Weekly Pan African Monitor. Equity Research Market Indicators News Updates

Transcription

1 November 13th 2017

2 Equities Index Level Market Cap ($bn) W/W Return (Local) YTD Return (Local) BRVM: BRVM 10* % -2% 84.1x 1.6x 8.8% Egypt: EGX 30 14, % 14.5% 11.4x 1.9x 3.1% Gha: GSE Composite 2, % 42.6% 2.2x % Kenya: Nairobi All Share % 2% 12.6x 2.0x 4.6% Mauritius: SEMDEX 2, % 22.1% 12.5x 0.6x Morocco: CFG 25 25, % 6.0% Nigeria:Nigeria All Share 37, % 37.4% 12.4x 1.6x 3.4% South Africa: JSE All Share 59, % 18.5% 19.6x 2.2x 3.1% Tunisia: Tunis Index 6, % 12.2% 17.3x 2.4x 2.2% Zimbabwe: Industrial % 267.8% 54.4x 3.8x 1.0% MSCI: Frontier Markets % 2% 14.1x 1.8x 3.3% Emerging Markets 1, % 3% 16.1x 1.8x 2.4% Movement of the major equities indices across Africa 1.2 P/E Valuation P/B Movements in the Global Indices Vs Africa November 13, 2017 Dividend Yield EM S BGN Curncy Nigeria South Africa Gha Kenya BRVM FM Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov MSCI World S&P 500 FTSE 100 MSCI Africa 0.6 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward Egypt EGP:Pound % 0.1% 2.9% Gha GHS:Cedi % -% -4.7% Kenya KES: Shilling % 0.2% -1.0% Mauritius MUR: Rupee % -0.2% 4.8% Morocco MAD: Dirham % 0.0% 6.6% Nigeria NGN: Naira % -0.2% -12.3% South Africa ZAR: Rand % -2.6% -5.3% Tanzania TZS: Shilling % -2.7% Tunisia TND: Dir % -0.4% -8.2% Zimbabwe ZWL: Dollar Comdty 55 BGN Curncy 1 COMB Comdty Brent Crude Gold Copper 5 Nov-16 Mar-17 Jul-17 Nov Nov-16 Feb-17 May-17 Aug-17 Nov Nov-16 Feb-17 May-17 Aug-17 Nov-17 Bond Yield Annual Annual GDP Exterl Fixed Income (10 yr) Inflation Real Return Policy Rate GDP ($'bn) Growth Reserves ($'bn) Egypt 15.6% 30.8% -15.3% 19.8% % Gha 6.9% 11.6% -4.7% 21.0% % 5.55 Kenya 12.7% 5.7% 7.0% 10.0% % 7.89 Mauritius 4.5% 3.5% 1.0% 3.5% % 5.49 Morocco 0.4% 4.2% % Nigeria 15.1% 16.0% -% 14.0% % South Africa 9.5% 5.1% 4.4% 6.8% % Tanzania 15.9% 5.0% 1% 12.0% % 4.41 Tunisia 7.5% 5.8% 1.7% 5.0% % 5.39 Zimbabwe 17.4% 0.8% 16.6% 8.9% % n.a *MXFM Index: MSCI FM Frontier Markets **MXEF Index: MSCI Emerging Market Index

