The Africa Weekly Equity Research | Pan-Africa | News & Analysis African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africa’s leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent. For more information please visit www.africanalliance.com
63
Embed
Master the Africa weekly 14august - africanalliance.com · %Chg 1 week Dollar Return (% chg) Mkt Cap ... for 57.9% of this week’s turnover ... chg % chg Company Week % chg Price
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
The Africa WeeklyEquity Research | Pan-Africa | News & Analysis
African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across Africa. We provide agency-only equity and bond trading, sales and in-depth, independent research to local, regional and international clients. Key to our value proposition is an on-the-ground presence with exchange membership licenses in 11 African countries which allows us to provide our clients with investment research and corporate access of the highest quality. Our award winning research includes fundamental research on most of Sub-Sahara Africa’s leading listed companies and sectors, as well as market data & analysis and market news & information services that span the whole continent. African Alliance Securities is part of the African Alliance Group, which provides investment banking and related services across the African continent.
For more information please visit www.africanalliance.com
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
* 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 EGX 70 constituents
AA Indes (1.4; -1.2% w/w)Gold (1,287.6; +1.5% w/w) MSCI WORLD (1,937.7; -1.5% w/w)
Crude Oil (52.1; -0.6% w/w) MSCI EM (1,042.8; -2.3% w/w)
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Inflation and Interest Rate Summary
Country Bond Rate (%) Maturity Date Bond Maturity Prime (%) CPI (%) Month
Southern Africa
Angola 14.00 31.89 June
Botswana 4.53 Mar-17 BW007 7.6 yrs 5.50 3.50 June
Lesotho 7.65 Oct-17 LSO 8 5.2 yrs 11.40 5.30 May
Malawi 24.00 11.30 June
Mauritius 3.21 Dec-17 Five year 3.3 yrs 2.48 2.70 July
Namibia 10.19 Oct-17 GC24 7.2 yrs 10.75 5.40 July
South Africa 8.64 Dec-17 R186 9.4 yrs 10.25 5.10 June
Swaziland 8.75 Nov-17 SG23 3.3 yrs 10.75 7.10 June
Zambia 19.25 Jan-17 10 year 8.5 yrs 12.50 6.60 July
Zimbabwe 8.50 -0.24 June
East AfricaKenya 12.66 Jan-17 10 year 6.4 yrs 13.71 7.47 July
Rwanda 12.93 Aug-17 10 year 10.0 yrs 16.76 11.70 May
Tanzania 18.87 Nov-17 10 year 8.2 yrs 17.62 6.40 June
Uganda 15.58 Apr-17 UG0000001244 5.7 yrs 22.45 5.70 July
West Africa
Senegal 2.10 April
Ghana 23.87 Nov-17 Five year 3.3 yrs 23.50 12.10 June
Nigeria 16.36 Mar-17 10 year 6.6 yrs 17.06 16.10 June
North Africa
Egypt 16.45 Nov-17 EGBGR01631F3 8.3 yrs 16.75 32.95 July
Morocco 5.24 0.30 June
Tunisia 6.73 May-17 10 year 4.8 yrs 4.25 4.80 May
Source: Central banks, statistical agencies
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nigerian Stock Exchange (Nigerian Naira) Nigeria
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
- - - - - -
2,835.3 3,082.5 3,300.0 2,758.4 2,640.5 2,695.1
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 Year DPS
EKOCORP PLC Full Year 8/14/2017 Ecobank Transnat 2015 0.00
EVANS MEDICAL PLC Full Year 8/15/2017 University Press 2015 0.2
PZ CUSSONS NIGERIA PLC Full Year 8/16/2017 Nestle Nigeria P 2015 10.0
SKYE BANK PLC Full Year 8/18/2017 Vetiva Griffin30 2015 0.1
GUINNESS NIGERIA PLC Full Year 9/20/2017 Consolidated Hal 2015 0.02
3
Type
Omitted
Final
Interim
Regular Cash
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
7-Jul-15
11 Aug 2017
1-Sep-15
23-Nov-15
10-Aug-15
10-Aug-15Final
The NSE ALSI gained 1.8% to close the week at 38,198.6 on the back of gains in Guinness Nigeria(+27.1%), Nestle Nigeria (+14.0%), and Unilever Nigeria (+12.8%). During the week, losses were recordedin Dangote Sugar Refinery (-12.3%), Conoil (-10.5%), and Forte Oil (-9.3%). The top traders by value wereNestle Nigeria (USD 13.3m), Guaranty Trust Bank (USD 13.3m), and Zenith Bank (USD 9.0m). Trading inthese shares accounted for 57.9% of this week’s turnover of NGN 22.5bn (USD 61.5m). The averageweekly value traded in the last six months is NGN 16.4bn (USD 44.9m). The NSE ALSI is up 42.1% ytd(+22.7% USD) and the total market capitalisation is currently USD 34.0bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
22,537 9.07% NGNm 16,382.9 Company Week % chg Price
2,709 120 USDm 44.9 Morison Industries -13.3 0.98
60% Dangote Sugar Refinery -12.3 13.04
12,520 27 Conoil -10.5 32.59
9,811 32 NGNm 12,430,520 N.E.M Insurance Co (Nig) -9.8 1.10
27.6% -5 USDm 34,038 Forte Oil -9.3 54.00
Company NGN'000 % of total
Nestle Nigeria 4,882,102 21.66
Guaranty Trust Bank 4,873,330 21.62
Zenith Bank 3,284,936 14.58
Nigerian Breweries 3,224,583 14.31
Access Bank 1,445,420 6.41
*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 11 Aug 2017 4
Total value Value Traded / Mkt Cap (%)
NGN/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 declinersTrading numbers
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Top 5 gainers
Top 5 (value) traders Rebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-24%
-10%
4%
18%
32%
46%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD NGN
0 5,000 10,000 15,000
11 Aug 2017
11-Aug
Market Cap (NGN bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nigerian Stock Exchange (Nigerian Naira) Nigeria
Price Value Volume 6 mths
