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1 Morocco BMCE Capital Research Exchange rates, as of Wednesday, February 24 th, 2016 Currency Exchange rates USD EUR 1 MAD TND XOF EGP TZS MUR KES NGN GHS Floating MASI (pts) 9, Daily perf % Annual perf % Floating MADEX (pts) 7, Daily perf % Annual perf. +3.0% Volume (MAD m) 38.6 Market Cap. (MAD Bn) , , , , , , IN CASABLANCA STOCK EXCHANGE Y-O-Y 8756 Feb-15 May-15 Aug-15 Nov-15 STOKVIS: Published its 2015 financial achievements: A 15% increase of consolidated revenues to MAD 790m; And a Net Income Group Share of MAD 12m. MICRODATA: A 15.1% increase of sales in 2015 to MAD 364.4m for a net income down by 18.1% to MAD 22.6m And a DPS distribution proposal of MAD 12.5; AUTO HALL: Crossing upwards the threshold of 10% participation in its capital by HAKAM ABDELLATIF FINANCE; S2M: MEDTECH is finalizing the acquisition of 32% of its capital held by AFRICINVEST, according to the business press. MASI MADEX Commodities, as of Wednesday, February 24 th, 2016 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 21, % AGRICULTURAL & LUMBER Coffee (Robusta) t 1, % Cocoa t (GBP) 2, % Cotton t (USc) % Tunisia INFRASTRUCTURE: Extension of the tender for the KENITRA ATLANTIC port project construction. TUNINDEX (pts) 5, Daily perf % Annual perf % TUNINDEX20 (pts) 2, Daily perf % Annual perf % Volume (TND m) 4.4 Market Cap. (TND Bn) 18.4 IN TUNIS STOCK EXCHANGE Y-O-Y TUNINDEX AL KARAMA HOLDING: Will launch on March 7 th a tender offer to sell its direct and indirect stake in the capital of SDA ZITOUNA I and STPEA ZITOUNA. GOVERNMENT: The Minister of development, investment and international cooperation will sign tomorrow with the Italian firm ICL a development contract to start the construction of a bioethanol production plant amounting to EUR 200m. Please refer to important legal information at the end of the document and on our website: 6, , , , , , , , , Feb-15 May-15 Aug-15 Nov TUNINDEX 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) 7,524.0 ENDEAVOR ENERGY: USD 900m for the production of the SONGON thermal power station near Jacqueville west of Abidjan; BOAD: Issued on Monday, February 22 nd, XOF 70bn bonds, by tender, of 7 years including 3 years delay and of a nominal value XOF 5m. SENEGAL: ORASCOM is seeking USD 500m real estate projects And, a 12.9% increase to 5.6 tons of cement production in 2015, according to Department of Forecasting and Economic Studies. Egypt IN THE EGYPTIAN EXCHANGE Y-O-Y EGX 30 Index (pts) 6, Daily perf % Annual perf % EGX 100 Price Index (pts) Daily perf % Annual perf % Volume (EGP m) Market Cap. (EGP Bn) EGX 30 EGX 100 EFG HERMES: Is acquiring 70% stake of the financial service company TANMEYAH for USD 44m; BARCLAYS BANK: Would be selling off its Egyptian subsidiary, according to Bloomberg. 2
3 Tanzania DSE (pts) 2, IN DAR ES SALAAM STOCK EXCHANGE Y-O-Y TANZANIA SHARE DSE Daily perf % Annual perf % Tanzania share (pts) 4, Daily perf % Annual perf. -7.6% Volume (TZS m) 34.2 Market Cap. (TZS Bn) 20,974.2 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) Market Cap. (MUR Bn) MAURITIUS TRADE BALANCE: A deficit of MUR 7.2bn in December 2015, reduced by 20.8% compared to December
4 Kenya NSE Index (pts) 3, IN NAIROBI SECURITIES EXCHANGE Y-O-Y Daily perf % Annual perf. -4.7% NSE All Share Index (pts) Daily perf. +0.1% Annual perf % Volume (KES m) NSE INDEX NSE ALL SHARE INDEX Market Cap. (KES Bn) 1,978.9 RENEWABLE ENERGY: The construction of the KINANGOP wind farm with a capacity of 60.8 MW and a total cost of USD 144m was canceled. Nigeria NSE 30 Index (pts) 1, IN NIGERIA STOCK EXCHANGE Y-O-Y NIGERIAN ALL-SHARE NSE Daily perf % Annual perf % Nigerian All-Share (pts) 23, Daily perf % Annual perf % Volume (NGN m) 1,220.8 Market Cap. (NGN Bn) 8,216.9 BANK INDUSTRY: Loan loss provisions reached NGN 346bn in 2015; MINISTER OF TRANSPORTATION: Announced that the country spends USD 2bn in agricultural products importations. 4
5 Ghana GSE Composite Index (pts) 1, IN GHANA STOCK EXCHANGE Y-O-Y Daily perf % Annual perf. -0.1% GSE Finl Stks Index (pts) 1, Daily perf % Annual perf % Volume (GHS m) GSE COMPOSITE GSE FINL STKS INDEX Market Cap. (GHS Bn) 56.8 GHANA REVENUE AUTHORITY: Exceeded its revenue collection target by 2.9% to GHS 22.17bn. Rest of Africa SOUTH AFRICA: CURRO HOLDINGS is raising USD 66m to build new private schools; STANDARD BANK: Announced a 35% increase of its net income in 2015; BIOPHARM: The Algerian pharmaceutical group is planning its IPO on April 6 th, 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, le360.ma, AfricaMoney, Ghanaweb, Allkenyanews. 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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