Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 December 4th 2017

2 Equities YTD Return (Local) BRVM: BRVM 10* % -21.8% 82.7x 1.6x 9.0% Egypt: EGX 30 14, % 18.0% 11.1x 2.0x 3.1% Gha: GSE Composite 2, % 49.2% 2.3x 1.1% Kenya: Nairobi All Share % 30.2% 13.7x 2.1x 4.3% Mauritius: SEMDEX 2, % 20.4% 13.0x 0.6x Morocco: CFG 25 26, % 6.5% Nigeria:Nigeria All Share 37, % 41.3% 12.7x 1.6x 3.4% South Africa: JSE All Share 59, % 17.7% 20.3x 2.1x 3.1% Tunisia: Tunis Index 6, % 13.3% 17.7x 2.5x 2.2% Zimbabwe: Industrial % 153.2% 36.0x 2.6x Frontier Markets % 24.5% 14.5x 1.9x 3.2% Emerging Markets 1, % 29.4% 15.3x 1.7x 2.4% 1.7 Index Level Market Cap ($bn) Movement of the major equities indices across Africa W/W Return (Local) 1.3 P/E Valuation P/B Movements in the Global Indices Vs Africa December 4, 2017 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM 0.5 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec MSCI World S&P FTSE 100 MSCI Africa 0.8 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward Egypt EGP:Pound % -0.4% 2.2% Gha GHS:Cedi % 2.5% -5.0% Kenya KES: Shilling % 0.0% -0.5% Mauritius MUR: Rupee % 0.1% 7.1% Morocco MAD: Dirham % -0.3% 7.5% Nigeria NGN: Naira % 0.0% -12.4% South Africa ZAR: Rand % 1.2% 1.5% Tanzania TZS: Shilling % -2.9% Tunisia TND: Dir % -0.9% -8.0% Zimbabwe ZWL: Dollar Comdty 55 BGN Curncy 1 COMB Comdty Brent Crude Gold Copper 5 Dec-16 Apr-17 Aug-17 Dec Dec-16 Apr-17 Aug-17 Dec Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Bond Yield Fixed Income (10 yr) Inflation Real Return Policy Rate Egypt 19.0% 30.8% -11.9% 19.8% Gha 6.6% 11.6% -5.0% 20.0% Kenya 12.6% 4.7% 7.9% 10.0% Mauritius 4.5% 3.5% 1.0% 3.5% Morocco 0.6% 4.2% Nigeria 14.9% 15.9% -1.0% 14.0% South Africa 9.2% 4.8% 4.4% 6.8% Tanzania 15.9% 5.3% 10.6% 12.0% Tunisia 7.5% 5.8% 1.7% 5.0% Zimbabwe 17.4% 2.2% 15.2% 8.9% *MXFM Index: MSCI FM Frontier Markets **MXEF Index: MSCI Emerging Market Index

3 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor BRVM Equity Market Performance Economic News Heavy rain, sunshine aid Ivory Coast cocoa crop: Above average rainfall and lengthy sunny spells in most of Ivory Coast s cocoa regions last week could provide perfect conditions for crop development early next year, farmers said on Monday. Exporters have expressed concern that disease could halve first quarter cocoa output, but farmers said lingering rain at the beginning of the dry season may help. Reuters BRVM * AFRICA ** Index Performance BRVM Current 207 Week Change 1.6% Gainers (no) 13.0 Losers (no) 12.0 Market Breadth wk High wk Low 194 YTD -21.8% Côte d Ivoire hosts AU-EU summit: The Fifth African Union-European Union Summit started on Wednesday in Abidjan, Côte d Ivoire, with investing in youth for a sustaible future as its theme. Leaders of dozens of European and African tions attended the summit, which takes place as Africa tries to tame high youth unemployment while Europe seeks relief from its migrant crisis and frequent terror attacks. Worldstagegroup Corporate News No Corporate News Top Gainers Price Change PALMCI 4, % Unilever Cote d'ivoire 9, % Bollore Africa Logistics SAS 3, % SETAO % Berbe 3, % Top Losers Price Change Servair Abidjan 1, % Bank of Africa/Niger 3, % Shell Cote D Ivoire % Bank of Africa/Cote d'ivoire 4, % SODECI 30, % *BRVM 10 Index ** Bloomberg MSCI EFM Africa Index

