Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 May 7th 2018

2 Equities Index Level Market Cap ($bn) W/W Return (Local) Return (Local) BRVM: BRVM 10* % -0.6% 12.5x 2.3x 6.6% Egypt: EGX 30 17, % 16.7% 24.7x 2.4x 2.1% Gha: GSE Composite 3, % 35.0% 75.0x 3.1x 1.2% Kenya: Nairobi All Share % 2.2% 14.3x 2.1x 4.5% Mauritius: SEMDEX 2, % 3.4% 16.9x 0.8x Morocco: CFG 25 27, % 5.6% Nigeria:Nigeria All Share 41, % 7.8% 11.5x 1.8x 3.9% South Africa: JSE All Share 57, % -2.9% 17.3x 2.0x 3.3% Tunisia: Tunis Index 7, % 13.7% 18.6x 2.5x 2.1% Zimbabwe: Industrial % 5.7% 28.2x 2.5x 1.9% Frontier Markets % -2.8% 13.7x 1.9x 3.5% Emerging Markets 1, % -1.9% 14.7x 1.7x 2.8% 1.9 Movement of the major equities indices across Africa P/E Valuation P/B Movements in the Global Indices Vs Africa May 7, 2018 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM 0.5 Jan-17 Mar-17May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar MSCI World S&P FTSE 100 MSCI Africa 0.8 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 Currencies (Vs USD) Spot Rate WTD Return MTD Return Return 6M Forward 12M Forward Egypt EGP:Pound % -0.4% 0.3% Gha GHS:Cedi % 0.3% 1.5% Kenya KES: Shilling % 0.1% 2.9% Mauritius MUR: Rupee % -1.6% -2.8% Morocco MAD: Dirham % -0.8% -0.4% Nigeria NGN: Naira % -0.4% -0.4% South Africa ZAR: Rand % -% -% Tanzania TZS: Shilling 2, % -0.4% -2.0% Tunisia TND: Dir % -1.1% -0.4% Zimbabwe ZWL: Dollar Brent Crude 1500 Gold 460 Copper 1 Comdty 55 BGN Curncy 1 COMB Comdty May-17 Aug-17 Nov-17 Feb May-17 Aug-17 Nov-17 Feb May-17 Aug-17 Nov-17 Feb-18 Bond Yield Annual Latest GDP Exterl Macro/Fixed Income (10 yr) Inflation Real Return Policy Rate GDP ($'bn) Growth Reserves ($'bn) Egypt 17.2% 13.3% 3.9% 17.8% % 44.0 Gha 7.2% 10.4% -3.1% 18.0% % 5.5 Kenya 12.4% 3.7% 8.7% 9.5% % 7.3 Mauritius 4.5% 6.7% -2.2% 3.5% % 6.3 Morocco 2.5% 4.1% % Nigeria 13.0% 13.3% -0.3% 14.0% % 47.7 South Africa 3.8% 6.5% % 50.0 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 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 Mar-18 Weekly Pan African Monitor BRVM Equity Market Performance BRVM Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low AFRICA * ** BRVM % % Economic News Caterpillar infestation threatens Ivory Coast cocoa mid: Caterpillars are eating into cocoa crops in coastal regions of Ivory Coast, threatening what so far has been a promising April-to-September midcrop, farmers said last week. An agronomist who advises farmers in San Pedro region told Reuters about 200 hectares are already affected by caterpillars eating cocoa pods and leaves in the world s biggest producer. Reuters Ivory Coast Suspends Plans to Boost Cocoa Yields on Price Drop: Ivory Coast s cocoa regulator plans to suspend programs that are assisting farmers to improve their yields after last season s record crop caused prices to plunge, according to a letter obtained by Bloomberg. Le Conseil du Cafe-Cacao, the industry governing body in the world s biggest cocoa producer, will stop the distribution of higheryielding planting materials such as seeds and seedlings from the start of the next season in October. Bloomberg Corporate News No corporate news Top Gainers Price Change NEI CI % Ecobank Transtiol Inc % Societe Multitiole de Bitumes 14, % Comptoir Francais Afrique % Unilev er Cote d'iv oire 8, % Top Losers Price Change Bollore Africa Logistics SAS 3, % Uniwax SA 2, % SETAO % Societe des Caoutchoucs de Grand-Bereb 4, % Societe Iv oirienne de Coco Rape 3, % *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 2,790 3,100 1, % PALMCI 6,000 7,550 3, % Sitab-Soc Ivoirienne Tabacs 52,500 91,375 50, % Societe Africaine de Plantations d'hevea 4,000 4,685 2, % Societe des Caoutchoucs de Grand-Bereby 4,300 5,700 3, % Societe De Distribution Automobile en Co 185, , , % Societe de Limoderies et Brasseries 97, ,000 97, % Unilever Cote d'ivoire 8,600 16,025 6, % Uniwax SA 2,900 5,200 2, % Energy Shell Cote D Ivoire 1,190 1, % TotalFiElf Cote D'ivoire 2,115 3,140 1, % Fincials Bank of Africa - Benin 5,690 11,001 5, % Bank of Africa - Burki Faso 5,790 11,500 5, % Bank of Africa/Cote d'ivoire 4,395 8,900 3, % Bank of Africa/Niger 4,600 7,692 3, % BICICI 8,000 10,300 6, % SCBCI 13,500 16,000 10, % Societe Africain de Credit Auto 7,250 11,715 6, % Ecobank Transtiol Inc % Industrials Berbe 3,250 6,600 2, % Bollore Africa Logistics SAS 3,895 5,000 3, % Comptoir Francais Afrique % Movis Cote d'ivoire 3,330 4,100 2, % Servair Abidjan 1,745 3,000 1, % Societe Ivoirienne DE Cable 1,700 2, % Materials CROWN SIEM 14,500 28,505 13, % Filature Tissages Sacs SA 4,895 5,500 3, % Societe Ivoirienne d'osygne et d'acetyln % Societe Multitiole de Bitumes 14,800 20,500 7, % Utilities Cie Ivoirienne D Elect 1,900 3,625 1, % SODECI 4,100 6,773 2, % Telecommunication Otel SA 8,200 10,500 6, % Sotel 23,520 24,995 20, % Societe Ivoirienne de Coco Rape 3,300 6,750 3, % SETAO % 4.2 NEI CI % TRITURAF %

