Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 August

2 Equities Index Level Market Cap ($bn) W/W Return (Local) YTD Return (Local) BRVM: BRVM 10* % -13.5% 49.4x 3.9x % Egypt: EGX 30 8, % 15.5% 15.5x 1.5x 2.6% Gha: GSE Composite 1, % -9.3% 1.6x 1.0% Kenya: Nairobi All Share % -7.4% 12.1x 1.8x 5.6% Mauritius: SEMDEX 1, % 0.4% 13.0x x Morocco: CFG 25 21, % 1% Nigeria:Nigeria All Share 27, % -4.2% 1x 1.4x 4.6% South Africa: JSE All Share 53, % 5.3% 28.3x 2.1x 2.8% Tunisia: Tunis Index 5, % 7.9% 21.8x 2.5x 2.1% Zimbabwe: Industrial % -13.0% 15.5x 0.8x 4.4% Frontier Markets* % -2.8% 10.6x 1.4x 4.3% Emerging Markets** % 13.5% 16.3x 1.6x 2.5% Movement of the major equities indices across Africa 1.2 P/E Valuation P/B Movements in the Global Indices Vs Africa August 29, 2016 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 MSCI World S&P FTSE 100 MSCI Africa Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward Egypt EGP:Pound % 0.1% -11.8% Gha GHS:Cedi % -0.3% -3.8% Kenya KES: Shilling % 0.0% % Mauritius MUR: Rupee % % 1.9% Morocco MAD: Dirham % -0.1% 1.9% Nigeria NGN: Naira % % -36.8% South Africa ZAR: Rand % -3.7% 7.3% Tanzania TZS: Shilling 2, % 0.0% -1.8% Tunisia TND: Dir % 0.4% -7.4% Zimbabwe ZWL: Dollar Brent Crude 1 Comdty BGN Curncy 55 1 COMB Comdty Gold Copper Aug-15Oct-15Dec-15Feb-16 Apr-16 Jun Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Bond Yield Fixed Income (10 yr) Inflation Real Return Policy Rate Egypt 15.7% 14.0% 1.7% 12.8% Gha 9.2% 16.7% -7.5% 26.0% Kenya 14.3% 6.4% 7.9% 1% Mauritius 5.2% 1.0% 4.1% 4.0% Morocco 5.0% 1.6% 3.4% 1.7% Nigeria 15.1% 16.5% -1.4% 14.0% South Africa 9.1% 6.0% 3.1% 7.0% Tanzania 18.0% 5.2% 12.8% Tunisia 7.1% 3.6% 3.4% Zimbabwe 17.4% -1.6% 19.0% Africa Eurobonds' Peformances ( I-y ear Trend)* Nigeria South Africa Gha Egypt Rwanda Sep-15 Dec-15 Mar-16 Jun-16 *MXFM Index: MSCI FM Frontier Markets **MXEF Index: MSCI Emerging Market Index

3 BRVM Equity Market Performance BRVM* AFRICA ** Economic News Benin to issue 35 bln CFA, 5-yr bond on Sept. 2: Benin will issue a 35 billion CFA franc ($60.23 million), five-year bond bearing a 5.5% coupon on Sept. 2, West African regiol debt planning agency Umoatitres said last week. The bond will be sold in units of 10,000 CFA francs across the eight-tion CFA franc currency zone via an auction organised by the West African regiol central bank, the agency added. Reuters Burki Faso to issue seven-year 50 bln CFA franc bond on Sept 1: Burki Faso will issue a 50 billion CFA franc ($86.31 million) seven-year bond with a 6.5% coupon on Sept. 1, the West African regiol debt planning agency Umoa-Titres said last week. The bond will be sold in units of 10,000 CFA francs across the eight-tion CFA franc currency zone via an auction organized by the West African regiol central bank, the agency said in a statement. Reuters Index Performance BRVM Current 251 Week Change 3.2% Gainers (no) 11.0 Losers (no) 16.0 Market Breadth 52 wk High wk Low 242 YTD -13.5% Top Gainers Price Change Ecobank Transtiol Inc % TotalFiElf Cote D'ivoire 19, % SCBCI 135, % CROWN SIEM 52, % Shell Cote D Ivoire 165, % Top Losers Price Change Societe de Limoderies et Brasseries 186, % Societe Africain de Credit Auto 30, % PALMCI 10, % Societe Africaine de Plantations d'hevea 12, % Berbe 170, % Ivory Coast rains help main cocoa crop, some farmers fear disease: Light rains in most of Ivory Coast's main cocoa regions augur well for the crop in the world's biggest producer, farmers said last week, but cloudy weather has stoked fears of disease in the south. Farmers need the right mix of rain and sunny spells in July and August to strengthen the development of pods and avoid cocoa rot and disease ahead of the main crop, which runs from October to March. Reuters Ivory Coast San Pedro Cocoa-Bean Exports Fell 35% in July: Exports of cocoa beans from Ivory Coast s port of San Pedro totaled 19,300 metric tons in July, down 35% from a year earlier, according to data e- mailed by the port. Bloomberg Burki