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 10, ,097 10, , ,625 BRVM IC Comp , ,910 Egypt*** EGX 30 7, ,122 5, ,234 25,856 Ghana GSE ALSI 1, ,387 1, ,090 Kenya FTSE NSE , ,853 Malawi MSE ALSI 12, ,142 12, Mauritius SEMDEX 1, ,987 1, , ,447 Morocco MORALSI 9, ,976 8, ,994 50,841 Namibia Local ,085 Nigeria NIG ALSI 25, ,781 22, ,150 40,716 Rwanda RSE Index South Africa JSE ALSI 52, ,640 46, ,467, ,118 Swaziland SSX ALSI Tanzania DAR ALSI 2, ,005 2,173 2, ,746 Tunisia TUNIS 5, ,770 4, ,470 6,914 Uganda USE ALSI 1, ,053 1,712 3, ,283 Zambia LuSE ALSI 5, ,994 5, ,223 Zimbabwe ZSE IND , ,771 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 (1,278.4; +3.7% w/w) AA Indes (1.4; +1.0% w/w) MSCI WORLD (1,670.8; -0.7% w/w) Crown SIEM CI Holcim (Maroc) Lafarge Morocco Wema Bank Barclays Zimbabwe BRVM Morocco Morocco Nigeria Zimbabwe Crude Oil (47.4; +6.5% w/w) MSCI EM (840.2; +0.1% w/w) S&P 500 (2,065.3; -1.1% w/w) Company Top 5 decliners Country Local USD Forte Oil GSK Consumer Nig. Scan Group Lafarge WAPCO Bank of Africa BN Nigeria Nigeria Kenya Nigeria BRVM Copper (5,064.0; +1.2% w/w) MSCI AFRICA (481.6; +3.2% w/w) FTSE 100 (6,241.9; -0.3% w/w) * 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 0.47% Morocco 4.04% Egypt*** Ghana Egypt Up % Flat Down Kenya Malawi BRVM 0.04% Mauritius Morocco Key Namibia Nigeria -0.58% Ghana Nigeria 0.96% South Africa Tanzania Rwanda: Uganda: 1.78% Kenya 0.88% Tanzania 3.69% Tunisia Uganda Zambia Zimbabwe Namibia Namibia 0.01% Zambia -0.08% Zimbabwe Botswana 3.86% -0.17% Malawi 0.18% Mauritius 0.91% Swaziland South Africa -0.20%

4 Inflation and Interest Rate Summary Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola Nov Botswana 4.87 Mar-25 BW yrs Feb Lesotho 8.25 Oct-22 LSO yrs Feb Malawi Jan Mauritius 4.53 Dec-20 Five year 4.6 yrs Mar Namibia Oct-24 GC yrs Feb South Africa 9.05 Dec-26 R yrs Feb Swaziland Nov-20 SG yrs Jan Zambia Jan year 9.7 yrs Jan Zimbabwe Feb East Africa Kenya Jan year 7.7 yrs Mar Rwanda May year 10.0 yrs Feb Tanzania Nov year 9.5 yrs Jan Uganda Apr-23 UG yrs Feb West Africa Senegal 0.90 Feb Ghana Nov-20 Five year 4.6 yrs Feb Nigeria Mar year 7.9 yrs Mar North Africa Egypt Nov-25 EGBGR01631F3 9.5 yrs Mar Morocco Feb Tunisia 6.30 May year 6.0 yrs Feb Source: Central banks, statistical agencies

5 Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI gained 1.0% to close the week at 25,062.4 on the back of gains in Wema Bank (+11.1%), Honeywell Flour Mills (+9.9%), and Nigerian Breweries (+8.8%). During the week, losses were recorded in Forte Oil (-14.3%), GSK Consumer Nig. (-9.7%), and Lafarge WAPCO (-8.1%). The top traders by value were FBN Holdings (USD 5.0m), Access Bank (USD 2.8m), and Zenith Bank (USD 2.7m). Trading in these shares accounted for 43.7% of this week s turnover of NGN 4.8bn (USD 24.2m). The average weekly value traded in the last six months is NGN 10.2bn (USD 51.5m). The NSE ALSI is down 12.5% ytd (-12.4% USD) and the total market capitalisation is currently USD 40.7bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS DAAR COMMUNICATION PLC Full Year 5/4/2016 Ecobank Transnat 2015 Omitted 0.00 UNIVERSAL INSURANCE CO PLC Full Year 5/4/2016 University Press 2015 Final 0.2 ANINO INTERNATIONAL PLC Full Year 5/6/2016 Nestle Nigeria P 2015 Interim 10.0 PREMIER PAINTS PLC Full Year 5/6/2016 Vetiva Griffin Regular Cash 0.1 ABBEY BUILDING SOCIETY PLC Full Year 5/6/2016 Consolidated Hal 2015 Final 0.02 E-TRANZACT INTERNATIONAL PLC Full Year 5/6/2016 SKYE BANK PLC Full Year 5/6/2016 MULTI-TREX INTEGRATED FOODS Full Year 5/12/2016 LASACO ASSURANCE PLC Full Year 5/26/2016 Last Cum date 7-Jul-15 1-Sep Nov Aug Aug-15 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 25, H: 18-May-15 34,781.5 Wema Bank This week 24, L: 19-Jan-16 22,456.3 Honeywell Flour Mills Prev week 24, Off peak -27.9% Neimeth Intl Pharmaceuticals MTD 25, At High 38/199 A.G. Leventis Nigeria YTD 28, At Low 55/199 Nigerian Breweries Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4,806 Value Traded / Mkt Cap (%) 2.97% NGNm 10,244.4 Company Week % chg Price Net value 2,562 Stocks traded (absolute) 143 USDm 51.5 Forte Oil Stocks traded (%) 72% UACN Property Upside value 3,656 Stocks up 27 Total Market cap Airline Services & Logistics Downside value 1,093 Stocks down 30 NGNm 8,102,027 Livestock Feeds Upside/downside ratio 234.3% Advance - Decline -3 USDm 40,716 GSK Consumer Nig USD NGN Rebased Index Performance 15% 4% -7% -18% Top 5 (value) traders Company NGN'000 % of total FBN Holdings 987, Access Bank 564, Zenith Bank 545, Nigerian Breweries 438, Guaranty Trust Bank 435, % -40% -51% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (NGN bn) : Current vs Peak 2-May 18 May ,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 Up 156, ,784,419 13,993 2,617.1 Nigerian Breweries BREW Up 438,352 3, ,442 4,404 5,570.7 Guaranty Trust Bank BANK Up 435,872 26, ,561 2,480 10,995.0 Nestle Nigeria CONS Down 301, ,690 2,451 2,536.9 Zenith Bank BANK Up 545,808 43, ,735 2,004 7,419.9 ETI (Nigeria) BANK Down 63,710 4, ,972 1, Forte Oil UTIL Down 93, ,558 1, Lafarge WAPCO BUIL Down 186,970 2, ,079 1,026 2,183.3 Stanbic IBTC Holdings BANK Up 43,769 3, , Guinness Nigeria BREW Down 246,439 2, , FBN Holdings BANK Up 987, , , ,640.3 Unilever Nigeria CONS Up 20, , UBA BANK Up 230,091 67, , , Up Bottling Comp. BREW Flat 13, , Access Bank BANK Up 564, , , ,863.6 P Z Cussons Nigeria CONS Up 7, , Union Bank Nig. BANK Down 8,234 1, , Dangote Sugar Refinery CONS Down 5, , Intl Breweries BREW Flat , Mobil Oil Nig UTIL Down 3, , Total Nigeria UTIL Up 30, , Julius Berger BUIL Flat 12, , Flour Mills Nig. CONS Up 16, , Cadbury Nigeria CONS Up 4, , Ashaka Cement BUIL Flat 2, , TransCorp Nigeria INVE Down 45,930 45, , Presco AGRI Up 3, , U A C N CONS Down 14, , Fidelity Bank BANK Down 25,239 21, , Wema Bank BANK Up 34,699 44, ,

