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1 Morocco BMCE Capital Research Floating MASI (pts) 9, IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % Floating MADEX (pts) 7, Exchange rates, as of Wednesday, December 2 nd, 2015 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY % WTI bbl % METALS Copper lb % Gold oz 1, % Silver oz % Lead t 1, % MINOR METALS Cobalt t 24, % AGRICULTURAL & LUMBER Coffee (Robusta) t Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Commodities, as of Wednesday, December 2 nd, , % Cocoa t (GBP) 2, % Cotton t (USc) % Daily perf. -0.4% Annual perf % Volume (MAD m) Market Cap. (MAD Bn) ATTIJARIWAFA BANK: Visa by the market regulator of the prospectus relating to the issuance of subordinated bonds totaling MAD 1bn; MAGHREB OXYGENE: Publication of a profit warning relative to the 2015 annual results. Tunisia FINANCE BILL: The parliament majority suggested to redevelop the scale of the income tax to MAD 36,000 (against MAD 30,000) and implement a 10% income tax for revenues from MAD 36,001 to MAD 50, And, the CGEM will establish new amendments including the progressivity of the corporate tax; WORLD BANK: A USD 200m loan for the financing and the development of a policy of transparency and accountability, Hakama II program; ECONOMY: Positive Conclusions of EULER HERMES about MOROCCO which demonstrated significant resilience despite the fact that it belongs to a region marked by political risk And, additional export opportunities in 2016 estimated at EUR 1bn (MAD 11.3bn) for Moroccan companies; ELECTRONIC BANKING: A 21.6% increase of domestic transactions by merchants affiliated to the Interbank Electronic Banking Center for a total amount of MAD 1.3bn in November 2015; ROAD INFRASTRUCTURE: Launch in 2016 of a new program for the realization of rural roads with a budget of MAD 28bn. TUNINDEX (pts) 4, Daily perf % Annual perf. -2.7% TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 3.8 Market Cap. (TND Bn) 16.8 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX MASI MADEX TUNINDEX20 Please refer to important legal information at the end of the document and on our website: Produced & distributed by all members of AFRICAN SECURITIES NETWORK (See last page of this report)
2 West Africa BRVM composite (pts) IN BRVM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % BRVM 10 (pts) Daily perf % Annual perf % Volume (XOF m) BRVM BRVM 10 Market Cap. (XOF Bn) 7,550.0 IPO: BRVM is expecting as many as six initial public offerings (IPOs) in 2016, while BANK OF AFRICA MALI's stock market debut is on track for December 17 th, 2015, the stock exchange's chief executive officer said on Wednesday. Egypt EGX 30 Index (pts) 6, IN THE EGYPTIAN EXCHANGE Y-O-Y Daily perf. +3.5% Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 TEDA GROUP: The Chinese group signs cooperation agreement with the Suez Canal Development Economic Authority; the agreement aims at attracting USD 4bn of investments; BMW/MERCEDES BENZ: Both Companies file a lawsuit against the Customs Authority over the latest implementation of guideline prices; EGYPTIAN NATURAL GAS COMPANY: The Company asks ALEXFERT to repay USD 16.8m of dues over changes to gas price. MONEY MARKET: EGYPT's central bank plans to inject dollar liquidity into the market this month and is planning an exceptional foreign exchange auction, the presidency said on Wednesday, the latest move to end a long-running currency crisis. 2
3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y Daily perf % Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf % Volume (TZS m) 33,049.2 TANZANIA SHARE DSE Market Cap. (TZS Bn) 20,785.4 Mauritius Semdex Index (pts) 1, Daily perf % IN THE STOCK EXCHANGE OF MAURITIUS Y-O-Y SEMDEX Annual perf % DEMEX (pts) Daily perf % Annual perf % Volume (MUR m) 4.2 Market Cap. (MUR Bn)
4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf % NSE All Share Index (pts) Daily perf % Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 2,010.5 AGRICULTURE: The Kenya Tea Development Agency has signed a USD 55m syndicated loan to build seven small hydro-dams to cut reliance on the national grid and trim factory costs, the KTDA said on Thursday. Nigeria NSE 30 Index (pts) 1, Daily perf % Annual perf % Nigerian All-Share (pts) 27, Daily perf % Annual perf % Volume (NGN m) 3,061.1 IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Market Cap. (NGN Bn) 9,495.5 TELECOM: Nigerian telecoms authorities have reduced a USD 5.2bn fine in MTN GROUP to USD 3.4bn after the South African mobile phone Company lobbied for a lower penalty, MTN said on Thursday. 4