3 Nov-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 Weekly Pan African Monitor BRVM 1.5 Equity Market Performance Economic News Ivory Coast cocoa output to fall 12 percent by yearend -exporters: Cocoa output in Ivory Coast, the world s top producer, is expected to fall by nearly 12 percent by the end of the year for the current growing season due to diseases caused by heavy rains, exporters said. Reuters Ivory Coast says cotton output to hit pre-war levels next season: Ivory Coast s cotton output for the next growing season will bounce back to pre-war levels of 400,000 tonnes due to healthy rainfall and better distribution of farming inputs, the chairman of the country s cotton and cashew council said last week. Reuters Index Performance BRVM * AFRICA ** BRVM Current 209 Week Change 0.3% Gainers (no) 7.0 Losers (no) 21.0 Market Breadth wk High wk Low 198 YTD -2% Top Gainers Price Change Nestle Cote d'ivoire 2, % Ecobank Transtiol Inc % SCBCI 11, % Bank of Africa/Niger 4, % Societe des Caoutchoucs de Grand- Bereby 3, % U.S. signs $524.7 million investment compact with Ivory Coast: The Millennium Challenge Corporation, the U.S. government s main development fund, said last week it had signed a $524.7 million investment compact with Ivory Coast to build schools and improve roads around the busy port in the commercial capital Abidjan. Reuters Corporate News AfDB approves loans for Air Cote d'ivoire Airbus purchase: The African Development Bank (AfDB) has approved 98 million euros ($114 million) in loans to help fund Ivory Coast tiol airline Air Cote d Ivoire s purchase of five new Airbus A320s, the bank said last week. Reuters Top Losers Price Change Cie Ivoirienne D Elect 2, % Berbe 3, % Societe Ivoirienne d'osygne et d'acetyln 4, % Bank of Africa - Burki Faso 6, % SODECI 43, % *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 2,230 3,100 1, % PALMCI 4,170 7,250 3, % Sitab-Soc Ivoirienne Tabacs 78, ,000 67, % Societe Africaine de Plantations d'hevea 3,000 3,871 1, % Societe des Caoutchoucs de Grand-Bereby 3,750 5,000 2, % Societe De Distribution Automobile en Co 312, , , % Societe de Limoderies et Brasseries 140, , , % Unilever Cote d'ivoire 10,900 21,000 10, % Uniwax SA 3,905 5,460 3, % Energy Shell Cote D Ivoire 970 3, % TotalFiElf Cote D'ivoire 8,790 19,500 8, % Fincials Bank of Africa - Benin 6,995 11,383 6, % Bank of Africa - Burki Faso 6,300 11,500 6, % Bank of Africa/Cote d'ivoire 3,750 9,534 3, % Bank of Africa/Niger 4,080 9,385 3, % BICICI 8,350 10,300 6, % SCBCI 11,200 16,000 10, % Societe Africain de Credit Auto 11,180 11,180 6, % Ecobank Transtiol Inc % Industrials Berbe 3,145 9,000 3, % Bollore Africa Logistics SAS 4,000 5,980 3, % Comptoir Francais Afrique 35,500 69,000 31, % Movis Cote d'ivoire 3,460 4,970 3, % Servair Abidjan 1,700 5,805 1, % Societe Ivoirienne DE Cable 880 2, % Materials CROWN SIEM 16,000 48,805 13, % Filature Tissages Sacs SA 15,000 23,612 13, % Societe Ivoirienne d'osygne et d'acetyln 4,625 13,415 4, % Societe Multitiole de Bitumes 10,935 25,300 9, % Utilities Cie Ivoirienne D Elect 2,310 3,775 2, % SODECI 43,500 84,500 43, % Telecommunication Otel SA 6,755 12,890 6, % Sotel 22,900 25,350 21, % Societe Ivoirienne de Coco Rape 5,000 15,505 3, % SETAO % 2.2 NEI CI % TRITURAF %

5 Nov-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 Weekly Pan African Monitor Egypt Equity Market Performance Economic News S&P maintains Egypt's sovereign credit rating at B, raises outlook to positive from stable: S&P maintains Egypt s sovereign credit rating at B-; raises outlook to positive from stable. S&P says Egypt outlook revised to positive on rising reserves and strengthening economic growth; B-/B ratings affirmed. The outlook reflects potential upgrade over next year if Egypt continues to implement reforms to support investment, growth as foreign exchange reserves continue to rise, while economic growth is strengthening. S&P says long-term rating on Egypt remains at B-', reflecting wide fiscal and exterl deficits, high public debt, and low income levels. Reuters EGYPT * AFRICA** Index Performance EGYPT Current 14,350 Week Change 0.2% Gainers (no) 9.0 Losers (no) 19.0 Market Breadth 52 wk High 14, wk Low 10,625 YTD 14.5% Top Gainers Price Change Juhay Food Industries % Global Telecom Holding SAE % EL Shams Housing & Urbanization SAE % Telecom Egypt Co % Ezz Steel % Top Losers Price Change Oriental Weavers % Six of October Development & Investment % Egyptian Electrical Cables -6.1% Egypt, IMF reach agreement on $2 bln loan disbursement: Egypt has reached a staff-level agreement with the Intertiol Monetary Fund for an instalment of about $2 billion more from a threeyear, $12 billion loan programme, the IMF said last week. The payment, still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through ambitious economic reforms under the loan deal. Reuters Egypt's core inflation falls to 33% y/y in Oct - C.bank: Egypt s core inflation fell to 33% year-onyear in October from 33.26% in September, the central bank said last week. Egypt s inflation had steadily climbed up since the central bank floated the pound currency in November last year to secure a $12 billion Intertiol Monetary Fund loan, reaching a record high in July on the back of hikes in energy prices. Reuters Corporate News Egyptian Refining Co. s $3.7 Billion Plant Will Start Up in September: Egyptian Refining Co. s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country s reliance on imported fuel, its chairman said. Bloomberg Amer Group Holding % Heliopolis Co for Housing and Constructi % *EGX 30 Index ** Bloomberg MSCI EFM Africa Index

