Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 March 5th 2018

2 Equities Index Level Market Cap ($bn) W/W Return (Local) Return (Local) BRVM: BRVM 10* % -4.3% 23.2x 1.7x Egypt: EGX 30 15, % 4.6% 14.1x 2.2x 3.5% Gha: GSE Composite 3, % 28.1% x 3.0x 1.2% Kenya: Nairobi All Share % 5.9% 14.7x 2.2x 4.2% Mauritius: SEMDEX 2, % 3.5% 20.2x 0.8x Morocco: CFG 25 27, % 6.4% Nigeria:Nigeria All Share 42, % 13.6% 12.8x 1.9x 2.9% South Africa: JSE All Share 57, % -2.9% 16.9x 2.0x 3.3% Tunisia: Tunis Index 6, % 6.7% 19.9x 2.8x 2.2% Zimbabwe: Industrial % -9.9% 30.2x 2.2x 2.2% Frontier Markets % 3.3% 14.9x 2.0x 3.2% Emerging Markets 1, % 2.0% 15.9x 1.8x 2.7% 2.1 Movement of the major equities indices across Africa 1.4 P/E Valuation P/B Movements in the Global Indices Vs Africa March 5, 2018 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM 0.5 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan MSCI World S&P 500 FTSE 100 MSCI Africa 0.8 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Currencies (Vs USD) Spot Rate WTD Return MTD Return Return 6M Forward 12M Forward Egypt EGP:Pound % 0.0% 0.8% Gha GHS:Cedi % 0.0% 1.5% Kenya KES: Shilling % 0.0% 1.9% Mauritius MUR: Rupee % -0.3% 1.1% Morocco MAD: Dirham % 0.6% % Nigeria NGN: Naira % 0.1% 0.0% South Africa ZAR: Rand % -% 4.3% Tanzania TZS: Shilling 2, % -0.2% -0.6% Tunisia TND: Dir % 1.1% 2.5% Zimbabwe ZWL: Dollar Comdty 55 BGN Curncy 1 COMB Comdty Brent Crude Gold Copper 5 Jan-17 May-17 Sep-17 Jan Jan-17 Apr-17 Jul-17 Oct-17 Jan Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Bond Yield Annual Latest GDP Exterl Fixed Income (10 yr) Inflation Real Return Policy Rate GDP ($'bn) Growth Reserves ($'bn) Egypt 16.0% 17.1% -1.1% 18.8% % 42.5 Gha 6.7% 10.4% -3.7% 20.0% % 5.3 Kenya 12.6% 4.5% 8.1% 10.0% % 6.9 Mauritius 4.5% 6.2% -1.7% 3.5% % 0.0 Morocco 1.8% 3.8% % Nigeria 13.7% 15.1% -1.4% 14.0% % 42.4 South Africa 4.4% 6.8% % 50.5 Tanzania 15.1% 4.0% 11.1% 12.0% % 5.9 Tunisia 7.6% 6.9% 0.8% 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 Traffic at Ivory Coast's main port up 4 percent in 2017: Traffic at Ivory Coast s main port of Abidjan rose by about 4 percent in 2017, propelled by rising commodity production and increased imports due to strong economic growth, port authorities said last week. The port of Abidjan is the main exit point for exports of cocoa beans, of which Ivory Coast is the world s top producer, and other commodities. It also handles most of the goods entering and exiting land-locked Mali, Burki Faso and Niger. Reuters BRVM Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low * AFRICA ** BRVM % % Top Gainers Price Change Shell Cote D Iv oire 1, % Societe Multitiole de Bitumes 13, % Comptoir Francais Afrique % Societe des Caoutchoucs de Grand-Bereb 5, % Societe Iv oirienne DE Cable 1, % Ivory Coast farmers upbeat for cocoa mid-crop after rains: Abundant rainfall in most of Ivory Coast s cocoa-growing regions bodes well for the development of the upcoming mid-crop, farmers said. The world s top cocoa producer is emerging from a three-month dry season and entering the rainy season, which begins with regular downpours in March. Farmers said the bulk of harvesting for the April-to-September mid-crop would take place in May, but that the crop would only yield significant volumes of cocoa from June to August. In the southern region of Divo, farmers said they expected the mid-crop to be as good as last year. Reuters Corporate News Total targets fil decisions on Myanmar, Ivory Coast LNG projects this year: France s Total expects to take a fil investment decision (FID) on liquefied tural gas (LNG) import projects in Myanmar and Ivory Coast this year as part of the oil major s expansion into emerging markets, an executive said last week. Reuters Top Losers Price Change Bank of Africa/Cote d'iv oire 4, % Mov is Cote d'iv oire 3, % Uniwax SA 3, % Bollore Africa Logistics SAS 4, % Sitab-Soc Iv oirienne Tabacs 54, % *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 2,010 3,100 1, % PALMCI 7,140 7,500 3, % Sitab-Soc Ivoirienne Tabacs 52, ,800 52, % Societe Africaine de Plantations d'hevea 4,300 4,310 2, % Societe des Caoutchoucs de