5 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 Mar-18 Weekly Pan African Monitor Egypt Economic News Equity Market Performance Egypt's M2 money supply up percent year-on year in March: Egypt s M2 money supply growth accelerated in March to percent year on year, central bank data showed last week. M2 had grown by 25.4 percent the previous month. The money supply at the end of March stood at 3.34 trillion Egyptian pounds. Reuters EGYPT * AFRICA ** Egypt says foreign reserves rise to $44.030bn at end -April: Egypt s net foreign reserves rose to $ billion at the end of April from $ billion at the end of March, the central bank said last week. Egypt s foreign reserves have been climbing since it 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 Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth EGYPT 17, % wk High 52 wk Low 18,414 12, % Top Gainers Price Change Egypt for Poultry % Telecom Egypt Co % Egypt Kuwait Holding Co SAE % Top Losers Price Change Amer Group Holding % Global Telecom Holding SAE % Beltone Fincial Holding Co SAE % Arabian Cement Co % Palm Hills Dev elopments SAE % Public debt increased fivefold in last 5 years: Egypt s Minister of Fince Amr Al-Garhi has confirmed that his country s public debt has risen fivefold in the last five years and is expected to continue to rise in the foreseeable future. The minister said the government is working on a medium-term plan to reduce public debt levels from 107 per cent of GDP in the previous fiscal year to 80 per cent by Middle East Monitor Corporate News Egypt's Banque Misr Seeks $500 Million Loan to Fund Growth Plans: Banque Misr, Egypt s second largest lender, has hired an intertiol bank to mage a $500 million medium-term syndicated loan as it seeks to fund growth through low-cost debt. The state-run bank is working with the fincial adviser to find lenders to underwrite the loan it hopes to secure in the third quarter, Banque Misr s chairman, Mohamed Eletreby, said in an interview, without ming the bank. Bloomberg *EGX 30 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 Mar-18 Weekly Pan African Monitor Gha Equity Market Performance Economic News IMF approves next disbursement under Gha's aid deal: The Intertiol Monetary Fund s board last week approved the next disbursement of about $191 million under Gha s aid program, while urging the West African country to take further steps to address its high debt. The commodity exporter will begin a road show this week to market a $2.5 billion Eurobond issuance to restructure debt and support the government s 2018 budget, a senior government official said. Reuters Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low GHANA * AFRICA ** GHANA % % Top Gainers Price Change Corporate News Forte Oil to sell some Nigerian assets, pull out of Gha: Nigerian energy firm Forte Oil said it plans to sell its upstream services and power businesses in Nigeria and divest from Gha to focus on its core fuel distribution operation at home. The move comes as a surprise about-turn for a company whose Chief Executive Akin Akinfemiwa told investors in Lagos in August that he wanted to aggressively pursue M&A opportunities along the energy value chain and acquire margil oilfields to boost its upstream business. Reuters Marriott Hotels Debut in West Africa with the opening of Accra Marriott Hotel, Gha: Marriott Hotels part of Marriott Intertiol, announced its debut in West Africa, with the highly-anticipated opening of Accra Marriott Hotel. CNBC Societe Generale Gha Ltd % Gha Commercial Bank Ltd 6 0.6% Top Losers Price Change CAL Bank Ltd 2-3.6% Enterprise Group Ltd/Gha 4-1.4% Standard Chartered Bank Gha 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 % Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc , % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 5.1 HFC Bank Gha Ltd % SIC Insurance Co Ltd % 0.8 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 Mar-18 Weekly Pan African Monitor Kenya Equity Market Performance KENYA Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low * ** AFRICA KENYA % % Top Gainers Price Change ARM Cement Ltd % Kapchorua Tea Co Ltd % Total Kenya Ltd % KenolKobil Ltd Group % CIC Insurance Group Ltd % Top Losers Price Change Barclays Bank of Kenya Ltd % Sameer Africa Ltd % Olympia Capital Holdings Ltd % Kenya Electricity Generating Co Ltd % Kenya Airways Ltd % Economic News Kenya's fiscal deficit seen dropping to 5.7 percent of GDP in 2018/19: Kenya s budget deficit is expected to drop to 5.7 percent of GDP in the 2018/19 (July- June) fiscal year from 7.2 percent this fiscal year, estimates sent to parliament by the Treasury showed last week. The East African tion has been under pressure from the Intertiol Monetary Fund and other bodies to cut its budget deficit, which peaked at 9.1 percent of economic output in 2016/17. Reuters World Bank approves $180mn loan guarantee for Kenya's energy sector: The World Bank approved a $180 million loan guarantee last week for Kenya Electricity Generation Company to help strengthen the fincial position of the state-run company, which produces more than 70 percent of the country s electricity. The guarantee will help in long-term commercial fincing of up to $300 million to refince part of KenGen s existing commercial loans, enhance its credit quality and promote further development of renewable energy in Kenya, the World Bank said. Reuters April inflation new lowest in 60 months at 3.73 per cent, but foodstuff prices shoot: Kenya recorded inflation rate of 3.73 per cent in April, the lowest in 60 months and margilly lower than 4.18 per cent recorded in March. Data by the Kenya Natiol Bureau of Statistics shows in the period between March and April 2018, the food and non-alcoholic drinks index increased by 2.56 per cent to an average of compared to recorded a month before. The Star, Kenya Corporate News Stanbic Kenya raises $100 million syndicated loan: Stanbic Bank Kenya, a subsidiary of South Africa s Standard Bank Group, has raised a $100 million dualtranche syndicated loan coordited by Mashreq Bank, the United Arab Emirates bank said last week. The loan, with maturities of two and three years, is Stanbic Kenya s fourth intertiol syndication. It was two and a half times oversubscribed. Reuters *Nairobi All Share Index ** Bloomberg MSCI EFM Africa Index

10 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 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 % 5.87

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 Mar-18 Weekly Pan African Monitor Mauritius Equity Market Performance MAURITIUS * AFRICA ** Index Performance MAURITIUS Economic News Mauritius offers 20-year bond worth 1.5bn rupees: Mauritius will sell a 20-year Treasury bond worth 1.5 billion rupees ($44.05 million) next week, the central bank said last week. The Bank of Mauritius said in a statement it would receive bids on May 9 and auction the bond on the same day. It said the coupon rate for the paper, which will mature on May 11, 2038, will be set equal to or higher than the lowest accepted yield. Reuters Mauritius business confidence up in Q1: Business confidence on the Indian Ocean island of Mauritius continued to improve in the first quarter, a survey of leading private companies showed last week. The Mauritius Chamber of Commerce and Industry s quarterly confidence index climbed 4.1 percent to points, the first-time increases have been sustained for more than four quarters since the indicator was launched in Reuters Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low % % Corporate News No corporate news Top Gainers Price Change MCB Group Ltd % POLICY Ltd % Mauritius Oil Refineries Ltd % SBM Holdings Ltd % BlueLife Ltd % Top Losers Price Change United Basalt Products/The % Sun Resorts Ltd/Mauritius % ENL Land Ltd % Fincorp Inv estment Ltd % CIEL 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 % 1.04 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 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 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 Mar-18 Weekly Pan