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Country Index* Index Level 1 Wk %Chg MTD %Chg YTD %Chg 1 Year High 1 Year Low FX-Rate per USD Dollar Return (% chg) 1 week MTD YTD Botswana BSE DCI 8 545 0.07 0.00-3.56 9 342 0.00 10.02-1.09-0.50-1.77-1.02-0.50-5.27 29 288.7 4 136 BRVM IC Comp 217.7-0.10-0.31-10.43 269.0 216.9 576.9-0.27-0.20-2.21-0.36-0.51-12.40 1 701.9 5 588 Egypt*** EGX 30 16 675-0.69 1.59 11.03 18 363 12 913 17.90 0.11-0.04-0.68-0.58 1.55 10.27 268 916 22 696 Ghana GSE ALSI 3 192-3.10 0.78 23.75 3 489 1 913 4.71-1.39-0.01-3.98-4.44 0.78 18.83 2 067.0 3 944 Kenya FTSE NSE15 217.0-1.82 0.00 3.82 246.2 186.5 101.6-0.30 0.00 1.56-2.11 0.00 5.43 25 283.9 23 378 Malawi MSE ALSI 30 075 3.32 0.11 39.25 30 075 15 574 728.7-0.99-0.78-0.43 2.29-0.67 38.65 1 779.2 1 370 Mauritius SEMDEX 2 248-0.62-0.07 2.07 2 308 2 075 34.46-0.09-0.13-2.57-0.70-0.20-0.55 27 031.4 12 812 Morocco MORALSI 12 247-1.49-0.71-1.14 13 285 11 605 9.50 0.19-0.17-1.84-1.30-0.88-2.96 40 818 61 621 Namibia Local 624.1 1.49-0.19 4.08 631.4 568.3 12.69-1.76 0.09-2.41-0.29-0.11 1.57 329.2 2 664 Nigeria NIG ALSI 36 816-5.70-3.38-3.73 45 093 32 122 361.6 0.07 0.05-0.45-5.63-3.33-4.17 59 419 33 063 Rwanda RSE Index 132.1-0.16-0.16-2.40 135.5 115.5 861.5 1.10-0.06-0.87 0.94-0.22-3.25 815 347 South Africa JSE ALSI 57 282 0.75 2.00-3.74 61 685 50 832 12.69-1.76 0.09-2.41-1.02 2.09-6.05 3 618 403 414 202 Swaziland SSX ALSI 286.8 0.00 0.00 0.00 0.00 0.00 12.69-1.76 0.09-2.41-1.76 0.09-2.41 0.0 190 Tanzania DAR ALSI 2 306 0.60-0.19-3.75 14 076 1 573 2 274-0.12 0.00-1.75 0.48-0.19-5.43 2 196.3 3 952 Tunisia TUNIS 7 648 0.65 0.42 21.74 7 648 5 740 2.62-2.28-2.46-5.92-1.64-2.04 14.53 10 317 6 398 Uganda USE ALSI 2 055-0.16-1.09 2.69 2 270 1 652 3 781-0.83-0.25-3.63-0.99-1.34-1.04 28.0 1 141 Zambia LuSE ALSI 5 549-0.15 0.00 4.16 5 608 4 690 10.32 0.82-2.33-3.29 0.67-2.33 0.73 105.7 3 108 Zimbabwe ZSE IND 367.3 4.68 1.59 13.36 534.1 170.4 1.00 0.00 0.00 0.00 4.68 1.59 13.36 14 239.5 8 781 1 Wk %Chg 1 MTD % Chg YTD % Chg Trade USD'000 Mkt Cap USDm** Company Top 5 gainers Seed Co NMB Cement Co. North Nigeria BAT (Kenya) BAT (Zimbabwe) Country Zimbabwe Tanzania Nigeria Kenya Zimbabwe % chg Local USD 20.1 20.1 17.5 17.4 16.5 16.5 15.5 15.2 15.0 15.0 1 year price charts Gold (12,93.7; -0.6% w/w) AA Indes (,1.1; +15.1% w/w) Crude Oil (,76.8; +0.5% w/w) MSCI EM (11,30.2; -0.6% w/w) MSCI WORLD (21,09.2; -0.1% w/w S&P 500 (27,34.6; +0.5% w/w) Company Intl Breweries CAL Bank ETI (Ghana) Total Petroleum Enterprise Group Top 5 decliners Country Nigeria Ghana Ghana Ghana Ghana Local USD -22.4-22.3-17.6-18.8-17.4-18.5-13.6-14.8-13.0-14.2 Copper (68,82.8; +0.3% w/w) MSCI AFRICA (4,88.4; -2.1% w/wftse 100 (77,01.8; -0.4% w/w) * See individual country pages for more details about the indices. ** USD market cap is that of the whole market, not the respective index. ***Note that Egypt consists only of the EGX30 and
1 month price charts Botswana BRVM Tunisia: 0.65% Morocco -1.49% Key Egypt*** Ghana Egypt Up 8.189 5.795 3.53 7.738 4.694-0.69% 4.872 Flat 15.174 10.54 15.463 14.341 14.921 17.16 25.254 18.39 19.198 19.36 19.978 19.985 Down Kenya Malawi 170.651 231.6 248.19 264.2 286.47 316.04 6.96 7.976 7.356 6.584 6.265 7.134 BRVM 1123.63 13.935 1484.1 11.742 1547.9 10.333 1603.6 11.984 1692.3 7.938 1816.9-0.10% 7 Mauritius Morocco Namibia Nigeria -3.10% Ghana Nigeria -5.70% South Africa Tunisia Tanzania Uganda Uganda: Rwanda: -0.16% -0.16% Tanzania 0.60% Kenya -1.82% Zambia Zimbabwe Namibia Namibia 1.49% Zambia -0.15% Zimbabwe Botswana 4.68% 0.07% Malawi 3.32% Mauritius -0.62% South Africa 0.75% Swaziland
Inflation and Interest Rate Summary Country Bond Rate (%)Maturity Date Bond Maturity Prime (%) CPI (%) Month Southern Africa Angola 18.00 20.22 Apr Botswana 4.30 Mar-25 BW007 6.8 yrs 5.00 3.40 Apr Lesotho 8.00 Oct-22 LSO 8 4.4 yrs 11.63 3.80 Apr Malawi 16.00 9.70 Apr Mauritius 3.94 Dec-20 Five year 2.5 yrs 8.50 5.00 Apr Namibia 10.50 Oct-24 GC24 6.4 yrs 10.50 3.60 Apr South Africa 8.54 Dec-26 R186 8.6 yrs 10.00 4.80 Apr Swaziland 8.55 Nov-20 SG23 2.5 yrs 10.25 4.80 Apr Zambia 19.00 Jan-26 10 year 7.6 yrs 9.75 7.40 Apr Zimbabwe 9.39 0.08 Apr East Africa Kenya 12.18 Jan-24 10 year 5.6 yrs 13.68 3.73 Apr Rwanda 12.50 May-28 10 year 10.0 yrs 16.81 1.30 Apr Tanzania 13.86 Nov-25 10 year 7.4 yrs 17.51 3.80 Apr Uganda 14.34 Apr-23 UG0000001244 4.9 yrs 20.26 1.80 Apr West Africa Senegal 1.10 Apr Ghana 24.00 Nov-20 Five year 2.5 yrs 17.00 9.60 Apr Nigeria 14.20 Mar-24 10 year 5.8 yrs 17.24 12.48 Apr North Africa Egypt 15.30 Nov-25 EGBGR01631F3 7.4 yrs 17.75 13.12 Apr Morocco 5.24 2.70 Apr Tunisia 6.90 May-22 10 year 3.9 yrs 4.32 7.70 Apr Source: Central banks, statistical agencies
Nigerian Stock Exchange (Nigerian Naira) Nigeria Market Commentary The NSE ALSI declined 5.7% to close the week at 36,816.3 on the back of losses in Intl Breweries (-22.4%), Forte Oil (- 13.6%), and Lafarge WAPCO (-11.7%). During the week, gains were recorded in Cement Co. North Nigeria (+16.5%), Fidelity Bank (+9.9%), and FBN Holdings (+9.7%). The top traders by value were Zenith Bank (USD 15.4m), Guaranty Trust Bank (USD 13.6m), and Access Bank (USD,6.7m). Trading in these shares accounted for 60.1% of this week s turnover of NGN 21.5bn (USD 59.4m). The average weekly value traded in the last six months is NGN 28.3bn (USD 78.3m). The NSE ALSI is down 3.7% ytd (-4.2% USD) and the total market capitalisation is currently USD 33.1bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F 4.4 3.6 0.2-1.8-1.2-0.5 10.4 10.5 10.5 11.9 13.7 15.4 - - - - - - ###### ###### ###### ###### ###### ###### 4.3 5.4 6.3 4.0 4.3 4.5 467.1 521.8 574.0 493.0 484.9 508.5 12.0 7.9 7.9 10.5 9.5 8.0 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date MUTUAL BENEFITS ASSURANCE PL Full Year 6/8/2018 Ecobank Transnat 2017 Regular Cash 0.00 02-May-17 Fbn Holdings Plc 2017 Regular Cash 0.2 08-May-17 Beta Glass Plc 2017 Final 1.0 12-Jun-17 Nestle Nigeria P 2017 Interim 10.0 08-May-17 Lasaco Assurance 2017 Final 0.03 19-Jun-17 3