4 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'ivoire 1,975 3,100 1, % PALMCI 4,175 7,250 3, % Sitab-Soc Ivoirienne Tabacs 78, ,000 67, % Societe Africaine de Plantations d'hevea 2,505 3,871 2, % Societe des Caoutchoucs de Grand-Bereby 4,000 5,000 2, % Societe De Distribution Automobile en Co 312, , , % Societe de Limoderies et Brasseries 130, , , % Unilever Cote d'ivoire 9,625 19,800 9, % Uniwax SA 4,095 5,460 3, % Energy Shell Cote D Ivoire 800 3, % TotalFiElf Cote D'ivoire 9,995 19,500 8, % Fincials Bank of Africa - Benin 7,200 11,383 6, % Bank of Africa - Burki Faso 7,500 11,500 6, % Bank of Africa/Cote d'ivoire 4,250 9,534 3, % Bank of Africa/Niger 3,900 9,385 3, % BICICI 8,495 10,300 6, % SCBCI 11,450 16,000 10, % Societe Africain de Credit Auto 10,900 11,180 6, % Ecobank Transtiol Inc % Industrials Berbe 2,775 9,000 2, % Bollore Africa Logistics SAS 3,695 5,980 3, % Comptoir Francais Afrique 40,000 69,000 31, % Movis Cote d'ivoire 3,460 4,190 3, % Servair Abidjan 1,120 5,700 1, % Societe Ivoirienne DE Cable 945 2, % Materials CROWN SIEM 15,000 48,805 13, % Filature Tissages Sacs SA 15,600 23,500 13, % Societe Ivoirienne d'osygne et d'acetyln 4,300 12,000 4, % Societe Multitiole de Bitumes 9,600 25,300 9, % Utilities Cie Ivoirienne D Elect 1,900 3,775 1, % SODECI 29,000 84,500 29, % Telecommunication Otel SA 6,600 12,890 6, % Sotel 22,800 25,350 20, % Societe Ivoirienne de Coco Rape 3,950 15,505 3, % SETAO % 2.2 NEI CI % TRITURAF %

5 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Egypt Economic News Equity Market Performance Egypt central bank scraps FX restrictions for importers: Egypt s central bank removed caps on deposits and withdrawals of foreign currency for importers on Tuesday, lifting some of the last currency controls put in place after a 2011 uprising. The move is a sign that bank liquidity is improving as a result of Egypt s $12 billion, three-year Intertiol Monetary Fund programme and a currency flotation that halved the pound s value and helped crush the black market for dollars. Removing capital controls was among the reforms agreed to as part of the IMF programme adopted in 2016, which also included tax hikes and subsidy cuts. Reuters. EGYPT * AFRICA** Index Performance EGYPT Current 14,582 Week Change 3.4% Gainers (no) 21.0 Losers (no) 5.0 Market Breadth wk High 14, wk Low 11,211 Egypt's Zohr gas field to yield 350 mln cubic feet daily by end ministry: Egypt s giant new offshore Zohr gas field in the Mediterranean is set to begin production by year-end and would initially yield 350 million cubic feet per day. The country has been seeking to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency. Egypt s own tural gas output rose to about 5.1 billion cubic feet per day in 2017 from 4.4 billion cubic feet in Reuters. Corporate News No Corporate News YTD 18.0% Top Gainers Price Change Egyptians for Housing & Development Co % EL Shams Housing & Urbanization SAE % Ezz Steel % Arabian Cement Co % Oriental Weavers % Top Losers Price Change Egypt Kuwait Holding Co SAE % Orascom Telecom Media And Tech % Beltone Fincial Holding Co SAE % Arabia Investments Dev. Fincial % Palm Hills Developments SAE % *EGX 30 Index ** Bloomberg MSCI EFM Africa Index