6 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Arab Cotton Ginning % Eastern Tobacco % Egypt for Poultry % Juhay Food Industries % Oriental Weavers % Fincials Amer Group Holding % Arab Real Estate Investment Co SAE % Arabia Investments Development Fincial % Beltone Fincial Holding Co SAE % Commercial Intertiol Bank Egypt SAE % Egypt Kuwait Holding Co SAE % Egyptian Fincial Group-Hermes Holding % Egyptians for Housing & Development Co % EL Shams Housing & Urbanization SAE % Heliopolis Co for Housing and Constructi % Medinet Nasr Housing % Palm Hills Developments SAE % Pioneers Holding for Fincial Investmen % Prime Holding for Fincial Investments % Six of October Development & Investment % Talaat Moustafa Group % Industrial Egyptian Electrical Cables % Elsaeed Contracting & Real Estate Invest % ElSwedy Electric Co % Materials Arabian Cement Co % Ezz Steel % South Valley Cement % Telecommunication Global Telecom Holding SAE % Orascom Telecom Media And Technology Ho % 3.5 Telecom Egypt Co %

7 Nov-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 Weekly Pan African Monitor Gha Equity Market Performance GHANA * AFRICA ** Index Performance GHANA Current Week Change 1.7% Gainers (no) 3.0 Losers (no) 0.0 Market Breadth 52 wk High wk Low YTD 42.6% Top Gainers Price Change Gha Oil Co Ltd 3 2.0% CAL Bank Ltd 1 1.0% Gha Commercial Bank Ltd 4 % Top Losers Price Change Economic News Gha's consumer price inflation falls to 11.6% in October: Gha s annual consumer price inflation fell to 11.6% in October from 12.2% the previous month, the statistics office said last week. The major commodity exporter is following a $918 million credit programme with the Intertiol Monetary Fund that aims to restore fiscal balance and rrow inflation to 8% plus or minus 2 percentage points in Reuters Gha-Hungary Partnership to Boost Agricultural Production: The Ambassador of Hungary to Gha, His Excellency Mr András Szabó, has underscored the importance of innovation and research to the development of the agricultural sector in Gha. His Excellency Szabó, who was addressing participants at the first Ghaian-Hungarian Agriculture Forum in Accra, last week, said the future of agriculture and extra production, rather than small-scale farming, would be dependent on new innovations and technologies, and through research. allafrica Gha to Cut $2.2 Billion Bill With Farm Support, President Says: Gha has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African tion seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. Bloomberg Corporate News Tullow Oil raises FY production guidance on Gha fields: Tullow Oil Plc raised its production guidance last week, aided by higher output from its TEN and Jubilee fields in Gha. The company now expects full-year West Africa net oil production, including production-equivalent insurance payments, to come in at 85,000-89,000 barrels of oil per day (bopd) compared with its prior guidance of 78,000-85,000 bopd. Reuters *GSE Composite Index ** Bloomberg MSCI EFM Africa Index

8 Equity Valuations 52-Week 52-Week MKT. CAP YTD Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Benso Oil Palm Plantation Ltd % FAN Milk Ltd % Guinness Gha Breweries Ltd % 2.2 Mechanical Lloyd Co Ltd % Produce Buying Co Ltd % 2.5 PZ Cussons Gha Ltd % 2.0 Unilever Gha Ltd % Fincials CAL Bank Ltd 13 4% Ecobank Transtiol Inc % Gha Commercial Bank Ltd % Gha Oil Co Ltd % 2.8 HFC Bank Gha Ltd % SIC Insurance Co Ltd % 0.2 Societe Generale Gha Ltd % Standard Chartered Bank Gha Ltd % Total Petroleum Gha Ltd %