Nigerian Stock Exchange (Nigerian Naira) Nigeria Index performance * NGN/USD USD returns Top 5 gainers NIGSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 36 816.3 361.62 H: 19-Jan-18 45 092.8 Cement Co. North Nigeria 16.5 27.95 This week 39 040.4-5.70 361.88 0.07-5.63 L: 23-Jun-17 32 122.1 Fidelity Bank 9.9 1.99 Prev week 40 425.1-3.43 361.63-0.07-3.49 Off peak -18.4% FBN Holdings 9.7 10.15 MTD 38 104.5-3.38 361.81 0.05-3.33 At High 9/199 FCMB 9.0 2.18 YTD 38 243.2-3.73 359.99-0.45-4.17 At Low 14/199 Mutual Benefits Assurance 8.6 0.38 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 21 495 Value Traded / Mkt Cap (%) 8.99% NGNm 28 297.1 Company Week % chg Price Net value -11 368 Stocks traded (absolute) 119 USDm 78.3 Intl Breweries -22.4 40.20 Stocks traded (%) 60% Forte Oil -13.6 35.15 Upside value 4 990 Stocks up 25 Total Market cap Lafarge WAPCO -11.7 34.00 Downside value 16 358 Stocks down 34 NGNm 11 956 115 Nestle Nigeria -10.6 1 430 Upside/downside ratio -69.5% Advance - Decline -9 USDm 33 063 Nigerian Breweries -10.4 103.0 USD NGN Rebased Index Performance 51% 37% 23% Top 5 (value) traders Company NGN'000 % of total Zenith Bank 5 572 874 25.93 Guaranty Trust Bank 4 932 190 22.95 Access Bank 2 411 824 11.22 Nigerian Breweries 2 202 877 10.25 UBA 1 589 033 7.39 9% -5% -19% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (NGN bn) : Current vs Peak 01-Jun 19 Jan 2018 0 5 000 10 000 15 000 *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of Nigerian Naira See the notes page for more information about calculations ########## 4
Nigerian Stock Exchange (Nigerian Naira) Nigeria Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000) Dangote Cement BUIL 223.0-9.0 Down 869 208 3 700 278.0 195.6-19.8-3.0 67.7 ######## 10 508 5 791.4 Guaranty Trust Bank BANK 38.65-5.7 Down ######## 122 576 54.71 33.50-29.4-5.2 140.7 ######## 3 146 13 145.3 Nestle Nigeria CONS 1 430-10.6 Down ######## 892 1 615 900.0-11.5-8.1 104.3 ######## 3 135 3 780.4 Zenith Bank BANK 25.50-2.3 Down ######## 218 404 33.51 19.99-23.9-0.5 134.6 800 611 2 214 13 252.4 Nigerian Breweries BREW 103.0-10.4 Down ######## 20 902 193.0 103.0-46.6-23.6 2.9 778 959 2 154 7 067.7 Stanbic IBTC Holdings BANK 46.10-2.9 Down 386 650 8 378 50.00 27.50-7.8 11.1 225.8 461 000 1 275 1 036.1 UBA BANK 11.00 5.8 Up ######## 146 408 13.00 8.20-15.4 6.8 297.1 362 795 1 003 4 101.4 FBN Holdings BANK 10.15 9.7 Up 398 599 40 084 14.75 5.14-31.2 15.3 192.5 331 216 916 5 034.6 ETI (Nigeria) BANK 19.00-7.3 Down 167 023 8 605 21.30 11.88-10.8 11.8 25.0 303 101 838 557.1 Access Bank BANK 10.95 2.3 Up ######## 220 976 13.45 8.86-18.6 4.8 170.4 250 568 693 5 641.2 Dangote Sugar Refinery CONS 17.45 5.4 Up 43 842 2 559 23.35 7.82-25.3-12.8 211.6 209 400 579 1 034.7 Unilever Nigeria CONS 51.45 5.0 Up 65 663 1 289 64.60 33.00-20.4 25.5 91.9 194 651 538 758.8 Guinness Nigeria BREW 95.00-5.0 Down 141 411 1 480 120.3 60.00-21.0 1.1-15.9 143 059 396 607.9 Intl Breweries BREW 40.20-22.4 Down 40 803 945 64.00 24.07-37.2-26.2 106.2 131 154 363 1 403.0 Lafarge WAPCO BUIL 34.00-11.7 Down 133 716 3 825 63.00 34.00-46.0-24.3-59.8 102 054 282 815.3 Union Bank Nig. BANK 5.55-4.3 Down 9 519 1 682 8.78 5.21-36.8-28.8 9.9 93 994 260 169.6 P Z Cussons Nigeria CONS 21.85 - Flat 16 418 751 27.30 19.00-20.0 6.1-0.2 86 755 240 211.3 Okomu Oil Palm AGRI 80.00-5.9 Down 174 687 2 183 90.00 56.15-11.1 18.2 166.7 76 313 211 197.7 Presco AGRI 75.00 - Flat 4 717 63 78.00 56.70-3.8 9.5 120.6 75 000 207 451.0 Flour Mills Nig. CONS 31.10 3.3 Up 67 002 2 142 38.00 22.00-18.2 7.2 61.1 74 194 205 1 510.6 Total Nigeria UTIL 201.7-4.9 Down 30 185 146 282.5 201.7-28.6-12.3 39.1 68 482 189 159.4 7-Up Bottling Comp. BREW 102.0 102.0 78.21-0.0 - -40.0 65 321 181 9.4 Mobil Oil Nig UTIL 164.5 - Flat 14 782 90 319.7 152.2-48.5-15.5 10.0 59 318 164 169.5 Fidelity Bank BANK 1.99 9.9 Up 111 354 58 449 3.99 1.19-50.1-19.1 74.6 57 660 159 1 014.9 National Salt Co. Nig. CONS 19.00-5.0 Down 20 052 1 035 24.75 8.46-23.2 2.7 167.6 50 339 139 258.1 TransCorp Nigeria INVE 1.25-1.6 Down 82 721 65 373 2.55 1.16-51.0-14.4 15.7 48 401 134 1 984.7 Oando UTIL 6.70-2.9 Down 78 411 11 526 9.60 5.65-30.2 11.9 103.0 45 710 126 590.7 Beta Glass CONS 87.35 - Flat 276 3 87.35 51.31 0.0 70.2 74.7 43 673 121 16.8 FCMB BANK 2.18 9.0 Up 28 569 13 110 3.61 1.02-39.6 47.3 186.8 43 170 119 1 399.3 Cadbury Nigeria CONS 12.50 - Flat 3 144 252 18.40 10.00-32.1-20.2-28.6 39 130 108 208.0 5
Ghana Stock Exchange (Ghana Cedi) Ghana Market Commentary The GSE Composite declined 3.1% to close the week at 3,192.3 on the back of losses in CAL Bank (-17.6%), ETI (Ghana) (-17.4%), and Total Petroleum (-13.6%). During the week, gains were recorded in Benso Oil Palm (+0.4%), and Unilever Ghana (+0.1%). The top traders by value were CAL Bank (USD 1.4m), SocGen (Ghana) (USD 0.3m), and Fan Milk (USD 0.1m). Trading in these shares accounted for 87.3% of this week s turnover of GHS 9.7m (USD 2.1m). The average weekly value traded in the last six months is GHS 7.6m (USD 1.6m). The GSE Composite is up 23.7% ytd (+18.8% USD) and the total market capitalisation is currently USD 3.9bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -11.7-11.9-9.6-8.3-7.2-5.5 49.1 56.2 69.0 72.8 70.5 66.3 47.0 52.9 66.1 70.4 68.0 64.0 ###### ###### ###### ###### ###### ###### 8.0 7.3 4.0 3.5 5.7 9.4 41.9 47.8 38.6 37.7 42.3 46.9 8.1 13.5 17.0 12.0 8.0 7.6 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Enterprise Group 2016 Final 0.05 05-Jul-16 Hfc Bank (Ghana) 2016 Omitted 0.00 20-Apr-16 Starwin Products 2017 Regular Cash 0.00 27-Jan-17 Camelot Ghana 2017 Final 0.01 13-Jun-17 Societe Generale 2017 Regular Cash 0.03 27-Mar-17 6
