Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 May 14th 2018

2 Equities Index Level Market Cap ($bn) W/W Return (Local) YTD Return (Local) BRVM: BRVM 10* % -1.9% 12.7x 2.3x 6.7% Egypt: EGX 30 17, % 14.6% 24.4x 2.4x 2.1% Gha: GSE Composite 3, % 34.0% 74.4x 3.1x 1.2% Kenya: Nairobi All Share % 3.2% 14.1x 2.1x 4.5% Mauritius: SEMDEX 2, % 3.2% 16.9x 0.8x Morocco: CFG 25 26, % 4.3% Nigeria:Nigeria All Share 41, % 7.3% 11.6x 1.8x 4.0% South Africa: JSE All Share 58, % -1.9% 17.6x 2.0x 3.3% Tunisia: Tunis Index 7, % 17.3% 19.1x 2.5x 2.0% Zimbabwe: Industrial % 6.6% 31.8x 2.8x 1.9% Frontier Markets % -4.1% 13.4x 1.9x 3.5% Emerging Markets 1, % 0.5% 15.0x 1.7x 2.7% 1.9 Movement of the major equities indices across Africa 1.3 P/E Valuation P/B Movements in the Global Indices Vs Africa May 14, 2018 Dividend Yield Nigeria South Africa Gha Kenya BRVM FM 0.5 EM May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 S BGN Curncy 1.0 MSCI World S&P FTSE 100 MSCI Africa 0.8 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward Egypt EGP:Pound % -0.9% -0.2% Gha GHS:Cedi % 0.2% 1.4% Kenya KES: Shilling % 0.0% 2.9% Mauritius MUR: Rupee % -1.6% -2.8% Morocco MAD: Dirham % -0.5% -0.1% Nigeria NGN: Naira % -0.1% -0.2% South Africa ZAR: Rand % 1.7% 1.0% Tanzania TZS: Shilling 2, % -0.4% -1.9% Tunisia TND: Dir % -1.8% -1.1% Zimbabwe ZWL: Dollar Brent Crude 1500 Gold 460 Copper 1 Comdty 55 BGN Curncy 1 COMB Comdty May-17 Sep-17 Jan-18 May May-17 Aug-17 Nov-17 Feb-18 May May-17 Aug-17 Nov-17 Feb-18 May-18 Bond Yield Annual Latest GDP Exterl Macro/Fixed Income (10 yr) Inflation Real Return Policy Rate GDP ($'bn) Growth Reserves ($'bn) Egypt 17.2% 13.1% 4.1% 17.8% % 44.0 Gha 7.1% 9.6% -2.5% 18.0% % 5.5 Kenya 12.6% 3.7% 8.9% 9.5% % 7.3 Mauritius 4.5% 3.7% 0.8% 3.5% % 6.3 Morocco 2.5% 4.1% % Nigeria 13.5% 13.3% 0.2% 14.0% % 47.9 South Africa 3.8% 6.5% % 49.5 Tanzania 13.9% 3.9% 9.9% 12.0% % 5.9 Tunisia 7.6% 7.7% -0.1% 5.8% % Zimbabwe 17.4% 2.7% 14.7% % 0.4 *MXFM Index: MSCI FM Frontier Markets **MXEF Index: MSCI Emerging Market Index

3 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor BRVM Equity Market Performance Economic News Chemicals to combat caterpillars help Ivory Coast cocoa crop: Successes in the battle to reduce plant -eating caterpillars gave a boost to Ivory Coast s April-to-September cocoa mid-crop last week, though a lack of rain tempered optimism, farmers said. In the coastal region of San Pedro, farmers said they received chemicals from the Coffee and Cocoa Council to fight a caterpillar infestation that hit cocoa plantations in the world s top producer last month. Reuters BRVM AFRICA * ** Index Performance BRVM Current 215 Week Change -1.4% Gainers (no) 6.0 Losers (no) 29.0 Market Breadth wk High wk Low 194 YTD -1.9% Top Gainers Price Change Uniwax SA 3, % Otel SA 8, % TotalFiElf Cote D'ivoire 2, % SETAO % Sotel 23, % Ivory Coast to Name New Government After Ruling- Coalition Merger: Ivory Coast President Alassane Ouattara said he plans to me a new government as soon as his ruling coalition has merged into a single political party following an accord last month. The new cabinet is to remain in place until the 2020 presidential elections, state-owned newspaper Fraternite Matin reported Monday, citing Ouattara, who spoke last week at a congress of his own party, the Rally of the Republicans. Bloomberg Corporate News Randgold Tumbles as Mounting Gold Mining Setbacks Hit Production: Randgold Resources Ltd. fell the most in 18 months in London after a series of setbacks across its African mines hit both earnings and gold production. A labor dispute at its Tongon mine in Ivory Coast means the operation is unlikely to hit its full-year target, the miner said last week. Randgold s