9 Nov-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 Weekly Pan African Monitor Kenya 1.5 Equity Market Performance Economic News Kenya Government Takes Control of Kenya Airways in Debt Swap: Kenya s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. Reuters Corporate News KENYA * AFRICA ** Index Performance KENYA Current Week Change -2.1% Gainers (no) 9.0 Losers (no) 24.0 Market Breadth 0.4 Kenya's ARM Cement looking for a strategic investor: Kenya s ARM Cement is looking for a strategic investor to inject equity capital into the company and is open to offers in terms of the size and structure of the deal, its chief executive told Reuters last week. Pradeep Paunra said the company was also in talks with creditors to restructure $100 million worth of short and mid-term debts into 10-year debt. Reuters Vodacom Falls After Cutting Dividend Amid Economic Weakness: Vodacom Group Ltd. shares fell the most in more than a month after Africa s biggest wireless operator by market value reduced its firsthalf dividend amid weaker economic conditions in some of its key markets. Bloomberg 52 wk High wk Low YTD 2% Top Gainers Price Change Natiol Bank of Kenya Ltd 1 8.5% Jubilee Holdings Ltd % Sameer Africa Ltd % Centum Investment Co Ltd % East African Cables Ltd % Top Losers Price Change Kapchorua Tea Co Ltd % Kenya Airways Ltd % Kenya Electricity Generating Co Ltd % TransCentury Ltd % Mumias Sugar Co Ltd -4.3% *Nairobi All Share Index ** Bloomberg MSCI EFM Africa Index

10 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods British American Tobacco Kenya Ltd % Car & General Kenya Ltd % Eaagads Ltd % East African Breweries Ltd , % Eveready East Africa Ltd % Kakuzi % Mumias Sugar Co Ltd % Nation Media Group Ltd % Sameer Africa Ltd % SASINI Ltd % Scan Group Ltd % Standard Group Ltd % TPS Eastern Africa Ltd % Uchumi Supermarkets Ltd % Unga Group Ltd % Williamson Tea Kenya Ltd % Energy KenolKobil Ltd Group % Total Kenya Ltd % Fincials Barclays Bank of Kenya Ltd % British-American Investments Co Keny % Centum Investment Co Ltd % CFC Stanbic Holdings Ltd % CIC Insurance Group Ltd % Co-operative Bank of Kenya Ltd/The % Diamond Trust Bank Kenya Ltd % Equity Group Holdings Ltd/Kenya , % Housing Fince Co of Kenya Ltd % I&M Holdings Ltd/Kenya % Jubilee Holdings Ltd % Kenya Commercial Bank Ltd , % Kenya Reinsurance Corp Ltd % Liberty Kenya Holdings Ltd % Nairobi Securities Exchange Ltd % Natiol Bank of Kenya Ltd % NIC Bank Ltd % Pan Africa Insurance Holdings Ltd % Standard Chartered Bank Kenya Ltd % Industrials East African Cables Ltd % Express Kenya ltd % Kenya Airways Ltd % Olympia Capital Holdings Ltd % TransCentury Ltd % Materials ARM Cement Ltd % Bamburi Cement Co Ltd % BOC Kenya Ltd % Carbacid Investments Ltd % Crown Paints Kenya Ltd % East African Portland Cement Co Ltd % Telecommunication Safaricom Ltd , % Utilities Kenya Electricity Generating Co Ltd % Kenya Power & Lighting Ltd % Umeme Ltd % -0.45