8 Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary The GSE Composite declined 0.6% to close the week at 1,828.8 on the back of losses in Stanchart Ghana (-2.3%), CAL Bank (-2.2%), Total Petroleum (-2.0%). During the week, gains were recorded in SocGen (Ghana) (+2.6%), and Ghana Oil (+0.7%). The top traders by value were Enterprise Group (USD 19.9k), Unilever Ghana (USD 7.9k), and HFC Bank (USD 7.0k). Trading in these shares accounted for 68.8% of this week s turnover of GHS 192.4k (USD 50.5k). The average weekly value traded in the last six months is GHS 3.8m (USD 1.0m). The GSE Composite is down 8.3% ytd (-8.4% USD) and the total market capitalisation is currently USD 3.1bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS COCOA PROCESSING CO LTD Full Year 5/2/2016 Total Petroleum 2015 Interim 0.09 UT BANK LTD Full Year 5/9/2016 Mechanical Lloyd 2015 Regular Cash 0.02 PIONEER KITCHENWARE LTD Full Year 6/10/2016 Trust Bank Ltd 2015 Interim 0.2 Last Cum date 25-Nov Nov Sep-15 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: 09-Jun-15 2,386.5 SocGen (Ghana) This week 1, L: 29-Apr-16 1,828.8 Ghana Oil Prev week 1, Off peak -23.4% -- MTD 1, At High 0/34 -- YTD 1, At Low 0/34 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 0.2 Value Traded / Mkt Cap (%) 0.08% GHSm 3.8 Company Week % chg Price Net value -0.0 Stocks traded (absolute) 18 USDm 1.0 Aluworks Ghana Stocks traded (%) 53% Stanchart Ghana Upside value 0.0 Stocks up 2 Total Market cap CAL Bank Downside value 0.0 Stocks down 6 GHSm 11,770 Total Petroleum Upside/downside ratio -30.5% Advance - Decline -4 USDm 3,090 Benso Oil Palm USD GHS Rebased Index Performance 36% 22% 8% Top 5 (value) traders Company GHS'000 % of total Enterprise Group Unilever Ghana HFC Bank SocGen (Ghana) CAL Bank % -20% -34% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (GHS m) : Current vs Peak 2-May 09 Jun ,000 10,000 15,000 20,000 *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 , Ecobank Ghana BANK , Stanchart Ghana BANK Down , Fan Milk CONS Flat Total Petroleum OILG Down Unilever Ghana CONS Down Golden Star RESO CAL Bank BANK Down Guinness Ghana BREW Ghana Oil OILG Up Enterprise Group INSU Flat SocGen (Ghana) BANK Up HFC Bank BANK Flat Benso Oil Palm AGRI Down Tullow Oil OILG Trust Bank (Gambia) BANK PZ Cussons Ghana CONS Flat UT Bank BANK Flat Mega African Capital INVE Produce Buying AGRI Flat SIC Insurance INSU Flat Ayrton Drug PHAR Aluworks Ghana RESO Down Cocoa Processing INDU Mechanical Lloyd CONS Transol TELE Pioneer Kitchenware. INDU Starwin Products PHAR Clydestone Ghana TELE Flat Sam Woode CONS

11 BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite remained flat to close the week at on the back of gains in Crown SIEM CI (+15.2%), SOGB (+7.6%), and PALM CI (+7.1%). During the week, losses were recorded in Bank of Africa BN (-9.1%), SODE (-6.6%), and Nestle CI (-4.0%). The top traders by value were Sonatel SN (USD 2.1m), Servair Abidjan (USD 1.8m), and Bollore Africa Logistics CI (USD 1.2m). Trading in these shares accounted for 72.8% of this week s turnover of XOF 4.1bn (USD 7.0m). The average weekly value traded in the last six months is XOF 6.9bn (USD 11.9m). The IC Composite is up 4.9% ytd (+10.9% USD) and the total market capitalisation is currently USD 11.9bn. 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) E 2017F , , , , Ivory Coast Current account balance (% GDP) E 2017F Company Reporting period Expected reporting date Govt gross debt (% GDP) COMPAGNIE IVOIRIENNE D ELECT Full Year 5/19/2016 Govt net debt (% GDP) SOC AFRICAINE DE PLANTATIONS Full Year 5/21/2016 Nominal GDP (USDbn) 1, , , , , ,518.8 SONATEL Half Year 7/24/2016 GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) Dividends Year Type Amount Bank Of Africa 2015 Regular Cash 3,492.0 Palmci 2015 Regular Cash Bicici 2015 Regular Cash 3,305.0 Sgbci 2015 Regular Cash 5,403.0 Sicable 2015 Regular Cash 1,000.0 Last Cum date 30-Apr-15 3-Jul Jul-15 9-Jul Aug-15 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: 22-Apr Crown SIEM CI ,000 This week L: 07-May SOGB ,890 Prev week Off peak -0.5% PALM CI ,600 MTD At High 3/37 SAPH ,000 YTD At Low 2/37 Tractafric Motors CI ,000 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4,130.8 Value Traded / Mkt Cap (%) 2.98% XOFm 6,948.8 Company Week % chg Price Net value -1,667.8 Stocks traded (absolute) 35 USDm 11.9 Bank of Africa BN ,005 Stocks traded (%) 95% SICOR ,015 Upside value 1,030.9 Stocks up 15 Total Market cap SODE ,200 Downside value 2,698.7 Stocks down 17 XOFm 6,931,273 Total CI ,205 Upside/downside ratio -61.8% Advance - Decline -2 USDm 11,910 Nestle CI ,000 USD XOF Rebased Index Performance 27% 19% 11% Top 5 (value) traders Company XOF'000 % of total Sonatel SN 1,245, Servair Abidjan 1,066, Bollore Africa Logistics CI 696, SGB 368, CIE 161, % -5% -13% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (XOF bn): Current vs Peak 2-May 22 Apr ,000,000 10,000,000 *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 Volume Volume 12 Month Movement (% chg) Market cap 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 25, Down 1,245,925 48,501 28,810 23, ,579,500 4,432 3,513.1 ETI (BRVM) BANK Down 20, , ,250 1, SGB BANK 156,000 - Flat 368,236 2, ,235 96, , Onatel BF TELE 14, Up 51,904 3,683 15,000 8, , ,031.2 Bollore Africa Logistics CI TRPT 310, Up 696,350 2, , , , CIE UTIL 96, Down 161,823 1,733 98,500 59, , Bank of Africa BN BANK 200, Down 49, , , , SOLIBRA CI BREW 214, Up 54, , , , BICI CI BANK 101,000 - Flat 33, ,495 85, , SITAB CI INDU 180, Down 6, , , , Vivo Energy CI UTIL 100, Down 19, ,000 55, , CFAO CI CONS 107, Up 5, ,000 64, , Bank of Africa CI BANK 190, Up 7, ,500 90, , Tractafric Motors CI CONS 690, Up 84, , , , FILTISAC CI INDU 29, Down 12, ,995 23, , Bank of Africa BF BANK 132, Up 35, ,000 80, , SODE UTIL 96, Down 4, ,000 55, , PALM CI AGRI 10, Up 3, ,000 9, , SAPH AGRI 16, Up 30,483 1,941 16,000 10, , SOGB AGRI 33, Up 38,566 1,154 33,890 24, , SMB INDU 34, Down 8, ,900 15, , Servair Abidjan CONS 123, Down 1,066,446 8, ,535 48, , Bank of Africa NG BANK 109, Down 3, ,000 75, , Bernabe CI TRPT 193, Down ,000 79, , Nestle CI CONS 48, Down 11, ,200 41, , Unilever CI INDU 28, Down 8, ,000 22, , Crown SIEM CI INDU 52, Up 1, ,000 21, , Uniwax CI INDU 27, Down 20, ,000 17, , Air Liquide CI INDU 21, Up 18, ,500 17, , SICable INDU 94, Up ,500 65, ,