Faso Mulls Eurobond to Boost Growth After Upheaval: Burki Faso may sell a Eurobond to help accelerate growth in an economy that s become increasingly reliant on income from gold mining. Corporate News No corporate news *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 60,500 81,500 45, % PALMCI 10,000 15,500 8, % Sitab-Soc Ivoirienne Tabacs 153, , , % Societe Africaine de Plantations d'hevea 12,600 16,995 10, % Societe des Caoutchoucs de Grand-Bereby 32,005 38,000 25, % Societe De Distribution Automobile en Co 498, , , % Societe de Limoderies et Brasseries 186, , , % Unilever Cote d'ivoire 26,370 29,495 22, % Uniwax SA 27,000 35,405 23, % Energy Shell Cote D Ivoire 165, ,945 64, % TotalFiElf Cote D'ivoire 19,325 25,000 15, % Fincials Bank of Africa - Benin 186, , , % Bank of Africa - Burki Faso 141, , , % Bank of Africa/Cote d'ivoire 180, ,000 92, % Bank of Africa/Niger 94, ,930 77, % BICICI 91, ,495 89, % SCBCI 135, , , % Societe Africain de Credit Auto 30,000 45,145 26, % Ecobank Transtiol Inc % -4 Industrials Berbe 170, , , % Bollore Africa Logistics SAS 265, , , % Comptoir Francais Afrique 102, ,495 70, % Movis Cote d'ivoire 5,000 6,400 3, % Servair Abidjan 150, ,000 74, % Societe Ivoirienne DE Cable 100, ,500 80, % Materials CROWN SIEM 52,000 60,200 25, % Filature Tissages Sacs SA 28,000 32,995 24, % Societe Ivoirienne d'osygne et d'acetyln 18,000 22,500 17, % Societe Multitiole de Bitumes 30,000 46,000 16, % 163 Utilities Cie Ivoirienne D Elect 73,550 98,500 65, % SODECI 81, ,000 75, % Telecommunication Otel SA 13,000 15,000 10, % Sotel 22,850 28,000 21, % Societe Ivoirienne de Coco Rape 5,300 9,000 5, % 46.6 SETAO 40,000 60,090 40, % 15.8 NEI CI 3,400 4,995 3, % TRITURAF %

5 Egypt Economic News Equity Market Performance EGYPT * ** AFRICA Africa s Next Big Devaluation Is Seen Unfolding in Egypt: According to Egypt s president, the country s future is at stake. With its currency trading near a record low in the black market, reserves to cover just three months of imports and a widening current -account deficit, pressure is mounting on the most populous Arab state to devalue the pound to alleviate a dollar shortage that prompted officials to seek help from the Intertiol Monetary Fund. Bloomberg Egypt sold three-year treasury bonds worth 31 bln Egyptian pounds statement: Egypt exceptiolly sold three-year treasury bonds worth 31 billion Egyptian pounds ($3.49 billion) with a fixed annual yield of 16%, the stock exchange said in a statement last week. The bonds were sold in an exceptiol auction that was exclusive to state-owned banks. Reuters Index Performance EGYPT* Current 8,131 Week Change -2.2% Gainers (no) 4.0 Losers (no) 26.0 Market Breadth wk High 8, wk Low 5,526 YTD 15.5% Top Gainers Price Change Eastern Tobacco % Arabia Investments Development Fincial 4.4% Egypt plans to lift fuel subsidies within three years: Egypt plans to lift fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year, two government sources told Reuters last week. Reuters Egypt s El-Sisi Sets Stage for Tough Reforms as IMF Loan Awaits: Egypt is moving to end its dollar exchange rate problem within months, President Abdel-Fattah El-Sisi said, warning that the Arab world s most populous tion could no longer put off tough measures if it hopes to revive its economy. Bloomberg Corporate News Arabian Cement Co % Telecom Egypt Co % Top Losers Price Change South Valley Cement % Arab Cotton Ginning % EL Shams Housing & Urbanization SAE % Ezz Steel % Heliopolis Co for Housing and Constructi % Da Gas May Seek to Roll Over Part of $700 Million Islamic Bond: Da Gas PJSC, a producer of tural gas in Egypt, Iraq and the United Arab Emirates, may seek to roll over part of the $700 million Islamic bonds maturing next year, the chief executive officer said. The company, which has about $344 million in cash, is in discussions with lenders about its future debt mix, Patrick Allman-Ward said in an interview last week. Bloomberg *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 % 1.8 Ezz Steel % 1.2 South Valley Cement % Telecommunication Global Telecom Holding SAE % Orascom Telecom Media And Technology Ho % Telecom Egypt Co %