Ghana Stock Exchange (Ghana Cedi) Ghana Index performance * GHS/USD USD returns Top 5 gainers GSE CI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 3 192.3 4.71 H: 30-Apr-18 3 489.5 PZ Cussons Ghana 4.5 0.46 This week 3 294.3-3.10 4.65-1.39-4.44 L: 12-Jun-17 1 912.7 Benso Oil Palm 0.4 7.27 Prev week 3 325.7-0.94 4.63-0.32-1.26 Off peak -8.5% Unilever Ghana 0.1 17.63 MTD 3 167.5 0.78 4.71-0.01 0.78 At High 0/34 -- YTD 2 579.7 23.75 4.52-3.98 18.83 At Low 0/34 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 9.7 Value Traded / Mkt Cap (%) 2.60% GHSm 7.6 Company Week % chg Price Net value -9.5 Stocks traded (absolute) 20 USDm 1.6 Starwin Products -50.0 0.01 Stocks traded (%) 59% CAL Bank -17.6 1.27 Upside value 0.0 Stocks up 3 Total Market cap ETI (Ghana) -17.4 0.19 Downside value 9.6 Stocks down 9 GHSm 18 580 Total Petroleum -13.6 5.10 Upside/downside ratio -99.5% Advance - Decline -6 USDm 3 944 Enterprise Group -13.0 3.00 USD Rebased Index Performance GHS 87% 64% Top 5 (value) traders Company GHS'000 % of total CAL Bank 6 499.5 67.22 SocGen (Ghana) 1 316.1 13.61 Fan Milk 621.9 6.43 Stanchart Ghana 609.5 6.30 Ghana Commercial Bank 324.6 3.36 41% 18% -5% Market Cap (GHS m) : Current vs Peak 01-Jun 30 Apr 2018-28% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 10 000 20 000 30 000 *The index is the GSE ALSI, an all share index ** Value Traded numbers are given in millions of Ghanaian Cedi See the notes page for more information about calculations ########## 7
Ghana Stock Exchange (Ghana Cedi) Ghana Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector GHS % chg Move GHS '000 '000 High Low Off high YTD 12 mths GHS m USD m Val (000) Stanchart Ghana BANK 28.00-6.7 Down 610 23.42 35.20 16.11-20.5 10.9 71.8 3 234 687 124.5 ETI (Ghana) BANK 0.19-17.4 Down 152 760.50 0.28 0.11-32.1 18.8-26.9 3 033 644 7.0 Ecobank Ghana BANK 7.03 0.00 0.00 - - 2 061 438 - Fan Milk CONS 16.46-0.1 Down 622 37.81 20.00 11.54-17.7-7.0 123.9 1 913 406 273.5 Ghana Commercial Bank BANK 6.30-1.6 Down 325 50.93 7.50 3.88-16.0 24.8 69.4 1 670 354 169.0 Ghana Oil OILG 4.38 - Flat 2 0.99 5.05 1.64-13.3 62.8 204.2 1 105 235 237.2 Unilever Ghana CONS 17.63 0.1 Up 20 1.16 17.63 8.90 0.0 37.3 107.4 1 102 234 8.0 CAL Bank BANK 1.27-17.6 Down 6 499 5 099.79 1.97 0.77-35.6 17.5 29.5 696 148 250.5 SocGen (Ghana) BANK 2.01-2.0 Down 1 316 653.30 2.40 0.70-16.3 145.1 148.1 671 142 78.6 Total Petroleum OILG 5.10-13.6 Down 37 6.30 6.00 2.20-15.0 44.5-0.8 571 121 59.5 Guinness Ghana BREW 2.60 2.60 1.40 0.0 26.2 32.0 549 117 60.2 Golden Star RESO 1.90 1.91 1.90-0.5 - -4.5 485 103 0.0 HFC Bank BANK 1.30 - Flat 20 15.70 1.39 0.48-6.5-6.5 23.8 385 82 250.2 Enterprise Group INSU 3.00-13.0 Down 9 3.05 5.60 2.38-46.4-18.9 24.0 384 81 86.2 Benso Oil Palm AGRI 7.27 0.4 Up 28 3.80 7.27 3.56 0.0 18.8 133.8 253 54 6.3 SIC Insurance INSU 0.42 - Flat 7 16.30 0.43 0.09-2.3 320.0 121.1 82 17 8.2 PZ Cussons Ghana CONS 0.46 4.5 Up 0 0.70 0.46 0.20-0.0 130.0 53.3 77 16 0.2 Tullow Oil OILG 17.14 20.94 17.14-18.1-0.1-38.6 61 13 0.2 Trust Bank (Gambia) BANK 0.30 - Flat 6 20.00 0.40 0.25-25.0-14.3-18.9 60 13 0.8 Cocoa Processing INDU 0.02 0.02 0.02 0.0-100.0 41 9 - Mega African Capital INVE 4.50 0.00 0.00 - - 39 8 - UT Bank BANK 0.06 0.07 0.06-14.3 - -50.0 27 6 - Produce Buying AGRI 0.05 - Flat 4 76.20 0.07 0.03-28.6-16.7-50.0 24 5 0.9 Ayrton Drug PHAR 0.10 - Flat 0 0.50 0.10 0.10-0.0 - -23.1 22 5 0.0 Aluworks Ghana RESO 0.09 - Flat 4 46.80 0.17 0.08-47.1-43.8 12.5 21 5 0.3 Mechanical Lloyd CONS 0.12 - Flat 3 20.90 0.12 0.05 0.0 100.0-40.0 6 1 0.1 Transol TELE 0.03 0.00 0.00 - - 2 1 - Pioneer Kitchenware. INDU 0.05 0.00 0.00 - - 2 0 - Sam Woode CONS 0.05 0.05 0.04-0.0-25.0 1 0 0.0 Clydestone Ghana TELE 0.03 0.03 0.03 0.0-50.0 1 0 0.0 8
BRVM Stock Exchange (CFA Franc) BRVM Market Commentary The IC Composite declined 0.1% to close the week at 217.7 on the back of losses in ETI (BRVM) (-4.5%), SOLIBRA CI (- 1.2%), and PALM CI (-1.0%). During the week, gains were recorded in SGB (+3.5%), Onatel BF (+1.0%), and Sonatel SN (+0.9%). The top traders by value were Sonatel SN (USD 5,06.6k), Onatel BF (USD 4,06.8k), and SOGB (USD 1,31.9k). Trading in these shares accounted for 61.4% of this week s turnover of XOF 980.6m (USD 1.7m). The average weekly value traded in the last six months is XOF 3.8bn (USD 6.6m). The IC Composite is down 10.4% ytd (-12.4% USD) and the total market capitalisation is currently USD 5.6bn. Senegal Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -10.9-10.4-8.8-6.1-5.2-4.7 42.8 46.6 53.1 55.0 61.9 60.7 - - - - - - ###### ###### ###### 934.6 986.4 ###### 4.4 3.6 4.7 5.1 5.9 6.5 14.2 15.0 15.7 14.0 15.2 16.7 1.1-0.1-0.8 3.0 1.4 1.3 Ivory Coast 2012 2013 2014 2015 2016E 2017F Current account balance (% GDP) -1.2-1.4-0.7-1.0-1.9-2.5 Company Reporting period Expected reporting date Govt gross debt (% GDP) 44.8 39.9 36.6 34.7 33.4 32.1 Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) - - - - - - ###### ###### ###### ###### ###### ###### 10.7 8.7 7.9 8.2 7.6 7.4 27.1 31.1 33.7 31.3 34.3 37.9 3.4 0.4 0.9 2.0 1.8 2.0 Dividends Year Type Amount Last Cum date Bank Of Africa-S 2017 Regular Cash 500.0 11-May-17 Sonatel 2017 Regular Cash ###### 11-May-17 Total Senegal Sa 2017 Regular Cash 450.0 21-Jul-17 Bank Of Africa 2017 Regular Cash ###### 17-May-17 Bank Of Africa-M 2017 Regular Cash ###### 27-Apr-17 9