14 Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE Kenya 15 gained 0.9% to close the week at on the back of gains in Liberty Kenya (+6.7%), Bamburi Cement (+5.0%), and I&M Bank (+4.7%). During the week, losses were recorded in Scan Group (-9.4%), Stanchart Kenya (-4.9%), and NIC Bank (-3.8%). The top traders by value were Safaricom (USD 4.2m), KCB Bank (USD 2.1m), and KenolKobil (USD 0.5m). Trading in these shares accounted for 69.1% of this week s turnover of KES 996.8m (USD 9.9m). The average weekly value traded in the last six months is KES 2.8bn (USD 27.9m). The FTSE NSE Kenya 15 is up 0.6% ytd (+1.9% USD) and the total market capitalisation is currently USD 19.8bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS KENYA POWER & LIGHTING LTD Half Year 5/3/2016 Cfc Stanbic Hold 2015 Interim 0.8 DIAMOND TRUST BANK KENYA LTD Full Year 5/3/2016 Nation Media Grp 2015 Interim 2.5 STANDARD CHARTERED BANK LTD Full Year 5/3/2016 Unga Group Ltd 2015 Final 1.0 KENOLKOBIL LTD GROUP Full Year 5/3/2016 Bamburi Cement 2014 Interim 6.0 NAIROBI SECURITIES EXCHANGE Full Year 5/3/2016 Jubilee Holdings 2015 Interim 1.0 TRANSCENTURY LTD Full Year 5/3/2016 KENYA REINSURANCE CORP LTD Full Year 5/3/2016 EXPRESS KENYA LTD Full Year 5/3/2016 LIBERTY KENYA HOLDING LTD Full Year 5/5/2016 LIMURU TEA CO LTD Full Year 5/6/2016 TPS EASTERN AFRICA LTD Full Year 5/6/2016 WPP SCANGROUP LTD Full Year 5/9/2016 CROWN PAINTS KENYA LTD Full Year 5/9/2016 STANDARD GROUP LTD Full Year 5/11/2016 ARM CEMENT LTD Full Year 5/11/2016 SAFARICOM LTD Full Year 5/11/2016 SASINI LTD Half Year 5/16/2016 UCHUMI SUPERMARKETS LTD Half Year 5/23/2016 Last Cum date 4-Sep Sep-15 3-Dec Sep Sep-15 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: 05-May Pan Africa Insurance This week L: 21-Jan Liberty Kenya Prev week Off peak -18.7% Eaagads MTD At High 0/60 Bamburi Cement YTD At Low 4/60 I&M Bank Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,000.8 Value Traded / Mkt Cap (%) 2.50% KESm 2,830.1 Company Week % chg Price Net value Stocks traded (absolute) 52 USDm 28.0 TransCentury Stocks traded (%) 87% Scan Group Upside value Stocks up 17 Total Market cap Express Kenya Downside value Stocks down 28 KESm 2,005,364 Marshalls (EA) Upside/downside ratio 46.8% Advance - Decline -11 USDm 19,853 Uchumi USD KES Rebased Index Performance 15% 5% -5% -15% Top 5 (value) traders Company KES'000 % of total Safaricom 422, KCB Bank 211, KenolKobil 54, EABL 44, Centum Investment 39, % -35% -45% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (KES bn) : Current vs Peak 2-May 05 May ,000,000 2,000,000 3,000,000 *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 Up 422,928 24, ,763 6,779 5,806.5 EABL BREW Up 44, ,860 2,325 4,461.1 Equity Bank BANK Flat 36, ,111 1,466 5,521.6 KCB Bank BANK Down 211,594 5, ,842 1,226 5,175.9 BAT (Kenya) CONS Up 13, , Co-Op Bank BANK Up 10, , Bamburi Cement BUIL Up 5, , Stanchart Kenya BANK Down 6, , Barclays Kenya BANK Flat 11,906 1, , Diamond Trust BANK Down 2, , I&M Bank BANK Up 34, , CFC Stanbic BANK Up , Nation Media MEDI Down , Centum Investment INVE Down 39, , Jubilee Holdings INSU Down 4, , BA Investment INVE Up 6, , KPLC UTIL Down 9, , NIC Bank BANK Down 23, , KenGen UTIL Down 7, , ARM Cement Ltd RESO Flat 7, , KenolKobil OILG Down 54,698 5, , KenyaRe INSU Down 2, , CIC Insurance INSU Flat 2, , Scan Group MEDI Down , Liberty Kenya BANK Up 1, , CMC Holdings CONS , Kenya Airways TRPT Up 3, , Kakuzi AGRI Down , Nairobi Securities Exchange BANK Flat 4, , Housing Finance BANK Up 5, ,

17 Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DSE ALSI gained 3.7% to close the week at 2,559.3 on the back of gains in CRDB Bank (+2.6%), NMB (+2.5%), and Tanzania Breweries (+1.4%). During the week, losses were recorded in Tanzania Cigarette (- 0.8%). The top traders by value were Tanzania Breweries (USD 258.7k), CRDB Bank (USD 56.9k), and NMB (USD 21.3k). Trading in these shares accounted for 87.7% of this week s turnover of TZS 843.3m (USD 384.0k). The average weekly value traded in the last six months is TZS 11.2bn (USD 5.1m). The DSE ALSI is up 9.7% ytd (+7.6% USD) and the total market capitalisation is currently USD 3.7bn. 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 2017F , , Company Reporting period Expected reporting date Dividends Year Type DPS NATIONAL MICROFINANCE BANK Full Year 5/9/2016 Tanzania Breweri nd Interim TANZANIA PORTLAND CEMENT CO Full Year 5/11/2016 Tanzania Cigaret 2015 Interim PRECISION AIR SERVICES LTD Full Year 5/11/2016 DAR ES SALAAM COMMUNITY BANK Full Year 5/17/2016 Last Cum date 7-Dec Oct-15 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 2, , H: 26-Feb-16 5,004.7 CRDB Bank This week 2, , L: 31-Mar-16 2,173.0 NMB 2.5 2,050 Prev week 2, , Off peak -48.9% Tanzania Breweries ,000 MTD 2, , At High 2/11 Swissport 0.1 6,810 YTD 2, , At Low 3/11 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 0.51% TZSm 11,165.3 Company Week % chg Price Net value Stocks traded (absolute) 8 USDm 5.1 Tanzania Cigarette ,000 Stocks traded (%) 73% -- Upside value Stocks up 4 Total Market cap -- Downside value 31.7 Stocks down 1 TZSm 8,206, Upside/downside ratio % Advance - Decline 3 USDm 3, USD TZS Rebased Index Performance 86% 57% 28% Top 5 (value) traders Company TZS'000 % of total Tanzania Breweries 568, CRDB Bank 124, NMB 46, TWIGA 45, Tanzania Cigarette 31, % -30% -59% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (TZS bn) : Current vs Peak 2-May 26 Feb ,000,000 10,000,000 *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 14, Up 568, ,260 13, ,128,998 1,885 3,362.4 Tanzania Cigarette CONS 12, Down 31, ,520 12, ,200, NMB BANK 2, Up 46, ,610 1, ,025, CRDB Bank BANK Up 124, , TWIGA BUIL 2,700 - Flat 45, ,900 2, , Swissport HOTL 6, Up 4, ,600 5, , Simba Cement BUIL 1,850 - Flat 19, ,000 1, , Precision Air TRPT , TOL INDU , DCB BANK Flat 2, , Tanzania Tea Packers AGRI ,

