Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 February 19th 2018

2 Equities United Capital Research Weekly Pan African Monitor Equities Fixed Income Currencies Px_Last CHG_PCT_CHG_PCT_W CHG_PCT_YTPE_Ratio BEST_DIV_YLD Px_to_book_ratio Index Level Market Cap ($bn) W/W Return (Local) Return (Local) BRVM: BRVM 10* % -3.9% 23.2x 1.7x Egypt: EGX 30 14, % 1.0% 13.0x 2.2x 3.7% Gha: GSE Composite 3, % 29.4% 3.1x 1.0% Kenya: Nairobi All Share % 5.3% 14.4x 2.2x 4.2% Mauritius: SEMDEX 2, % 3.8% 20.2x 0.8x Morocco: CFG 25 27, % 5.2% Nigeria:Nigeria All Share 42, % 1% 13.9x 1.9x 2.9% South Africa: JSE All Share 59, % -% 19.7x 2.1x 3.0% Tunisia: Tunis Index 6, % 4.5% 19.5x 2.7x 2.1% Zimbabwe: Industrial % -8.3% 3x 2.2x Frontier Markets % 3.3% 15.6x 2.1x 3.2% Emerging Markets 1, % 3.6% 16.5x 1.9x 2.7% 1.9 Movement of the major equities indices across Africa P/E Valuation P/B Movements in the Global Indices Vs Africa February 19, 2018 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM 0.5 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan MSCI World S&P 500 FTSE 100 MSCI Africa 0.8 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Currencies (Vs USD) Spot Rate WTD Return MTD Return Return 6M Forward 12M Forward Egypt EGP:Pound % -0.4% 0.3% Gha GHS:Cedi % 0.7% % Kenya KES: Shilling % 0.8% 1.8% Mauritius MUR: Rupee % 3.2% Morocco MAD: Dirham % 0.0% 1.9% Nigeria NGN: Naira % 0.1% 0.0% South Africa ZAR: Rand % 1.7% 6.2% Tanzania TZS: Shilling % -0.7% Tunisia TND: Dir % 0.0% 2.8% Zimbabwe ZWL: Dollar Comdty 55 BGN Curncy 1 COMB Comdty Brent Crude Gold Copper 5 Jan-17 May-17 Sep-17 Jan Jan-17 Apr-17 Jul-17 Oct-17 Jan Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Bond Yield Annual Latest GDP Exterl Fixed Income (10 yr) Inflation Real Return Policy Rate GDP ($'bn) Growth Reserves ($'bn) Egypt 14.2% 17.1% -2.9% 18.8% % 38.2 Gha 6.6% 10.4% -3.7% 20.0% % 4.9 Kenya 12.6% 4.8% 7.8% 10.0% % 6.9 Mauritius 4.5% 6.2% -1.7% 3.5% % 0.0 Morocco 1.9% 3.8% % Nigeria 13.7% 15.1% -1.4% 14.0% % 41.5 South Africa 4.7% 6.8% % 50.5 Tanzania 15.1% 4.0% 1% 12.0% % 5.9 Tunisia 7.6% 6.9% 0.7% 5.0% % Zimbabwe 17.4% 3.5% 13.9% % 0.4 *MXFM Index: MSCI FM Frontier Markets **MXEF Index: MSCI Emerging Market Index

3 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor BRVM Equity Market Performance Economic News Ivory Coast inflation falls to 0.2 percent year-on-year in Jan: Consumer price inflation in Ivory Coast fell to 0.2 percent year-on-year in January from percent in December, data from the Natiol Statistics Institute showed last week. Food and soft drink prices declined percent, while housing and utilities prices dropped 0.1 percent. Transport costs added 0.5 percent, the institute s report said. Reuters BRVM * AFRICA ** Index Performance BRVM Current 211 Week Change 0.3% Gainers (no) 16.0 Losers (no) 10.0 Market Breadth wk High wk Low % Top Gainers Price Change NEI CI % Comptoir Francais Afrique % Nestle Cote d'iv oire 2, % Serv air Abidjan 1, % Shell Cote D Iv oire % Mali's debut sale of Islamic bonds to fund social housing: The government of Mali will complete its first sale of Islamic bonds, or sukuk, this week using a lease-based structure linked to affordable housing projects, the transaction s offering document shows. The West African tion aims to raise 150 billion CFA franc ($285 million) via a seven-year deal that carries a profit rate of 6.25 percent, with subscriptions set to close on Friday. Reuters Ivory Coast heat and patchy rain mixed for cocoa midcrop: Above average rainfall helped Ivory Coast s cocoa-growing regions last week, although some farmers expressed concern about the effects of a spell of hot weather. The dry season in the world s top producer ends in March, but farmers said many cocoa trees were blossoming thanks to last week s rain. Now, more is needed to maintain moisture levels for flowers to survive and develop into small pods, the number of which determine the size of the crop. Reuters Corporate News No corporate news Top Losers Price Change Filature Tissages Sacs SA 4, % Sitab-Soc Iv oirienne Tabacs 54, % Uniwax SA 3, % SODECI 3, % Societe Iv oirienne d'osygne et d'acetyln % *BRVM 10 Index ** Bloomberg MSCI EFM Africa Index