BRVM Stock Exchange (CFA Franc) BRVM Index performance * XOF/USD USD returns Top 5 gainers IC Composite Level % chg Level % chg Market highs and lows Company Week % chg Price Current 217.7 576.94 H: 07-Jun-17 269.0 Bank of Africa CI 21.1 4 600 This week 217.9-0.10 575.41-0.27-0.36 L: 30-May-18 216.9 SICOR 7.5 3 010 Prev week 221.7-1.70 567.02-1.46-3.13 Off peak -19.1% Nestle CI 7.0 2 890 MTD 218.4-0.31 575.76-0.20-0.51 At High 0/37 SOGB 4.5 3 500 YTD 243.1-10.43 564.19-2.21-12.40 At Low 5/37 SODE 4.1 3 800 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 980.6 Value Traded / Mkt Cap (%) 1.52% XOFm 3 836.2 Company Week % chg Price Net value 491.0 Stocks traded (absolute) 33 USDm 6.6 NEI-CEDA CI -20.0 320.0 Stocks traded (%) 89% CIE -13.3 1 300 Upside value 722.3 Stocks up 14 Total Market cap FILTISAC CI -11.1 3 900 Downside value 231.3 Stocks down 16 XOFm 3 223 914 CFAO CI -7.9 580.0 Upside/downside ratio 212.3% Advance - Decline -2 USDm 5 588 Total CI -7.8 1 845 USD XOF Rebased Index Performance 10% 4% -2% Top 5 (value) traders Company XOF'000 % of total Sonatel SN 291 888 29.77 Onatel BF 234 399 23.90 SOGB 76 025 7.75 SGB 59 839 6.10 Uniwax CI 54 201 5.53-8% -14% -20% -26% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (XOF bn): Current vs Peak 01-Jun 07 Jun 2017 0 2 000 000 4 000 000 6 000 000 *The index is the BRVM Composite, an all share index ** Value Traded numbers are given in millions of CFA Francs (BCEAO) See the notes page for more information about calculations ########## 10
BRVM Stock Exchange (CFA Franc) BRVM Price Weekly Volume Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000) Sonatel SN TELE 22 400 0.9 Up 291 888 13 090 24 500 21 070-8.6-4.7-12.4 ######## 3 883 2 084.2 ETI (BRVM) BANK 21.00-4.5 Down 7 187 342 236 23.00 17.00-8.7 23.5-51.2 335 007 581 77.5 Onatel BF TELE 8 895 1.0 Up 234 399 26 378 9 560 6 500-7.0-7.0-38.4 302 430 524 2 406.3 SOLIBRA CI BREW 76 105-1.2 Down 3 739 49 160 000 76 105-52.4-39.1-57.7 62 560 108 76.4 SITAB CI INDU 47 000 - Flat 23 500 500 91 375 45 565-48.6-34.7-70.1 42 194 73 109.5 PALM CI AGRI 4 950-1.0 Down 827 167 12 500 3 700-60.4-10.0-50.5 38 262 66 41.7 SGB BANK 11 900 3.5 Up 59 839 5 138 160 000 10 100-92.6 3.0-91.8 37 022 64 380.5 Tractafric Motors CI CONS 183 990 392 910 180 000-53.2-36.2-67.4 29 438 51 4.7 SMB INDU 14 175 2.0 Up 1 898 136 20 000 7 620-29.1 86.0-38.9 27 624 48 5.9 SAPH AGRI 2 950 3.9 Up 893 301 16 995 2 500-82.6-4.7-74.3 15 079 26 134.9 FILTISAC CI INDU 3 900-11.1 Down 11 083 2 757 20 000 3 900-80.5-80.2-87.0 13 751 24 163.4 Unilever CI INDU 8 200 2.5 Up 796 97 15 000 6 500-45.3-3.5-65.8 13 207 23 1.6 BICI CI BANK 6 600 2.1 Up 3 106 458 95 000 6 465-93.1-22.3-93.3 11 000 19 88.2 Crown SIEM CI INDU 13 750 25 900 13 000-46.9-0.9-60.7 8 659 15 1.8 SOGB AGRI 3 500 4.5 Up 76 025 21 763 41 000 2 890-91.5-16.7-87.0 7 561 13 237.2 Bank of Africa BN BANK 4 500-2.1 Down 25 052 5 567 216 000 4 500-97.9-39.6-97.6 4 533 8 103.2 CIE UTIL 1 300-13.3 Down 16 148 12 402 72 500 1 295-98.2-38.1-98.3 3 640 6 109.1 Bank of Africa BF BANK 4 695 0.4 Up 27 983 5 938 230 000 4 675-98.0-34.3-96.3 3 451 6 81.0 SODE UTIL 3 800 4.1 Up 2 307 611 64 500 3 600-94.1-35.7-95.8 3 420 6 42.4 Bollore Africa Logistics CI TRPT 3 100-5.9 Down 46 999 15 556 221 000 3 000-98.6-37.9-98.9 3 375 6 93.9 Nestle CI CONS 2 890 7.0 Up 3 689 1 309 58 000 1 850-95.0 52.1-95.0 3 189 6 11.0 Bank of Africa CI BANK 4 600 21.1 Up 17 578 4 016 178 000 3 600-97.4-6.1-96.9 2 760 5 67.8 MOVIS CI TRPT 2 980 4 085 2 775-27.1-7.0-40.3 2 490 4 0.1 Bank of Africa NG BANK 4 150-5.7 Down 42 493 9 976 89 445 3 680-95.4-16.2-95.7 2 490 4 86.4 Uniwax CI INDU 3 150-1.6 Down 54 201 16 963 26 000 2 900-87.9-26.2-88.9 2 363 4 43.2 SICOR AGRI 3 010 7.5 Up 20 7 6 600 2 800-54.4-23.8-57.0 1 806 3 0.2 Total CI OILG 1 845-7.8 Down 7 348 3 824 15 700 1 845-88.2-86.7-89.8 1 162 2 51.5 Vivo Energy CI UTIL 900.0-1.6 Down 13 710 15 089 1 700 740.0-47.1 - -99.0 1 134 2 21.0 Bernabe CI TRPT 2 500-3.5 Down 908 363 110 000 2 145-97.7-19.4-98.6 828 1 29.2 SAFCA CI BANK 6 020-7.4 Down 60 10 22 530 6 020-73.3-44.8-82.3 782 1 0.1 11
Nairobi Securities Exchange (Kenyan Shilling) Kenya Market Commentary The FTSE NSE Kenya 15 declined 1.8% to close the week at 217.0 on the back of losses in KenGen (-8.2%), Kenya Airways (-7.5%), and CIC Insurance (-7.1%). During the week, gains were recorded in BAT (Kenya) (+15.5%), Jubilee Holdings (+6.1%), and Scan Group (+2.9%). The top traders by value were Equity Bank (USD 8.3m), Safaricom (USD 6.3m), and KCB Bank (USD 4.0m). Trading in these shares accounted for 74.5% of this week s turnover of KES 2.5bn (USD 25.1m). The average weekly value traded in the last six months is KES 4.0bn (USD 39.7m). The FTSE NSE Kenya 15 is up 3.8% ytd (+5.4% USD) and the total market capitalisation is currently USD 23.4bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -8.4-8.9-10.4-9.6-9.2-7.1 41.7 44.2 52.6 56.2 55.9 55.4 38.0 40.3 48.9 53.5 53.8 53.3 ###### ###### ###### ###### ###### ###### 4.6 5.7 5.3 6.5 6.8 7.0 50.4 54.9 60.9 63.1 68.9 76.8 3.2 7.1 6.0 6.3 5.4 5.0 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date TRANSCENTURY LTD Full Year 6/8/2018 Nairobi Securiti 2017 Regular Cash 0.3 02-Jun-17 Kenya Electric 2015 Final 0.6 17-Dec-15 Arm Cement Ltd 2016 Omitted 0.00 21-Jul-16 Eveready East Af 2014 Special Cash 1.0 18-May-17 Barclays Bank Of 2017 Interim 0.2 11-Sep-17 12
Nairobi Securities Exchange (Kenyan Shilling) Kenya Index performance * KES/USD USD returns Top 5 gainers FTSE NSE15 Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 217.0 101.60 H: 05-Apr-18 246.2 BAT (Kenya) 15.5 693.0 This week 221.0-1.82 101.30-0.30-2.11 L: 06-Jun-17 186.5 ARM Cement Ltd 13.7 2.90 Prev week 224.7-1.62 100.60-0.69-2.30 Off peak -11.9% Express Kenya 13.3 5.95 MTD 217.0 0.00 101.60 0.00 0.00 At High 1/60 Olympia Capital(Kenya) 7.1 3.00 YTD 209.0 3.82 103.18 1.56 5.43 At Low 6/60 Jubilee Holdings 6.1 520.0 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 2 565.0 Value Traded / Mkt Cap (%) 5.40% KESm 4 043.8 Company Week % chg Price Net value -2 183.7 Stocks traded (absolute) 53 USDm 39.8 Housing Finance -9.1 7.95 Stocks traded (%) 88% Nairobi Securities Exchange -8.9 16.30 Upside value 189.7 Stocks up 13 Total Market cap TransCentury -8.7 4.20 Downside value 2 373.3 Stocks down 32 KESm 2 375 177 Eveready -8.3 1.65 Upside/downside ratio -92.0% Advance - Decline -19 USDm 23 378 KenGen -8.2 7.25 USD KES Rebased Index Performance 50% 39% 28% Top 5 (value) traders Company KES'000 % of total Equity Bank 846 097.7 32.99 Safaricom 639 302.0 24.92 KCB Bank 409 205.2 15.95 EABL 303 902.0 11.85 Scan Group 77 690.2 3.03 17% 6% -5% Market Cap (KES bn) : Current vs Peak 01-Jun 05 Apr 2018-16% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 1 000 000 2 000 000 3 000 000 *The index is the FTSE NSE 15, an index of 15 representative stocks ** Value Traded numbers are given in millions of Kenyan Shillings See the notes page for more information about calculations ########## 13