7 Gha Equity Market Performance Economic News Gha producer inflation rises to 10.3% in July: Gha's producer price inflation (PPI) rose to 10.3% yearon-year in July from 7.6% the month before, driven by rising gold prices, the statistics office said last week. PPI is a major component of consumer inflation, which has for years remained above government targets. The West African commodity exporter is implementing a three-year aid deal with the Intertiol Monetary Fund to restore fiscal balance. Reuters GHANA* AFRICA** Index Performance GHANA* Current Week Change -0.1% Gainers (no) 1.0 Losers (no) 2.0 Market Breadth 52 wk High wk Low YTD -9.3% Top Gainers YTD Price Change -9.7% Enterprise Group Ltd/Gha 2 0.4% IMF evaluates Gha's fiscal outlook, could review assistance program: The Intertiol Monetary Fund (IMF) is evaluating Gha's fiscal outlook for the rest of 2016 and will consider the third review of the country's $918 million assistance programme next month subject to the outcome, the Washington-based lender said last week. Gha, which exports cocoa, gold and oil, signed the three-year aid deal in April last year to bring down budget deficits, inflation and a high public debt. "Discussions between staff and the authorities are currently ongoing to update macroeconomic projections, firm up the fiscal outlook for the remainder of 2016 and ascertain that fincial pressures in SOEs will not pose additiol risks to the central government budget," the Fund said in a statement. Reuters Corporate News No corporate news Top Losers Price Change Gha Commercial Bank Ltd 4-1.5% CAL Bank Ltd 1 -% *GSE Composite Index ** Bloomberg MSCI EFM Africa Index

8 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD 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 % PZ Cussons Gha Ltd % Unilever Gha Ltd % Fincials CAL Bank Ltd % Ecobank Transtiol Inc % Gha Commercial Bank Ltd % Gha Oil Co Ltd % HFC Bank Gha Ltd % SIC Insurance Co Ltd % Societe Generale Gha Ltd % Standard Chartered Bank Gha Ltd % Total Petroleum Gha Ltd % UT Bank Ltd %

9 Kenya Equity Market Performance Economic News Kenya's biggest bank shares slump again after rates cap: Shares in KCB Group, operator of Kenya's biggest bank by assets, fell by 10% at the start of trading last week as investors reacted to a government move to cap the level of interest that banks can charge borrowers. Equity Bank, which serves millions of micro-borrowers, fell by a similar margin. Reuters Kenya s Biggest Bank Faults State Borrowing for High Rates: Kenya s biggest bank said the government can do more to help reduce high lending rates by being clearer about its borrowing plans, after President Uhuru Kenyatta signed into law a bill capping the cost of loans. Bloomberg -0.1 KENYA * ** AFRICA Index Performance KENYA* Current Japan s Abe Dangles $30 Billion at Africa Leaders in Nairobi: Japan will invest $30 billion to boost Africa s economic growth and infrastructure over the next three years, Prime Minister Shinzo Abe said as he sought to win over tiol leaders already being wooed by Chi and the U.S. Bloomberg Week Change -8.0% Gainers (no) 6.0 Losers (no) 24.0 Market Breadth wk High wk Low YTD -7.4% Top Gainers Price Change Olympia Capital Holdings Ltd % Crown Paints Kenya Ltd % British American Tobacco Kenya Ltd % Carbacid Investments Ltd % Total Kenya Ltd % Top Losers Price Change Co-operative Bank of Kenya Ltd/The % Equity Group Holdings Ltd/Kenya % NIC Bank Ltd % Kenya Commercial Bank Ltd % Housing Fince Co of Kenya Ltd % First Kenyan Oil Output Due by March 2017; Exports to Follow: Tullow Oil Plc will put Kenya on the map of oil producers by the first quarter of 2017 and drill eight additiol exploration wells in the African tion s North Lokichar region, President Uhuru Kenyatta said. Exports will commence three months later. Bloomberg Kenya's move to cap commercial