4 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'ivoire 2,000 3,100 1, % PALMCI 5,900 7,250 3, % Sitab-Soc Ivoirienne Tabacs 55, ,000 54, % Societe Africaine de Plantations d'hevea 4,000 4,100 2, % Societe des Caoutchoucs de Grand-Bereby 4,930 5,000 3, % Societe De Distribution Automobile en Co 289, , , % Societe de Limoderies et Brasseries 117, , , % Unilever Cote d'ivoire 7,000 18,000 6, % Uniwax SA 3,200 5,200 3, % Energy Shell Cote D Ivoire 910 2, % TotalFiElf Cote D'ivoire 2,150 3,400 1, % Fincials Bank of Africa - Benin 6,400 11,383 6, % Bank of Africa - Burki Faso 7,000 11,500 6, % Bank of Africa/Cote d'ivoire 4,650 9,534 3, % Bank of Africa/Niger 5,000 9,385 3, % BICICI 8,450 10,300 6, % SCBCI 13,000 16,000 10, % Societe Africain de Credit Auto 10,000 11,715 6, % Ecobank Transtiol Inc % Industrials Berbe 2,450 7,500 2, % Bollore Africa Logistics SAS 4,495 5,000 3, % Comptoir Francais Afrique % Movis Cote d'ivoire 3,150 4,100 3, % Servair Abidjan 1,730 4,800 1, % Societe Ivoirienne DE Cable 1,650 2, % Materials CROWN SIEM 13,000 39,000 13, % Filature Tissages Sacs SA 4,500 5,000 3, % Societe Ivoirienne d'osygne et d'acetyln 400 1, % Societe Multitiole de Bitumes 11,000 25,300 7, % Utilities Cie Ivoirienne D Elect 1,990 3,700 1, % SODECI 3,750 7,500 2, % Telecommunication Otel SA 8,150 12,360 6, % Sotel 22,300 25,250 20, % Societe Ivoirienne de Coco Rape 3,955 7,000 3, % 11.8 SETAO % 2.2 NEI CI % TRITURAF %

5 Egypt Equity Market Performance EGYPT * AFRICA ** Index Performance EGYPT Current 14,966 Week Change 0.5% Gainers (no) 21.0 Losers (no) 8.0 Market Breadth wk High 15, wk Low 11, % Top Gainers Price Change Ezz Steel % Beltone Fincial Holding Co SAE % Egypt for Poultry % Palm Hills Dev elopments SAE % Prime Holding for Fincial Inv estments % Top Losers Price Change ElSwedy Electric Co % Orascom Telecom Media And Technology H % Arabia Inv estments Dev elopment Fincia % Egyptian Electrical Cables % Telecom Egypt Co % Economic News Egypt's GDP growth for Q2 of 2017/18 fiscal year at around 5.3 percent: Egypt s GDP growth for the second quarter of the 2017/18 fiscal year rose to around 5.3 percent from 3.8 percent in the same period last year, Planning Minister Hala al-saeed said on last week. Reuters Egypt issues $4 billion in Eurobonds: Egypt has raised $4 billion in a dollar-denomited Eurobond sale that closed last week, the fince ministry said, part of a drive to plug its budget deficit and boost dollar holdings as it pursues an IMF-backed reform programme. Reuters Egypt's central bank cuts interest rates as inflation eases: The Egyptian central bank cut its main interest rates by a percentage point each last week, the first time it has lowered them since letting the currency float freely in 2016, as inflation sinks to its lowest levels in at least a year. The bank cut its overnight deposit rate to percent from percent and its overnight lending rate to percent from percent, it said in a statement. Reuters Egypt unemployment rate drops to 1 percent in Q4 -statistics agency: Egypt s unemployment rate dipped to 1 percent in the fourth quarter of 2017 from 12.4 percent in the same period a year earlier, state statistics agency CAPMAS said on Thursday. President Abdel Fattah al-sisi has said he will cut unemployment 10 percent over the next few years, a target that will require higher levels of economic growth. Reuters Corporate News Qatar Natiol Bank to sell small stake in Egypt unit to comply with listing rules: Qatar Natiol Bank (QNB), the Middle East s largest lender by assets, said it will sell a 2 percent stake in its Egyptian unit QNB Alahly to comply with Cairo listing rules. A QNB spokesman said the bank had no current plans to further reduce its stake, which will stand at 95 percent after the sale. Reuters *EGX 30 Index ** Bloomberg MSCI EFM Africa Index