Nairobi Securities Exchange (Kenyan Shilling) Kenya Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000) Safaricom TELE 28.25-2.6 Down 639 302 22 592.3 32.75 22.00-13.7 5.6 76.6 ######## 11 134 14 036.5 EABL BREW 235.0-0.4 Down 303 902 1 293.2 269.0 230.0-12.6-1.3-14.5 185 832 1 829 2 731.2 Equity Bank BANK 47.25-2.1 Down 846 098 17 459.1 56.00 35.50-15.6 18.9 20.4 174 956 1 722 6 109.1 KCB Bank BANK 46.00-2.1 Down 409 205 8 874.2 54.00 36.00-14.8 7.6 16.5 137 270 1 351 4 651.6 Co-Op Bank BANK 17.00-2.9 Down 47 191 2 748.9 19.95 13.80-14.8 6.3-2.0 71 244 701 1 081.3 BAT (Kenya) CONS 693.0 15.5 Up 11 802 17.7 847.0 600.0-18.2-8.8-12.3 69 300 682 418.5 Barclays Kenya BANK 11.80 0.4 Up 18 105 1 539.8 13.40 9.00-11.9 22.9-7.5 64 092 631 827.3 Bamburi Cement BUIL 175.0-0.6 Down 654 3.7 199.0 167.0-12.1-2.8-4.9 63 518 625 708.0 Stanchart Kenya BANK 202.0-3.8 Down 2 388 11.8 240.0 202.0-15.8-2.9 5.2 62 450 615 275.6 Diamond Trust BANK 190.0-4.0 Down 4 319 22.5 219.0 141.0-13.2-1.0-5.0 41 819 412 1 013.0 I&M Bank BANK 105.0 130.0 93.00-19.2-17.3 8.2 41 198 405 188.9 CFC Stanbic BANK 95.50 2.1 Up 17 377 183.0 95.50 70.00-17.9 26.5 37 753 372 190.8 Jubilee Holdings INSU 520.0 6.1 Up 252 0.5 535.0 417.0-2.8 4.2 13.0 31 145 307 182.5 KenolKobil OILG 18.50-1.9 Down 4 931 265.6 19.55 12.15-5.4 32.1 85.9 27 228 268 3 875.4 Centum Investment INVE 37.75-1.9 Down 18 418 486.7 47.50 36.75-20.5-13.7-14.2 25 120 247 365.2 BA Investment INVE 13.20-2.2 Down 2 614 197.3 15.80 11.30-16.5-1.1 10.0 24 967 246 458.1 Nation Media MEDI 104.0 2.0 Up 4 996 48.0 119.0 100.0-12.6-10.3-41.2 19 608 193 159.3 NIC Bank BANK 34.75 1.5 Up 19 575 563.3 44.00 30.75-21.0 3.0-13.1 18 869 186 631.2 KenGen UTIL 7.25-8.2 Down 19 113 2 550.9 9.90 7.25-26.8-15.2 4.3 15 938 157 318.4 Kenya Airways TRPT 9.25-7.5 Down 532 56.3 17.05 1.00-45.7 115.7 731.5 13 842 136 62.8 KPLC UTIL 6.75-3.6 Down 4 299 622.2 11.65 6.60-42.1-25.8-41.6 13 172 130 222.8 KenyaRe INSU 17.70-0.3 Down 20 357 1 150.0 22.25 17.00-20.4-2.2-10.4 12 390 122 203.1 CIC Insurance INSU 4.55-7.1 Down 3 490 751.0 6.65 3.75-31.6-18.8-22.2 9 917 98 67.6 CMC Holdings CONS 13.50 0.00 0.00 - - 7 867 77 - Liberty Kenya BANK 13.90-3.5 Down 441 31.6 14.55 10.25-4.5 13.9-16.3 7 162 70 35.4 Scan Group MEDI 17.50 2.9 Up 77 690 4 524.9 24.50 16.00-28.6-7.9-36.4 6 630 65 117.1 Kakuzi AGRI 335.0-4.6 Down 335 1.0 390.0 293.0-14.1 1.8 11.7 6 566 65 24.3 TPS East Africa HOTL 30.75-3.9 Down 12 082 392.4 37.25 21.25-17.4-5.4 28.1 5 602 55 59.0 Total Kenya OILG 31.75-3.8 Down 435 13.7 36.00 20.00-11.8 35.1 87.9 5 557 55 62.7 Sasini AGRI 23.25-3.1 Down 1 065 46.8 31.25 22.25-25.6-21.2 9.4 5 302 52 17.0 14
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Market Commentary The DSE ALSI gained 0.6% to close the week at 2,306.4 on the back of gains in NMB (+17.5%), and DSE (+9.2%). During the week, losses were recorded in Tanzania Breweries (-0.6%), and Swissport (-0.6%). The top traders by value were Tanzania Breweries (USD 1.6m), Swissport (USD 0.2m), and CRDB Bank (USD 0.2m). Trading in these shares accounted for 89.9% of this week s turnover of TZS 5.0bn (USD 2.2m). The average weekly value traded in the last six months is TZS 6.1bn (USD 2.7m). The DSE ALSI is down 3.7% ytd (-5.4% USD) and the total market capitalisation is currently USD 3.9bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -11.7-10.3-9.3-8.2-7.1-6.9 29.2 30.9 35.2 40.2 41.8 42.1 - - - - - - 870.0 969.1 ###### 968.8 963.8 ###### 5.1 7.3 7.0 6.9 7.0 7.0 39.1 44.4 48.1 46.2 46.9 50.3 12.1 5.6 4.8 6.6 5.4 5.0 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Microfinance Ban 2016 Regular Cash 104.0 27-May-16 Tanzania Portlan 2016 Regular Cash 100.0 02-May-16 Swissport Tanzan 2017 Final 33.9 11-Apr-17 Vodacom Tanzania 2017 Regular Cash 12.5 11-Oct-17 Tanzania Breweri 2017 Interim 300.0 12-Jul-17 15
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Index performance * TZS/USD USD returns Top 5 gainers DAR ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 2 306.4 2 274.32 H: 05-Mar-18 14 075.8 NMB 17.5 2 750 This week 2 292.6 0.60 2 271.49-0.12 0.48 L: 07-Mar-18 1 572.5 DSE TZ Equity 9.2 1 900 Prev week 2 375.8-3.50 2 274.19 0.12-3.39 Off peak -83.6% -- MTD 2 310.8-0.19 2 274.30 0.00-0.19 At High 5/14 -- YTD 2 396.2-3.75 2 234.63-1.75-5.43 At Low 7/14 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 4 992.0 Value Traded / Mkt Cap (%) 2.78% TZSm 6 079.9 Company Week % chg Price Net value -4 005.4 Stocks traded (absolute) 10 USDm 2.7 Mkombozi Commercial Bank PLC -3.6 800.0 Stocks traded (%) 71% Tanzania Breweries -0.6 16 400 Upside value 126.8 Stocks up 2 Total Market cap Swissport -0.6 3 500 Downside value 4 132.2 Stocks down 3 TZSm 8 988 433 -- Upside/downside ratio -96.9% Advance - Decline -1 USDm 3 952 -- USD TZS Rebased Index Performance 562% 414% Top 5 (value) traders Company TZS'000 % of total Tanzania Breweries 3 693 411.2 73.99 Swissport 430 745.0 8.63 CRDB Bank 355 061.8 7.11 TWIGA 255 943.3 5.13 DSE TZ Equity 126 773.6 2.54 266% 118% -30% Market Cap (TZS bn) : Current vs Peak 01-Jun 05 Mar 2018-178% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 5 000 000 10 000 000 *The index is the DAR ALSI, an all share index ** Value Traded numbers are given in millions of Tanzanian Shillings See the notes page for more information about calculations 16