Company Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000)
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Ghana Stock Exchange (Ghana Cedi) Ghana
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
1,682.6 1,870.2 1,473.0 1,401.4 1,533.9 1,659.3
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 Year DPS
Total Petroleum 2015 0.09
Mechanical Lloyd 2015 0.02
Trust Bank Ltd 2015 0.2
6
Type
Interim
Regular Cash
Interim
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
25-Nov-15
11 Aug 2017
30-Nov-15
29-Sep-15
The GSE Composite gained 0.4% to close the week at 2,271.3 on the back of gains in Enterprise Group(+10.8%), HFC Bank (+9.6%), and CAL Bank (+3.4%). During the week, losses were recorded in GuinnessGhana (-3.4%), Ghana Oil (-1.3%), and Ghana Commercial Bank (-0.2%). The top traders by value wereTotal Petroleum (USD 204.1k), SocGen (Ghana) (USD 67.6k), and CAL Bank (USD 32.2k). Trading in theseshares accounted for 69.3% of this week’s turnover of GHS 1.9m (USD 438.3k). The average weekly valuetraded in the last six months is GHS 5.4m (USD 1.2m). The GSE Composite is up 34.5% ytd (+28.5% USD)and the total market capitalisation is currently USD 3.3bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Ghana Stock Exchange (Ghana Cedi) Ghana
GSE CI Level % chg Level % chg % chg Company Week % chg Price
Current 2,271.3 4.43 H: 10-Aug-17 2,277.7 Produce Buying 25.0 0.05
This week 2,262.8 0.38 4.41 -0.51 -0.13 L: 07-Dec-16 1,527.9 Enterprise Group 10.8 2.97
Prev week 2,256.8 0.27 4.39 -0.57 -0.30 Off peak -0.3% HFC Bank 9.6 0.80
MTD 2,256.8 0.64 4.39 -1.07 -0.43 At High 0/34 CAL Bank 3.4 0.91
*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 11 Aug 2017 7
Total value Value Traded / Mkt Cap (%)
GHS/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-44%
-20%
4%
28%
52%
76%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD GHS
0 5,000 10,000 15,000
10 Aug 2017
11-Aug
Market Cap (GHS m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Ghana Stock Exchange (Ghana Cedi) Ghana
Price Value Volume 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 26.30 0.2 Up 136 5.18 26.30 8.49 0.0 115.9 61.3 3,038 685 118.7
ETI (Ghana) BANK 0.14 - Flat 60 405.42 0.18 0.10 -22.2 40.0 -46.2 2,235 504 8.6
Ecobank Ghana BANK 7.03 0.00 0.00 - - 2,061 465 -
Fan Milk CONS 16.10 0.1 Up 3 0.18 16.10 9.42 -0.0 44.5 119.0 1,871 422 202.4
Ghana Commercial Bank BANK 5.14 -0.2 Down 135 26.31 5.24 3.49 -1.9 44.4 38.2 1,362 307 229.3
Company Reporting period Expected reporting date 44.8 39.9 36.6 34.7 33.4 32.1
- - - - - -
1,235.0 1,379.5 1,460.0 1,318.8 1,409.3 1,518.8
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
Year Type
Bank Of Africa 2015 3,492.0
Palmci 2015 647.0
Bicici 2015 3,305.0
Sgbci 2015 5,403.0
Sicable 2015 1,000.0
9
Last Cum date
3-Jul-15
30-Apr-15
27-Jul-15
9-Jul-15
27-Aug-15
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Ivory Coast
Current account balance (% GDP)
Govt gross debt (% GDP)
Govt net debt (% GDP)
Market Commentary Senegal
Current account balance (% GDP)
Govt gross debt (% GDP)
11 Aug 2017
Dividends Amount
Regular Cash
Regular Cash
Regular Cash
Regular Cash
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Regular Cash
The IC Composite gained 0.3% to close the week at 251.2 on the back of gains in SITAB CI (+15.2%),Tractafric Motors CI (+13.3%), and Onatel BF (+11.4%). During the week, losses were recorded inFILTISAC CI (-10.5%), Bank of Africa BN (-9.6%), and CIE (-8.2%). The top traders by value were SonatelSN (USD 2.0m), Onatel BF (USD 1.1m), and Bollore Africa Logistics CI (USD 0.3m). Trading in theseshares accounted for 66.7% of this week’s turnover of XOF 2.8bn (USD 5.0m). The average weekly valuetraded in the last six months is XOF 3.9bn (USD 7.0m). The IC Composite is down 14.0% ytd (-3.1% USD)and the total market capitalisation is currently USD 8.4bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
BRVM Stock Exchange (CFA Franc) BRVM
IC Composite Level % chg Level % chg Company Week % chg Price
Current 251.2 558.83 H: 07-Sep-16 297.7 SITAB CI 15.2 85,000
This week 250.4 0.32 557.76 -0.19 0.12 L: 17-Jul-17 247.7 Tractafric Motors CI 13.3 340,000
MTD 250.6 0.24 562.85 0.72 0.96 At High 0/37 Vivo Energy CI 9.2 1,250
YTD 292.2 -14.02 629.93 12.72 -3.08 At Low 7/37 Nestle CI 7.5 50,000
2,794.0 2.98% XOFm 3,890.1 Company Week % chg Price
515.1 34 USDm 7.0 NEI-CEDA CI -96.0 44.00
92% Uniwax CI -81.0 4,220
1,109.5 14 FILTISAC CI -10.5 17,000
594.5 18 XOFm 4,690,594 Bank of Africa BN -9.6 85,000
86.6% -4 USDm 8,394 CIE -8.2 61,975
Company XOF'000 % of total
Sonatel SN 1,089,974 39.01
Onatel BF 623,721 22.32
Bollore Africa Logistics CI 149,927 5.37
SODE 142,228 5.09
SGB 121,664 4.35
*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 11 Aug 2017 10
Total value Value Traded / Mkt Cap (%)
XOF/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Stocks traded (absolute)
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value
Upside value
Downside value Stocks down
Upside/downside ratio
-20%
-15%
-10%
-5%
0%
5%
10%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD XOF
0 5,000,000 10,000,000
07 Sep 2016
11-Aug
Market Cap (XOF bn): Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
BRVM Stock Exchange (CFA Franc) BRVM
Price Volume Volume 6 mths
Company Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000)