20 Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary The AA Rwanda Index was flat at The top traders by value were Bank of Kigali (USD 2.0k), and Bralirwa (USD k). Trading in these shares accounted for 100.0% of this week s turnover of RWF 1.6m (USD 2.0k). The average weekly value traded in the last six months is RWF 338.5m (USD 437.5k). The AA Rwanda Index is down 0.6% ytd (-4.3% USD) and the total market capitalisation is currently USD 412.4m. 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 2017F Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date BRALIRWA SA Full Year 5/9/

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: 06-Aug No Gainers This week L: 24-Mar Prev week Off peak -37.7% MTD At High 0/2 YTD At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1.6 Value Traded / Mkt Cap (%) 0.02% RWFm Company Week % chg Price Net value - Stocks traded (absolute) 1 USDm 0.4 No Decliners Stocks traded (%) 50% -- Upside value - Stocks up 0 Total Market cap Downside value - Stocks down 0 RWFm 319,111 Upside/downside ratio - Advance - Decline 0 USDm 412 USD RWF Rebased Index Performance 7% Top 5 (value) traders Company RWF'000 % of total Bank of Kigali 1, % -19% -32% -45% -58% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (RWF bn) : Current vs Peak 2-May 06 Aug , , ,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 , Bank of Kigali BANK Flat 1, ,

23 Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary The USE ALSI gained 1.8% to close the week at 1,784.6 on the back of gains in NIC (+9.1%), and Bank of Baroda (+0.7%). The top traders by value were Umeme (USD 712.6k), Stanbic Uganda (USD 11.3k), and Bank of Baroda (USD 3.5k). Trading in these shares accounted for 100.0% of this week s turnover of UGX 2.4bn (USD 727.5k). The average weekly value traded in the last six months is UGX 4.1bn (USD 1.2m). The USE ALSI is up 1.2% ytd (+2.9% USD) and the total market capitalisation is currently USD 1.3bn. 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 2017F Company Reporting period Expected reporting date Dividends Year Type DPS UGANDA CLAYS LTD Full Year 5/6/2016 Umeme Ltd 2015 Interim 10.8 UMEME LTD Full Year 5/6/2016 New Vision Print 2015 Regular Cash 0.5 BANK OF BARODA UGANDA LTD Full Year 5/9/2016 NEW VISION PRINTING & PUBLIS Half Year 5/10/2016 STANBIC BANK UGANDA LTD Full Year 5/11/2016 NIC HOLDINGS LTD Full Year 5/15/2016 DEVELOPMENT FINANCE COMPANY Full Year 5/16/2016 Last Cum date 1-Dec Dec-15 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: 09-Jul-15 2,052.9 NIC This week 1, , L: 19-Nov-15 1,711.7 Bank of Baroda Prev week 1, , Off peak -13.1% -- MTD 1, , At High 1/8 -- YTD 1, , At Low 2/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 2,421.9 Value Traded / Mkt Cap (%) 2.84% UGXm 4,079.9 Company Week % chg Price Net value 11.8 Stocks traded (absolute) 4 USDm 1.2 No Decliners Stocks traded (%) 50% -- Upside value 11.8 Stocks up 2 Total Market cap -- Downside value - Stocks down 0 UGXm 4,256, Upside/downside ratio - Advance - Decline 2 USDm 1, USD UGX Rebased Index Performance 6% -3% -12% Top 5 (value) traders Company UGX'000 % of total Umeme 2,372, Stanbic Uganda 37, Bank of Baroda 11, NIC % -30% -39% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (UGX bn) : Current vs Peak 2-May 09 Jul ,000,000 4,000,000 6,000,000 *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) BAT (Uganda) AGRI 30,000 30,000 8, ,472, Stanbic Uganda BANK Flat 37,528 1, ,228, Umeme UTIL Flat 2,372,556 4, , ,033.9 Bank of Baroda BANK Up 11, , DFCU BANK , New Vision MEDI , Uganda Clays BUIL , NIC INSU Up ,

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 2017F , , , , , , Dividends Year Type DPS Last Cum date Stenprop Ltd Interim Jan-16 Marshall Monteag 2016 Final Jan-16 Gold Fields Ltd 2016 Final Mar-16 Hudaco Inds Ltd 2016 Final Feb-16 Stanlib Swix Income Dec-15 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 52, H: 04-May-15 54,640 Group Five This week 53, L: 21-Jan-16 46,282 Nampak Prev week 53, Off peak -3.1% Ellies Holdings MTD 52, At High 0/60 Grindrod YTD 50, At Low 0/60 Pick N Pay Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 21,059 Value Traded / Mkt Cap (%) 22.35% ZARm 51,920 Company Week % chg Price Net value -8,325 Stocks traded (absolute) 51 USDm 3,649 Aveng Stocks traded (%) 85% Telkom SA Upside value 6,367 Stocks up 27 Total Market cap Firstrand Downside value 14,692 Stocks down 23 ZARbn 4,712 Naspers ,953 Upside/downside ratio -56.7% Advance - Decline 4 USDbn 331 Astral Foods USD Rebased Index Performance Top 5 (value) traders ZAR 15% 4% Company SABMiller ZAR'm 2,615 % of total Naspers MTN Group 6,810 1, % Standard Bank Group 1, Firstrand 1, % -29% -40% -51% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (ZAR bn) : Current vs Peak 2-May 04 May ,000 4,000 6,000 *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 2,615 3, ,386,613 97, ,078 Naspers MEDI 1, Down 6,810 3,428 2,233 1, ,386 56, ,192 MTN Group TELE Up 1,669 11, ,752 19, ,611 Firstrand BANK Down 1,141 24, ,936 18, ,381 Vodacom Group TELE Down 532 3, ,256 17, ,905 Standard Bank Group BANK Down 1,157 8, ,155 14, ,132 Aspen Pharmacare PHAR Up 691 2, ,830 10, ,753 Steinhoff Intl CONS ,075 10,195 38,858 Bidvest Group INVE Up 764 2, ,404 8, ,004 Absa Group BANK Down 752 5, ,638 7,283 97,961 Mondi INDU Up 464 1, ,356 7,052 84,136 Mediclinic International PHAR ,442 6,988 51,670 Shoprite Holdings CONS Up 769 4, ,700 6,866 96,816 Nedbank Group BANK Down 406 2, ,417 6,494 70,390 Woolworths Holdings CONS Up 720 7, ,010 4, ,538 Tiger Brands CONS Up ,330 4,731 75,777 Mr Price Group CONS ,416 3,683 - Truworths International CONS Down 545 5, ,095 3,450 81,007 Foschini Group CONS Up 279 1, ,712 2,580 51,020 Pick N Pay CONS Up 197 2, ,487 2,494 23,491 Imperial Holdings INVE Down 259 1, ,291 2,199 49,298 Telkom SA TELE Down 166 2, ,518 2,074 28,093 Massmart Holdings CONS Down ,489 1,861 18,574 Barloworld INVE Up 170 2, ,017 1,336 30,887 Nampak INDU Up 81 3, ,984 1,193 32,010 Oceana Group CONS Up ,373 1,010 2,750 Super Group TRPT Down 47 1, , ,160 Tongaat Hulett CONS Up , ,395 Illovo Sugar CONS Up , ,851 AECI INDU Up , ,665 26

