MCB BANK Down 56, ,611 1,643 1,974.3 State Bank Mauritius BANK Flat 9,205 8, ,805 1,098 1,193.9 Le Meritt PROP Flat , New Mauritius Hotels HOTL Up 14, , Alteo LTD CONS Up 3, , Terra Mauricia INVE Up 5, , Ireland Blyth INVE Down , Bramer Bank BANK Flat , Omnicane AGRI Up , Vivo Energy OILG Down , Rogers & Co INVE Down 2, , CIM Financial BANK Down 1, , Gamma Civic BUIL Flat , Phoenix Beverages BREW Flat 2, , Promotion & Development INVE Up 3, , Sun Resorts HOTL Up 1, , Mauritius Union Assurance INSU Up 3, , Swan Insurance INSU Flat , United Basalt Products INDU Down 1, , Lux Island Resorts HOTL Up 8, , INNODIS CONS Up , Air Mauritius TRPT Down , Harel Mallac INVE , POLICY INVE Up 1, , Mauritius Oil Refineries OILG Up MDIT INVE Up 2, Caudan Development INVE Down Belle Mare INVE Mauritian Eagle INSU United Docks INVE Flat

32 Botswana Stock Exchange (Botswana Pula) Botswana Market Commentary The local index shed 0.3% at 8,620.6 on the back of 6 gainers and 1 decliner. Market turnover closed firmer at BWP 68.4m from BWP 43.3m last week. The most actively traded counter was FNBB (BWP 53.3m) with a contribution of 77.9% to the total value traded. Furnmart (+2.9%, BWP 1.80) and Engen (+1.4%, BWP 7.10) were the top gainers whilst FSG (-5.9%, BWP 1.60) emerged the only decliner. The bank rate was slashed to 8.5% at the meeting of the Monetary Policy Committee this week. The decision to cut rates is an attempt by Bank of Botswana to boost growth within the economy. BoB has explained that the current economic situation, which is characterized by output below potential and high unemployment allows for a non-inflationary stimulus to the economy. Inflation fell to 6.1% in May, just outside the objective range of 3 to 6%. The inflation rate is expected to fall within the range in the 2H13. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , , , , , , Government spent over BWP 100m in teacher s overtime allowances in FY12. High overtime accumulation has been attributed lack of strict monitoring on the part of management. (Source: Daily News) The World Bank has revised Botswana s FY13 economic growth projections to 5.0% from 5.1% in the January edition of the Global Economic Prospects report. The figure is above the 4.1% growth rate projected by the International Monetary Fund but however below the 5.9% forecast by the Ministry of Finance and Development Planning. FY14 and FY15 projections have been revised upwards to 5.1% and 5.2% from 4.9% and 4.8% respectively. (Source: Mmegi) In company news, Copper and silver concentrate producer, Discovery Metals says negotiations continue with interested parties in relation to a potential takeover transaction. The company says it has received an overwhelming response from interested parties whose applications are currently under review. (Source: Gazette) Shareholders of Chobe Holdings Limited have been advised that negotiations referred to in the cautionary statement dated 14 May 2013 are still on-going. Accordingly, shareholders are urged to continue to be cautious when dealing in the company s securities. Australian firm Tlou Energy has begun developments at its license area in central Botswana with the view to reach a decision on commercial production in the next three years. The company recently became the first in the country to declare an independently certified resource at 2.3 cubic feet of Coal Bed Methane. (Source: Mmegi) Dividends Year Type Amount Wilderness Holdi 2013 Regular Cash 4.0 Last Cum date 14-Jun-13 30

33 Botswana Stock Exchange (Botswana Pula) Botswana Index performance * BWP/USD USD returns Top 5 gainers BSE DCI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 8, H: 14-May-13 8,747.1 Furnmart This week 8, L: 29-Jun-12 7,238.1 Engen Botswana Prev week 8, Off peak -1.4% Sechaba MTD 8, At High 2/24 Sefalana YTD 7, At Low 1/24 Wilderness Total value Net value Turnover analysis ** Upside value Downside value Upside/downside ratio Trading numbers Avg weekly value traded Top 5 decliners 68.5 Value Traded / Mkt Cap (%) 8.38% BWPm 34.2 Company Week % chg Price 0.3 Stocks traded (absolute) 15 USDm 3.9 FSG Stocks traded (%) 63% Stocks up 6 Total Market cap Stocks down 1 BWPm 40, % Advance - Decline 5 USDm 4, USD BWP Rebased Index Performance 27% 19% 11% Top 5 (value) traders Company BWP'000 % of total FNB Botswana 53, Letshego 5, Barclays Botswana 4, BIHL Botswana 2, Turnstar 1, % -5% -13% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (BWPm) : Current vs Peak 14 May ,000 40,000 60,000 *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 31