6 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Arab Cotton Ginning % % Eastern Tobacco % Egypt for Poultry % Juhay Food Industries % Oriental Weavers % Fincials Amer Group Holding % Arab Real Estate Investment Co SAE % Arabia Investments Development Fincial % Beltone Fincial Holding Co SAE % Commercial Intertiol Bank Egypt SAE % Egypt Kuwait Holding Co SAE % Egyptian Fincial Group-Hermes Holding % Egyptians for Housing & Development Co % EL Shams Housing & Urbanization SAE % Heliopolis Co for Housing and Constructi % Medinet Nasr Housing % Palm Hills Developments SAE % Pioneers Holding for Fincial Investmen % Prime Holding for Fincial Investments % Six of October Development & Investment % Talaat Moustafa Group % Industrial Egyptian Electrical Cables % Elsaeed Contracting & Real Estate Invest % ElSwedy Electric Co % Materials Arabian Cement Co % Ezz Steel % South Valley Cement % Telecommunication Global Telecom Holding SAE % Orascom Telecom Media And Technology Ho % Telecom Egypt Co %

7 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor Gha Equity Market Performance Economic News Gha inflation eases to 10.3 percent in Jan- stats office: Gha s annual consumer price inflation eased to 10.3 percent in January from 11.8 percent the previous month, the statistics office said on Wednesday. The major commodity exporter is in its fil year of a $918 million credit programme with the Intertiol Monetary Fund to restore fiscal balance and rrow inflation to 8 percent plus or minus 2 percentage points in Reuters Moody's affirms Gha s B3 rating, maintains stable outlook: Moody s affirms Gha s B3 rating, maintains stable outlook; says despite fiscal consolidation, Gha remains challenged by a high debt burden and weak debt affordability. Reuters GHANA * AFRICA ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low GHANA % % Top Gainers Price Change Societe Generale Gha Ltd % Ecobank Transtiol Inc % FAN Milk Ltd % CAL Bank Ltd 1 4.1% Gha Oil Co Ltd 4 3.6% Top Losers Price Change Corporate News Aker Energy to buy Gha unit of Hess, expects first oil in 2021: Aker Energy AS, controlled by Norwegian billioire Kjell Inge Roekke, has agreed to buy Hess Corporation s Gha unit in a $100 million deal and plans to launch production from its first oilfield there in Aker Energy aims to build a significant exploration and production business in the country together with the Gha Natiol Petroleum Corporation (GNPC), it added. Reuters AquaVenture to acquire majority interest in desalition plant in Gha: AquaVenture holdings limited announces agreement to acquire majority interest in desalition plant in Gha. Base purchase price for this interest is approximately $26 million. AquaVenture holdings - entered into a binding agreement with Abengoa water to purchase a majority interest in a desalition plant in Accra, Gha. Reuters Gha Commercial Bank Ltd 7-0.1% urce: Bloomberg, United Capital Research *GSE Composite Index ** Bloomberg MSCI EFM Africa Index

8 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Benso Oil Palm Plantation Ltd % FAN Milk Ltd % Guinness Gha Breweries Ltd % Mechanical Lloyd Co Ltd % Produce Buying Co Ltd % 2.5 PZ Cussons Gha Ltd % 1.8 Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc , % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 4.2 HFC Bank Gha Ltd % SIC Insurance Co Ltd % Societe Generale Gha Ltd % Standard Chartered Bank Gha Ltd % Total Petroleum Gha Ltd %