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000) Tanzania Breweries BREW 16 400-0.6 Down 3 693 411 225.21 16 500 11 000-0.6 17.1 10.8 ######## 2 127 1 861.6 Tanzania Cigarette CONS 17 000 - Flat 65 960 3.88 17 000 9 800-1.2 40.4 ######## 747 237.6 NMB BANK 2 750 17.5 Up 6 0.00 2 750 2 340 - - 37.5 ######## 605 2.8 CRDB Bank BANK 160.0 - Flat 355 062 2 219.14 210.0 150.0-23.8 - -59.5 348 245 153 175.3 TWIGA BUIL 1 640 - Flat 255 943 156.06 1 920 1 400-14.6 12.3-45.0 295 074 130 121.7 Swissport HOTL 3 500-0.6 Down 430 745 123.07 5 000 3 300-30.0 - -49.3 126 000 55 220.7 Precision Air TRPT 470.0 470.0 470.0 - - - 91 113 40 - Simba Cement BUIL 1 020 - Flat 55 139 53.74 1 600 1 020-36.3-15.0-51.4 64 944 29 1.3 Swala Oil and Gas (Tanzania) OILG 500.0 500.0 500.0 - - - 49 977 22 0.1 DSE TZ Equity BANK 1 900 9.2 Up 126 774 67.84 1 900 1 120-69.6 38 475 17 28.7 TOL INDU 780.0 800.0 780.0-2.5 - -2.5 33 129 15 15.8 Mkombozi Commercial Bank PLC BANK 800.0-3.6 Down 8 000 10.00 1 000 800.0-20.0-5.9-20.0 16 492 7 0.4 DCB BANK 340.0 400.0 340.0-15.0-10.5-38.2 11 014 5 7.1 Tanzania Tea Packers AGRI 120.0 - Flat 979 8.16 650.0 120.0-81.5-80.0-81.5 2 143 1 0.2 17
Rwanda Stock Exchange (Rwandan Franc) Rwanda Market Commentary The AA Rwanda Index declined 0.2% to close the week at 132.1 on the back of losses in Bank of Kigali (-0.3%). During the week, gains were recorded in and.the top traders by value were Bank of Kigali (USD 8,14.7k). Trading in these shares accounted for 100.0% of this week s turnover of RWF 705.7m (USD 814.7k). The average weekly value traded in the last six months is RWF 176.4m (USD 204.8k). The AA Rwanda Index is down 2.4% ytd (-3.2% USD) and the total market capitalisation is currently USD 347.0m. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -11.4-7.4-11.9-10.6-9.6-12.4 20.1 27.6 30.2 32.7 34.8 37.9 - - - - - - 687.9 696.5 711.7 742.9 789.3 841.6 8.8 4.7 6.9 6.5 7.0 7.5 7.2 7.5 7.9 8.5 9.2 10.1 3.9 3.6 2.1 3.5 5.0 5.0 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date 18
Rwanda Stock Exchange (Rwandan Franc) Rwanda Index performance * RWF/USD USD returns Top 5 gainers RSE SI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 132.1 861.49 H: 13-Dec-17 135.5 No Gainers This week 132.3-0.16 870.96 1.10 0.94 L: 19-Jun-17 115.5 -- - Prev week 132.1 0.16 869.32-0.19-0.03 Off peak -2.5% MTD 132.3-0.16 860.99-0.06-0.22 At High 0/2 YTD 135.4-2.40 854.00-0.87-3.25 At Low 0/2 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 705.7 Value Traded / Mkt Cap (%) 11.80% RWFm 176.4 Company Week % chg Price Net value -705.7 Stocks traded (absolute) 1 USDm 0.2 Bank of Kigali -0.3 289.0 Stocks traded (%) 50% -- Upside value - Stocks up 0 Total Market cap Downside value 705.7 Stocks down 1 RWFm 298 930 Upside/downside ratio -100.0% Advance - Decline -1 USDm 347 USD RWF Rebased Index Performance 25% 19% Top 5 (value) traders Company RWF'000 % of total Bank of Kigali 705 680.5 100.00 -- - - 13% 7% 1% -5% Market Cap (RWF bn) : Current vs Peak 01-Jun 13 Dec 2017-11% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 200 000 400 000 *The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan Francs See the notes page for more information about calculations ########## 19
Rwanda Stock Exchange (Rwandan Franc) Rwanda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000) Bralirwa BREW 150.0 155.0 121.0-3.2 - -13.8 154 285 179 98.7 Bank of Kigali BANK 289.0-0.3 Down 705 681 2 441.8 300.0 245.0-3.7-3.7 3.2 144 645 168 106.1 20
Uganda Securities Exchange (Uganda Shilling) Uganda Market Commentary The USE ALSI declined 0.2% to close the week at 2,054.8 on the back of losses in NIC (-13.2%), Bank of Baroda (- 7.5%), New Vision (-2.2%). During the week, gains were recorded in DFCU (+1.3%), and Stanbic Uganda (+0.8%). The top traders by value were Stanbic Uganda (USD 22.7k), Umeme (USD 2.0k), and Bank of Baroda (USD 1.6k). Trading in these shares accounted for 94.1% of this week s turnover of UGX 105.4m (USD 28.0k). The average weekly value traded in the last six months is UGX 1.3bn (USD 346.6k). The USE ALSI is up 2.7% ytd (-1.0% USD) and the total market capitalisation is currently USD 1.1bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -8.0-7.2-9.7-10.5-11.3-12.0 24.2 27.6 31.4 35.0 37.9 41.1 - - - - - - 678.2 680.1 713.1 625.3 648.2 691.4 2.6 3.9 4.8 5.2 5.5 5.8 24.6 25.6 27.6 24.9 26.6 29.3 5.3 4.3 4.9 6.4 6.6 5.1 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Nic Holdings Ltd 2017 Regular Cash 1.0 12-Sep-17 New Vision Print 2015 Regular Cash 0.5 29-Dec-15 British American 2017 Final 159.0 26-May-17 Stanbic Bank Uga Regular Cash 0.8 N.A. Development Fina 2017 Regular Cash 25.2 27-Jun-17 21
Uganda Securities Exchange (Uganda Shilling) Uganda Index performance * UGX/USD USD returns Top 5 gainers USE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 2 054.8 3 780.63 H: 06-Apr-18 2 269.5 DFCU 1.3 908.0 This week 2 058.0-0.16 3 749.16-0.83-0.99 L: 11-Jul-17 1 652.2 Stanbic Uganda 0.8 31.50 Prev week 2 142.2-3.93 3 713.43-0.95-4.84 Off peak -9.5% -- MTD 2 077.5-1.09 3 771.23-0.25-1.34 At High 2/8 -- YTD 2 001.0 2.69 3 643.25-3.63-1.04 At Low 1/8 -- Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 105.4 Value Traded / Mkt Cap (%) 0.12% UGXm 1 310.2 Company Week % chg Price Net value 80.7 Stocks traded (absolute) 6 USDm 0.3 NIC -13.2 17.10 Stocks traded (%) 75% Bank of Baroda -7.5 148.0 Upside value 89.2 Stocks up 2 Total Market cap New Vision -2.2 450.0 Downside value 8.5 Stocks down 3 UGXm 4 312 761 -- Upside/downside ratio 952.3% Advance - Decline -1 USDm 1 141 -- USD UGX Rebased Index Performance 50% 39% 28% Top 5 (value) traders Company UGX'000 % of total Stanbic Uganda 85 444.7 81.10 Umeme 7 711.9 7.32 Bank of Baroda 6 023.6 5.72 DFCU 3 722.8 3.53 NIC 2 194.7 2.08 17% 6% -5% Market Cap (UGX bn) : Current vs Peak 01-Jun 06 Apr 2018-16% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 2 000 000 4 000 000 6 000 000 *The index is the USE ALSI, an all share index ** Value Traded numbers are given in millions of Ugandan Shillings See the notes page for more information about calculations ########## 22