rates may lock out borrowers IMF: Kenya's decision to put a ceiling on the amount of interest banks can charge their borrowers may exclude small borrowers from accessing loans and further curb already sluggish private sector credit growth, a senior IMF official said last week. Reuters Kenya caps bank lending rates, pledges fidelity to free markets: Kenyan President Uhuru Kenyatta signed into law last week a bill capping commercial bank lending rates, saying banks had in the past reneged on pledges to lower their rates when parliament tried to introduce caps. Reuters Corporate News No corporate news *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 % Kapchorua Tea Co Ltd % Marshalls 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 % 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 % 1.0 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 % 25.90

11 Mauritius Index Performance Equity Market Performance MAURITIUS * ** AFRICA MAURITIUS* Current Week Change 0.4% Gainers (no) 5.0 Losers (no) 4.0 Market Breadth 52 wk High wk Low YTD 0.4% Top Gainers Price Change Caudan Development Ltd 7.1% Natiol Investment Trust Ltd/Mauritius % Fincorp Investment Ltd % Rogers & Co Ltd % Air Mauritius Ltd % Economic News Mauritius 91-day Treasury bills yield falls to 2.28%: The weighted average yield on Mauritius' 91-day Treasury bill inched down to 2.28% at auction last week from 2.34% at the last sale, the central bank said. The Bank of Mauritius sold all the 1.2 billion rupees ($34.19 million) worth of the debt it had offered. Reuters Mauritius 3-year Treasury bill yield bond to 3.20%: The weighted average yield on Mauritius' 3-year Treasury bond fell to 3.20% last week from 3.38% at the previous sale of a similar bond on July 27, the central bank said. The Bank of Mauritius sold all the 1.5 billion rupees ($42.86 million) worth of debt that it had offered. Bids totalled billion rupees, with yields ranging from 3.12% to 3.53%. Reuters Mauritius trade deficit widens 7.1% in June: Mauritius said last week its trade deficit widened 7.1% to 6.21 billion rupees in June from the same period a year earlier, hit by a dip in exports of machinery and transport equipment. The Indian Ocean island tion's earnings from exports fell 15% to 7.37 billion rupees, the government's statistics office said in a statement. Reuters Corporate News IBL of Mauritius on Prowl for Acquisitions on African Mainland: Mauritian conglomerate IBL Ltd. is looking to expand African operations past a handful of Indian Ocean island tions into countries such as the Ivory Coast. Africa is closest to us geographically and we believe it is a continent rife with potential, he said. Mauritius s third-biggest company by market value already has businesses in countries from Seychelles to Reunion Island. Bloomberg Top Losers Price Change Omnicane Ltd % BlueLife Ltd % CIEL Ltd % New Mauritius Hotels Ltd 2-0.2% *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 % 3-9 Phoenix Beverages Ltd % Sun Resorts Ltd/Mauritius % 0.63 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 Nigeria 1.5 Equity Market Performance Economic News Nigerian interbank rate trades flat on budget cash expectations: Nigeria's overnight ira interbank lending rate closed around the 20% level last week, a range it has traded all week because of low liquidity and the central bank's cash withdrawal through treasury bills sales, traders said. The central bank sold 71.6 billion ira ($ million) in 195- day open market operation (OMO) treasury bills at 18% last week to reduce liquidity in the banking system in its bid to support the ira. Reuters NIGERIA * ** AFRICA Index Performance NIGERIA* Current 27,451 Week Change -% Gainers (no) 4.0 Losers (no) 6.0 Market Breadth 52 wk High 31, wk Low 22,331 YTD -4.2% Nigeria to sell 213 bln ira treasury bills: Nigeria plans to offer billion ira ($675 million) in Treasury bills maturing between 91-days and 1-year on Aug. 31, the central bank said last week. The bank said it will sell billion