6 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD 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 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Gha Economic News Equity Market Performance Gha raises 5.3 bn cedis ($1.16 bn) in multiple bonds to refince debt: Gha sold 5.29 billion cedis ($1.16 bln) worth of long-term bonds on Thursday, domited by re-openings of previous bond issues to help restructure its high public debt, lead arrangers said. Gha is currently grappling with budget deficits, inflation and a volatile local currency, all of which have forced the government to sign a $918 credit deal with the Intertiol Monetary Fund Reuters. Reuters Gha Cuts Key Rate to Three-Year Low as Inflation Slows: Gha cut its benchmark interest rate to the lowest in more than three years as inflation slows toward the central bank s target. Reuters GHANA * AFRICA ** Corporate News Index Performance GHANA Current Week Change -1.4% Gainers (no) 3.0 Losers (no) 4.0 Market Breadth wk High wk Low YTD 49.2% No Corporate News Top Gainers Price Change Societe Generale Gha Ltd 1 7.1% Gha Commercial Bank Ltd 5 4.4% Gha Oil Co Ltd 3 2.3% Top Losers Price Change SIC Insurance Co Ltd % Standard Chartered Bank Gha Ltd % CAL Bank Ltd 1-4.5% Enterprise Group Ltd/Gha 4-0.5% urce: Bloomberg, United Capital Research *GSE Composite Index ** Bloomberg MSCI EFM Africa Index

8 Equity Valuations 52-Week 52-Week MKT. CAP YTD 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 % 2.4 Mechanical Lloyd Co Ltd % Produce Buying Co Ltd % 2.5 PZ Cussons Gha Ltd % 2.0 Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 2.8 HFC Bank Gha Ltd % SIC Insurance Co Ltd % 0.2 Societe Generale Gha Ltd % Standard Chartered Bank Gha Ltd % Total Petroleum Gha Ltd % UT Bank Ltd #N/A N/A #VALUE! #VALUE!

9 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Kenya Equity Market Performance KENYA * AFRICA ** Index Performance KENYA Current Week Change 2.8% Gainers (no) 13.0 Losers (no) 12.0 Market Breadth wk High wk Low YTD 30.2% Top Gainers Price Change Home Afrika Ltd % Uchumi Supermarkets Ltd % TPS Eastern Africa Ltd % Nairobi Securities Exchange Ltd % TransCentury Ltd % Top Losers Price Change Housing Fince Co of Kenya Ltd % Economic News AfDB approves $160mn loan for second Nairobi runway: The African Development Bank (AfDB) has approved a $160 million loan to Kenya for building a second runway at the main airport in the capital Nairobi, the bank said on Wednesday. The Jomo Kenyatta Intertiol Airport (JKIA) has a single runway and plans for a second one were first announced in 2013 to boost Kenya s standing as a regiol travel hub. AfDB said the new runway project would involve building a 4.9 km runway and associated infrastructure such as extra parking slots for aircraft and an air rescue firefighting unit. Reuters. Kenya's inflation falls to 4.73 percent year-on-year in November: Kenya s inflation fell to 4.73 percent year-on-year in November from 5.72 percent a month earlier, the statistics office said on Thursday. While Month on month, inflation was percent from percent previously, it is worthy of note that it fell to its lowest in four years and seven months and was driven by a slower rise in food and non-alcoholic drink prices. Reuters Kenya plans to issue $2bn Eurobond in Q1 2018: Kenya has asked a number of commercial banks to present proposals for five and 10-year Eurobonds for about $2 billion to be issued in the first quarter of next year, two banking sources told Reuters on Thursday. The funds will be used to pay off a $750 million syndicated loan whose maturity was last month extended by six months. Reuters Kenya Seeks Proposals for $2bn Eurobond Sale: Kenya s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of The banks were asked to present proposals for five and 10- year Eurobonds. The funds will be used to pay off a $750 million syndicated loan whose maturity was last month extended by six months. Reuters/Bloomberg Corporate News Kenya plans $1bn dual-listing of Natiol Oil Corp by early 2019: Kenya plans to raise $1 billion by listing its Natiol Oil Corporation at home and on the London Stock Exchange by early 2019, to buy a share of two oil blocks held by Tullow and its partners, a senior government official said on Wednesday. Reuters Sameer Africa Ltd % Carbacid Investments Ltd % Eveready East Africa Ltd % Olympia Capital Holdings Ltd % *Nairobi All Share Index ** Bloomberg MSCI EFM Africa Index