29 Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Market Commentary The SEMDEX gained 0.9% to close the week at 1,781.9 on the back of gains in New Mauritius Hotels (+3.3%), Lux Island Resorts (+2.6%), and Rogers & Co (+1.7%). During the week, losses were recorded in Ireland Blyth (-0.2%). The top traders by value were MCB (USD 1.8m), Phoenix Beverages (USD 0.5m), and State Bank Mauritius (USD 0.4m). Trading in these shares accounted for 77.9% of this week s turnover of MUR 125.2m (USD 3.6m). The average weekly value traded in the last six months is MUR 195.3m (USD 5.6m). The SEMDEX is down 1.6% ytd (+0.7% USD) and the total market capitalisation is currently USD 5.4bn. 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 2017F , , , , ,643.4 #### Company Reporting period Expected reporting date Dividends Year Type DPS BRAMER BANKING CORP LTD Full Year 6/6/2016 Enl Commercial L 2015 Interim 0.5 DALE CAPITAL GROUP LTD Full Year 6/6/2016 Harel Mallac &Co 2015 Final 1.8 Belle Mare Hldg 2015 Final 0.8 Mauritian Eag In 2016 Interim 1.1 Innodis Ltd 2016 Interim 0.9 Last Cum date 25-Nov Dec Nov Feb Jan-16 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: 19-Jun-15 1,987.0 New Mauritius Hotels This week 1, L: 25-Apr-16 1,763.6 Air Mauritius Prev week 1, Off peak -10.3% Lux Island Resorts MTD 1, At High 0/44 Rogers & Co YTD 1, At Low 4/44 State Bank Mauritius Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 3.28% MURm Company Week % chg Price Net value 93.2 Stocks traded (absolute) 34 USDm 5.6 MDIT Stocks traded (%) 77% Ireland Blyth Upside value 94.7 Stocks up 11 Total Market cap -- Downside value 1.5 Stocks down 2 MURm 191, Upside/downside ratio % Advance - Decline 9 USDm 5, USD MUR Rebased Index Performance 10% 5% 0% -5% Top 5 (value) traders Company MUR'000 % of total MCB 64, Phoenix Beverages 18, State Bank Mauritius 14, Lux Island Resorts 8, New Mauritius Hotels 4, % -15% -20% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (MUR bn) : Current vs Peak 2-May 19 Jun , , ,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 Up 64, ,829 1,506 1,951.4 State Bank Mauritius BANK Up 14,137 22, , ENL Land AGRI Flat , CIEL INSU Up , Alteo LTD CONS Flat , Ireland Blyth INVE Down 1, , Terra Mauricia INVE Up 1, , Rogers & Co INVE Up , Lux Island Resorts HOTL Up 8, , Phoenix Beverages BREW Flat 18, , CIM Financial BANK Flat , Omnicane AGRI Flat , Sun Resorts HOTL Flat , Bramer Bank BANK , New Mauritius Hotels HOTL Up 4, , ,689.1 Lottotech INVE , Gamma Civic BUIL Flat , Swan Insurance INSU Flat , Vivo Energy OILG Flat , Dale Capital (USD) INVE , United Basalt Products INDU Flat , Fincorp CONS Flat , MDIT INVE Down , INNODIS CONS Flat 3, , Air Mauritius TRPT Up , Mauritius Union Assurance INSU Flat , POLICY INVE Flat 1, , LOTTOTECH INVE Flat FALSE , Caudan Development INVE Flat Harel Mallac INVE

32 Botswana Stock Exchange (Botswana Pula) Botswana Market Commentary The BSE DCI declined 0.2% to close the week at 10,299.9 on the back of losses in FNB Botswana (-0.8%), and Primetime (-0.3%). During the week, gains were recorded in Letshego (+0.4%), Turnstar (+0.3%), and G4S (+0.3%). The top traders by value were FNB Botswana (USD 3.6m), Letshego (USD 1.4m), and Sechaba (USD 0.1m). Trading in these shares accounted for 94.5% of this week s turnover of BWP 32.3m (USD 5.5m). The average weekly value traded in the last six months is BWP 625.2m (USD 58.9m). The BSE DCI is down 2.9% ytd (+3.2% USD) and the total market capitalisation is currently USD 40.5bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type Amount PRIMETIME PROPERTY HOLDINGS Half Year 5/3/2016 Turnstar 2015 Interim 8.0 G4S SECURITY SERVICES Full Year 5/10/2016 Sechaba Brewerie 2015 Regular Cash 40.0 BARCLAYS BANK OF BOTSWANA Full Year 5/10/2016 G4S Security 2015 Regular Cash 10.9 FURNITURE MART Half Year 5/10/2016 Primetime Proper 2015 Regular Cash 8.1 CHOBE HOLDINGS LTD Full Year 5/20/2016 Choppies Enterpr 2015 Interim 4.9 WILDERNESS HOLDINGS LTD Full Year 5/26/2016 Last Cum date 16-Nov-15 2-Nov-15 7-Sep Aug Oct-15 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 10, H: 17-Aug-15 11,096.9 Letshego This week 10, L: 04-May-15 10,033.6 Turnstar Prev week 10, Off peak -7.2% G4S MTD 10, At High 0/24 BIHL Botswana YTD 10, At Low 1/24 -- Total value Net value Turnover analysis ** Upside value Downside value Upside/downside ratio Trading numbers Avg weekly value traded Top 5 decliners 32.3 Value Traded / Mkt Cap (%) 3.29% BWPm 61.3 Company Week % chg Price Stocks traded (absolute) 17 USDm 5.8 FNB Botswana Stocks traded (%) 71% Primetime Stocks up 4 Total Market cap Stocks down 2 BWPm 49, % Advance - Decline 2 USDm 4, USD BWP Rebased Index Performance 17% 9% 1% Top 5 (value) traders Company BWP'000 % of total FNB Botswana 21, Letshego 8, Sechaba BIHL Botswana Turnstar % -15% -23% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (BWPm) : Current vs Peak 17 Aug ,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 Down 21,315 5, , Letshego BANK Up 8,306 3, , ,156.6 Choppies CONS Flat , BIHL Botswana INSU Up , ,061.8 Barclays Botswana BANK Flat , Sechaba BREW Flat , Stanchart Botswana BANK , Sefalana CONS Flat , ABCH Botswana BANK , Turnstar PROP Up , New Africa Properties PROP Flat , Engen Botswana OILG Flat , Wilderness HOTL Flat , Furnmart CONS Chobe HOTL Flat Letlole La Rona PROP Flat Primetime PROP Down RDCP PROP Flat FSG INSU G4S CONS Up Cresta HOTL Flat Imara Botswana INVE RPC Data TELE Olympia Capital (Botswana) BUIL