Uganda Securities Exchange (Uganda Shilling) Uganda Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000) Stanbic Uganda BANK 31.50 0.8 Up 85 445 2 714.3 31.50 26.00-15.6 1.6 ######## 427 83.0 BAT (Uganda) AGRI 30 000 0.00 0.00 - - ######## 389 - Umeme UTIL 350.0 - Flat 7 712 22.1 455.0 349.0-23.1-12.5-38.6 568 357 150 206.1 Bank of Baroda BANK 148.0-7.5 Down 6 024 40.7 160.0 100.0-7.5 31.0-4.5 370 000 98 13.9 DFCU BANK 908.0 1.3 Up 3 723 4.1 908.0 680.0-33.5-3.4 225 730 60 40.7 New Vision MEDI 450.0-2.2 Down 255 0.6 540.0 450.0-16.7-12.6-25.7 34 425 9 0.2 Uganda Clays BUIL 25.00 33.00 12.00-24.2-15.3 56.3 22 500 6 1.3 NIC INSU 17.10-13.2 Down 2 195 127.7 19.70 11.00-13.2 42.5 55.5 6 906 2 1.4 23
Johannesburg Stock Exchange (South African rand) South Africa Market Commentary For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. There are 60 companies included in the list, and the top 30 are shown here. This data is for informational and reference purposes, and thus we do not provide market commentary. Please feel free to get in touch with us with any comments, suggestions, or queries relating to this information. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -5.0-5.8-5.4-4.3-4.5-4.5 40.5 43.3 46.0 48.4 49.8 50.8 34.7 37.6 41.0 43.9 45.6 47.0 ###### ###### ###### ###### ###### ###### 2.2 2.2 1.5 1.4 1.3 2.1 397.4 366.2 350.1 317.3 326.5 340.5 5.7 5.4 5.8 5.5 5.7 5.6 Dividends Year Type DPS Last Cum date Marshall Monteag Interim 0.02 05-Jul-17 Stenprop Ltd 2017 Final 0.05 26-Jul-17 Hudaco Inds Ltd 2017 Interim 180.0 08-Aug-17 Deneb Investment 2017urn of Capital 3.0 13-Jun-17 Montauk Energy H 2017 Regular Cash 39.5 24-May-17 24
Johannesburg Stock Exchange (South African rand) South Africa Index performance * ZAR/USD USD returns Top 5 gainers JSE ALSI Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 57 282 12.69 H: 25-Jan-18 61 685 Esorfranki 15.4 0.15 This week 56 857 0.75 12.47-1.76-1.02 L: 15-Jun-17 50 832 Nampak 13.4 16.45 Prev week 57 821-1.67 12.67 1.68-0.01 Off peak -7.1% Aveng 13.2 0.43 MTD 56 158 2.00 12.70 0.09 2.09 At High 1/60 Murray & Roberts 8.4 18.70 YTD 59 505-3.74 12.38-2.41-6.05 At Low 0/60 Ellies Holdings 6.3 0.34 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 45 508 Value Traded / Mkt Cap (%) 43.30% ZARm 55 194 Company Week % chg Price Net value -21 193 Stocks traded (absolute) 45 USDm 4 350 Group Five -15.5 2.01 Stocks traded (%) 75% Invicta Holdings -7.6 42.85 Upside value 12 148 Stocks up 22 Total Market cap Tongaat Hulett -7.2 79.18 Downside value 33 341 Stocks down 22 ZARbn 5 256 PPC -6.7 7.95 Upside/downside ratio -63.6% Advance - Decline 0 USDbn 414 Bidvest Group -5.0 204.8 USD Rebased Index Performance Top 5 (value) traders Company ZAR'm % of total ZAR Naspers 15 830 34.79 Standard Bank Group 3 290 7.23 31% Firstrand 3 240 7.12 MTN Group 2 867 6.30 22% Absa Group 2 254 4.95 13% 4% -5% -14% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Market Cap (ZAR bn) : Current vs Peak 01-Jun 25 Jan 2018 0 2 000 4 000 6 000 *The index is the NSE ALSI, an all share index ** Value Traded numbers are given in millions of South African Rands See the notes page for more information about calculations ########## 25
Johannesburg Stock Exchange (South African rand) South Africa Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000) Naspers MEDI 3 199-0.2 Down 15 830 5 171 4 090 2 475-21.8-7.3 76.3 ######## ###### 1 632 555 SABMiller BREW 792.0 0.00 0.00 - -12.4 ######## 99 672 - Firstrand BANK 61.25-0.1 Down 3 240 53 739 76.07 47.00-19.5-8.9 38.3 345 324 27 216 339 712 Standard Bank Group BANK 211.1 2.2 Up 3 290 15 943 227.4 138.1-7.2 7.9 93.7 339 040 26 721 328 101 MTN Group TELE 117.7 2.2 Up 2 867 25 018 139.5 110.4-15.6-13.8-8.8 221 705 17 473 229 617 Vodacom Group TELE 147.8-4.6 Down 1 725 11 856 185.5 137.1-20.3 1.4-1.5 219 875 17 329 120 191 Steinhoff Intl CONS 79.01 0.00 0.00 - - 145 075 11 434 - Nedbank Group BANK 277.3-1.4 Down 1 493 5 451 313.0 200.0-11.4 8.3 51.0 140 732 11 092 123 261 Shoprite Holdings CONS 231.7-0.8 Down 1 455 6 268 275.5 194.4-15.9 4.8 55.5 132 220 10 421 173 655 Mondi INDU 351.3-0.4 Down 563 1 617 382.6 290.8-8.2 10.0 27.5 129 001 10 167 72 630 Absa Group BANK 167.5 2.4 Up 2 254 13 839 207.0 135.7-19.1-8.0 14.7 120 279 9 479 252 211 Aspen Pharmacare PHAR 252.0-0.4 Down 1 397 5 558 323.1 242.6-22.0-9.2-9.9 114 800 9 048 164 461 Mediclinic International PHAR 120.3 0.00 0.00 - - 99 442 7 837 - Bidvest Group INVE 204.8-5.0 Down 1 695 8 325 250.9 154.4-18.4-6.1-41.3 67 120 5 290 104 027 Tiger Brands CONS 334.6-0.9 Down 1 596 4 778 474.5 332.8-29.5-27.3 15.6 63 980 5 042 136 198 Mr Price Group CONS 208.9 0.00 0.00 - - 52 416 4 131 - Foschini Group CONS 186.3-1.9 Down 1 346 7 372 235.2 129.5-20.8-5.6 57.7 44 807 3 531 119 807 Woolworths Holdings CONS 58.30-4.1 Down 1 675 28 681 68.59 53.75-15.0-10.7-29.5 43 917 3 461 109 613 Imperial Holdings INVE 208.3 0.1 Up 707 3 472 284.0 151.0-26.7-20.6 78.3 43 729 3 446 70 093 Truworths International CONS 83.37 0.1 Up 860 10 368 111.1 68.30-24.9-11.7-1.8 38 501 3 034 93 641 Pick N Pay CONS 75.75 0.7 Up 484 6 432 80.70 55.21-6.1 8.9 35.5 36 390 2 868 37 711 Barloworld INVE 137.1-1.2 Down 674 5 051 185.9 105.9-26.2-14.1 112.6 31 674 2 496 53 474 Telkom SA TELE 52.64 1.8 Up 354 6 800 80.03 45.51-34.2 9.4 1.6 27 414 2 161 26 144 Massmart Holdings CONS 119.5 0.4 Up 506 4 298 177.0 102.6-32.5-14.4 20.7 25 921 2 043 44 249 AECI INDU 108.0-1.4 Down 98 916 119.3 86.54-9.5 8.0 20.0 12 571 991 8 706 Astral Foods CONS 276.0 0.4 Up 222 812 329.2 139.5-16.2 3.0 176.0 11 633 917 23 971 Nampak INDU 16.45 13.4 Up 236 14 932 20.72 12.88-20.6 1.4-1.9 11 469 904 9 532 Illovo Sugar CONS 24.87 0.00 0.00-27.2 11 445 902 - Super Group TRPT 35.71-0.5 Down 128 3 608 45.99 35.01-22.4-13.6-11.8 11 261 887 11 316 Oceana Group CONS 84.00 - Flat 19 229 97.91 77.00-14.2-1.2-27.0 10 032 791 1 962 26