Uniwax CI INDU 4,220 -81.0 Down 97,361 4,582 27,300 4,2204,2204,2204,220 -84.5 -84.1 -85.2 3,165 6 115.9
1111 Aug 2017
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nairobi Securities Exchange (Kenyan Shilling) Kenya
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
1,238.6 1,314.1 1,419.5 1,432.1 1,522.0 1,652.8
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 Year DPS
EXPRESS KENYA LTD Half Year 8/15/2017 Cfc Stanbic Hold 2015 0.8
LONGHORN PUBLISHERS LTD Half Year 8/16/2017 Nation Media Grp 2015 2.5
STANDARD CHARTERED BANK LTD Half Year 8/17/2017 Unga Group Ltd 2015 1.0
BOC KENYA LTD Half Year 8/18/2017 Bamburi Cement 2014 6.0
Jubilee Holdings 2015 1.0
12
Type
Interim
Interim
Final
Interim
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
4-Sep-15
11 Aug 2017
21-Sep-15
3-Dec-15
28-Sep-15
21-Sep-15Interim
The FTSE NSE Kenya 15 gained 5.1% to close the week at 210.8 on the back of gains in KPLC (+16.7%),CIC Insurance (+13.1%), and NIC Bank (+11.5%). During the week, losses were recorded in Sasini (-3.7%),and Scan Group (-2.1%). The top traders by value were KCB Bank (USD 6.2m), Safaricom (USD 5.1m), andEquity Bank (USD 1.5m). Trading in these shares accounted for 74.7% of this week’s turnover of KES1.8bn (USD 17.1m). The average weekly value traded in the last six months is KES 3.4bn (USD 33.1m). TheFTSE NSE Kenya 15 is up 30.4% ytd (+28.7% USD) and the total market capitalisation is currently USD21.8bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nairobi Securities Exchange (Kenyan Shilling) Kenya
MTD 200.7 5.03 103.94 0.08 5.11 At High 13/60 CIC Insurance 13.1 5.60
YTD 161.6 30.42 102.51 -1.30 28.73 At Low 0/60 NIC Bank 11.5 36.50
1,774.3 3.91% KESm 3,443.1 Company Week % chg Price
1,687.5 49 USDm 33.2 Sameer -5.6 2.55
82% Sasini -3.7 26.00
1,687.7 39 Scan Group -2.1 23.25
0.2 3 KESm 2,271,009 --
###### 36 USDm 21,866 --
Company KES'000 % of total
KCB Bank 648,077.7 36.53
Safaricom 525,815.9 29.64
Equity Bank 154,291.3 8.70
KenGen 71,986.5 4.06
EABL 61,183.5 3.45
*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 11 Aug 2017 13
Total value Value Traded / Mkt Cap (%)
KES/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-36%
-25%
-14%
-3%
8%
19%
30%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD KES
0 1,000,000 2,000,000 3,000,000
11 Aug 2017
11-Aug
Market Cap (KES bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nairobi Securities Exchange (Kenyan Shilling) Kenya
Price Value Volume 6 mths
Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000)
TPS East Africa HOTL 25.50 25.75 16.95 -1.0 24.4 6.3 4,645 45 16.2
1411 Aug 2017
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
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 1,028.8 968.8 963.8 1,015.0
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 Year DPS
TANGA CEMENT CO LTD Half Year 8/17/2017 Tanzania Breweri 2015 300.0
Tanzania Cigaret 2015 300.0
15
Type
2nd Interim
Interim
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
7-Dec-15
11 Aug 2017
15-Oct-15
The DSE ALSI declined 2.0% to close the week at 2,041.3 on the back of losses in .During the week, gainswere recorded in DSE (+8.3%), and Tanzania Breweries (+4.0%). The top traders by value were TanzaniaBreweries (USD 1.1m), CRDB Bank (USD 0.0m), and DSE (USD 0.0m). Trading in these shares accountedfor 99.4% of this week’s turnover of TZS 2.7bn (USD 1.2m). The average weekly value traded in the last sixmonths is TZS 7.6bn (USD 3.4m). The DSE ALSI is down 7.1% ytd (-9.1% USD) and the total marketcapitalisation is currently USD 3.4bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
DAR ALSI Level % chg Level % chg % chg Company Week % chg Price
MTD 2,205.1 -7.43 2,227.05 -0.03 -7.46 At High 4/14 --
YTD 2,198.4 -7.15 2,181.00 -2.10 -9.10 At Low 8/14 --
2,658.1 1.76% TZSm 7,628.1 Company Week % chg Price
2,568.7 8 USDm 3.4 No Decliners
57% --
2,568.7 2 --
- 0 TZSm 7,538,101 --
- 2 USDm 3,384 --
Company TZS'000 % of total
Tanzania Breweries 2,527,945.0 95.10
CRDB Bank 71,700.8 2.70
DSE TZ Equity 40,745.0 1.53
Simba Cement 8,024.0 0.30
Tanzania Cigarette 4,088.5 0.15
*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 11 Aug 2017 16
Total value Value Traded / Mkt Cap (%)
TZS/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) traders Rebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-91%
-30%
31%
92%
153%
214%
275%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD TZS
0 5,000,000 10,000,000
23 Feb 2017
11-Aug
Market Cap (TZS bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
Price Value Volume 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 13,000 4.0 Up 2,527,945 194.47 13,730 10,000 -5.3 8.3 -12.2 3,834,070 1,721 2,800.2
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Rwanda Stock Exchange (Rwandan Franc) Rwanda
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 Year DPS
18
Market Commentary
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)
Dividends Type Last Cum date
11 Aug 2017
The AA Rwanda Index was flat at 116.5. The top traders by value were Bank of Kigali (USD 11.0k), andBralirwa (USD k). Trading in these shares accounted for 100.0% of this week’s turnover of RWF 9.2m(USD 11.0k). The average weekly value traded in the last six months is RWF 241.8m (USD 287.5k). The AARwanda Index is down 2.8% ytd (-5.0% USD) and the total market capitalisation is currently USD 301.7m.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Rwanda Stock Exchange (Rwandan Franc) Rwanda