9 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor Kenya Equity Market Performance Economic News Kenya Treasury says economy to expand by 5.8 percent this year: Kenya s economy is likely to grow 5.8 percent this year, recovering from drought and political uncertainty that pushed growth down to an estimated 4.8 percent in 2017, the fince ministry said. Economic output in the East African tion, which relies on farming and tourism, grew 5.8 percent in Reuters KENYA * ** AFRICA Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low KENYA % % Top Gainers Price Change Unga Group Ltd % Home Afrika Ltd 8.7% Pan Africa Insurance Holdings Ltd % East African Portland Cement Co Ltd % Safaricom Ltd % Moody's downgrades government of Kenya's issuer rating to B2 and assigns stable outlook: Moody s downgrades government of Kenya s issuer rating to B2 and assigns stable outlook. Moody s says expects Kenya s fiscal metrics to continue deteriorate, as large primary deficits combine with worsening debt affordability, rising debt levels. Moody s on Kenya says lowered long-term foreign-currency bond ceiling to BA3 from BA2 and the long-term foreign-currency deposit ceiling to B3 from B2. Moody s on Kenya says lowered the long-term local-currency bond and deposit ceilings to BA2 from BA1. Moody s says Kenya s government will continue to face liquidity pressures due to large fincing needs, increased reliance on sources of fincing with less predictable costs. Reuters Corporate News British American tobacco Kenya posts FY pre-tax profit 4.87bn shillings: FY ended Dec gross revenue was billion shillings versus billion shillings year ago. FY profit before tax 4.87 billion shilings versus 5.91 billion shillings year ago. Proposed fil dividend of 22.5 shillings per share for year ended Dec Reuters Top Losers Price Change Olympia Capital Holdings Ltd % Sameer Africa Ltd % Natiol Bank of Kenya Ltd % Carbacid Inv estments Ltd % Kenya Airways Ltd % *Nairobi All Share Index ** Bloomberg MSCI EFM Africa Index

10 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco Kenya Ltd % Car & General Kenya Ltd % Eaagads Ltd % East African Breweries Ltd , % Eveready East Africa Ltd % Kakuzi % Mumias Sugar Co Ltd % Nation Media Group Ltd % Sameer Africa Ltd % SASINI Ltd % Scan Group Ltd % Standard Group Ltd % TPS Eastern Africa Ltd % Uchumi Supermarkets Ltd % Unga Group Ltd % Williamson Tea Kenya Ltd % Energy KenolKobil Ltd Group % Total Kenya Ltd % Fincials Barclays Bank of Kenya Ltd % British-American Investments Co Keny % Centum Investment Co Ltd % CFC Stanbic Holdings Ltd % CIC Insurance Group Ltd % Co-operative Bank of Kenya Ltd/The % Diamond Trust Bank Kenya Ltd % Equity Group Holdings Ltd/Kenya , % Housing Fince Co of Kenya Ltd % I&M Holdings Ltd/Kenya % Jubilee Holdings Ltd % Kenya Commercial Bank Ltd , % Kenya Reinsurance Corp Ltd % Liberty Kenya Holdings Ltd % Nairobi Securities Exchange Ltd % Natiol Bank of Kenya Ltd % NIC Bank Ltd % Pan Africa Insurance Holdings Ltd % Standard Chartered Bank Kenya Ltd % Industrials East African Cables Ltd % Kenya Airways Ltd % Olympia Capital Holdings Ltd % TransCentury Ltd % Materials ARM Cement Ltd % Bamburi Cement Co Ltd % BOC Kenya Ltd % Carbacid Investments Ltd % Crown Paints Kenya Ltd % East African Portland Cement Co Ltd % Telecommunication Safaricom Ltd , % Utilities Kenya Electricity Generating Co Ltd % Kenya Power & Lighting Ltd % Umeme Ltd % -0.45