Grand-Bereby 5,500 5,570 3, % Societe De Distribution Automobile en Co 289, , , % Societe de Limoderies et Brasseries 117, , , % Unilever Cote d'ivoire 7,100 16,025 6, % Uniwax SA 3,250 5,200 3, % Energy Shell Cote D Ivoire 1,530 2, % TotalFiElf Cote D'ivoire 2,110 3,400 1, % Fincials Bank of Africa - Benin 6,595 11,300 6, % Bank of Africa - Burki Faso 7,000 11,500 6, % Bank of Africa/Cote d'ivoire 4,995 9,534 3, % Bank of Africa/Niger 5,000 9,385 3, % BICICI 8,100 10,300 6, % SCBCI 13,995 16,000 10, % Societe Africain de Credit Auto 9,700 11,715 6, % Ecobank Transtiol Inc % Industrials Berbe 3,140 7,323 2, % Bollore Africa Logistics SAS 4,390 5,000 3, % Comptoir Francais Afrique % Movis Cote d'ivoire 3,000 4,100 3, % Servair Abidjan 1,740 4,200 1, % Societe Ivoirienne DE Cable 1,845 1, % Materials CROWN SIEM 13,500 39,000 13, % Filature Tissages Sacs SA 4,930 5,000 3, % Societe Ivoirienne d'osygne et d'acetyln 485 1, % Societe Multitiole de Bitumes 13,600 25,300 7, % Utilities Cie Ivoirienne D Elect 1,985 3,700 1, % SODECI 3,750 7,385 2, % Telecommunication Otel SA 8,650 11,800 6, % Sotel 21,500 25,200 20, % Societe Ivoirienne de Coco Rape 3,850 6,750 3, % 11.5 SETAO % 2.4 NEI CI % TRITURAF %

5 Egypt Equity Market Performance Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low EGYPT * AFRICA ** EGYPT 15, % ,721 12, % Top Gainers Price Change Egyptians for Housing & Dev elopment Co % Egypt for Poultry % Eastern Tobacco % Egyptian Fincial Group-Hermes Holding % Six of October Dev elopment & Inv estment % Top Losers Price Change Arabian Cement Co % Egyptian Electrical Cables % Heliopolis Co for Housing and Constructi % Global Telecom Holding SAE % EL Shams Housing & Urbanization SAE % Economic News Egypt's non-oil business sector activity falls slightly in Feb PMI: Egypt s non-oil private sector business activity contracted again in February although an expansion in new orders suggested a pick up may be on the way, a survey showed last week. The Emirates NBD Egypt Purchasing Magers Index (PMI) for the non-oil private sector fell to 49.7 from January s reading of 49.9, still below the 50 mark that separates growth from contraction. Reuters Egypt's M2 money supply up percent year-on-year in January: Egypt s M2 money supply was up percent at the end of January from a year earlier, central bank data showed last week. The money supply stood at 3.25 trillion Egyptian pounds ($185 billion), the bank said. Reuters Egypt net foreign reserves rise to $42.524bn after Eurobond sale: Egypt s foreign reserves rose to $ billion at the end of February from $ billion at the end of January, the central bank said last week, helped by a recent Eurobond sale. Cairo s foreign reserves have been climbing since the country secured a $12 billion three-year Intertiol Monetary Fund loan programme in 2016 as part of efforts to woo foreign investors and revive its ailing economy. Reuters Corporate News ADM, Cargill announce soybean joint venture in Egypt: Archer Daniels Midland has agreed to form a soybean joint venture in Egypt with fellow U.S. agricultural merchant Cargill to take advantage of strong demand for edible oil and livestock feed. The agreement will give ADM joint ownership of Cargill s soy crushing facility in Borg Al-Arab on the Mediterranean coast, the companies said in a statement last week. 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 Jan producer price inflation falls to 7.7 percent: Gha s producer price inflation fell to 7.7 percent year-on-year in January from a revised figure of 8.7 percent the previous month, the statistics office said last week. The major commodity exporter is seeking to cut spending and restructure debt, and aims to rrow consumer inflation to 8 percent, plus or minus 2 percentage points, this year under a credit deal with the Intertiol Monetary Fund. Reuters GHANA * AFRICA ** Gha to tighten controls on gold exports to protect revenues: Gha will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said last week. Gha, Africa s second largest gold miner after South Africa, earned $5.78 billion from exports of the metal last year, up 17.6 percent on 2016, central bank data showed. Reuters