RSE SI Level % chg Level % chg % chg Company Week % chg Price
Current 116.5 841.00 H: 16-Aug-16 136.5 No Gainers
Prev week 116.7 -0.15 832.03 -0.08 -0.23 Off peak -14.6%
MTD 116.7 -0.15 832.03 -1.07 -1.21 At High 0/2
YTD 119.9 -2.84 822.00 -2.26 -5.04 At Low 0/2
9.2 0.18% RWFm 241.8 Company Week % chg Price
- 1 USDm 0.3 No Decliners
50% --
- 0
- 0 RWFm 253,696
- 0 USDm 302
Company RWF'000 % of total
Bank of Kigali 9,175.0 100.00
-- - -
*The index is the RSE Share Index, Rwanda's all share index ** Value Traded numbers are given in millions of Rwandan FrancsSee the notes page for more information about calculations 11 Aug 2017 19
Index performance * RWF/USD USD returns Top 5 gainers
Market highs and lows
Total value Value Traded / Mkt Cap (%)
Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners
Net value Stocks traded (absolute)
Stocks traded (%)
Upside value Stocks up Total Market cap
Downside value Stocks down
Top 5 (value) tradersRebased Index Performance
Upside/downside ratio Advance - Decline
-33%
-25%
-17%
-9%
-1%
7%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD RWF
0 100,000 200,000 300,000 400,000
16 Aug 2016
11-Aug
Market Cap (RWF bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Rwanda Stock Exchange (Rwandan Franc) Rwanda
Price Value Volume 6 mths
Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000)
Company Reporting period Expected reporting date Year DPS
DEVELOPMENT FINANCE COMPANY Half Year 8/18/2017 Umeme Ltd 2015 10.8
New Vision Print 2015 0.5
21
Type
Interim
Regular Cash
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
1-Dec-15
11 Aug 2017
29-Dec-15
The USE ALSI gained 2.0% to close the week at 1,774.7 on the back of gains in Umeme (+0.2%). Duringthe week, losses were recorded in Bank of Baroda (-2.8%), NIC (-1.7%), and DFCU (-0.1%). The toptraders by value were Stanbic Uganda (USD 21.7k), Umeme (USD 2.9k), and Bank of Baroda (USD 2.8k).Trading in these shares accounted for 94.8% of this week’s turnover of UGX 104.7m (USD 29.0k). Theaverage weekly value traded in the last six months is UGX 2.2bn (USD 601.5k). The USE ALSI is up 20.1%ytd (+19.8% USD) and the total market capitalisation is currently USD 1.1bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
MTD 1,750.1 1.41 3,611.00 0.10 1.51 At High 1/8 --
YTD 1,477.4 20.12 3,596.50 -0.30 19.76 At Low 1/8 --
104.7 0.13% UGXm 2,169.9 Company Week % chg Price
-1.8 7 USDm 0.6 Bank of Baroda -2.8 106.0
88% NIC -1.7 11.80
10.6 1 DFCU -0.1 758.0
12.5 3 UGXm 4,071,102 --
-14.7% -2 USDm 1,129 --
Company UGX'000 % of total
Stanbic Uganda 78,464.6 74.96
Umeme 10,629.6 10.15
Bank of Baroda 10,133.8 9.68
Uganda Clays 2,903.6 2.77
DFCU 1,364.4 1.30
*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 11 Aug 2017 22
Total value Value Traded / Mkt Cap (%)
UGX/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-34%
-25%
-16%
-7%
2%
11%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD UGX
0 2,000,000 4,000,000 6,000,000
11 Aug 2017
11-Aug
Market Cap (UGX bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
NIC INSU 11.80 -1.7 Down 963 81.1 12.00 10.50 -1.7 -1.7 7.3 4,766 1 0.4
2311 Aug 2017
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Johannesburg Stock Exchange (South African rand) South Africa
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
7,592.2 6,889.7 6,482.8 5,783.5 5,859.1 6,014.5
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
Year DPS
Stenprop Ltd 0.04
Marshall Monteag 2016 0.02
Gold Fields Ltd 2016 21.0
Hudaco Inds Ltd 2016 345.0
Stanlib Swix 40 2015 6.2
24
Market Commentary
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)
Dividends Type Last Cum date
Interim 18-Jan-16
Final 25-Jan-16
Final 7-Mar-16
Final 29-Feb-16
Income 24-Dec-15
11 Aug 2017
For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. Thereare 60 companies included in the list, and the top 30 are shown here. This data is for informational andreference 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 thisinformation.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Johannesburg Stock Exchange (South African rand) South Africa
MTD 55,207 -0.09 13.13 -2.52 -2.61 At High 0/60 AFROX 1.0 18.74
YTD 50,654 8.89 13.74 2.02 11.09 At Low 0/60 Bell Equipment 0.7 7.70
28,625 28.95% ZARm 44,203 Company Week % chg Price
-25,943 46 USDm 3,282 PPC -15.5 3.76
77% Group Five -11.3 14.86
1,341 6 Cashbuild -5.0 363.0
27,284 38 ZARbn 4,944 Lewis Group -4.5 29.61
-95.1% -32 USDbn 367 Aveng -4.1 3.95
Company ZAR'm % of total
Naspers 11,385 39.77
Firstrand 2,837 9.91
Standard Bank Group 2,349 8.21
MTN Group 1,776 6.20
Absa Group 1,349 4.71
*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 11 Aug 2017 25
Index performance * ZAR/USD USD returns Top 5 gainers
Market highs and lows
Total value Value Traded / Mkt Cap (%)
Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners
Net value Stocks traded (absolute)
Stocks traded (%)
Upside value Stocks up Total Market cap
Downside value Stocks down
Upside/downside ratio Advance - Decline
Rebased Index Performance Top 5 (value) traders
-21%
-15%
-9%
-3%
3%
9%
15%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD ZAR
0 2,000 4,000 6,000
07 Aug 2017
11-Aug
Market Cap (ZAR bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Johannesburg Stock Exchange (South African rand) South Africa
Price Value Volume 6 mths
Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000)