10 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD 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 % Express Kenya 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 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Mauritius Economic News Equity Market Performance Mauritius holds repo rate at 3.50%, restates 2017 GDP forecast: Mauritius central bank s Monetary Policy Committee held its repo rate at 3.50 percent on Wednesday and its governor repeated the bank s economic growth forecast for this year. Bank of Mauritius Governor Ramesh Basant Roi told a news conference the economy was expected to expand by 3.8 percent in In September, the bank had put the growth forecast at 3.6 to 3.8 percent. Reuters MAURITIUS * AFRICA ** Index Performance MAURITIUS Current Week Change -1.8% Gainers (no) 2.0 Losers (no) 12.0 Market Breadth wk High wk Low YTD 20.4% Mauritius Q trade deficit rises 5%: Mauritius trade deficit increased by 5 percent in the third quarter from the same period last year, on the back of higher fuel imports, the statistics office said on Wednesday. The deficit of billion rupees ($ million) was 2 percent lower than in the second quarter. Reuters Corporate News No Corporate News Top Gainers Price Change Fincorp Investment Ltd % CIEL Ltd % Top Losers Price Change MCB Group Ltd % POLICY Ltd % Automatic Systems Ltd % Belle Mare Holding Ltd % SBM Holdings Ltd % *SEMDEX ** Bloomberg MSCI EFM Africa Index

12 Equity Valuations 52-Week 52-Week MKT. CAP YTD 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 % 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 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Nigeria Equity Market Performance Economic News Nigerian capital inflows more than doubled in Q3 to $4.2bn: The total value of capital imported into the country more than doubled in the third quarter to $4.15 billion, the Natiol Bureau of Statistics (NBS) said on Monday. The NBS said capital imports were over $4 billion in the third quarter, the first such quarterly rise since 2015, just before the economy tipped into a recession. The rise was driven by portfolio and other investments. Reuters Nigeria central bank weakens ira to 307/US$ for first time: Nigeria s central bank on Monday weakened the ira margilly, selling dollars at 307 ira each for the first time on the official interbank market, in what traders say could sigl a gradual move to merge its multiple exchange rates. Reuters NIGERIA AFRICA Index Performance NIGERIA Current 37,945 Week Change 1.5% Gainers (no) 9.0 Losers (no) 3.0 Market Breadth wk High 38, wk Low 24,547 YTD 41.3% Top Gainers Price Change Fidelity Bank PLC % Forte Oil PLC % Law Union & Rock Insurance PLC % Caverton Offshore Support Group % Nigerian Aviation Handling Co PLC % Nigeria's dollar reserves at $34.53 bln as of Nov cenbank data: Nigeria s foreign exchange reserves stood at $34.53 billion as of Nov. 24, up nearly 3 percent from a month earlier, central bank data showed on Thursday. Reuters Corporate news Nigeria's Access Bank targets West African trade services as foreign lenders exit: Nigeria s Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their correspondent banking exposure to West Africa. Reuters Nigeria's Seven-Up gets $60 mln takeover offer after losses: Nigeria s Seven-Up bottling company has received an offer from its majority shareholder Affelka to buy out minorities for billion ira ($60 million), in a takeover deal aimed at restructuring the struggling company. Reuters Top Losers Price Change Mobil Nigeria PLC % University Press PLC % Neimeth Intertiol Pharmaceuticals % Livestock Feeds PLC % Guinness Nigeria PLC % *Nigeria All Share Index ** Bloomberg MSCI EFM Africa Index