Index Performance GHANA Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low % % Top Gainers Price Change Societe Generale Gha Ltd % CAL Bank Ltd 1 1.6% Gha Oil Co Ltd 4 0.5% Benso Oil Palm Plantation Ltd 7 0.3% Corporate News Vodafone's mobile data to be deployed to fight epidemics in Gha: Mobile data will be used in Gha to track and control epidemics, helping prevent a repeat of the 2014 West Africa Ebola outbreak, in a pioneering programme announced by Vodafone Foundation last week. The initiative will use aggregated anonymised mobile data to track real-time trends in population movement, the charitable arm of the British mobile operator said at the Mobile World Congress in Barcelo. Reuters Top Losers Price Change Gha Commercial Bank Ltd % Ecobank Transtiol Inc 0-7.4% HFC Bank Gha Ltd 1-2.5% FAN Milk Ltd % 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 % 0.2 PZ Cussons Gha Ltd % 2.6 Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc , % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 4.3 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's inflation dips slightly to 4.46 percent in Feb: Kenya s year-on-year inflation dipped slightly to 4.46 percent in February, the statistics office said on Wednesday, down from 4.83 percent in January. 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 Natiol Bank of Kenya Ltd % Co-operativ e Bank of Kenya Ltd/The % Equity Group Holdings Ltd/Kenya % Uchumi Supermarkets Ltd % Housing Fince Co of Kenya Ltd 1 6.4% Corporate News Shoprite Holdings ramps up Africa expansion with Kenya entry: South African Shoprite Holdings will move into Kenya, where weakened competitor positions have opened an opportunity for Africa s biggest grocer to expand its presence in East Africa, its chief executive Pieter Engelbrecht said last week. Reuters Longhorn publishers posts HY sales of 513.5mn shillings: HY ended Dec sales of million shillings versus million shillings year ago. For six months ended Dec. 31, profit before tax 52.1 million shillings versus 58.9 million shillings. Reuters Barclays Bank of Kenya reports FY pretax profit of 10.4bn shillings : Barclays Bank of Kenya ltd reported profit before tax of 10.4 billion shillings for the year ended December 31, FY net interest income performance dropped by 2% to 21.8 billion shillings. FY customer loans and advances remained relatively flat at 168 billion shillings. Impairment dropped 21% from 3.9 billion shillings in 2016 to 3.1 billion shillings in Reuters Top Losers Price Change Ev eready East Africa Ltd % Kenya Airways Ltd % Kenya Electricity Generating Co Ltd % Mumias Sugar Co Ltd % TransCentury 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 central bank leaves key repo rate at 3.5 percent: The Mauritius central bank left its key repo rate unchanged at 3.5 percent last week, the monetary policy committee said. The bank also said it had cut its growth forecast for 2018 to 4 percent from 4.2 percent previously. Reuters Mauritius offers 10-year Treasury bond worth 1.9bn rupees: The Bank of Mauritius said on Wednesday it would auction a 10-year Treasury bond worth 1.9 billion rupees ($57.32 million) on March 7. The coupon rate will be set equal to, or higher than, the lowest accepted yield at auction, the bank added. The bond is due to mature on March 9, Reuters Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low MAURITIUS AFRICA * ** MAURITIUS % % Mauritius offers 3-year central bank Golden Jubilee bond: Mauritius will sell a three-year Bank of Mauritius Golden Jubilee bond note from March 15, the central bank said last week. The bank said in a statement it would receive bids up to June 15. The bond will be issued at par in multiples of 25,000 rupees to individuals (Mauritian Natiols only) and Non-Governmental Organizations up to a maximum investment amount of 5 million rupees per investor, whether singly or jointly, the central bank said. Reuters Corporate News Top Gainers Price Change Cim Fincial Serv ices Ltd % Swan Insurance Co Ltd % Mauritius Union Assurance Co Ltd/The 58.5 % MCB Group Ltd % Top Losers Price Change BlueLife Ltd % Alteo Ltd % ENL Commercial Ltd % New Mauritius Hotels Ltd % Omnicane Ltd % Thailand's Singha Estate buys hotels from Hawaiian firm for $250mn: Thai property firm Singha Estate Plc said last week it would buy six hotels across four countries from a Hawaii-based hotel group for about $250 million. Singha Estate will buy a total of 859 rooms from properties on the resort islands of Phuket and Samui in Thailand, Mauritius, the Maldives and Fiji from Outrigger Hotels Hawaii. Singha Estate, the property arm of beer maker Boon Rawd Brewery, best known for pale lager Singha, said it might repay up to $100 million of loans owed by the properties. 