Super Group TRPT 36.00 -0.2 Down 27 751 43.50 33.65 -17.2 -6.8 -11.1 11,352 843 8,963
Blue Label Telecoms TELE 16.35 -1.5 Down 37 2,254 21.75 14.68 -24.8 -10.2 36.1 11,028 819 6,488
26
Weekly 12 Month Movement (% chg) Market cap
11 Aug 2017
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
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
8,932.3 9,476.5 9,999.3 9,186.5 9,643.4 ####
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 Year DPS
Enl Commercial L 2015 0.5
Harel Mallac &Co 2015 1.8
Belle Mare Hldg 2015 0.8
Mauritian Eag In 2016 1.1
Innodis Ltd 2016 0.9
27
Type
Interim
Final
Final
Interim
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
25-Nov-15
11 Aug 2017
22-Dec-15
30-Nov-15
24-Feb-16
18-Jan-16Interim
The SEMDEX declined 0.0% to close the week at 2,186.0 on the back of losses in New Mauritius Hotels (-1.4%), Rogers & Co (-1.0%), and CIEL (-0.8%). During the week, gains were recorded in Gamma Civic(+12.2%), Terra Mauricia (+5.0%), and CIM Financial (+2.0%). The top traders by value were CMPL (USD4.1m), CIEL (USD 3.3m), and MCB (USD 2.5m). Trading in these shares accounted for 81.0% of this week’sturnover of MUR 406.1m (USD 12.2m). The average weekly value traded in the last six months is MUR224.4m (USD 6.8m). The SEMDEX is up 20.9% ytd (+30.8% USD) and the total market capitalisation iscurrently USD 13.2bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
*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 11 Aug 2017 28
Total value Value Traded / Mkt Cap (%)
MUR/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-14%
-5%
4%
13%
22%
31%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD MUR
0 200,000 400,000 600,000
28 Jul 2017
11-Aug
Market Cap (MUR bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
Price Value Volume 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 7.82 1.8 Up 42,392 5,427.82 8.00 0.70 -2.3 17.8 16.7 237,525 7,146 942.7
MCB BANK 269.0 -0.4 Down 81,936 303.71 279.0 207.5 -3.6 25.1 30.9 67,351 2,026 2,272.0
United Docks INVE 89.00 11.3 Up 2,643 30.49 89.0089.0089.0089.00 51.00 - 72.8 29.0 940 28 16.9
2911 Aug 2017
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Botswana Stock Exchange (Botswana Pula) Botswana
2012 2013 2014 2015 2016E 2017F
-3.4 8.8 16.1 2.8 0.1 -0.4
18.9 17.5 14.5 12.4 11.3 10.1
- - - - - -
7,205.9 7,261.0 7,233.1 6,149.7 6,040.6 6,351.5
4.8 9.3 4.4 2.6 3.2 3.5
14.8 15.1 15.2 13.1 13.0 13.8
7.4 4.1 3.7 4.3 4.4 4.4
Company Reporting period Expected reporting date Year Type
Turnstar 2015 8.0
Sechaba Brewerie 2015 40.0
G4S Security 2015 10.9
Primetime Proper 2015 8.1
Choppies Enterpr 2015 4.9
30
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)
Dividends
Market Commentary
Amount
Interim
Regular Cash
Regular Cash
Regular Cash
Interim
11 Aug 2017
Last Cum date
16-Nov-15
2-Nov-15
7-Sep-15
17-Aug-15
19-Oct-15
The BSE DCI declined 0.3% to close the week at 8,984.9 on the back of losses in Letshego (-2.4%),Sefalana (-1.3%), and Stanchart Botswana (-0.9%). During the week, gains were recorded in FNBBotswana (+0.4%). The top traders by value were BIHL Botswana (USD 104.3k), Letshego (USD 32.0k), andTurnstar (USD 30.3k). Trading in these shares accounted for 82.2% of this week’s turnover of BWP 1.4m(USD 202.6k). The average weekly value traded in the last six months is BWP 452.8m (USD 44.0m). TheBSE DCI is down 4.4% ytd (-0.8% USD) and the total market capitalisation is currently USD 33.0bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
MTD 9,077.7 -1.02 10.19 -1.02 -2.03 At High 2/24 --
YTD 9,400.7 -4.42 10.68 3.74 -0.85 At Low 1/24 --
1.4 0.17% BWPm 46.5 Company Week % chg Price
-0.2 13 USDm 4.5 Letshego -2.4 2.00
54% Sefalana -1.3 11.00
0.0 1 Stanchart Botswana -0.9 5.60
0.2 4 BWPm 42,517 New Africa Properties -0.3 3.21
-99.8% -3 USDm 4,128 --
Company BWP'000 % of total
BIHL Botswana 587.9 41.75
Turnstar 312.0 22.16
Barclays Botswana 235.6 16.73
Letshego 180.8 12.84
Sefalana 41.0 2.91
*The index is the DCI, the domestic companies index ** Value Traded numbers are given in millions of Pula See the notes page for more information about calculations 11 Aug 2017 31
Top 5 decliners
Top 5 (value) traders
Stocks traded (%)
Trading numbers
Total value
Net value
Upside value
Upside/downside ratio
Downside value
Advance - Decline
Turnover analysis **
Top 5 gainers
Avg weekly value traded
Index performance *
Total Market cap
Value Traded / Mkt Cap (%)
Stocks traded (absolute)
Stocks down
USD returnsBWP/USD
Market highs and lows
Stocks up
Rebased Index Performance
-2708%
-10%
2688%
5386%
8084%
10782%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD BWP
0 20,000 40,000 60,000
04 Oct 2016
11 Aug 2017
Market Cap (BWPm) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Botswana Stock Exchange (Botswana Pula) Botswana
Price Value Volume 6 mths
Company Name Sector BWP % chg Move BWP '000 '000 High Low Off high YTD 12 mths BWP m Val (000)
FNB Botswana BANK 2.40 0.4 Up 0 0.18 3.05 2.39 -21.3 -18.9 -34.2 6,153 597 525.8
Olympia Capital (Botswana) BUIL 0.20 0.00 0.00 - - 6 1 -
32
12 MonthWeekly
USD m
Market capMovement (% chg)
11 Aug 2017
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Zimbabwe Stock Exchange (US Dollar) Zimbabwe
2012 2013 2014 2015 2016E 2017F
-24.6 -25.4 -22.0 -22.9 -21.8 -20.9
56.7 54.2 53.4 69.3 57.5 58.3
- - - - - -
961.4 1,028.5 1,043.1 1,037.2 1,054.4 1,094.2
10.6 4.5 3.3 1.4 2.4 3.0