11 Nov-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 Weekly Pan African Monitor Mauritius Economic News 1.5 Equity Market Performance Educators Have the Duty to Help Shape the Future of Mauritius, Says Education Minister: The Minister was speaking at the launching of a training for secondary school Educators pertaining to the extended programme - an extended four-year cycle for pupils who do not make the grade - in the context of the Nine Year Continuous Basic Education (NYCBE) reform plan. The extended programme will allow students more time to develop and acquire essential competencies at end of Grade 9. allafrica Mauritius inflation rate unchanged at 3.5 percent y/y in Oct: Mauritius inflation rate was unchanged at 3.5 percent year-on-year in October compared with a month earlier, the statistics office said last week. allafrica MAURITIUS * AFRICA ** Index Performance MAURITIUS Corporate News Current Week Change 0.8% Gainers (no) 8.0 Losers (no) 5.0 Market Breadth wk High wk Low YTD 22.1% No Corporate News Top Gainers Price Change Cim Fincial Services Ltd % POLICY Ltd % SBM Holdings Ltd % MCB Group Ltd % Rogers & Co Ltd % Top Losers Price Change Alteo Ltd % Caudan Development Ltd -% BlueLife Ltd % CIEL Ltd % ENL Land Ltd % *SEMDEX ** Bloomberg MSCI EFM Africa Index

12 Equity Valuations 52-Week 52-Week MKT. CAP YTD Price High Low (US$MN) Return P/E (x) P/BV (x) ROE (%) Consumer Goods Alteo Ltd % Automatic Systems Ltd % ENL Land Ltd % Gamma Civic Ltd % INNODIS Ltd % Lux Island Resorts Ltd % Mauritius Oil Refineries Ltd % New Mauritius Hotels Ltd % Phoenix Beverages Ltd % Sun Resorts Ltd/Mauritius % Energy Vivo Energy Mauritius Ltd % Fincials Belle Mare Holding Ltd % Caudan Development Ltd % CIEL Ltd % Cim Fincial Services Ltd % ENL Commercial Ltd % Fincorp Investment Ltd % Mauritian Eagle Insurance Co Ltd % Mauritius Development Invest Trust Co Lt % Mauritius Union Assurance Co Ltd/The % MCB Group Ltd , % Natiol Investment Trust Ltd/Mauritius % POLICY Ltd % Promotion & Development Ltd % SBM Holdings Ltd % Swan Insurance Co Ltd % Terra Mauricia Ltd % United Docks Ltd % Industrials Air Mauritius Ltd % Harel Mallac & Co Ltd % Rogers & Co Ltd % Materials Mauritius Chemical & Fertiliser Industry % Plastic Industry Mtius Ltd % United Basalt Products/The % Utilities Omnicane Ltd %

13 Nov-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 Weekly Pan African Monitor Nigeria Economic News 1.5 Equity Market Performance Nigeria plans $2.3bn in oil asset equity restructuring -DMO: Nigeria plans to raise 710 billion ira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Magement Office (DMO) said last week. Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with NNPC. The government has considered selling stakes in these joint ventures for more than a decade. Reuters Index Performance NIGERIA * AFRICA ** NIGERIA Nigeria's Buhari presents trillion ira 2018 budget to lawmakers: Nigeria s President Muhammadu Buhari presented last week a 2018 budget of trillion ira, the country s biggest ever, to lawmakers. He said the budget was based on an exchange rate of 305 ira to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45.00 dollars per barrel. Reuters Current 37,120 Week Change % Gainers (no) 28.0 Losers (no) 27.0 Market Breadth 1.0 Nigeria supports OPEC cut extension under "the right terms": Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 as long as the right terms are on the table regarding its own participation, its oil minister said. Reuters 52 wk High 38, wk Low 24,547 YTD 37.4% Top Gainers Price Change Caverton Offshore Support Group % Cadbury Nigeria PLC % Nigerian Aviation Handling Co PLC % Forte Oil PLC % University Press PLC % Top Losers Price Change Corporate news Nigeria's Sete approves report exonerating MTN Nigeria over fund transfers: Nigeria s Sete approved last week a report largely exonerating South African telecoms company MTN Group Ltd s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent. But the Sete report also asked Nigeria s central bank to sanction Stanbic IBTC Bank for improper documentations in respect of capital repatriation and loan repayments on behalf of MTN. Reuters Champion Breweries PLC % Linkage Assurance PLC -12.8% Law Union & Rock Insurance PLC % Morison Industries PLC % Neimeth Intertiol Pharmaceuticals PL % *Nigeria All Share Index ** Bloomberg MSCI EFM Africa Index