African Monitor Nigeria Equity Market Performance Economic News Nigeria, Chi Sign $2.4 Billion Currency-Swap to Lift Trade: Nigeria and Chi agreed on a currencyswap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade. Yi Gang, governor of the People s Bank of Chi, and Godwin Emefiele, his Nigerian counterpart, signed a three-year swap of 15 billion yuan or 720 billion ira in Beijing on April 27, the Chinese central bank said in a statement last week. The transaction can be renewed if both parties want, it said. Bloomberg NIGERIA AFRICA * ** Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low NIGERIA 41, % ,322 26, % Top Gainers Price Change C&I Leasing PLC % Unity Bank PLC % Cement Co Northern Nigeria PLC % Beta Glass Co PLC % Liv estock Feeds PLC % Oil sector receives N3.42 trillion credit from Banks: Owing to the stability in crude oil prices, the banking sector's credit to the oil and gas firms has increased by per cent to reach N3.42trillion during the first quarter (Q1) of The amount is regarded as the highest credit allocation in Q1 2018, according to the Natiol Bureau of Statistics (NBS). This is however; lower than the N3.58trillion recorded during Q4 2017, and the N3.55trillion extended in Q3. TheGuardian Corporate news Forte Oil to sell assets in Nigeria and Gha: Nigerian energy firm Forte Oil plans to sell its upstream services and power businesses in Nigeria and divest from Gha to focus on its core fuel distribution operation at home, the company said last week. 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. in q1, MTN Nigeria had a 62,2% increase in billed data volumes. Reuters Top Losers Price Change Eter PLC % Prestige Assurance Co PLC % Dangote Sugar Refinery PLC % Regency Alliance Insurance Co PLC % Oando 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 % 0.9 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 % Guinness Nigeria PLC % Honeywell Flour Mill PLC % Intertiol Breweries PLC , % Natiol Salt Co Nigeria PLC % Nestle Nigeria PLC ,437.9 % Nigerian Breweries PLC , % PZ Cussons Nigeria PLC % Unilever Nigeria PLC , % Energy Conoil PLC % Eter PLC % Forte Oil PLC % Mobil Nigeria PLC % MRS Nigeria PLC % 5.2 Oando Plc % SEPLAT Petroleum Development Co Plc , % Total Nigeria PLC % Fincials Access Bank PLC % Africa Prudential Registrars PLC % AIICO Insurance PLC % Continental Reinsurance PLC % 4.9 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 % 14.3 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 Mar-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 57, % ,777 50, % Top Gainers Price Change Montauk Holdings Ltd 9, % Net 1 UEPS Technologies Inc 10, % Ascendis Health Ltd 1, % Northam Platinum Ltd 4, % Trencor Ltd 3, % Economic News Fitch maintains South Africa's power utility Eskom's rating: Ratings agency Fitch maintained South Africa s state-owned utility Eskom s credit rating at below investment grade last week. Fitch said it would maintain Eskom s Long-Term Local Currency Issuer Default Rating (IDR) and unguaranteed local currency senior unsecured ratings of BB-, leaving it at speculative grade. The rating agency also affirmed the government-guaranteed local currency senior unsecured debt ratings at BB+, in line with the rating of South Africa. Reuters Corporate news Aspen expands revenue-boosting therapeutic unit with new $80 million plant: South African drug maker Aspen Pharmacare will produce up to 3.6 billion pills a year at its new manufacturing plant as it expands its therapeutic portfolio, Chief Executive Stephen Saad said on Monday at the official launch. Reuters South Africa's Harmony Gold's third quarter output steady: South Africa s Harmony Gold Mining Company said last week bullion production was flat for the third quarter but was expected to rise with the addition of its newly acquired Moab Khotsong mine. Gold production ticked up one percent to 816,663 ounces for the nine months ended March 2018, compared with the same period a year ago. The mining company said it still expects to meet its annual output expectations of 1.8 million ounces. Reuters Top Losers Price Change ArcelorMittal South Africa Ltd % Av eng Ltd % Mondi PLC 32, % Mondi Ltd 32, % Massmart Holdings Ltd 15, % *JSE All Share Index ** Bloomberg MSCI EFM Africa 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 66, , , , % Cie