12.5 13.5 13.8 13.9 14.3 15.0
2.9 0.3 -0.8 -0.7 0.5 1.2
Company Reporting period Expected reporting date Year DPS
AFRICAN SUN LTD Half Year 8/18/2017 Cbz Holdings Ltd 2015 0.00
Natl Foods Hold 2015 0.05
Colcom Holdings 2015 0.01
Fbc Holdings Ltd 2015 0.00
Delta Corp 2015 0.01
33
Market Commentary
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)
11 Aug 2017
12-Oct-15
14-Sep-15
Interim
Dividends Last Cum date
14-Sep-15
12-Oct-15
Type
Interim
Regular Cash
Regular Cash
Regular Cash
30-Nov-15
The ZSE Industrial gained 1.3% to close the week at 210.6 on the back of gains in Colcom Holdings (USD)(+20.6%), CFI Holdings (USD) (+17.3%), and Kingdom Meikles Africa (USD) (+10.0%). During the week,losses were recorded in Econet Wireless (USD) (-0.2%). The top traders by value were Econet Wireless(USD) (USD 1.5m), Seed Co (USD) (USD 0.8m), and CBZ Bank (USD) (USD 0.3m). Trading in these sharesaccounted for 77.7% of this week’s turnover of USD 3.3m (USD 3.3m). The average weekly value traded inthe last six months is USD 4.5m (USD 4.5m). The ZSE Industrial is up 45.7% ytd (+45.7% USD) and thetotal market capitalisation is currently USD 5.2bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
*The index is the ZSE industrial, an all share index ** Value Traded numbers are given in millions of USD See the notes page for more information about calculations 11 Aug 2017 34
Index performance * USD/USD USD returns Top 5 gainers (Top 40)
Stocks traded (%)
Upside value Stocks up
Rebased Index Performance
Downside value Stocks down
Upside/downside ratio Advance - Decline
Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40)
Market highs and lows
Top 5 (value) traders
Total Market cap
Total value Value Traded / Mkt Cap (%)
Net value Stocks traded (absolute)
-35%
-5%
25%
55%
85%
115%
145%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD USD
0 2,000 4,000 6,000
11 Aug 2017
11-Aug
Market Cap (USD m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Zimbabwe Stock Exchange (US Dollar) Zimbabwe
Price Value Volume 6 mths
Company Name Sector USD % chg Move USD '000 '000 High Low Off high YTD 12 mths USD m USD m Val (000)
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Lusaka Stock Exchange (Zambian Kwacha) Zambia
2012 2013 2014 2015 2016E 2017F
5.5 -0.6 -1.4 -1.4 -2.6 -1.9
25.5 28.6 35.2 41.9 44.9 46.5
20.0 25.1 29.5 37.7 42.0 44.0
1,771.9 1,845.4 1,771.6 1,576.4 1,569.1 1,640.3
6.8 6.7 5.6 4.3 4.0 5.8
24.9 26.8 26.6 24.5 25.2 27.2
7.3 7.1 7.9 8.0 7.0 6.0
Company Reporting period Expected reporting date Year DPS
METAL FABRICATORS OF ZAMBIA Half Year 8/14/2017 National Brewer 2016 0.3
Standard Charter 2015 0.06
Lafarge Cement 2015 0.3
Zambia Sugar Plc 2015 0.02
Real Estate Inve 2015 0.08
36
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)
Market Commentary
Dividends Last Cum date
29-Jan-16
Type
Interim
4-Nov-15
23-Sep-15
27-Aug-15
Interim
Interim
Final
28-Oct-15Interim
11 Aug 2017
The LuSE ALSI declined 0.0% to close the week at 4,748.5 on the back of losses in Madison FinancialServices PLC (-2.9%). The top traders by value were Lafarge Zambia (USD 63.3k), Copperbelt Energy(USD 25.8k), and Celtel (USD 7.1k). Trading in these shares accounted for 92.9% of this week’s turnoverof ZMK 938.2k (USD 103.6k). The average weekly value traded in the last six months is ZMK 26.0m (USD2.9m). The LuSE ALSI is up 13.2% ytd (+24.6% USD) and the total market capitalisation is currently USD3.0bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
MTD 4,748.8 -0.01 8.86 -1.77 -1.78 At High 5/19 --
YTD 4,196.0 13.17 9.94 10.14 24.65 At Low 6/19 --
0.9 0.17% ZMKm 25.8 Company Week % chg Price
- 10 USDm 2.9 No Decliners
53% --
- 0 --
- 0 ZMKm 27,399 --
- 0 USDm 3,037 --
Company ZMK'000 % of total
Lafarge Zambia 574 61.66
Copperbelt Energy 234 25.13
Airtel 64 6.90
Puma Energy 23 2.42
ZANACO 11 1.13
*The index is the LuSE, an all share index ** Value Traded numbers are given in millions of Zambian Kwacha See the notes page for more information about calculations 11 Aug 2017 37
Net value Stocks traded (absolute)
Avg weekly value traded
Top 5 gainers
Top 5 (value) tradersRebased Index Performance
Upside value Stocks up Total Market cap
Stocks traded (%)
Downside value Stocks down
Upside/downside ratio Advance - Decline
Total value Value Traded / Mkt Cap (%)
ZMK/USD USD returns
Market highs and lows
Top 5 decliners
Index performance *
Turnover analysis ** Trading numbers
-25%
-15%
-5%
5%
15%
25%
35%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD ZMK
0 10,000 20,000 30,000
14 Jun 2017
11-Aug
Market Cap (ZMK bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Lusaka Stock Exchange (Zambian Kwacha) Zambia
Price Value Volume 6 mths
Company Name Sector ZMK % chg Move ZMK '000 '000 High Low Off high YTD 12 mths ZMK m USD m Val (000)
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Malawi Stock Exchange (Malawian Kwacha) Malawi
2012 2013 2014 2015 2016E 2017F
-2.4 -1.2 -3.6 -2.6 -2.5 -2.5
0.0 0.0 0.0 0.0 0.0 0.0
- - - - - -
359.6 317.5 344.0 352.7 330.0 338.5
1.9 5.2 5.7 4.0 5.0 5.3
6.0 5.4 6.1 6.4 6.1 6.5
34.6 23.5 24.2 18.7 9.1 9.0
Company Reporting period Expected reporting date Year DPS
NATIONAL BANK OF MALAWI Half Year 8/15/2017 Natl Bk Of Malaw 2015 3.2
STANDARD BANK GROUP Half Year 8/17/2017 National Investm 2015 60.0
MALAWI PROPERTY INVESTMENT C Half Year 8/18/2017 First Merchant B 2015 50.0
Press Corp Ltd 2015 4.0