35 Zimbabwe Stock Exchange (US Dollar) Zimbabwe Market Commentary The ZSE Industrial gained 3.9% to close the week at on the back of gains in Barclays Zimbabwe (USD) (+11.1%), OK Zimbabwe (USD) (+9.8%), and Delta Corp Zimbabwe (USD) (+9.4%). During the week, losses were recorded in Econet Wireless (USD) (-2.0%). The top traders by value were Delta Corp Zimbabwe (USD) (USD 4.3m), Seed Co (USD) (USD 0.1m), and Econet Wireless (USD) (USD 0.1m). Trading in these shares accounted for 97.9% of this week s turnover of USD 4.6m (USD 4.6m). The average weekly value traded in the last six months is USD 2.9m (USD 2.9m). The ZSE Industrial is down 7.9% ytd (-7.9% USD) and the total market capitalisation is currently USD 2.8bn. 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 2017F , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS ECONET WIRELESS ZIMBABWE LTD Full Year 5/4/2016 Cbz Holdings Ltd 2015 Interim 0.00 ZIMRE PROPERTY INVESTMENTS L Full Year 5/6/2016 Natl Foods Hold 2015 Regular Cash 0.05 CFI HOLDINGS LTD Full Year 5/6/2016 Colcom Holdings 2015 Regular Cash 0.01 DELTA CORPORATION LTD Full Year 5/6/2016 Fbc Holdings Ltd 2015 Regular Cash 0.00 FIDELITY LIFE Full Year 5/9/2016 Delta Corp 2015 Interim 0.01 ZIMPLOW HOLDINGS LTD Full Year 5/9/2016 ZIMRE HOLDINGS LTD Full Year 5/9/2016 RIOZIM LTD Full Year 5/9/2016 PIONEER CORPORATION AFRICA Full Year 5/9/2016 LAFARGE CEMENT ZIMBABWE LTD Full Year 5/10/2016 CAFCA LTD Half Year 5/12/2016 PG INDUSTRIES (ZIMBABWE) LTD Full Year 5/12/2016 POWERSPEED ELECTRICAL LTD Full Year 5/16/2016 Last Cum date 14-Sep Oct Oct Sep Nov-15 33

36 Zimbabwe Stock Exchange (US Dollar) Zimbabwe Index performance * USD/USD USD returns Top 5 gainers (Top 40) ZSE INDUSTR Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 22-May Barclays Zimbabwe This week L: 30-Mar OK Zimbabwe Prev week Off peak -32.2% Delta Corp Zimbabwe MTD At High 0/74 BAT (Zimbabwe) YTD At Low 0/74 TSL Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40) Total value 4.6 Value Traded / Mkt Cap (%) 8.35% USDm 2.9 Company Week % chg Price Net value 4.3 Stocks traded (absolute) 20 USDm 2.9 Radar Holdings Stocks traded (%) 27% Hippo Valley Estates Upside value 4.4 Stocks up 6 Total Market cap Econet Wireless Downside value 0.1 Stocks down 4 USDm 2,771 Mashonaland Holdings Upside/downside ratio % Advance - Decline 2 USDm 2, USD USD Rebased Index Performance 15% 4% -7% -18% Top 5 (value) traders Company USD'000 % of total Delta Corp Zimbabwe 4, Seed Co Econet Wireless BAT (Zimbabwe) TSL % -40% -51% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (USD m) : Current vs Peak 2-May 22 May ,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 Up 4,308 6, ,077.2 BAT (Zimbabwe) CONS Up Econet Wireless TELE Down ABCH (Zimbabwe) BANK National Foods Holdings INDU Innscor Africa CONS Up Seed Co AGRI Flat CBZ Bank BANK Flat Barclays Zimbabwe BANK Up OK Zimbabwe CONS Up TSL CONS Up First Banking Corp BANK Flat African Distillers BREW Hippo Valley Estates AGRI Down Padenga CONS Flat Dawn Properties PROP Mashonaland Holdings PROP Down Colcom Holdings INDU TA Holdings INVE Rainbow Tourism HOTL Lafarge Zimbabwe BUIL Dairibord INDU Flat Kingdom Meikles Africa BANK Pearl Properties PROP Flat Edgars Zimbabwe CONS NMBZ Holdings BANK Tractive Power INDU Zimre Holdings INSU Bindura Nickel Corp RESO African Sun HOTL

38 Lusaka Stock Exchange (Zambian Kwacha) Zambia Market Commentary The LuSE ALSI declined 0.1% to close the week at 5,010.8 on the back of losses in Copperbelt Energy (- 1.4%), and Madison Financial Services PLC (-0.3%). The top traders by value were Lafarge Zambia (USD 14.4k), Copperbelt Energy (USD 4.3k), and Madison Financial Services PLC (USD 0.2k). Trading in these shares accounted for 96.0% of this week s turnover of ZMK 191.1k (USD 19.7k). The average weekly value traded in the last six months is ZMK 4.4m (USD 460.3k). The LuSE ALSI is down 12.6% ytd (+0.2% USD) and the total market capitalisation is currently USD 3.2bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS ZAMBIA SUGAR PLC Full Year 5/11/2016 National Brewer 2016 Interim 0.3 ZAMBIA BATA SHOE Full Year 5/29/2016 Standard Charter 2015 Interim 0.06 ZAMBIAN BREWERIES Full Year 6/5/2016 Lafarge Cement 2015 Interim 0.3 Zambia Sugar Plc 2015 Final 0.02 Real Estate Inve 2015 Interim 0.08 Last Cum date 29-Jan-16 4-Nov Sep Aug Oct-15 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 5, H: 04-May-15 5,994.0 No Gainers This week 5, L: 29-Apr-16 5, Prev week 5, Off peak -16.4% -- MTD 5, At High 4/19 -- YTD 5, At Low 6/19 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 0.2 Value Traded / Mkt Cap (%) 0.03% ZMKm 4.3 Company Week % chg Price Net value -0.0 Stocks traded (absolute) 8 USDm 0.5 Copperbelt Energy Stocks traded (%) 42% -- Upside value - Stocks up 0 Total Market cap -- Downside value 0.0 Stocks down 1 ZMKm 30, Upside/downside ratio -100% Advance - Decline -1 USDm 3, USD ZMK Rebased Index Performance 20% 5% -10% -25% Top 5 (value) traders Company ZMK'000 % of total Lafarge Zambia Copperbelt Energy Pamodzi REIZ Zambian Breweries % -55% -70% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (ZMK bn) : Current vs Peak 2-May 04 May ,000 20,000 30,000 40,000 *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