new gold mine in the Democratic Republic of Congo faces uncertainty as the company joins other producers trying to win concessions from the government over a new mining code that threatens profit. Bloomberg Top Losers Price Change Cie Ivoirienne D Elect 1, % Societe de Limoderies et Brasseries 77, % Societe Ivoirienne d'osygne et d'acetyln % Bank of Africa/Cote d'ivoire 3, % Societe Ivoirienne de Coco Rape 2, % *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 2,700 3,100 1, % PALMCI 5,490 7,550 3, % Sitab-Soc Ivoirienne Tabacs 45,565 91,375 45, % Societe Africaine de Plantations d'hevea 3,800 4,685 2, % Societe des Caoutchoucs de Grand-Bereby 3,895 5,700 3, % Societe De Distribution Automobile en Co 183, , , % Societe de Limoderies et Brasseries 77, ,000 76, % Unilever Cote d'ivoire 8,000 15,000 6, % Uniwax SA 3,160 5,200 2, % Energy Shell Cote D Ivoire 1,050 1, % TotalFiElf Cote D'ivoire 2,150 3,140 1, % Fincials Bank of Africa - Benin 5,100 11,000 5, % Bank of Africa - Burki Faso 5,195 11,500 4, % Bank of Africa/Cote d'ivoire 3,695 8,900 3, % Bank of Africa/Niger 4,600 7,692 3, % BICICI 7,030 10,300 6, % SCBCI 13,000 16,000 10, % Societe Africain de Credit Auto 7,000 11,715 6, % Ecobank Transtiol Inc % Industrials Berbe 2,805 6,600 2, % Bollore Africa Logistics SAS 3,595 5,000 3, % Comptoir Francais Afrique % Movis Cote d'ivoire 3,085 4,100 2, % Servair Abidjan 1,670 3,000 1, % Societe Ivoirienne DE Cable 1,650 2, % Materials CROWN SIEM 14,200 28,505 13, % Filature Tissages Sacs SA 4,800 5,500 3, % Societe Ivoirienne d'osygne et d'acetyln % Societe Multitiole de Bitumes 13,500 20,500 7, % Utilities Cie Ivoirienne D Elect 1,480 3,625 1, % SODECI 3,975 6,773 2, % Telecommunication Otel SA 8,500 10,500 6, % Sotel 23,750 24,995 20, % Societe Ivoirienne de Coco Rape 2,825 6,750 2, % SETAO % 4.2 NEI CI % TRITURAF %

5 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Egypt Economic News Equity Market Performance S&P Raises Egypt s Sovereign Credit Rating To B From B-: S&P raises Egypt s sovereign credit rating to b from b-; lowers outlook to stable from positive. It says Egypt was upgraded to b on improving macroeconomic fundamentals; outlook stable as more competitive exchange rate, rising domestic gas production, increasing exports helping to improve Egypt s current account deficit. Reuters Egypt signs MOU with Chi's GCL for $2bn solar panel factory: Chi s GCL Group has signed a memorandum of understanding (MOU) with Egypt s ministry of military production to build a solar panel facility at a cost of up to $2 billion, state-run newspaper Al-Ahram reported last week. Reuters EGYPT * AFRICA ** Index Performance EGYPT Current 17,155 Week Change -3.8% Gainers (no) 3.0 Losers (no) 26.0 Market Breadth wk High 18, wk Low 12,648 YTD 14.6% Top Gainers Price Change Global Telecom Holding SAE % Telecom Egypt Co % EL Shams Housing & Urbanization SAE % Top Losers Price Change Eastern Tobacco % Egypt for Poultry % Arabian Cement Co % ElSwedy Electric Co % Commercial Intertiol Bank Egypt SAE % Egypt's core inflation increases to 11.62% in April - C.bank: Egypt s core inflation increased margilly to 11.62% year-on-year in April from 11.59% in March, the central bank said last week. Inflation jumped after Egypt devalued its currency in November It reached a record high in July on the back of energy subsidy cuts but has gradually eased since then. Reuters Corporate News Global Telecom To Increase $100 Mln In Revolving Credit Facility: Global Telecom Holding Board authorized Co s temporary entry into $100 million increase in revolving credit facility agreement with Veon Holdings. Reuters Egypt passes law regulating Uber, Careem ride-sharing services: Egypt s parliament passed a law on Monday