14 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Agriculture Livestock Feeds PLC % 1.0 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 % Custodian and Allied Insurance 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 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor South Africa Equity Market Performance Economic News South Africa's credit demand growth slows to 5.43 percent in October: Growth in South Africa s private-sector credit demand fell to 5.43 percent in October from a revised 5.50 percent in September, central bank data showed last week. Expansion in the broadly defined M3 measure of money supply was also slower at 5.01 percent from 7.13 percent in the prior month. Reuters South Africa's October producer inflation eases to 5 pct year/year: South Africa's producer price inflation (PPI) slowed to 5 percent year-on-year in October from 5.2 percent in September, the statistics agency said on Thursday. On a month-onmonth basis, October PPI was unchanged at 0.7 percent, Statistics South Africa said. Reuter SA AFRICA Index Performance SA Current 59,449 Week Change -1.4% Gainers (no) 16.0 Losers (no) 14.0 Market Breadth wk High 61, wk Low 48,936 YTD 17.7% Top Gainers Price Change Consolidated Infrastructure Group Ltd % Ascendis Health Ltd 1, % Montauk Holdings Ltd 5, % ArcelorMittal South Africa Ltd % Nedbank Group Ltd 23, % South Africa's trade surplus inches higher in October: South Africa s trade surplus in October widened slightly to 4.56 billion rand ($335 million) from a revised 4.48 billion rand surplus in September as exports and imports grew at a similar pace, data from the revenue agency showed on Thursday. Exports rose by 2.2 percent to billion rand on a month-on-month basis in October, while imports were up 2.3 percent to 99.9 billion rand, the South African Revenue Service said. Reuters Corporate news South Africa's Tiger Brands posts 1.6 rise in FY profit: South Africa s biggest consumer foods maker, Tiger Brands, on Monday reported a 1.6 percent rise in full-year profit as it refocuses on its home market after a costly foray into the rest of Africa. Tiger Brands reported headline earnings per share (EPS) of 2,161 cents for the year to end- September, compared with 2,127.1 cents a year ago. Reuters Top Losers Price Change Net 1 UEPS Technologies Inc 15, % Impala Platinum Holdings Ltd 3, % Assore Ltd 28, % Lonmin PLC 1, % Group Five Ltd/South Africa 1, % *JSE All Share Index

16 Equity Valuations 52-Week 52-Week MKT. CAP YTD Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco PLC 87, , , , % Cie Finciere Richemont SA 11, , , , % 11.2 Naspers Ltd 362, , , , % Shoprite Holdings Ltd 23, , , , % Tiger Brands Ltd 41, , , , % Woolworths Holdings Ltd/South Africa 5, , , , % Energy Sasol Ltd 42, , , , % Fincials Barclays Africa Group Ltd 16, , , , % Capitec Bank Holdings Ltd 97, , , , % FirstRand Ltd 5, , , , % Investec Ltd 9, , , , % Investec PLC 9, , , , % Nedbank Group Ltd 23, , , , % Old Mutual PLC 3, , , , % RMB Holdings Ltd 6, , , , % Sanlam Ltd 7, , , , % Standard Bank Group Ltd 17, , , , % Health Care Aspen Pharmacare Holdings Ltd 30, , , , % Industrials Bidvest Group Ltd/The 19, , , , % Materials Anglo American Platinum Ltd 35, , , , % Anglo American PLC 25, , , , % BHP Billiton PLC 24, , , , % Mondi Ltd 31, , , , % Mondi PLC 31, , , , % 18.9 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 14, , , , %