Nico Holdings Lt 2015 0.4
39
Type
Regular Cash
Regular Cash
Interim
Interim
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
28-Aug-15
11 Aug 2017
11-Sep-15
28-Aug-15
28-Sep-15
25-Sep-15Regular Cash
The MSE ALSI gained 4.9% to close the week at 18,101.1 on the back of gains in TNM (+27.3%), NITL(+6.9%). During the week, losses were recorded in Standard Bank (-0.0%). The top traders by value wereTNM (USD 19.7k), NICO (USD 8.2k), and NITL (USD 3.8k). Trading in these shares accounted for 92.8% ofthis week’s turnover of MWK 24.7m (USD 34.1k). The average weekly value traded in the last six monthsis MWK 216.1m (USD 298.0k). The MSE ALSI is up 35.9% ytd (+36.3% USD) and the total marketcapitalisation is currently USD 1.0bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
MTD 16,877.2 7.25 726.17 0.12 7.38 At High 7/13 --
YTD 13,320.5 35.89 727.47 0.30 36.30 At Low 0/13 --
24.7 0.17% MWKm 216.1 Company Week % chg Price
16.4 6 USDm 0.3 Standard Bank -0.01 624.9
46% --
17.0 2 --
0.6 1 MWKm 735,989 --
2523.8% 1 USDm 1,015 --
Company MWK'000 % of total
TNM 14,305 57.81
NICO 5,928 23.96
NITL 2,732 11.04
NBM 987 3.99
Standard Bank 649 2.62
*The index is the MSE ALSI, an all share index ** Value Traded numbers are given in millions of Malawian Kwacha See the notes page for more information about calculations 11 Aug 2017 40
Total value Value Traded / Mkt Cap (%)
MWK/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-18%
-5%
8%
21%
34%
47%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD MWK
0 200,000 400,000 600,000 800,000
11 Aug 2017
11-Aug
Market Cap (MWK bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Malawi Stock Exchange (Malawian Kwacha) Malawi
Price Value Volume 6 mths
Company Name Sector MWK % chg Move MWK '000 '000 High Low Off high YTD 12 mths MWK m USD m Val (000)
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Namibian Stock Exchange (Namibian Dollar) Namibia
2012 2013 2014 2015 2016E 2017F
-5.6 -3.9 -9.9 -12.1 -16.3 -10.7
24.1 23.8 24.7 25.8 26.1 31.1
18.1 20.9 21.5 25.0 30.0 31.4
6,068.4 5,955.3 6,188.1 5,787.2 6,118.2 6,608.4
5.1 5.1 4.5 4.8 5.0 6.2
13.0 12.9 13.6 12.9 13.7 14.9
6.4 4.9 4.6 5.3 5.5 5.8
Company Reporting period Expected reporting date Year DPS
CAPRICORN INVESTMENT GROUP L Full Year 8/18/2017 Namibian Asset M 2015 0.08
Bank Windhoek Ho 2016 0.3
Fnb Namibia Hold 2016 0.9
Bidvest Namibia 2015 34.0
Fnb Namibia Hold 2016 0.9
42
Type
Regular Cash
Interim
Interim
Final
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
16-Nov-15
11 Aug 2017
22-Feb-16
22-Feb-16
7-Sep-15
22-Feb-16Interim
The NSX Local was flat at 569.6. The top traders by value were Namibian Asset Mgmt (USD 0.1k), FNBNamibia (USD k), and Nictus Holding (USD k). Trading in these shares accounted for 100.0% of thisweek’s turnover of NAD 1.4k (USD 0.1k). The average weekly value traded in the last six months is NAD6.8m (USD 508.3k). The NSX Local is up 4.0% ytd (+6.1% USD) and the total market capitalisation iscurrently USD 2.4bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Namibian Stock Exchange (Namibian Dollar) Namibia
NMB Local Level % chg Level % chg % chg Company Week % chg Price
*The index is the NMB Local, a local companies index ** Value Traded numbers are given in millions of Namibian Dollars See the notes page for more information about calculations 11 Aug 2017 43
Total value Value Traded / Mkt Cap (%)
NAD/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-16%
-10%
-4%
2%
8%
14%
20%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD NAD
0 10,000 20,000 30,000 40,000
07 Jun 2017
11-Aug
Market Cap (NAD m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Namibian Stock Exchange (Namibian Dollar) Namibia
Price Value Volume 6 mths
Company Name Sector NAD % chg Move NAD '000 '000 High Low Off high YTD 12 mths NAD m USD m Val (000)
Prev week 286.8 0.00 13.13 -1.95 -1.95 Off peak --
MTD 286.8 0.00 13.13 -2.52 -2.52 At High 0/7 --
YTD 286.8 0.00 13.74 2.02 2.02 At Low 0/7 --
- 0.00% SZLm 0.0 Company Week % chg Price
- 0 USDm 0.0 No Decliners
0% --
- 0 --
- 0 SZLm 2,405 --
- 0 USDm 179 --
Company SZL'000 % of total
No Trade - -
-- - -
-- - -
-- - -
-- - -
*The index is the SSX ALSI, an all share index ** Value Traded numbers are given in millions of Swazi Lilangeni See the notes page for more information about calculations 11 Aug 2017 46
Total value Value Traded / Mkt Cap (%)
SZL/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) traders Rebased Index Performance
Upside value
Downside value Stocks down
Upside/downside ratio
Net value Stocks traded (absolute)
-15%
-10%
-5%
0%
5%
10%
15%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD SZL
0 1,000 2,000 3,000
00 Jan 1900
11-Aug
Market Cap (SZL m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Egyptian Stock Exchange (Egyptian Pound) Egypt
2012 2013 2014 2015 2016E 2017F
-3.9 -2.4 -0.8 -3.7 -4.5 -4.5
78.9 89.0 90.5 90.0 89.3 84.8
67.9 78.1 81.9 82.6 82.8 79.1
3,182.7 3,204.6 3,303.8 0.0 0.0 0.0
2.2 2.1 2.2 4.2 4.3 4.5
262.3 271.4 286.4 - - -
7.3 9.8 8.2 11.4 10.4 10.4
Company Reporting period Expected reporting date Year DPS
Raya Holding Co 2016 0.2
Elswedy Electri 2016 1.0
Palm Hills 0.2
Misr Beni Suef C 2015 3.0
Golden Textiles 2015 0.3
48
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)
Dividends Last Cum date
Market Commentary
Regular Cash
Type
21-Jan-16
13 Aug 2017
15-Sep-15
14-Jul-15
Regular Cash
Regular Cash
2-Feb-16
N.A.