40 Lusaka Stock Exchange (Zambian Kwacha) Zambia Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector ZMK % chg Move ZMK '000 '000 High Low Off high YTD 12 mths ZMK m USD m Val (000) ZANACO BANK Flat , Airtel TELE , Zambian Breweries BREW Flat , StanChart Zambia BANK , Lafarge Zambia BUIL Flat , ZCCM INVE , Zambia Sugar AGRI Flat , ZAMEFA INDU , , BAT (Zambia) CONS Flat , Bata Zambia CONS National Breweries BREW Copperbelt Energy RESO Down Puma Energy OILG Zambeef AGRI REIZ PROP Flat AEL Zambia INDU Investrust Bank INVE Pamodzi HOTL Flat Cavmont Capital Zambia INVE

41 Malawi Stock Exchange (Malawian Kwacha) Malawi Market Commentary The MSE ALSI gained 0.2% to close the week at 12,861.1 on the back of gains in Illovo Malawi (+0.8%). The top traders by value were Illovo Malawi (USD 335.7k), Press Corp (USD 1.1k), and NBM (USD 1.1k). Trading in these shares accounted for 100.0% of this week s turnover of MWK 232.0m (USD 337.9k). The average weekly value traded in the last six months is MWK 339.9m (USD 494.6k). The MSE ALSI is down 11.7% ytd (-14.6% USD) and the total market capitalisation is currently USD 774.6m. 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 2017F Company Reporting period Expected reporting date Dividends Year Type DPS MALAWI PROPERTY INVESTMENT C Full Year 5/3/2016 Natl Bk Of Malaw 2015 Regular Cash 3.2 PRESS CORP LTD Full Year 5/6/2016 National Investm 2015 Regular Cash 60.0 ILLOVO SUGAR MALAWI LTD Full Year 5/11/2016 First Merchant B 2015 Interim 50.0 NICO HOLDINGS LTD Full Year 5/11/2016 Press Corp Ltd 2015 Interim 4.0 REAL INSURANCE LTD Full Year 5/12/2016 Nico Holdings Lt 2015 Regular Cash 0.4 Last Cum date 28-Aug Sep Aug Sep Sep-15 39

42 Malawi Stock Exchange (Malawian Kwacha) Malawi Index performance * MWK/USD USD returns Top 5 gainers MSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 12, H: 02-Jun-15 16,142.1 Illovo Malawi This week 12, L: 21-Apr-16 12, Prev week 12, Off peak -20.3% -- MTD 12, At High 3/13 -- YTD 14, At Low 5/13 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 2.18% MWKm Company Week % chg Price Net value Stocks traded (absolute) 4 USDm 0.5 No Decliners Stocks traded (%) 31% -- Upside value Stocks up 1 Total Market cap -- Downside value - Stocks down 0 MWKm 532, Upside/downside ratio - Advance - Decline 1 USDm USD MWK Rebased Index Performance 6% -8% -22% Top 5 (value) traders Company MWK'000 % of total Illovo Malawi 230, Press Corp NBM TNM % -50% -64% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (MWK bn) : Current vs Peak 2-May 02 Jun , , , ,000 *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 40

43 Malawi Stock Exchange (Malawian Kwacha) Malawi Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths 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 Up 230,423 1, , NBM BANK Flat , Standard Bank BANK , Press Corp INVE Flat , TNM TELE Flat , NICO INSU , FMB Malawi BANK , , NBS BANK , Sunbird HOTL , , MPICO PROP , NITL INVE , Real Insurance INSU Blantyre Hotels HOTL

44 Namibian Stock Exchange (Namibian Dollar) Namibia Market Commentary The NSX Local was flat to close the week at The top traders by value were Bank Windhoek (USD 19.9k), Namibia Breweries (USD 19.7k), and Stimulus Investments (USD k). Trading in these shares accounted for 100.0% of this week s turnover of NAD 567.4k (USD 39.5k). The average weekly value traded in the last six months is NAD 16.3m (USD 1.1m). The NSX Local is up 3.4% ytd (+13.6% USD) and the total market capitalisation is currently USD 2.1bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS STIMULUS INVESTMENTS LTD Full Year 5/27/2016 Namibian Asset M 2015 Regular Cash 0.08 NICTUS NAMIBIA Full Year 6/29/2016 Bank Windhoek Ho 2016 Interim 0.3 Fnb Namibia Hold 2016 Interim 0.9 Bidvest Namibia 2015 Final 34.0 Fnb Namibia Hold 2016 Interim 0.9 Last Cum date 16-Nov Feb Feb-16 7-Sep Feb-16 42

45 Namibian Stock Exchange (Namibian Dollar) Namibia Index performance * NAD/USD USD returns Top 5 gainers NMB Local Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 29-Apr Namibia Breweries This week L: 07-May Prev week Off peak 0.0% -- MTD At High 0/8 -- YTD At Low 0/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 0.6 Value Traded / Mkt Cap (%) 0.10% NADm 16.3 Company Week % chg Price Net value 0.3 Stocks traded (absolute) 2 USDm 1.1 No Decliners Stocks traded (%) 25% -- Upside value 0.3 Stocks up 1 Total Market cap -- Downside value - Stocks down 0 NADm 29, Upside/downside ratio - Advance - Decline 1 USDm 2, USD NAD Rebased Index Performance 35% 24% 13% 2% Top 5 (value) traders Company NAD'000 % of total Bank Windhoek Namibia Breweries % -20% -31% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (NAD m) : Current vs Peak 2-May 29 Apr ,000 20,000 30,000 *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 43

46 Namibian Stock Exchange (Namibian Dollar) Namibia Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths 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 , Bank Windhoek BANK Flat , Namibia Breweries BREW Up , Bidvest Namibia INDU , Oryx Properties PROP , Namibian Asset Mgmt INVE Stimulus Investments INVE Nictus Holding CONS

47 Swaziland Stock Exchange (Swazi Lilangeni) Swaziland Market Commentary There was no trading in Swaziland this 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 2017F , , , , , ,

48 Swaziland Stock Exchange (Swazi Lilangeni) Swaziland Index performance * SZL/USD USD returns Top 5 gainers SSX ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current H: 00-Jan No Gainers This week L: 00-Jan Prev week Off peak -- MTD At High 0/7 -- YTD At Low 0/7 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value - Value Traded / Mkt Cap (%) 0.00% SZLm 0.0 Company Week % chg Price Net value - Stocks traded (absolute) 0 USDm 0.0 No Decliners Stocks traded (%) 0% -- Upside value - Stocks up 0 Total Market cap -- Downside value - Stocks down 0 SZLm 2, Upside/downside ratio - Advance - Decline 0 USDm USD SZL Rebased Index Performance 6% -3% Top 5 (value) traders Company SZL'000 % of total No Trade % -21% -30% Market Cap (SZL m) : Current vs Peak 2-May 00 Jan % May-15 Aug-15 Nov-15 Feb-16 May ,000 2,000 3,000 *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 46

49 Swaziland Stock Exchange (Swazi Lilangeni) Swaziland Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths 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 , Swazi Empowerment INVE SBC Limited BANK Nedbank BANK Swaprop PROP Greystone Partners INVE Swazispa HOTL