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 % 0.53 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 42,876 % ,322 24, % Top Gainers Price Change Japaul Oil & Maritime Serv ices PLC % Cement Co Northern Nigeria PLC % NEM Insurance PLC % Consolidated Hallmark Insurance PLC % First Aluminium Nigeria PLC % Top Losers Price Change Economic News Nigeria's economy grew 1.92 percent in Q stats office: Nigeria s gross domestic product grew 1.92 percent in the last quarter of 2017 compared with a 1.73 percent contraction in the same period the previous year, the Natiol Bureau of Statistics said last week. Reuters Nigeria's FX reserves up 4 percent in past month: Nigeria s foreign exchange reserves stood at $41.8 billion as of Feb. 21, up 4.15 percent from a month earlier, central bank data showed last week. Successful debt sales, including multiple Eurobond offerings this month, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August Reuters Nigeria capital inflow rose in Q4 as economy returned to growth: The value of capital imported into Nigeria rose 29.9 percent in the fourth quarter to $5.32 billion, as economic activity gathered pace after the first recession in a quarter century, the Natiol Bureau of Statistics (NBS) said last week. Capital imports stood at $12.2 billion for 2017, up from $5.38 billion previous year, the NBS said. Reuters Corporate news Seplat Petroleum launches U.S. dollar denomited bond offering: Seplat Petroleum Development Company Plc - launched a 5 or 7 year U.S. dollar denomited regulation s/144 a senior notes offering. Proceeds of notes will be used to refince existing indebtedness and general corporate purposes. Reuters Unic Insurance PLC % Sov ereign Trust Insurance PLC % FTN Cocoa Processors PLC % Multiv erse PLC % African Alliance Insurance PLC % *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 % 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 SA * AFRICA ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low SA 57, % ,777 50, % Top Gainers Price Change Ascendis Health Ltd 1, % Harmony Gold Mining Co Ltd 2, % Howden Africa Holdings Ltd 3, % Clov er Industries Ltd 1, % Adcorp Holdings Ltd 1, % Economic News South Africa's January credit demand growth slows to 5.54 percent: Growth in South Africa s private-sector credit demand fell to 5.54 percent in January from 6.72 percent in December, central bank data showed last week. Expansion in the broadly defined M3 measure of money supply slowed to 5.83 percent in January, from 6.42 percent in the prior month. Reuters South Africa's January producer inflation lower at 5.1 percent year/year: South Africa's producer price inflation (PPI) slowed to 5.1 percent year-onyear in January compared with 5.2 percent in December, the statistics agency said last week. On a month-on-month basis, January PPI fell to 0.3 percent from 0.6 percent in December, Statistics South Africa said. Reuters South Africa's trade balance swings to deficit in January: South Africa s trade balance in January swung to billion rand ($2 billion) deficit from a revised 15.3 billion rand surplus in December, data from the revenue agency showed last week. Exports fell by 22.6 percent to 80.5 billion rand on a month-on-month basis in January, while imports rose 21.9 percent to billion rand, the South African Revenue Service said in a statement. Reuters Corporate news South Africa's Implats rrows HY loss by 70 percent: South Africa s Impala Platinum (Implats) said on Thursday its first-half loss rrowed by 70 percent from a year earlier, helped by improved operatiol performance but