11 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor Mauritius Economic News Equity Market Performance Mauritius and Italy to collaborate in the field of renewable energy: A Memorandum of Understanding (MoU) to promote cooperation in the field of renewable energy and energy efficiency was signed between the Ministry of Energy and Public Utilities and the Italian Ministry of Environment, Land and Sea on 12 February 2018 at the Hennessy Park Hotel in Ebène. The Deputy Prime Minister, Minister of Energy and Public Utilities, Mr Ivan Collendavelloo, was present on this occasion. Allafrica 0.1 Corporate News MAURITIUS * AFRICA ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low MAURITIUS % % Top Gainers Price Change Gamma Civ ic Ltd % United Basalt Products/The % ENL Land Ltd % New Mauritius Hotels Ltd % Sun Resorts Ltd/Mauritius % Top Losers Price Change BlueLife Ltd % MCB Group Ltd % Mauritius Dev elopment Inv est Trust Co Lt 4.6 -% POLICY Ltd % Rogers & Co Ltd % Mauritius conglomerate Ireland Blyth posts 12.2 percent fall in pre-tax profit: Mauritius conglomerate Ireland Blythe Ltd (IBL) said on Monday pre-tax profit fell 12.2 percent in its half year to December 31, hit by a drop in prices. Pre-tax profit dropped to 1.49 billion rupees ($45.50 million) from 1.70 billion, it said. A number of exogenous market factors affected the group s reported results, mely a drop in fishmeal price and implementation of fishing quotas affecting the seafood sector, the firm said in a statement. Reuters Mauritius MCB Group pretax profit up in first half: Mauritian bank MCB Group Ltd said on Wednesday its first-half pretax profit rose 2.3 percent to billion rupees ($ million) from a year ago, helped by higher net interest income. MCB, the biggest bank by market value in East Africa and the Indian Ocean region, was optimistic about prospects for the full year. On current trends, full year results are expected to improve compared to last year with notable support from our intertiol activities, it said. Reuters *SEMDEX ** Bloomberg MSCI EFM Africa Index

12 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Alteo Ltd % Automatic Systems Ltd % ENL Land Ltd % Gamma Civic Ltd % INNODIS Ltd % Lux Island Resorts Ltd % Mauritius Oil Refineries Ltd % New Mauritius Hotels Ltd % Phoenix Beverages Ltd % Sun Resorts Ltd/Mauritius % Energy Vivo Energy Mauritius Ltd % Fincials Belle Mare Holding Ltd % Caudan Development Ltd % CIEL Ltd % Cim Fincial Services Ltd % ENL Commercial Ltd % Fincorp Investment Ltd % Mauritian Eagle Insurance Co Ltd % Mauritius Development Invest Trust Co Lt % Mauritius Union Assurance Co Ltd/The % MCB Group Ltd , % Natiol Investment Trust Ltd/Mauritius % POLICY Ltd % Promotion & Development Ltd % SBM Holdings Ltd % Swan Insurance Co Ltd % Terra Mauricia Ltd % United Docks Ltd % 0.52 Industrials Air Mauritius Ltd % Harel Mallac & Co Ltd % Rogers & Co Ltd % Materials Mauritius Chemical & Fertiliser Industry % Plastic Industry Mtius Ltd % United Basalt Products/The % Utilities Omnicane Ltd %

13 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor Nigeria Equity Market Performance NIGERIA * AFRICA ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low NIGERIA 42, % ,322 24,547 1% Top Gainers Price Change Berger Paints Nigeria PLC % Wapic Insurance PLC % Access Bank PLC % Zenith Bank PLC % FBN Holdings Plc % Economic News Nigerian inflation slowed for 12th month in Jan -stats office: Annual inflation in Nigeria slowed for the 12th month in a row in January to percent, compared with percent in December, the Natiol Bureau of Statistics (NBS) said last week. A separate food price index showed inflation at percent in January, compared with percent in December. Reuters Nigeria raised 176bn ira in treasury bills on lower yields: Nigeria has raised 176 billion ira ($576 million) worth of treasury bills at an auction last week, traders said. The central bank offered 6 billion ira of three-month paper, 30 billion ira of six-month bills and 140 billion ira of one-year notes. Reuters World Bank approves $486mn credit to Nigerian power grid work: The World Bank has approved a $486 million credit facility to Nigeria for electricity grid improvements, the lender said last week. The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and eble distribution companies to supply consumers with additiol power, the World Bank said. Reuters Corporate news Nigerian breweries posts FY pretax profit of 46.63bn ira: FY ended Dec profit before tax of billion ira versus billion ira year ago. FY revenue of billion ira versus billion ira year ago. Declared fil dividend of 3.13 ira per ordiry share of 50 kobo each. Reuters Top Losers Price Change First Aluminium Nigeria PLC % Consolidated Hallmark Insurance PLC % Courtev ille Business Solutions PLC % Prestige Assurance Co PLC % Cav erton Offshore Support Group % *Nigeria All Share Index ** Bloomberg MSCI EFM Africa Index