34 Botswana Stock Exchange (Botswana Pula) Botswana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector BWP % chg Move BWP '000 '000 High Low Off high YTD 12 mths BWP m USD m Val (000) FNB Botswana BANK Flat 53, , ,229 1, Barclays Botswana BANK Flat 4, , Letshego BANK Flat 5, , , ,462.1 Choppies CONS Flat , Stanchart Botswana BANK Up , BIHL Botswana INSU Flat 2, , Sechaba BREW Up , New Africa Properties PROP Flat , ABCH Botswana BANK , Engen Botswana OILG Up , Furnmart CONS Up , Turnstar PROP Flat 1, , Sefalana CONS Up Wilderness HOTL Up Letlole La Rona PROP Flat G4S CONS Primetime PROP Chobe HOTL RDCP PROP FSG INSU Down Cresta HOTL Imara Botswana INVE RPC Data TELE Olympia Capital (Botswana) BUIL

35 Zimbabwe Stock Exchange (US Dollar) Zimbabwe Market Commentary The ZSE Industrial declined 0.6% to close the week at on the back of losses in Dairibord (-16.7%), CBZ Bank (-10.0%), and National Foods Holdings (-7.4%). During the week, gains were recorded in Barclays Zimbabwe (+69.0%), TSL (+11.6%), and Kingdom Meikles Africa (+6.9%). The top traders by value were Delta Corp Zimbabwe (USD 4.3m), First Banking Corp (USD 1.1m), and OK Zimbabwe (USD 0.8m). Trading in these shares accounted for 70.5% of this week s turnover of USD 8.9m. The average weekly value traded in the last six months is USD 7.9m. The ZSE Industrial is up 43.2% YTD and the total market capitalisation is currently USD 5.6bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) E 2014F , Hwange Colliery Company Ltd made claims of externalisation of funds from the coal gasification unit it jointly owns with a Chinese company, Taiyuan Sanxin Economic and Trade Company. Hwange Coal Gasification was formed through a Built-Operate-Transfer arrangement in which Hwange Colliery Company owns 25% shareholding while the Chinese company holds the remainder. Hwange now wants the BOT deal to be revisited, with the local coal mining giant becoming a majority. ZSE has stepped up its efforts to automate as the local bourse plans to shift from the current paperbased trading platform by year end. The ZSE announced that it was currently recruiting an automated trading system consultant tasked with improving efficiency of the exchange as well as catch up with regional peers. The exchange, according to terms and conditions of the consultant, embarked on an automated trading system project for implementation by 31 December Dairibord Holdings has joined the race to acquire a controlling stake in Cairns Holdings Limited, which plans to de-list from the ZSE to simplify the process of getting fresh investment. A total of four suitors are vying for a majority interest in Cairns and the others include local private company, Judah Holdings Limited and South African firms Vasari Global and Eastern Trading Company Limited. The investors are largely targeting to acquire RBZ s 67% shareholding in the group. Dividends Year Type DPS Delta Corp 2013 Final 0.02 Last Cum date 10-Jun-13 33

36 Zimbabwe Stock Exchange (US Dollar) Zimbabwe Index performance * USD/USD USD returns Top 5 gainers (Top 40) ZSE INDUST Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 11-Jun Barclays Zimbabwe This week L: 25-Jun Willdale Prev week Off peak -2.4% Turnall MTD At High 0/74 Dawn Properties YTD At Low 0/74 Star Africa Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40) Total value 8.9 Value Traded / Mkt Cap (%) 7.83% USDm 7.9 Company Week % chg Price Net value -5.8 Stocks traded (absolute) 49 USDm 7.9 Cafca Stocks traded (%) 66% ART Holdings Upside value 0.9 Stocks up 20 Total Market cap Dairibord Downside value 6.7 Stocks down 18 USDm 5,649 PG Industries Upside/downside ratio -86.2% Advance - Decline 2 USDm 5,649 African Sun USD USD Rebased Index Performance 95% 75% 55% 35% Top 5 (value) traders Company USD'000 % of total Delta Corp Zimbabwe 4, First Banking Corp 1, OK Zimbabwe Econet Wireless BAT (Zimbabwe) % -5% -25% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (USD m) : Current vs Peak 20-Jun 11 Jun ,000 4,000 6,000 *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 34