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Market Commentary The SEMDEX declined 0.6% to close the week at 2,247.6 on the back of losses in Dale Capital (USD) (-6.8%), Fincorp (- 3.8%), and United Basalt Products (-2.3%). During the week, gains were recorded in LOTTOTECH (+4.4%), CIEL (+0.3%), and MDIT (+0.2%). The top traders by value were Lux Island Resorts (USD,19.7m), MCB (USD 3.6m), and State Bank Mauritius (USD 1.2m). Trading in these shares accounted for 90.6% of this week s turnover of MUR 931.1m (USD 27.0m). The average weekly value traded in the last six months is MUR 264.0m (USD 7.7m). The SEMDEX is up 2.1% ytd (-0.6% USD) and the total market capitalisation is currently USD 12.8bn. Current account balance (% GDP) Govt gross debt (% GDP) Govt net debt (% GDP) Nominal GDP (USDbn) GDP growth (%, constant prices) GDP per capita (USD) Inflation (%, end of period) 2012 2013 2014 2015 2016E 2017F -7.3-6.3-5.6-4.8-4.8-5.3 51.5 53.9 56.2 56.0 54.3 52.8 51.5 53.9 56.2 56.0 54.3 52.8 ###### ###### ###### ###### ###### ###### 3.2 3.2 3.6 3.2 3.8 3.6 11.2 11.9 12.6 11.6 12.1 12.9 3.2 4.1 0.2 3.0 3.0 3.0 Company Reporting period Expected reporting date Dividends Year Type DPS Last Cum date Enl Commercial L 2017 Final 0.2 29-May-17 Harel Mallac &Co 2016 Final 1.8 26-Dec-16 Belle Mare Hldg 2016 Final 0.8 30-Nov-16 Novus Properties 2017 Final 0.2 18-Jul-17 Mauritian Eag In 2017 Final 1.7 03-Oct-17 27
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Index performance * MUR/USD USD returns Top 5 gainers SEMDEX Level % chg Level % chg % chg Market highs and lows Company Week % chg Price Current 2 247.6 34.46 H: 19-Mar-18 2 308.4 LOTTOTECH 4.4 9.50 This week 2 261.6-0.62 34.43-0.09-0.70 L: 13-Jun-17 2 075.0 Belle Mare 2.4 40.95 Prev week 2 275.5-0.61 34.55 0.34-0.27 Off peak -2.6% Caudan Development 0.9 1.12 MTD 2 249.2-0.07 34.41-0.13-0.20 At High 1/44 CIEL 0.3 7.06 YTD 2 202.1 2.07 33.57-2.57-0.55 At Low 0/44 MDIT 0.2 4.62 Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners Total value 931.1 Value Traded / Mkt Cap (%) 10.55% MURm 264.0 Company Week % chg Price Net value -202.2 Stocks traded (absolute) 34 USDm 7.7 Dale Capital (USD) -6.8 2.20 Stocks traded (%) 77% Blue Life -4.9 2.32 Upside value 17.7 Stocks up 7 Total Market cap Fincorp -3.8 25.00 Downside value 219.9 Stocks down 19 MURm 441 480 National Investment Trust -2.8 24.40 Upside/downside ratio -92.0% Advance - Decline -12 USDm 12 812 United Basalt Products -2.3 125.0 USD MUR Rebased Index Performance 25% 19% 13% Top 5 (value) traders Company MUR'000 % of total Lux Island Resorts 679 853.5 73.02 MCB 123 071.7 13.22 State Bank Mauritius 40 933.8 4.40 Dale Capital (USD) 32 351.4 3.47 ENL Land 12 996.4 1.40 7% 1% -5% Market Cap (MUR bn) : Current vs Peak 01-Jun 19 Mar 2018-11% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0 200 000 400 000 600 000 *The index is the SEMDEX, an all share index ** Value Traded numbers are given in millions of Mauritian Rupees See the notes page for more information about calculations ########## 28
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius Price Weekly Value Volume 12 Month Movement (% chg) Market cap 6 mths Company Name Sector MUR % chg Move MUR '000 '000 High Low Off high YTD 12 mths MUR m USD m Val (000) State Bank Mauritius BANK 7.70-2.3 Down 40 934 5 328.86 7.98 7.14-3.5 2.7 14.9 233 880 6 787 639.8 MCB BANK 273.0-0.7 Down 123 072 450.33 289.0 250.0-5.5-32.8 68 353 1 984 2 817.9 CIEL INSU 7.06 0.3 Up 9 525 1 349.10 7.80 7.00-9.5 FALSE 11.7 11 128 323 260.4 Phoenix Beverages BREW 597.0-1.2 Down 765 1.29 650.0 430.0-8.2 65.8 9 819 285 150.7 ENL Land AGRI 42.50 - Flat 12 996 305.80 53.00 41.00-19.8-9.6 9 796 284 114.3 Alteo LTD CONS 29.00 34.90 28.75-16.9-1.7-2.5 9 236 268 70.9 Ireland Blyth INVE 125.0 0.00 0.00-5.7 8 930 259 - Rogers & Co INVE 34.05 0.1 Up 1 562 45.92 35.00 28.25-2.7 8.8 19.5 8 582 249 96.4 Lux Island Resorts HOTL 71.50 - Flat 679 854 9 508.44 71.50 57.50-3.6 20.7 8 153 237 1 793.4 CIM Financial BANK 9.80 0.2 Up 2 023 206.56 10.85 9.00-9.7-2.5 27.3 6 669 194 164.5 Sun Resorts HOTL 49.80-0.4 Down 6 993 140.36 52.00 40.90-4.2 2.3 44.3 6 323 184 143.9 Terra Mauricia INVE 26.20-0.2 Down 751 28.60 33.80 26.20-22.5-6.3-14.1 5 962 173 62.2 Gamma Civic BUIL 40.00 - Flat 4 0.10 41.00 24.35-2.4 25.0 70.2 5 330 155 44.9 Promotion & Development INVE 120.0 - Flat 288 2.40 127.5 115.5-5.9-4.8 26.3 4 667 135 234.0 Vivo Energy OILG 147.5-1.3 Down 891 6.04 149.5 126.0-1.3 4.6 58.6 4 325 126 32.7 Lottotech BANK 4.30 0.00 0.00 - - 3 876 112 - New Mauritius Hotels HOTL 23.50-2.1 Down 399 16.95 26.60 21.40-11.7-3.3 14.6 3 793 110 184.9 United Basalt Products INDU 125.0-2.3 Down 1 067 8.47 137.5 106.0-9.1 5.5 57.2 3 314 96 68.3 LOTTOTECH INVE 9.50 4.4 Up 3 043 323.35 9.60 5.64-1.0 FALSE 190.5 3 230 94 33.6 Omnicane AGRI 47.70-0.6 Down 362 7.39 68.00 47.70-29.9-13.3-33.1 3 196 93 67.3 Swan Insurance INSU 369.8-1.0 Down 74 0.20 377.3 310.5-2.0 8.7-6.2 3 060 89 30.6 Fincorp CONS 25.00-3.8 Down 151 6.03 28.60 23.70-12.6-7.9 13.9 2 584 75 23.3 MDIT INVE 4.62 0.2 Up 1 234 267.10 4.96 4.38-6.9-1.3 4.3 1 956 57 44.2 Dale Capital (USD) INVE 2.20-6.8 Down 32 351 426.92 2.54 2.04-13.4-6.8-21.4 1 954 57 35.9 INNODIS CONS 44.00-1.0 Down 1 590 35.79 45.00 36.00-2.2 3.5 2.3 1 616 47 32.9 POLICY INVE 6.90-0.3 Down 862 125.18 7.40 6.28-6.8-4.2 9.9 1 566 45 61.0 Mauritius Union Assurance INSU 66.25-1.1 Down 8 947 135.00 69.00 57.00-4.0 9.5 1 328 39 40.7 Air Mauritius TRPT 12.80 - Flat 331 25.86 16.55 12.50-22.7-12.3-3.8 1 310 38 13.3 United Docks INVE 99.50 103.5 60.00-3.9 15.0 44.2 1 051 30 20.2 Mauritius Oil Refineries OILG 30.50-0.8 Down 250 8.21 30.75 27.50-0.8 5.9 21.0 1 015 29 43.5 29