14 Equity Valuations Price 52-Week High 52-Week Low MKT. CAP (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Agriculture Livestock Feeds PLC % 1.0 Okomu Oil Palm PLC % Presco PLC % Conglomerates Transtiol Corp of Nigeria PLC % UAC of Nigeria PLC % Consumer Goods 7UP Bottling Co PLC % Cadbury Nigeria PLC % Champion Breweries PLC % Tiger Brands Consumer Goods Plc % Flour Mills of Nigeria PLC % Guinness Nigeria PLC % Honeywell Flour Mill PLC % Intertiol Breweries PLC % Natiol Salt Co Nigeria PLC % Nestle Nigeria PLC , % Nigerian Breweries PLC , % PZ Cussons Nigeria PLC % Unilever Nigeria PLC % Energy Conoil PLC % Eter PLC % Forte Oil PLC % Mobil Nigeria PLC % MRS Nigeria PLC % 0.3 Oando Plc % SEPLAT Petroleum Development Co Plc % Total Nigeria PLC % Fincials Access Bank PLC % Africa Prudential Registrars PLC % AIICO Insurance PLC % Continental Reinsurance PLC % Custodian and Allied Insurance PLC % Diamond Bank PLC % Ecobank Transtiol Inc , % FBN Holdings Plc % FCMB Group Plc % Fidelity Bank PLC % Guaranty Trust Bank PLC , % Mansard Insurance PLC % NEM Insurance PLC % Skye Bank PLC % Stanbic IBTC Holdings PLC , % Sterling Bank PLC % United Capital PLC % Union Bank of Nigeria PLC % United Bank for Africa PLC % Unity Bank PLC % Wapic Insurance PLC % Wema Bank PLC % Zenith Bank PLC , % Health Care Evans Medical PLC % Fidson Healthcare PLC % GlaxoSmithKline Consumer Nigeria PLC % MAY & Baker Nigeria PLC % - Neimeth Intertiol Pharmaceuticals PL % Industrials Chemical and Allied Products PLC % Dangote Cement PLC , % Lafarge Africa PLC % Portland Paints & Products Nigeria PLC %

15 Nov-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 Weekly Pan African Monitor South Africa Economic News Equity Market Performance IMF urges South Africa to launch reform plan to boost economy: South Africa should implement reform to restore confidence in the economy soon, the Intertiol Monetary Fund said on Wednesday, citing rising domestic political uncertainty and stalled reforms that siglled a challenging economic outlook. Reuters South Africa's economy faces major challenges - cbank governor: South Africa s economy faces major challenges and government needs to win back the confidence of businesses and investors by tackling policy uncertainty and corruption, central bank governor Lesetja Kganyago said last week. Reuters SA * AFRICA** Index Performance SA Current 59,776 Week Change 0.2% Gainers (no) 61.0 Losers (no) 86.0 Market Breadth 52 wk High 60, wk Low 48,936 Corporate news AfDB approves $172 mln fincing for South Africa's Nedbank: The African Development Bank (AfDB) has approved a $172 mln fincial package for South Africa s Nedbank Group for infrastructure, banking and housing projects, it said last week. The package comprises of a 2 billion rand ($ million) subordited loan, and a $30 million unfunded Risk Participating Agreement facility that will benefit African issuing banks in 20 regiol member countries. Reuters YTD 18.5% Top Gainers Price Change Niveus Investments Ltd % Adcorp Holdings Ltd 1, % Trencor Ltd 5, % Assore Ltd 34, % AngloGold Ashanti Ltd 13, % Top Losers Price Change Consolidated Infrastructure Group Ltd % ArcelorMittal South Africa Ltd % PPC Ltd % Trustco Group Holdings Ltd % Murray & Roberts Holdings Ltd 1, % *JSE All Share Index