50 Egyptian Stock Exchange (Egyptian Pound) Egypt Market Commentary The EGX 30 declined 1.4% to close the week at 7,773.2 on the back of losses in Egyptian Electrical Cables (-5.9%), Medinet Nasr Housing (-4.9%), and Citadel Capital (-4.6%). During the week, gains were recorded in MOBINIL (+10.6%), Naeem Holding (USD) (+2.2%), and Delta Sugar (+1.9%). The top traders by value were CIB Egypt (USD 42.9m), EFG Hermes (USD 13.1m), and Orascom Telecom M&T (USD 13.0m). Trading in these shares accounted for 54.3% of this week s turnover of EGP 1.1bn (USD 127.2m). The average weekly value traded in the last six months is EGP 2.0bn (USD 228.5m). The EGX 30 is up 11.0% ytd (-2.1% USD) and the total market capitalisation is currently USD 25.9bn. 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 2017F , , , Company Reporting period Expected reporting date Dividends Year Type DPS CITADEL CAPITAL SAE Full Year 5/3/2016 Raya Holding Co 2016 Regular Cash 0.2 SOUTH VALLEY CEMENT Full Year 5/3/2016 Elswedy Electri 2016 Regular Cash 1.0 EGYPT FOR POULTRY Full Year 6/1/2016 Palm Hills Regular Cash 0.2 Misr Beni Suef C 2015 Regular Cash 3.0 Golden Textiles 2015 Regular Cash 0.3 Last Cum date 21-Jan-16 2-Feb-16 N.A. 15-Sep Jul-15 48

51 Egyptian Stock Exchange (Egyptian Pound) Egypt Index performance * EGP/USD USD returns Top 5 gainers EGX 30 Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 7, H: 24-May-15 9,121.9 ELNA This week 7, L: 21-Jan-16 5,713.4 MOBINIL Prev week 7, Off peak -14.8% Northern Upper Egypt Dev MTD 7, At High Egyptian Starch & Glucose YTD 7, At Low 0/101 Naeem Holding (USD) Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 1,129 Value Traded / Mkt Cap (%) 24.62% EGPm 2,027.5 Company Week % chg Price Net value -301 Stocks traded (absolute) 94 USDm Mansourah Poultry Stocks traded (%) 93% Acrow Misr Upside value 408 Stocks up 13 Total Market cap Egyptian Electrical Cables Downside value 710 Stocks down 76 EGPm 229,404 Rowad Tourism Co Upside/downside ratio -42.5% Advance - Decline -63 USDm 25,856 Upper Egypt Contracting USD EGP Rebased Index Performance 15% 4% -7% -18% Top 5 (value) traders Company EGP'000 % of total CIB Egypt 380, EFG Hermes 116, Orascom Telecom M&T 115, TMG Holding 102, Palm Hills Development 52, % -40% -51% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (EGPbn) : Current vs Peak 2-May 24 May , , ,000 *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 49

52 Egyptian Stock Exchange (Egyptian Pound) Egypt Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector EGP % chg Move EGP '000 '000 High Low Off high YTD 12 mths EGP m USD m Val (000) Orascom Construction BUIL ,438 5, CIB Egypt BANK Up 380,951 8, ,673 4,584 43,979.1 Global Telecom Holding TELE Down 47,572 15, ,527 1,750 12,825.6 MOBINIL TELE Up 3, ,814 1, TMG Holding PROP Down 102,111 15, ,764 1,551 16,375.4 Telecom Egypt TELE Down 10,607 1, ,281 1,497 4,723.9 Elswedy Cables INDU Down 10, ,398 1,172 2,493.7 Sidi Kerir Petrochemicals OILG Up 15,494 1, , ,500.6 EFG Hermes BANK Down 116,065 11, , ,047.2 Heliopolis Housing PROP Down 5, , ,101.2 Pioneers Holding INVE Down 19,440 1, , ,482.6 El Ezz Steel BUIL Down 8, , ,938.8 Orascom Telecom M&T TELE Down 115, , , ,367.1 Palm Hills Development PROP Down 52,176 19, , ,347.6 Egyptian Kuwaiti Holding (USD) INVE Down 2, , ,685.6 Egyptian Iron & Steel BUIL Down 16,355 2, , ,993.6 Medinet Nasr Housing PROP Down 32,689 1, , ,176.0 South Valley Cement BUIL Down 2, , ,630.7 HandD Bank BANK Down 12, , Citadel Capital INVE Down 30,924 20, , ,812.1 Sinai Cement BUIL Up , Delta Sugar AGRI Up , Naeem Holding (USD) BANK Up 1, , Canal Shipping Agencies TRPT Down 1, , Cairo Poultry CONS Up , Al Baraka Bank BANK Down , El Kahera Housing PROP Up , Six of October DandI PROP Down 19,179 1, ,007.0 EG Tourism Resorts PROP Down 14,079 15, ,799.2 United H&D PROP Down 1,

53 Casablanca Stock Exchange (Moroccan Dirham) Morocco Market Commentary The MASI gained 4.0% to close the week at 9,975.7 on the back of gains in Holcim (Maroc) (+11.3%), Lafarge Morocco (+10.8%), and Taqa Morocco (+9.0%). During the week, losses were recorded in Promopharm (-4.3%), Brasseries Dumaroc (-2.9%), and Salafin (-2.5%). The top traders by value were Maroc Telecom (USD 5.8m), BCP (USD 4.9m), and Attijariwafa Bank (USD 4.7m). Trading in these shares accounted for 41.0% of this week s turnover of MAD 362.1m (USD 37.6m). The average weekly value traded in the last six months is MAD 670.3m (USD 69.8m). The MASI is up 11.8% ytd (+15.2% USD) and the total market capitalisation is currently USD 51.4bn. 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 2017F , , , , , , Company Reporting period Expected reporting date Dividends Year Type DPS ALUMINIUM DU MAROC Full Year 5/6/2016 Credit Du Maroc 2015 Regular Cash 22.0 AXA CREDIT Full Year 5/9/2016 Unimer 2015 Final 3.0 ALLIANCES DEVELOPPEMENT IMMO Full Year 5/11/2016 Afriquia Gaz Regular Cash REBAB COMPANY SA LTD Full Year 5/13/2016 Balima 2015 Regular Cash 4.2 MAROC TELECOM Half Year 7/25/2016 Auto Hall Special Cash 2.5 Last Cum date 11-Aug Sep-15 N.A. 21-Jul-15 N.A. 51

54 Casablanca Stock Exchange (Moroccan Dirham) Morocco Index performance * MAD/USD USD returns Top 5 gainers MORALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 9, H: 29-Apr-16 9,975.7 Holcim (Maroc) ,226 This week 9, L: 15-Dec-15 8,796.7 Lafarge Morocco ,000 Prev week 9, Off peak 0.0% M2M Group MTD 9, At High 6/78 Taqa Morocco YTD 8, At Low 1/78 BMCE Bank Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value Value Traded / Mkt Cap (%) 3.55% MADm Company Week % chg Price Net value Stocks traded (absolute) 54 USDm 68.4 Zellidja S.A Stocks traded (%) 69% Promopharm ,326 Upside value Stocks up 33 Total Market cap Brasseries Dumaroc ,650 Downside value 14.6 Stocks down 15 MADm 488,124 Nexans Maroc Upside/downside ratio % Advance - Decline 18 USDm 50,841 Salafin USD MAD Rebased Index Performance 10% 5% 0% -5% Top 5 (value) traders Company MAD'000 % of total Maroc Telecom 56, BCP 47, Attijariwafa Bank 44, Douja Prom. Addoha 34, Lafarge Morocco 29, % -15% -20% May-15 Aug-15 Nov-15 Feb-16 May-16 Market Cap (MAD bn) : Current vs Peak 2-May 29 Apr , , ,000 *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 52