regulating ride-sharing apps Uber and Careem, potentially ending a lawsuit that could shut them down in one of their biggest markets but imposing new fees and data sharing requirements. Reuters Egypt approves oil exploration deal with Italy's Eni, Egyptian firm Tharwa: Egypt has approved an exploration agreement with Italy s Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the coast of Northern Sii, the Egyptian oil minister said last week. Reuters *EGX 30 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 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 % % ElSwedy Electric Co % % Materials Arabian Cement Co % % Ezz Steel % % South Valley Cement % % Telecommunication Global Telecom Holding SAE % Orascom Telecom Media And Technology Hol % % Telecom Egypt Co % %

7 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Gha Equity Market Performance Economic News Gha Sells $2 Billion Bonds as Bids Exceed Supply Fourfold: Demand for Gha s $2 billion of Eurobonds exceeded supply four times as the West African country convinced investors about its economic turround story, the Ministry of Fince said. Gha got more than $8 billion of bids after marketing the debt in the U.S. and London, the ministry said in ed statement last week. President Na Akufo- Addo, who took office last year, has sought to rein in the fiscal deficit to help lower 14-year-high interest rates that are hampering businesses. The economy grew at the fastest pace in five years in Bloomberg GHANA * AFRICA ** Index Performance GHANA Current Gha inflation drops to 9.6% in April -statistics office: Gha s annual consumer price inflation fell sharply to 9.6 percent in April from 10.4 percent the previous month, the statistics office said last week. The major commodity exporter is seeking to rrow inflation to 8 percent, plus or minus two percentage points by June under a $918 million credit programme with the Intertiol Monetary Fund which is in its fil year. Reuters Week Change -0.6% Gainers (no) 2.0 Losers (no) 5.0 Market Breadth wk High wk Low YTD 34.0% Top Gainers Price Change Gha Commercial Bank Ltd 6 0.8% Benso Oil Palm Plantation Ltd 7 0.6% Top Losers Price Change CAL Bank Ltd 2-5.3% Societe Generale Gha Ltd 2-4.2% Gha Oil Co Ltd 5-3.3% Enterprise Group Ltd/Gha 4-2.0% Total Petroleum Gha Ltd 6-1.7% urce: Bloomberg, United Capital Research Corporate News Aker Energy to apply in H2 to develop Gha oilfield: Aker ASA CEO Oeyvind Eriksen said Aker Energy intends to submit plan for development of ultra deepwater Tano Cape three points block off Gha in H It s set to investigate the possibility of developing the block in Gha in combition with a neighbouring block. Reuters Bank Owner Sees Scope for Deals as Gha Cleans Up Its Lenders: One of Gha s biggest lenders is ready to pick over the bones of its peers should the country s push to strengthen the industry provide opportunities to buy banking assets or make full-blown acquisitions. The tion s banking regulator is trying to bolster a sector beset by bad loans and poor governce, curbing the availability of credit in Africa s third-fastest growing economy. The West African tion s 35 licensed lenders have until the end of this year to raise their minimum capital levels more than threefold to 400 million cedis ($90 million). Bloomberg *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 % Mechanical Lloyd Co Ltd % Produce Buying Co Ltd % 0.2 PZ Cussons Gha Ltd % Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc , % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 5.0 HFC Bank Gha Ltd % SIC Insurance Co Ltd % 0.8 Societe Generale Gha Ltd % Standard Chartered Bank Gha Ltd % Total Petroleum Gha Ltd %