Finciere Richemont SA 11, , , , % 11.2 Naspers Ltd 303, , , , % Shoprite Holdings Ltd 24, , , , % Tiger Brands Ltd 37, , , , % Woolworths Holdings Ltd/South Africa 6, , , , % Energy Sasol Ltd 45, , , , % Fincials Barclays Africa Group Ltd 18, , , , % Capitec Bank Holdings Ltd 86, , , , % FirstRand Ltd 6, , , , % Investec Ltd 9, , , , % Investec PLC 9, , , , % Nedbank Group Ltd 29, , , , % Old Mutual PLC 4, , , , % 1, RMB Holdings Ltd 7, , , , % Sanlam Ltd 7, , , , % Standard Bank Group Ltd 21, , , , % Health Care Aspen Pharmacare Holdings Ltd 26, , , , % Industrials Bidvest Group Ltd/The 24, , , , % Materials Anglo American Platinum Ltd 34, , , , % Anglo American PLC 29, , , , % BHP Billiton PLC 27, , , , % Mondi Ltd 32, , , , % Mondi PLC 32, , , , % 18.9 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 15, , , , %

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 Mar-18 Weekly Pan African Monitor Tunisia Equity Market Performance TUNISIA Index Performance Current Week Change Gainers (no) Losers (no) Market Breadth 52 wk High 52 wk Low * ** AFRICA TUNISIA 7, % ,195 5, % Top Gainers Price Change Societe Electrostar % Enkl Automobiles % Accumulateur Tunisienne Assad 9 4.4% Cie Intertiole de Leasing % SOTETEL 3 2.3% Economic News Tunisian annual inflation rises to 7.7 percent in April, record level: Tunisia s annual inflation rate rose to 7.7 percent in April from 7.6 percent in March, official data showed on Saturday, to hit a record level. The central bank raised its key interest rate to 5.75 percent from 5.0 percent last March to tackle inflation. The food and drink price index rose 8.9 percent in April from a year earlier, the price of vegetables rose 23.8 percent, the state statistics office said. Reuters Fruit exports soar 97%: Export earnings of fruits reached 7,706.2 (MD) from January 2 to May 2, 2018, against 3,915 MD recorded at the same period last year, up about 97%, according to data from the Ministry of Agriculture, Water Resources and Fisheries. According to the same data, the quantities of fruit exported during the current season soared 180% over the previous season to 1,342.4 tons against tons. TAP Public enterprises caused the State loss of 7 billion dirs between 2014 and 2016: Public enterprises have caused the State a loss of some 7 billion dirs between 2014 and 2016 and contributed to only 9.5% of the GDP in 2016, President of the Confederation of Tunisian Citizens Enterprises (CONECT) Tarek Cherif affirmed last week. TAP Corporate News No corporate news Top Losers Price Change SFBT % Banque de Tunisie % Modern Leasing Immeuble Assurances SALIM 4-5.6% Societe de Transport Hydrocarbures par P % Carthage Cement 2-4.5% *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 % 12.6% Elbene Industrie SA % -20.4% Enkl Automobiles % -17.3% GIF Filter SA % -1.4% MONOPRIX % 0.9% SFBT , % -0.6% Societe de Production Agricole Teboulba % 33.8% Societe Electrostar % -15.5% Societe Magasin General % 0.0% SOTUMAG % 10.8% Fincials Amen Bank % 14.9% Arab Tunisian Bank % % Arab Tunisian Lease % 8.1% Assurances SALIM % -7.8% Attijari Bank % 19.3% Attijari Leasing SA % 4.9% Banque de l'habitat % 10.8% Banque de Tunisie % 28.0% Banque Intertiol Arabe de Tunis , % 19.3% Banque Natiole Agricole % 19.5% BTEI % -21.7% Cie d'assurances et de Reassurances ASTR % 0.3% Cie Intertiole de Leasing % 4.0% El Wifack Leasing % -3.0% Essouk % -0.5% Modern Leasing Immeuble Assurances SALIM % -2.9% Pouli Group % -1.2% Societe Immobiliere et de Participations % -21.2% Societe Immobiliere Tuniso Seoudienne % -3.4% Societe Tunisienne de Banque % 17.0% STAR % 18.0% Tunis Re % -2.0% Tunisie Leasing SA % 14.3% UBCI % -9.3% Union Intertiole de Banques SA % 15.1% Health Care Accumulateur Tunisienne Assad % 1.1% ADWYA SA % 6.5% Industrials Servicom SA % 52.8% SIPHAT % -17.0% 0.8 Societe Industrielle d'appareillage et d % 1.7% Societe Moderne de Ceramiques % 7.2% Societe Tunisienne de L'Air % 23.3% Tunisie Profiles Aluminium SA % 9.2% Information Technology Telnet Holding % 55.5% 5.4 Materials Air Liquide Tunisie % 5.7% Carthage Cement % -7.3% Industries Chimiques du Fluor % 38.8% Societe Chimique ALKIMIA % -21.4% 1.2 Societe Ciments de Bizerte % -5.3% Societe Tunisiennes de Verreries % 17.4% Telecommunication SOTETEL % -7.3%

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