was weighed down by a tax on its Zimbabwean unit. Reuters Top Losers Price Change Group Fiv e Ltd/South Africa % Exxaro Resources Ltd 12, % Resilient Property Income Fund Ltd 6, % Curro Holdings Ltd 3,251-1% Kumba Iron Ore Ltd 32, % *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 68, , , , % Cie Finciere Richemont SA 10, , , , % 11.2 Naspers Ltd 330, , , , % Shoprite Holdings Ltd 26, , , , % Tiger Brands Ltd 39, , , , % Woolworths Holdings Ltd/South Africa 6, , , , % Energy Sasol Ltd 40, , , , % Fincials Barclays Africa Group Ltd 20, , , , % Capitec Bank Holdings Ltd 86, , , , % 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 26, , , , % Industrials Bidvest Group Ltd/The 22, , , , % Materials Anglo American Platinum Ltd 36, , , , % Anglo American PLC 27, , , , % BHP Billiton PLC 23, , , , % 22.4 Mondi Ltd 31, , , , % Mondi PLC 31, , , , % 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 Equity Market Performance Economic News Tunisia to invest $5 billion in energy projects in : Tunisia will invest 12 billion dirs ($5 billion) in electricity and other energy projects from 2018 to 2020, a government statement said last week. The government also said it was planning a new airport close to the capital. The energy projects include a 600 megawatt-underwater power cable to link Tunisia s power grid with Italy s, Energy Minister Khaled Kaddour said in a statement. The 200-km (125-mile) line would cost 600 million euros, he said. Reuters TUNISIA * AFRICA ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low TUNISIA 6, % ,718 5, % Top Gainers Price Change Automobile reseau tunisien et serv ices 7 4.8% Banque Intertiol Arabe de Tunis % Societe Magasin General % Societe Moderne de Ceramiques 1 2.5% Banque Natiole Agricole % Algeria to supply Tunisian border region with gas: Algeria will supply a border region in Tunisia with tural gas and both countries will provide each other with electricity, their energy ministers said last week. Algeria, a major oil and gas producer, will supply gas to the Tunisian border region of Sakiet Sidi Youssef, the country s energy minister, Mustapha Guitouni, said after meeting his Tunisian counterpart in Tunis. The region in Tunisia s north is symbolic for Algeria, because scores of civilians were killed by a French air strike during Algeria s war of Independence from 1954 to 1962 with France. Reuters Corporate News No corporate news Top Losers Price Change Assurances SALIM % MONOPRIX % Union Intertiole de Banques SA % Societe Ciments de Bizerte 2-2.5% SOTETEL 3-2.5% *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 % 18.9% Elbene Industrie SA % 0.0% Enkl Automobiles % -14.1% GIF Filter SA % 5.6% MONOPRIX % 9.3% SFBT , % 5.6% Societe de Production Agricole Teboulba % -5.4% Societe Electrostar % -4.9% Societe Magasin General % 1.0% SOTUMAG % 4.6% Fincials Amen Bank % 6.8% Arab Tunisian Bank % -1.2% Arab Tunisian Lease % 0.0% Assurances SALIM % -11.5% Attijari Bank % 27.2% Attijari Leasing SA % 1.0% Banque de l'habitat % 13.0% Banque de Tunisie % 1.2% Banque Intertiol Arabe de Tunis % 14.8% 3.0 Banque Natiole Agricole % 12.7% BTEI % -0.3% Cie d'assurances et de Reassurances ASTR % -1.2% Cie Intertiole de Leasing % 4.0% El Wifack Leasing % -6.7% Essouk % -1.4% Modern Leasing Immeuble Assurances SALIM % 1.1% Pouli Group % 3.2% Societe Immobiliere et de Participations % -8.9% Societe Immobiliere Tuniso Seoudienne % -3.4% Societe Tunisienne de Banque % 2.5% STAR % -20.0% Tunis Re % -% Tunisie Leasing SA % -8.6% UBCI % -9.3% Union Intertiole de Banques SA % 15.1% Health Care Accumulateur Tunisienne Assad % 2.1% ADWYA SA % 5.8% Industrials Servicom SA % -9.9% SIPHAT % 0.4% Societe Industrielle d'appareillage et d % 2.9% Societe Moderne de Ceramiques % 11.7% 0.8 Societe Tunisienne de L'Air % 4.7% Tunisie Profiles Aluminium SA % 4.3% Information Technology Telnet Holding % 36.1% 4.7 Materials Air Liquide Tunisie % -10.1% Carthage Cement % 4.7% Industries Chimiques du Fluor % 19.4% Societe Chimique ALKIMIA % -12.2% Societe Ciments de Bizerte % -25.5% Societe Tunisiennes de Verreries % 6.0% Telecommunication SOTETEL % 1.5%

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