9 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Kenya Economic News Equity Market Performance Kenya's fiscal deficit seen dropping to 5.7% of GDP in 2018/19: Kenya s budget deficit is expected to drop to 5.7% of GDP in its 2018/19 (July-June) fiscal year from 7.2% this fiscal year, budget estimates sent to parliament by the Treasury showed last week. The East African tion has been under pressure from bodies such as the Intertiol Monetary Fund to cut its gaping budget deficit, which peaked at 9.1% of economic output in the 2016/17 fiscal year. Reuters Corporate News KENYA * AFRICA ** Index Performance KENYA Current Week Change -1.5% Gainers (no) 15.0 Losers (no) 27.0 Market Breadth wk High wk Low YTD 3.2% Top Gainers Price Change CIC Insurance Group Ltd % Mumias Sugar Co Ltd % Eaagads Ltd % Kenya's Safaricom expects EBIT to jump 7-12% in FY19: Kenya s largest telecoms operator Safaricom said last week that it expects its earnings before interest and taxation (EBIT) to rise by 7-12% in its fincial year to next March. Chief Fincial Officer Sateesh Kamath told an investor briefing the company had exceeded its EBIT guidance for its year to the end of March 2018, posting an EBIT of 79.3 billion shillings ($ million), higher than the initial guidance of billion shillings. Reuters Maximus Intertiol To Set Up Wholly-Owned Unit In Nairobi: The company intimate investors that the Company is in process of setting up its Wholly Owned Subsidiary in Nairobi (Kenya) and that the said WOS has plans, amongst others, to distribute and market products of the Manufacturers from India, Africa and other countries. These products would be marketed in East as well as rest of Africa. Reuters NIC Bank Ltd % Olympia Capital Holdings Ltd % Top Losers Price Change ARM Cement Ltd % TransCentury Ltd % British American Tobacco Kenya Ltd % Centum Investment Co Ltd % Crown Paints Kenya Ltd % *Nairobi All Share Index ** Bloomberg MSCI EFM Africa Index

10 Equity Valuations ` Consumer Goods British American Tobacco Kenya Ltd % Car & General Kenya Ltd % Eaagads Ltd % East African Breweries Ltd , % Eveready East Africa Ltd % 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 % Williamson Tea Kenya Ltd % Energy Total Kenya Ltd % Fincials Barclays Bank of Kenya Ltd % British-American Investments Co Kenya Lt % 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 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 Price 52-Week High 52-Week Kenya Electricity Generating Co Ltd % Kenya Power & Lighting Ltd % Umeme Ltd % 5.9 Low MKT. CAP (US$MN) YTD Return P/E (x) P/BV (x) ROE (%)

11 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Mauritius Economic News Equity Market Performance Mauritius 2017 FDI jumps 28% yr/yr - central bank: Foreign direct investment (FDI) in Mauritius grew faster in 2017 than earlier reported, driven by inflows into real estate, revised central bank data showed last week. The Bank of Mauritius said in a statement FDI grew 28% year-on-year to billion rupees ($ million). Last month the bank put the figure at billion rupees in 2017 compared with billion in Foreign investment in real estate led with 8.79 billion rupees, followed by fincial and insurance activities with 6.58 billion, up from an earlier estimate of 3.32 billion, the central bank said. Reuters 0.4 MAURITIUS * AFRICA ** Index Performance MAURITIUS Current Mauritius inflation falls to 3.7% in April: Mauritius year -on-year inflation rate declined to 3.7% in April from 6.7% in the previous month, the statistics office said last week. The decline was mainly due to a reduction in prices of housing, water, electricity, gas and other fuels, it said. Reuters Week Change -0.4% Gainers (no) 4.0 Losers (no) 7.0 Market Breadth wk High wk Low YTD 3.2% Top Gainers Price Change BlueLife Ltd % Gamma Civic