ira worth of the 91 -day bills, 62 billion ira of the 182-day paper and 105 billion ira of the 1-year debt. Payment for the purchase will be effected last week, the bank said in a public notice. Reuter Nigeria's settles $152 mln ira futures contract, enters new 12-month contract: Nigeria's central bank has settled $ million of ira futures contracts it sold in June at an exchange rate of 279 ira per dollar, market regulator FMDQ OTC Securities Exchange said. The bank also entered a fresh 12- month contract at 241 per dollar due on Aug. 16, Reuters Top Gainers Price Change SEPLAT Petroleum Development Co Plc % Forte Oil PLC % Transtiol Corp of Nigeria PLC 1.2 1% Chemical and Allied Products PLC % Presco PLC 4 9.6% Corporate News Sun Intertiol to Exit Nigeria Amid Falling Occupancy: Sun Intertiol Ltd. plans to exit Nigeria after the South African casino and hotel operator s earnings in the country plunged amid a weakening economy and a dispute involving the company s local partners. Bloomberg Top Losers Price Change FCMB Group Plc -15.0% AG Leventis & Co PLC -10.1% Academy Press % Skye Bank PLC % Unity 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 % 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 ,37 2.1% Lafarge Africa PLC % Portland Paints & Products Nigeria PLC % -38.6

15 South Africa Equity Market Performance 1.5 Economic News South African assets recover as investors eye Federal Reserve: South Africa's rand and bonds rallied last week as soft economic growth data in the United States ahead of a speech by the Federal Reserve chair upped bets the bank could delay hiking lending rates. By 1420 GMT the rand had gained 1.6% to per dollar, versus its close of last week, after sluggish U.S. second quarter GDP data hobbled the greenback and lifted emerging currencies. Reuters SA * ** AFRICA Index Performance SA* Current 53,507 Week Change 1.4% South Africa s 2016 Wheat Crop to Climb 17% as Cape Gets Rains: South Africa s wheat crop is set to climb 17 % this year as rains eased drought conditions in the biggest growing province, prompting farmers to plant the cereal over a larger area. Growers will probably reap 1.68 million metric tons in the 2016 season compared with 1.44 million tons last year, Marda Scheepers, a senior statistician for the Pretoria-based Crop Estimates Committee, said by phone Last week. Bloomberg Gainers (no) 14.0 Losers (no) 18.0 Market Breadth wk High 54, wk Low 45,976 YTD 5.3% Top Gainers Price Change Niveus Investments Ltd 3, % Net 1 UEPS Technologies Inc 14,970 1% Rhodes Food Group Pty Ltd 2,640 1% MiX Telematics Ltd % Intu Properties PLC 5, % Top Losers Price Change Sibanye Gold Ltd 6, % FirstRand Ltd 4, % Barclays Africa Group Ltd 15, % Hosken Consolidated Investments Ltd 13, % Trustco Group Holdings Ltd % Corporate News Wal-Mart s South Africa Unit Profit Rises as Food Sales Grow: Massmart Holdings Ltd., the South African retailer controlled by Wal-Mart Stores Inc., said first-half profit rose 19% as increased food and liquor sales offset slower growth in its general merchandise and home-improvement businesses. Bloomberg AB InBev expects to cut 3% of jobs after SABMiller takeover: Anheuser-Busch InBev expects to cut some 3% of its combined workforce after it has acquired rival SABMiller, according to take over documents published last week. That would be some 5,500 jobs, according to a source with information on the offer. AB InBev is aiming to achieve pre-tax savings of at least $1.4 billion per year within the four years after completion of the takeover through increased efficiency, sharing best practices and the removal of overlaps in corporate and regiol headquarters. Reuters *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 90, , , , % Cie Finciere Richemont SA 8, , , , % 15.1 Naspers Ltd 239, , , , % SABMiller PLC 82, , , , % Shoprite Holdings Ltd 19, , , , % Tiger Brands Ltd 39, , , , % Woolworths Holdings Ltd/South Africa 8, , , , % Energy Sasol Ltd 38, , , , % Fincials Barclays Africa Group Ltd 15, , , , % Capitec Bank Holdings Ltd 59, , , , % FirstRand Ltd 4, , , , % Investec Ltd 8, , , , % Investec PLC 8, , , , % Nedbank Group Ltd 21, , , , % Old Mutual PLC 3, , , , % RMB Holdings Ltd 6, , , , % Sanlam Ltd 6, , , , % Standard Bank Group Ltd 13, , , , % Health Care Aspen Pharmacare Holdings Ltd 35, , , , % Industrials Bidvest Group Ltd/The 15, , , , % Materials Anglo American Platinum Ltd 40, , , , % Anglo American PLC 15, , , , % BHP Billiton PLC 19, , , , % -1 Mondi Ltd 29, , , , % Mondi PLC 29, , , , % 22.6 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 15, , , , %