14 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) Return P/E (x) P/BV (x) ROE (%) Agriculture Livestock Feeds PLC % 1.2 Okomu Oil Palm PLC % Presco PLC % Conglomerates Transtiol Corp of Nigeria PLC % UAC of Nigeria PLC % Consumer Goods 7UP Bottling Co PLC % Cadbury Nigeria PLC % Champion Breweries PLC % Tiger Brands Consumer Goods Plc % Flour Mills of Nigeria PLC % Guinness Nigeria PLC % Honeywell Flour Mill PLC % Intertiol Breweries PLC % Natiol Salt Co Nigeria PLC % Nestle Nigeria PLC , % Nigerian Breweries PLC , % PZ Cussons Nigeria PLC % Unilever Nigeria PLC % Energy Conoil PLC % Eter PLC % Forte Oil PLC % Mobil Nigeria PLC % MRS Nigeria PLC % Oando Plc % SEPLAT Petroleum Development Co Plc , % Total Nigeria PLC % Fincials Access Bank PLC , % Africa Prudential Registrars PLC % AIICO Insurance PLC % Continental Reinsurance PLC % Diamond Bank PLC % Ecobank Transtiol Inc , % FBN Holdings Plc , % FCMB Group Plc % Fidelity Bank PLC % Guaranty Trust Bank PLC , % Mansard Insurance PLC % NEM Insurance PLC % Skye Bank PLC % Stanbic IBTC Holdings PLC , % Sterling Bank PLC % United Capital PLC % Union Bank of Nigeria PLC % United Bank for Africa PLC , % Unity Bank PLC % Wapic Insurance PLC % Wema Bank PLC % Zenith Bank PLC , % Health Care Evans Medical PLC % Fidson Healthcare PLC % GlaxoSmithKline Consumer Nigeria PLC % MAY & Baker Nigeria PLC % - Neimeth Intertiol Pharmaceuticals PL % Industrials Chemical and Allied Products PLC % Dangote Cement PLC , % Lafarge Africa PLC % Portland Paints & Products Nigeria PLC %

15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor South Africa Equity Market Performance Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low SA * AFRICA ** SA 59, % ,777 50,737 -% Top Gainers Price Change Economic News South Africa's unemployment rate falls to 26.7 percent in Q4 2017: South Africa s unemployment rate fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter, the statistics office said on Tuesday. In its quarterly labour force survey, which polls households, Statistics South Africa said this amounted to 5.9 million people without jobs in the three months to end December, compared with 6.2 million people previously. Reuters Corporate news South African miner Harmony Gold's H1 profit rises 49 percent: South African miner Harmony Gold s half-year profit rose 49 percent, boosted by improved performance at its South African operations, the firm said last week. Headline earnings per share (HEPS), the main profit measure in South Africa that strips out certain one -off items, rose to 2.24 rand per share ($0.19) for the six months ended Dec. 31, 2017 from 1.50 rand per share ($0.13) in the previous period. Reuters South Africa's Exxaro to pay $377mn special dividend: South African miner Exxaro Resources said on Tuesday it would pay a special dividend of 4.5 billion rand ($377 million) from its income reserves after the firm sold stake in U.S. titanium products company Tronox. Reuters Brait SE 4, % Harmony Gold Mining Co Ltd 2, % Lewis Group Ltd 4, % Barloworld Ltd 18, % Impala Platinum Holdings Ltd 3, % Top Losers Price Change Fortress Income Fund Ltd 1, % Resilient Property Income Fund Ltd 7, % Niv eus Inv estments Ltd 1, % MiX Telematics Ltd % Fortress Income Fund Ltd 1, % *JSE All Share Index