Ltd % Vivo Energy Mauritius Ltd % SBM Holdings Ltd % Corporate News Greenbay Plans To Declare 0,2885 Eur Cents Per Share Dividend: Greenbay achieved 0,2854 eur cents of distributable earnings per share for first half of 2018 fincial year. The board intends to declare a dividend of 0,2885 eur cents per share for six months ended march It increased its net asset value per share from 8,66 eur cents at march 2017 to 8,82 eur cents at march 2018, an increase of 1,8%. Greenbay s dividends are forecast to increase by 25% per year for 2018 and 2019 fincial years. Reuters Top Losers Price Change Sun Resorts Ltd/Mauritius % New Mauritius Hotels Ltd % Fincorp Investment Ltd % MCB Group Ltd % ENL Land Ltd % *SEMDEX ** Bloomberg MSCI EFM Africa Index

12 Equity Valuations Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods 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 % 1.0 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 % 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 % United Basalt Products/The % Utilities Omnicane Ltd %

13 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Nigeria Equity Market Performance Economic News Nigeria capital inflow hit $6.3bn in Q1 driven by foreign investors: Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures released last week by the Natiol Bureau of Statistics showed capital inflow had hit $6.3 billion in the quarter, domited by offshore portfolio investors buying local shares and bonds rather than foreign direct investment. Reuters NIGERIA * AFRICA** Index Performance NIGERIA Current 41,022 Week Change -0.5% Gainers (no) 32.0 Losers (no) 48.0 Market Breadth wk High 45, wk Low 27,277 YTD 7.3% Top Gainers Price Change Cement Co Northern Nigeria PLC % Eter PLC % Linkage Assurance PLC % Okomu Oil Palm PLC % Skye Bank PLC % Top Losers Price Change Niger Insurance PLC % Japaul Oil & Maritime Services PLC % Moody's Says Nigeria's Oil-Led Economic Recovery Supports Modest Improvement In Debt Issuers' Credit Profiles: Moody s said Nigeria s oil-led recovery supports modest improvement in debt issuers credit profiles. It also said that although Nigeria s oil-driven economic recovery will support credit profiles across various sectors, the impact will be modest. Reuters Corporate news Unilever Nigeria calls shareholder vote over sale of spreads business: Unilever Nigeria plans to hold shareholder meeting to vote on the proposed sale of its Blue Band margarine business, the company said last week. The brand, made and distributed by Unilever Nigeria in the west African country, is being sold by parent Unilever as part of the 6.8 billion euro ($8.1 billion) sale of its Flora Food Group spreads arm to private equity firm KKR. Reuters MTN Nigeria Posts Q1 Subscriber Net Additions Of 2.3Mn: MTN Nigeria reported strong subscriber net additions of 2,3 million. In Q1 of 2018, MTN Nigeria, increased ira service revenue by 14,5% year-onyear. Also, the company had a 62,2% increase in billed data volumes, active mobile money customers increased to 2,0 million, data revenue increased by 73,2% year-on-year, ebitda margin increased by 332bp to 41,8% and invested n17,9bn in capex in q1 Reuters UACN Property Development Co PLC % Unity Bank PLC % Diamond Bank 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 % 1.1 Okomu Oil Palm PLC % Presco PLC % Conglomerates Transtiol Corp of Nigeria PLC % UAC of Nigeria PLC % Consumer Goods Cadbury Nigeria PLC % Champion Breweries PLC % Tiger Brands Consumer Goods Plc % 2.1 Flour Mills of 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 % 5.5 Oando Plc % SEPLAT Petroleum Development Co Plc , % Total Nigeria PLC % Fincials Access Bank PLC % Africa Prudential Registrars PLC % AIICO Insurance PLC % Continental