17 Tunisia Index Performance Equity Market Performance TUNISIA * ** AFRICA TUNISIA* Economic News Fitch Affirms Tunisia at 'BB-'; Outlook Negative: Fitch Ratings has affirmed Tunisia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlook is Negative. The issue ratings on Tunisia's senior unsecured foreign currency bonds have also been affirmed at 'BB-'. Fitch has affirmed the Short- Term Foreign and Local Currency IDRs at 'B' and the Country Ceiling at 'BB'. Reuters Tunisia growth will not surpass 1.5% this year vs 2.5% target PM: Tunisia's growth this year will not surpass 1.5%, a sharp reduction from the official target of 2.5% for 2016, Prime Minister desigte Youssef Chahed told parliament last week. Tunisia has struggled with lower tourism revenues since Islamist militant attacks targeted foreign tourists last year, forcing cancellations and reducing bookings. Reuters Corporate News Current 5,420 Week Change % Gainers (no) 15.0 Losers (no) 10.0 Market Breadth wk High 5, wk Low 4,812 YTD 7.9% Top Gainers Price Change SIPHAT % Amen Bank % BTEI 19 1% Banque de l'habitat % Accumulateur Tunisienne Assad 4 4.6% Hyundai's Russia business starts car exports to Georgia, Tunisia: Hyundai Motor's Russian plant will start exporting Russian-assembled cars to Georgia and Tunisia this month, it said in a statement last week. Hyundai, the world's fifth-biggest automaker, will ship the Solaris, its flagship model in Russia, to Tunisia and its Accent and Creta models to Georgia. It started producing its Creta model in a Saint Petersburg plant in August. It also plans to sell the Creta in Kazakhstan, Belarus, Ukraine and Georgia and countries in the Middle East. Reuters Top Losers Price Change Carthage Cement 2-4.2% SOTUMAG 2-3.0% Societe Electrostar 3-2.9% ADWYA SA 8-2.5% Servicom SA 7-2.2% *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 % 28.8% Enkl Automobiles % 19.7% GIF Filter SA % -27.0% MONOPRIX % -23.9% SFBT , % % Societe de Production Agricole Teboulba % -48.8% Societe Electrostar % -9.7% Societe Magasin General % 4.4% SOTUMAG % -4.4% Fincials Amen Bank % 8.0% Arab Tunisian Bank % 21.4% Arab Tunisian Lease % 1% Assurances SALIM % 52.7% Attijari Bank % 17.3% Attijari Leasing SA % -11.4% Banque de l'habitat % 48.1% Banque de Tunisie % 8.9% Banque Intertiol Arabe de Tunis % 16.5% Banque Natiole Agricole % -25.0% BTEI % 10.6% Cie d'assurances et de Reassurances ASTR % -10.6% Cie Intertiole de Leasing % 7.1% El Wifack Leasing % -24.9% Essouk % 1.0% Modern Leasing Immeuble Assurances SALIM % -11.8% Pouli Group % 6.7% Societe Immobiliere et de Participations % -2.0% Societe Immobiliere Tuniso Seoudienne % -12.2% Societe Tunisienne de Banque % -19.6% STAR % -9.8% Tunis Re % -7.4% Tunisie Leasing SA % 17.4% UBCI % -6.8% Union Intertiole de Banques SA % 14.0% Health Care Accumulateur Tunisienne Assad % -20.8% ADWYA SA % 2% Industrials Servicom SA % 17.9% 1, SIPHAT % 68.1% Societe Industrielle d'appareillage et d % 2.6% Societe Moderne de Ceramiques % -19.8% Societe Tunisienne de L'Air % -23.8% Tunisie Profiles Aluminium SA % 4.0% Information Technology Telnet Holding % -2% Materials Air Liquide Tunisie % -9.0% Carthage Cement % 41.7% Industries Chimiques du Fluor % -15.9% Societe Chimique ALKIMIA % -31.9% Societe Ciments de Bizerte % -9.5% Societe Tunisiennes de Verreries % 29.3% Telecommunication SOTETEL % 105.8%

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