16 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 PLC 94, , , , % Cie Finciere Richemont SA 12, , , , % 11.2 Naspers Ltd 358, , , , % Shoprite Holdings Ltd 20, , , , % Tiger Brands Ltd 38, , , , % Woolworths Holdings Ltd/South Africa 5, , , , % Energy Sasol Ltd 44, , , , % Fincials Barclays Africa Group Ltd 14, , , , % Capitec Bank Holdings Ltd 93, , , , % FirstRand Ltd 5, , , , % Investec Ltd 9, , , , % Investec PLC 9, , , , % Nedbank Group Ltd 21, , , , % Old Mutual PLC 3, , , , % RMB Holdings Ltd 6, , , , % Sanlam Ltd 7, , , , % Standard Bank Group Ltd 16, , , , % Health Care Aspen Pharmacare Holdings Ltd 31, , , , % Industrials Bidvest Group Ltd/The 17, , , , % Materials Anglo American Platinum Ltd 41, , , , % Anglo American PLC 28, , , , % BHP Billiton PLC 27, , , , % Mondi Ltd 33, , , , % Mondi PLC 34, , , , % 18.9 Telecommunication MTN Group Ltd 12, , , , % Vodacom Group Ltd 14, , , , %

17 Nov-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 Weekly Pan African Monitor Tunisia Equity Market Performance Economic News Trade deficit widens to 13,210.6MD in first ten months of 2017: The trade deficit stood at a disturbing level widening to 13,210.6 million Tunisian dirs (MTD) at the end of October against 10,781.2 MTD during the same period in The energy deficit balance represents 25.3% of the overall deficit, i.e MTD, the Natiol Institute of Statistics (INS) s exterl trade statistics for the first ten months of 2017 revealed. The trade deficit balance is due to the deficit recorded with some countries such as Chi (- 3,638.2 MD), Italy (1,739.7MD), Turkey (-1,496.8MD), Russia (-1,004.0 MD) and Algeria ( MD). TAP 0.1 TUNISIA * AFRICA ** Index Performance TUNISIA Current 6,168 Week Change % Gainers (no) 24.0 Losers (no) 14.0 Market Breadth wk High 6, wk Low 5,410 YTD 12.2% Top Gainers Price Change Business climate cools off compared to first quarter of 2017: The business climate has deteriorated compared to the first quarter of 2017, according to the Business Climate Index of the Arab Institute of Business Leaders (IACE). The institute's summary indicator, calculated through a survey of 300 business leaders, shows a drop of 18.2 points. This deterioration has affected most sectors compared to the first quarter of 2017, with the exception of the manufacturing sector where there has been an improvement in the situation that will encourage investment and thus promote the sector, explains IACE in its report. TAP Corporate News No Corporate News Industries Chimiques du Fluor % Societe Chimique ALKIMIA % Societe Magasin General % ADWYA SA 5 7.1% Banque de l'habitat % Top Losers Price Change Servicom SA % UBCI % Societe Tunisienne de Banque 4-3.8% SOTUMAG 2-2.9% Societe Moderne de Ceramiques 1-2.5% *Tunis Index ** Bloomberg MSCI EFM Africa Index

18 Equity Valuations 52-Week 52-Week MKT. CAP Price High Low (US$MN) YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Automobile reseau tunisien et services % Enkl Automobiles % GIF Filter SA % -8.6 MONOPRIX % SFBT , % Societe de Production Agricole Teboulba % Societe Electrostar % Societe Magasin General % SOTUMAG % Fincials Amen Bank % Arab Tunisian Bank % Arab Tunisian Lease % Assurances SALIM % Attijari Bank % Attijari Leasing SA % Banque de l'habitat % Banque de Tunisie % Banque Intertiol Arabe de Tunis % Banque Natiole Agricole % 2.5 BTEI % 26.3 Cie d'assurances et de Reassurances ASTR % Cie Intertiole de Leasing % El Wifack Leasing % Essouk % Modern Leasing Immeuble Assurances SALIM % Pouli Group % Societe Immobiliere et de Participations % Societe Immobiliere Tuniso Seoudienne % Societe Tunisienne de Banque % STAR % Tunis Re % Tunisie Leasing SA % UBCI % Union Intertiole de Banques SA % Health Care Accumulateur Tunisienne Assad % ADWYA SA % Industrials Servicom SA % 7.8 SIPHAT % Societe Industrielle d'appareillage et d % Societe Moderne de Ceramiques % Societe Tunisienne de L'Air % Tunisie Profiles Aluminium SA % Information Technology Telnet Holding % 3.4 Materials Air Liquide Tunisie % Carthage Cement % Industries Chimiques du Fluor % Societe Chimique ALKIMIA % 1.0 Societe Ciments de Bizerte % Societe Tunisiennes de Verreries % Telecommunication SOTETEL %

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