Reinsurance PLC % 4.6 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 % 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 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor South Africa Equity Market Performance SA * AFRICA** Index Performance SA Current 58,423 Week Change 1.3% Gainers (no) 65.0 Losers (no) 81.0 Market Breadth wk High 61, wk Low 50,750 YTD -1.9% Top Gainers Price Change Pallinghurst Resources Ltd % Net 1 UEPS Technologies Inc 12, % Grand Parade Investments Ltd % MiX Telematics Ltd % Rebosis Property Fund Ltd % Top Losers Price Change Lonmin PLC % Sibanye Gold Ltd % Economic News South Africa's CPI under control but risks remain - Central bank governor: South Africa s consumer price inflation is under control but it is too early for the central bank to declare victory in its pursuit to anchor inflation expectations closer to the midpoint of the 3-6% target range, Governor Lesetja Kganyago said. South Africa s CPI slowed to 3.8% in March, the lowest figure since January 2011, as the end of the worst drought in decades helped push down food prices. Reuters South Africa's business confidence index falls again in April: South Africa s business confidence fell for third month in a row in April impacted by lower merchandise export volumes and new vehicle sales as well as a weaker rand currency, a survey showed on last week. The South African Chamber of Commerce and Industry s (SACCI) monthly business confidence index (BCI) fell to 96.0 in April from 97.6 in March, the chamber said in the statement. Reuters Historic drought takes toll on South Africa's vineyards: The worst drought in living memory has hit vineyards in South Africa s Western Cape hard, reducing grape harvests and adding to pressure on the region s centuries-old wine industry, officials said last week. Reuters Corporate news JSE Says Nigel Payne Will Step Down From Board: The JSE Ltd. announced that Nigel Payne will step down from board as a non-executive director with effect from 3 August 2018 Reuters South Africa's Sun Intertiol to offer 25.9 million shares in rights offer: South African hotel and casino operator Sun Intertiol Ltd said last week it planned to offer 25.9 million shares in a rights offer that the firm hopes will raise around 1.5 billion rand ($119 million) to repay debt. Reuters DataTec Ltd 1, % Niveus Investments Ltd % Impala Platinum Holdings Ltd 1, % *JSE All Share Index ** Bloomberg MSCI EFM Africa 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 63, , , , % Cie Finciere Richemont SA 11, , , , % 11.2 Naspers Ltd 319, , , , % Shoprite Holdings Ltd 24, , , , % Tiger Brands Ltd 36, , , , % Woolworths Holdings Ltd/South Africa 6, , , , % Energy Sasol Ltd 45, , , , % Fincials Barclays Africa Group Ltd 17, , , , % Capitec Bank Holdings Ltd 86, , , , % FirstRand Ltd 6, , , , % Investec Ltd 9, , , , % Investec PLC 9, , , , % Nedbank Group Ltd 30, , , , % Old Mutual PLC 4, , , , % 1, RMB Holdings Ltd 7, , , , % Sanlam Ltd 7, , , , % Standard Bank Group Ltd 21, , , , % Health Care Aspen Pharmacare Holdings Ltd 25, , , , % Industrials Bidvest Group Ltd/The 24, , , , % Materials Anglo American Platinum Ltd 35, , , , % Anglo American PLC 30, , , , % BHP Billiton PLC 28, , , , % Mondi Ltd 33, , , , % Mondi PLC 33, , , , % 18.9 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 15, , , , %