5 Ghana IN GHANA STOCK EXCHANGE Y-O-Y GSE Composite Index (pts) 1, Daily perf % Annual perf % GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) 4,297.2 GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 57.2 Rest of Africa Sources Press: L Economiste, La Vie Eco, Telquel, Les Ecos, Jeune Afrique, Finance News, La Nouvelle Tribune, Aujourd hui le Maroc, Le Matin, L Opinion. Web sites: InfoMédiaire, Ministry of Finance, Info Express, Centre Marocain de Conjoncture, Le 2 minutes, Agence Eco Fin, Trésorerie Générale du Royaume, Media24, Reuters, Bloomberg, L Economiste Maghrébin, Ventures Africa, Tunisie Numérique, Tunisie News, OANDA, Fin 24, Star Africa, Investir en Tunisie, BBC News Africa, Senenews, Bourse de Casablanca, BRVM, Office des Changes, Axis Bourse, Ministère de l Energie et des Mines, CDVM. Softwares : Thomson Reuters, Six Financial Information. 5
6 Powered by TCPDF ( African Securities Network (ASN) is a registered trademark used for commercial purposes and for the publications by BMCE Capital and its Brokerage subsidiaries: BMCE Capital Bourse, AXIS Capital Bourse and ACTIBOURSE as well as its Research teams overseen by BMCE Capital Research in Casablanca. Headquarters: Tour BMCE, Rond-Point Hassan II, Casablanca - Morocco Phone: Fax: Casablanca trade register No License No. 3/26 by the approval of the Ministry of Finance Contact information: Mr. Mohamed BENJELLOUN Trader Phone: / m.benjelloun@bmcek.co.ma Disclaimer Headquarters: Tour BMCE, Rond-Point Hassan II, Casablanca - Morocco Offices: 63, Boulevard Moulay Youssef, Casablanca Morocco Phone: Fax: Casablanca trade register No Published in accordance with current procedures, this document was prepared by BMCE Capital Research and integrates the contribution of AXIS Capital Bourse as well as ACTIBOURSE, African affiliates of BMCE Capital. The content of this document comes from various reliable written sources but, in the event of damage resulting from the use of this information, is not binding on BMCE Capital Research, nor on BMCE Capital and nor on BMCE Capital Bourse, including in the case of lack of due care or negligence. BMCE Capital Research has established an organizational structure and procedures (or Chinese wall) designed to guarantee the independence of the financial analysts and the priority of customers interests. A black-out period is stipulated, running from the date of the beginning of drafting of the research memorandum until 3 months after its publication, during which time the financial analysts refrain from trading on their own account in shares in relation with the issuers and sectors they are monitoring. The information contained in this document and any opinion expressed in it do not under any circumstances encourage investment in the financial markets in general and in the Stock Exchange in particular. It is only given for information purposes and cannot be considered in any way as advice. In particular, any revenue from securities referred to in this analysis may fluctuate and the prices of securities may rise or fall. Investors may thus get back less than their initial investment and past performance is no guide to future performance. Currency exchange rates can have a negative effect on the value, price or revenues of the securities mentioned in this document. In addition, foreign investors who hold securities assume a foreign currency risk. This document was drawn up for clients and prospects of BMCE Capital and BMCE Capital Bourse. This document is intended for investors aware of the risks related to financial markets. If any individual should come into possession of this document, they should not make any investment decision solely on the basis of this document and should consult their own advisors. Investors should seek financial advice to ensure that the investment strategies examined or recommended in this document are appropriate and should understand that the opinions on the future prospects may not materialize. BMCE Capital Research, BMCE Capital and BMCE Capital Bourse individually and jointly decline any responsibility in terms of this document and give no guarantee as to the achievement of the targets and recommendations given herein, nor the accuracy or dependability of the information it contains. The information and explanations reproduced herein and the content are the exclusive property of BMCE Capital Research. It is strictly forbidden to copy, modify, reproduce, re-publish, distribute, display or pass on the content to an entity established under private law or public law, for profit or non-profit purposes, irrespective of the medium or means of communication and the good or bad faith of the entity performing any of the above-mentioned actions. The content is for individual, strictly personal use. It may not be used for any commercial purpose or end. There are no exceptions to these rules unless the entity duly considered to be the owner of the intellectual property rights of this content (BMCE Capital Research) so agrees. Any breach of these rules exposes the entity responsible for the breach to the relevant penal sanctions and the legal action necessary for the restoration of the rights of the authors and their compensation. Any disputes concerning these rules shall come under the jurisdiction of the courts of Casablanca. BMCE Capital Avenue Hassan II Phone : Fax :
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