16 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco PLC 72, , , , % Cie Finciere Richemont SA 10, , , , % 11.2 Naspers Ltd 333, , , , % Shoprite Holdings Ltd 24, , , , % Tiger Brands Ltd 44, , , , % Woolworths Holdings Ltd/South Africa 6, , , , % Energy Sasol Ltd 39, , , , % Fincials Barclays Africa Group Ltd 20, , , , % Capitec Bank Holdings Ltd 83, , , , % FirstRand Ltd 7, , , , % Investec Ltd 10, , , , % Investec PLC 10, , , , % Nedbank Group Ltd 29, , , , % Old Mutual PLC 4, , , , % RMB Holdings Ltd 8, , , , % Sanlam Ltd 9, , , , % Standard Bank Group Ltd 21, , , , % Health Care Aspen Pharmacare Holdings Ltd 27, , , , % Industrials Bidvest Group Ltd/The 24, , , , % Materials Anglo American Platinum Ltd 35, , , , % Anglo American PLC 28, , , , % BHP Billiton PLC 25, , , , % Mondi Ltd 30, , , , % Mondi PLC 30, , , , % 18.9 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 16, , , , %

17 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Weekly Pan African Monitor Tunisia Economic News Equity Market Performance Tunisia's economy grew 1.9 percent in 2017 vs 1 percent in 2016: Tunisia s economy grew 1.9 percent in 2017 compared with 1 percent in the previous year, official figures showed on Thursday. The state statistics institute said the growth was driven by a 2.5-percent expansion in the agricultural sector. The North African country s economy has been recovering slowly since taking a hit following the overthrow of autocrat Zine El-Abidine Ben Ali in 2011 and two major militant attacks in Tunisia is aiming to raise GDP growth to 3 percent this year. It forecasts the budget deficit to fall to 4.9 percent of gross domestic product in 2018, from 6 percent in Reuters Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low TUNISIA * AFRICA** TUNISIA 6, % ,658 5, % Corporate News No corporate news Top Gainers Price Change Societe Tunisienne de L'Air % Societe Magasin General % Telnet Holding 8 4.0% Enkl Automobiles % Cie Intertiole de Leasing % Top Losers Price Change Industries Chimiques du Fluor % Tunisie Profiles Aluminium SA 4-2.8% Societe Tunisienne de Banque 4-2.5% Societe Moderne de Ceramiques 1-2.4% STAR % *Tunis Index ** Bloomberg MSCI EFM Africa Index

18 Equity Valuations 52-Week 52-Week MKT. CAP WTD Price High Low (US$MN) Return Return P/E (x) P/BV (x) ROE (%) Consumer Goods Automobile reseau tunisien et services % 5.5% Elbene Industrie SA % 0.0% Enkl Automobiles % -11.6% GIF Filter SA % 4.9% -8.6 MONOPRIX % 12.3% SFBT , % 0.1% Societe de Production Agricole Teboulba % -8.1% Societe Electrostar % -5.7% Societe Magasin General % -2.6% SOTUMAG % 0.0% Fincials Amen Bank % 5.1% Arab Tunisian Bank % -3.3% Arab Tunisian Lease % 2.3% Assurances SALIM % 1.5% Attijari Bank % 25.5% Attijari Leasing SA % 1.6% Banque de l'habitat % 10.8% Banque de Tunisie % 0.6% Banque Intertiol Arabe de Tunis % 8.6% 2.9 Banque Natiole Agricole % 12.6% BTEI % 2.7% Cie d'assurances et de Reassurances ASTR % -0.5% Cie Intertiole de Leasing % 7.0% El Wifack Leasing % -8.9% Essouk % 1.9% Modern Leasing Immeuble Assurances SALIM % 3.7% Pouli Group % 2.9% Societe Immobiliere et de Participations % -7.7% Societe Immobiliere Tuniso Seoudienne % -2.1% Societe Tunisienne de Banque % 7.2% STAR % -21.0% Tunis Re % -2.7% Tunisie Leasing SA % -4.3% UBCI % -9.5% Union Intertiole de Banques SA % 10.2% Health Care Accumulateur Tunisienne Assad % 8.3% ADWYA SA % 4.9% Industrials Servicom SA % -8.1% SIPHAT % -1.5% Societe Industrielle d'appareillage et d % -2.1% Societe Moderne de Ceramiques % 7.2% 0.7 Societe Tunisienne de L'Air % 4.7% Tunisie Profiles Aluminium SA % 2.7% Information Technology Telnet Holding % 3% 4.5 Materials Air Liquide Tunisie % -7.9% Carthage Cement % 7.3% Industries Chimiques du Fluor % 13.8% Societe Chimique ALKIMIA % -12.2% Societe Ciments de Bizerte % -22.8% Societe Tunisiennes de Verreries % 8.9% Telecommunication SOTETEL % 3.3%

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