17 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Weekly Pan African Monitor Tunisia Equity Market Performance TUNISIA * AFRICA** Index Performance TUNISIA Current 7,366 Week Change 3.1% Gainers (no) 28.0 Losers (no) 10.0 Market Breadth wk High 7, wk Low 5,666 YTD 17.3% Top Gainers Price Change Societe de Production Agricole Teboulba 1 9.4% Banque Natiole Agricole % Telnet Holding % Enkl Automobiles % Tunisie Profiles Aluminium SA 4 7.0% Top Losers Price Change Servicom SA 2-4.2% Amen Bank % Societe Electrostar 2-3.2% STAR % Societe Industrielle d'appareillage et d 2-1.2% Economic News Trade deficit down 4% end of April (Trade Minister): he trade balance in the 1ST four months of 2018 recorded a 6-point rise compared to the same period of 2017, to 73% and a drop of its deficit by 4 points, said last week Trade Minister Omar el Behi. He pointed out in a statement to TAP correspondent in the region that Tunisian exports had edged up 32% by the end of April 2018, against 20% of imports and this thanks to the increase in the food industry, textiles and electrical industries exports. TAP Slight improvement of trade balance deficit, end of April 2018: The trade balance deficit stood at 5,085.4 million dirs (MD) at the end of April 2018, compared to 5,151.4 MD in the same period of Thus, the coverage rate edged up 6.3 points compared to the 1st four months of 2017 to 2.7% (against 6.4% in April 2017), announced the Natiol Institute of Statistics (INS). The trade balance deficit excluding energy rrowed to 3,398.2 MD and that of the energy balance to 1,687.2 MD (33.2% of the total deficit) against 1,384.2 MD during the same period in TAP Olive oil exports jump 180% to MTD (ministry): The value of olive oil exports grew 180% since the start of the season until April 30. The average export price rose 12%, the Ministry of Agriculture, Water Resources and Fisheries, last week said in a press release. TAP Corporate News Tunisair passenger numbers up 2.2% in April: Tunisair passenger traffic rose 2.2% in April compared to the same period in 2017, i.e. thirteen consecutive months of overall activity growth, the tiol carrier Thursday said in a press release. Traffic, all activities included, edged up from 312,955 to 319, 821 passengers. Scheduled traffic increased 2.7% to reach 302,216 passengers, while additiol traffic climbed 27.2% with passenger numbers standing at 5,098. TAP *Tunis Index ** Bloomberg MSCI EFM Africa Index

18 Equity Valuations 52-Week 52-Week MKT. CAP WTD Price High Low (US$MN) Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Automobile reseau tunisien et services % 14.7% Elbene Industrie SA % -20.4% Enkl Automobiles % -7.2% GIF Filter SA % -2.8% MONOPRIX % 0.5% SFBT , % 1.0% Societe de Production Agricole Teboulba % 41.9% Societe Magasin General % -0.5% SOTUMAG % 2.1% Fincials Amen Bank % 9.7% Arab Tunisian Bank % -1.7% Arab Tunisian Lease % 7.8% Assurances SALIM % -22.2% Attijari Bank % 26.4% Attijari Leasing SA % 5.2% Banque de l'habitat % 10.8% Banque de Tunisie % 5.6% Banque Intertiol Arabe de Tunis , % 21.1% Banque Natiole Agricole % 26.5% BTEI % -21.1% Cie d'assurances et de Reassurances ASTR % 0.3% Cie Intertiole de Leasing % 5.2% El Wifack Leasing % -1.9% Essouk % -0.5% Modern Leasing Immeuble Assurances SALIM % -4.3% Pouli Group % 0.5% Societe Immobiliere et de Participations % -22.5% Societe Tunisienne de Banque % 16.4% STAR % 17.0% Tunis Re % -2.1% Tunisie Leasing SA % 14.3% UBCI % -12.9% Union Intertiole de Banques SA % 17.1% Health Care Accumulateur Tunisienne Assad % 6.0% ADWYA SA % 8.2% Industrials Servicom SA % 42.9% SIPHAT % -23.4% 0.7 Societe Industrielle d'appareillage et d % 0.0% Societe Moderne de Ceramiques % 13.5% 0.8 Societe Tunisienne de L'Air % 27.9% Tunisie Profiles Aluminium SA % 15.1% Information Technology Telnet Holding % 63.7% 5.6 Materials Air Liquide Tunisie % 8.4% Carthage Cement % -4.3% Industries Chimiques du Fluor % 52.2% Societe Chimique ALKIMIA % -21.4% 1.2 Societe Ciments de Bizerte % -1.1% Societe Tunisiennes de Verreries % 20.3% Telecommunication SOTETEL % -5.1%

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