37 Zimbabwe Stock Exchange (US Dollar) Zimbabwe Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths 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 Down 4, , ,759 1,759 2,106.6 Econet Wireless TELE Down ,097 1,097 2,476.9 Innscor Africa CONS Down Hippo Valley Estates AGRI Up OK Zimbabwe CONS Down , National Foods Holdings INDU Down Seed Co AGRI Up BAT (Zimbabwe) CONS Down Barclays Zimbabwe BANK Up , CBZ Bank BANK Down Dairibord INDU Down TSL CONS Up Lafarge Zimbabwe BUIL Down Kingdom Meikles Africa BANK Up Mashonaland Holdings PROP Flat Fidelity Life INSU Up Colcom Holdings INDU Up AICO INDU Up Edgars Zimbabwe CONS Flat First Banking Corp BANK Flat 1, , AFRE Corp INSU Up ABCH (Zimbabwe) BANK Down Padenga CONS Up Hwange Colliery RESO African Distillers BREW Up Pioneer Corp Africa INDU Dawn Properties PROP Up , Pearl Properties PROP Up , Masimba Holdings PROP Flat TN Bank CONS

38 Lusaka Stock Exchange (Zambian Kwacha) Zambia Market Commentary The LuSE ALSI is up 2.0% to close at 4,535.0 on the back of gains in Celtel (+7.7%), StanChart Zambia (+5.6%) Zambia Sugar (+3.3%) Zambia Breweries (+1.4) and Copperbelt Energy (+1.3). A Loss was recorded in BAT Zambia (-2.4%). The top trader by value was Copperbelt Energy which accounted for 59.7% of this week s turnover of ZMW 3.1m. The LuSE ALSI is up 21.7% YTD and the total market capitalisation is currently ZMW 19.1bn (USD 3.5bn). Lusaka City Council health inspectors have discovered the presence of aromatic aldehydes in the beef Zambeef Plc imports from the United Kingdom into Zambia. Zambeef imports beef products, which mainly include hooves, livers and tripe. Sources within Zambeef disclosed that the imports are obtained from the UK for almost nothing because they are normally disposed of as waste. Aromatic aldehydes are organic chemical compounds that contain a carbon hydroxide radical or group and are used as precursor chemicals in the pharmaceutical and plastics industries. According to health experts, most of the aldehydes are capable of causing primary irritation of the skin, eyes and respiratory system. Repeated exposure to some forms of aromatic aldehydes may also result in chronic intoxication. Symptoms of chronic inoxication resemble those of chronic alcoholism, such as loss of weight, anaemia, delirium, hallucinations of sight and hearing, loss of intelligence and psychic disturbances. Lafarge Cement Zambia has increased the price of cement by 6.7% with immediate effect. A bag of cement will now cost ZMW 61.2 from the previous price of ZMW Management said the increase in the price of cement was necessitated by the recent upward adjustment in the prices of fuel following removal of the subsidy. Meanwhile, Zambezi Portland Cement (ZPC) has maintained the average price for its product at ZMW 50 per bag. However, acting chief financial officer Peter Kang ombe said in an interview that, ZPC is also planning to hike the price of cement due to the increase in the price of fuel. Zambia has been awarded first prize for the best sovereign bond in Europe, Middle East and Africa Region by the Global trade Review Finance Magazine. The Global Trade Review is the world s leading international trade finance magazine whose criteria of judgment are strictly based on science. The magazine looks at international markets, key banks, credit insurers, corporates, traders, law firms, brokers and consultants. Zambia in September 2012, successfully issued an inaugural 10 year bond to the tune of USD 750m. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) Dividends E 2014F , , , , , Year Type DPS Last Cum date 36

39 Lusaka Stock Exchange (Zambian Kwacha) Zambia Index performance * ZMK/USD USD returns Top 5 gainers LuSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 4, H: 20-Jun-13 4,535.0 Celtel This week 4, L: 13-Nov-12 3,480.5 StanChart Zambia Prev week 4, Off peak 0.0% Zambia Sugar MTD 4, At High 0/19 Zambian Breweries YTD 3, At Low 2/19 Copperbelt Energy Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 3.1 Value Traded / Mkt Cap (%) 0.81% ZMKm 3.4 Company Week % chg Price Net value 1.9 Stocks traded (absolute) 13 USDm 0.6 BAT (Zambia) Stocks traded (%) 68% -- Upside value 1.9 Stocks up 5 Total Market cap -- Downside value 0.0 Stocks down 1 ZMKm 19, Upside/downside ratio % Advance - Decline 4 USDm 3, USD ZMK Rebased Index Performance 21% 12% 3% Top 5 (value) traders Company ZMK'000 % of total Copperbelt Energy 1, Zambeef ZANACO Lafarge Zambia Celtel % -15% -24% Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Cap (ZMK bn) : Current vs Peak 20-Jun 0 5,000 10,000 15,000 20,000 *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 37