17 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Weekly Pan African Monitor Tunisia Equity Market Performance Economic News Index of economic freedom: Tunisia ranks 117th out of 160 countries: Tunisia ranked 117th out of 160 countries in terms of index of economic freedom, according to the report "economic freedom for the year 2016" (according to 2015 indicators), developed by the Cadian Fraser Institute. The ranking of economic freedom, presented, last week in Tunis, during a forum on the reality of economic freedom in Tunisia, is based on several indicators including the freedom of intertiol trade, the ease of access to loans, the organisation of work, banking policy and the guarantee of investors' rights. Reuters TUNISIA AFRICA * ** Index Performance TUNISIA Current 6,222 Week Change 0.6% Gainers (no) 10.0 Losers (no) 13.0 Market Breadth wk High 6, wk Low 5,410 YTD 13.3% Top Gainers Price Change Societe Immobiliere Tuniso Seoudienne % Societe Electrostar 3 4.2% Banque Intertiol Arabe de Tunis % Carthage Cement 2 3.1% SOTETEL 3 2.2% Minister of Energy appears before Judicial and Fincial division: Minister of Energy, Mines and Renewable Energies Khaled Kaddour appeared this week before the investigating judge in the context of a case brought before the judicial and fincial division, the ministry said in a statement Saturday. The ministry specified that the complaint concerned the transfer of shares of the petroleum exploration license submitted to the commission, which issued a "technical opinion" before transferring the file to the confiscation commission. Reuters. Corporate News Abraaj buys Tunisie Telecom from Dubai Holding- Tunisian minister: Private equity firm Abraaj Group has bought from Dubai Holdings telecoms arm its 35 percent stake in state-controlled Tunisie Telecom, a Tunisian minister said on Monday. Reuters. Top Losers Price Change Servicom SA 4-7.9% Societe de Production Agricole Teboulba 1-6.4% Automobile reseau tunisien et services 6-3.0% STAR % Societe Tunisienne de L'Air 0-2.1% *Tunis Index ** Bloomberg MSCI EFM Africa Index

18 Equity Valuations Consumer Goods Automobile reseau tunisien et services % -19.3% Elbene Industrie SA % -2.9% Enkl Automobiles % -3.5% GIF Filter SA % -12.6% MONOPRIX % 16.3% SFBT , % 15.2% Societe de Production Agricole Teboulba % -41.9% Societe Electrostar % -15.3% Societe Magasin General % 48.0% SOTUMAG % 9.8% Fincials Amen Bank % 7.0% Arab Tunisian Bank % -9.9% Arab Tunisian Lease % -0.3% Assurances SALIM % -15.0% Attijari Bank % 31.8% Attijari Leasing SA % 7.3% Banque de l'habitat % 25.9% Banque de Tunisie % 2.0% Banque Intertiol Arabe de Tunis % 33.7% Banque Natiole Agricole % 33.1% BTEI % -7.2% Cie d'assurances et de Reassurances ASTR % 39.5% Cie Intertiole de Leasing % 9.0% El Wifack Leasing % -12.1% Essouk % -6.8% Modern Leasing Immeuble Assurances SALIM % 0.8% Pouli Group % 41.0% Societe Immobiliere et de Participations % -7.5% Societe Immobiliere Tuniso Seoudienne % 5.4% Societe Tunisienne de Banque % -3.8% STAR % -3.4% Tunis Re % -9.3% Tunisie Leasing SA % -20.5% UBCI % -14.7% Union Intertiole de Banques SA % 22.2% Health Care Accumulateur Tunisienne Assad % 54.8% ADWYA SA % -11.7% Industrials Servicom SA % -64.9% SIPHAT % -2.0% Societe Industrielle d'appareillage et d % -10.8% Societe Moderne de Ceramiques % -22.1% 0.7 Societe Tunisienne de L'Air % -23.0% Tunisie Profiles Aluminium SA % 4.2% Information Technology Telnet Holding % 71.4% 3.5 Materials Air Liquide Tunisie % -29.5% Carthage Cement % 16.5% Industries Chimiques du Fluor % 30.5% Societe Chimique ALKIMIA % -2.0% 1.5 Societe Ciments de Bizerte % -34.2% Societe Tunisiennes de Verreries % 29.2% Telecommunication Price 52-Week High 52-Week Low MKT. CAP (US$MN) WTD Return YTD Return P/E (x) P/BV (x) ROE (%) SOTETEL % 14.3%

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