Regular Cash
Regular Cash
The EGX 30 declined 2.8% to close the week at 13,279.6 on the back of losses in EFG Hermes (-7.9%),Delta Sugar (-6.8%), and Naeem Holding (USD) (-5.9%). During the week, gains were recorded in NationalDevelopment Bank (+11.2%), Canal Shipping Agencies (+10.5%), and HandD Bank (+4.0%). The top tradersby value were Citadel Capital (USD 11.5m), EFG Hermes (USD 10.5m), and CIB Egypt (USD 7.7m). Tradingin these shares accounted for 29.2% of this week’s turnover of EGP 1.8bn (USD 102.1m). The averageweekly value traded in the last six months is EGP 3.3bn (USD 184.4m). The EGX 30 is up 7.6% ytd (+9.8%USD) and the total market capitalisation is currently USD 18.5bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
1,814 27.58% EGPm 3,278.4 Company Week % chg Price
-651 92 USDm 184.4 Giza General Contracting -26.7 1.37
91% Asek Mining -12.1 12.61
579 22 Engineering Industries -7.9 11.47
1,230 66 EGPm 328,860 EFG Hermes -7.9 20.64
-52.9% -44 USDm 18,502 United H&D -7.6 5.10
Company EGP'000 % of total
Citadel Capital 204,998.1 11.30
EFG Hermes 186,863.0 10.30
CIB Egypt 137,755.3 7.59
Palm Hills Development 102,814.8 5.67
Arab Cotton Ginning 84,046.6 4.63
*The index is the EGX 30, an index consting of the top 30 most active Egyptian stocks ** Value Traded numbers are given in millions of Egyptian Pounds See the notes page for more information about calculations 13 Aug 2017 49
Total value Value Traded / Mkt Cap (%)
EGP/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 declinersTrading numbers
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Stocks traded (absolute)
Top 5 (value) tradersRebased Index Performance
Downside value Stocks down
Upside/downside ratio
Net value
Upside value
-68%
-40%
-12%
16%
44%
72%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD EGP
0 100,000 200,000 300,000 400,000
17 Jul 2017
13-Aug
Market Cap (EGPbn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Egyptian Stock Exchange (Egyptian Pound) Egypt
Price Value Volume 6 mths
Company Name Sector EGP % chg Move EGP '000 '000 High Low Off high YTD 12 mths EGP m USD m Val (000)
CIB Egypt BANK 82.63 -3.4 Down 137,755 1,630.91 88.38 47.94 -6.5 13.1 150.2 74,387 4,185 21,276.3
Company Reporting period Expected reporting date Year DPS
JORF LASFAR ENERGY CO Half Year 8/18/2017 Credit Du Maroc 2015 22.0
Unimer 2015 3.0
Afriquia Gaz 105.0
Balima 2015 4.2
Auto Hall 2.5
51
Type
Regular Cash
Final
Regular Cash
Regular Cash
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
11-Aug-15
11 Aug 2017
15-Sep-15
N.A.
21-Jul-15
N.A.Special Cash
The MASI gained 1.1% to close the week at 12,326.2 on the back of gains in Sonasid (+28.7%), RISMA(+20.9%), and Alliances (+19.1%). During the week, losses were recorded in Afriquia Gaz (-5.9%), HPS (-0.8%), and Douja Prom. Addoha (-0.7%). The top traders by value were Alliances (USD 11.0m), AttijariwafaBank (USD 4.4m), and SNEP (USD 4.4m). Trading in these shares accounted for 49.8% of this week’sturnover of MAD 374.1m (USD 39.6m). The average weekly value traded in the last six months is MAD564.9m (USD 59.8m). The MASI is up 5.9% ytd (+13.6% USD) and the total market capitalisation iscurrently USD 60.7bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
19.8 11 MADm 568,476 Stokvis Nord Afrique -3.6 21.54
1596.3% 18 USDm 60,230 Cartier Saada -3.1 24.10
Company MAD'000 % of total
Alliances 103,469.1 28.11
Attijariwafa Bank 41,581.2 11.29
SNEP 41,408.4 11.25
Sonasid 27,685.5 7.52
Maroc Telecom 26,372.0 7.16
*The index is the MORALSI, the (new) all share index ** Value Traded numbers are given in millions of Moroccan Dirhams See the notes page for more information about calculations 11 Aug 2017 52
Total value Value Traded / Mkt Cap (%)
MAD/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-14%
-5%
4%
13%
22%
31%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD MAD
0 200,000 400,000 600,000
10 Jan 2017
11-Aug
Market Cap (MAD bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Bourse de Tunis (Tunisian Dinar) Tunisia
2012 2013 2014 2015 2016E 2017F
-8.2 -8.3 -8.8 -8.5 -7.0 -6.2
44.5 44.3 50.0 54.0 56.3 57.2
- - - - - -
4,198.0 4,316.8 4,422.1 3,984.8 3,972.4 4,024.3
3.7 2.3 2.3 1.0 3.0 4.0
45.2 47.0 48.6 44.3 44.6 45.6
5.9 5.7 4.8 4.4 4.0 3.9
Company Reporting period Expected reporting date Year DPS
SOCIETE ELECTROSTAR Full Year 8/15/2017 Adwya 2015 0.3
Delice Holding 2015 0.6
Societe Immobili 2014 0.1
Tunisie Profiles 2015 0.2
54
Type
Regular Cash
Regular Cash
Regular Cash
Regular Cash
Market Commentary
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Current account balance (% GDP)
Govt gross debt (% GDP)
Dividends Last Cum date
6-Oct-15
11 Aug 2017
15-Jul-15
5-Aug-15
6-Jul-15
The Tunis ALSI gained 0.2% to close the week at 6,191.5 on the back of gains in BNA (+6.1%), STAR(+5.2%), and Monoprix (+5.1%). During the week, losses were recorded in ARTES (-5.8%), Arab TunisianBank (-3.1%), and Magasin Général (-1.6%). The top traders by value were Banque de Tunisie (USD410.4k), Telnet Holding (USD 209.8k), and Carthage Cement (USD 172.5k). Trading in these sharesaccounted for 45.4% of this week’s turnover of TND 4.2m (USD 1.7m). The average weekly value tradedin the last six months is TND 13.8m (USD 5.7m). The Tunis ALSI is up 12.8% ytd (+9.1% USD) and thetotal market capitalisation is currently USD 6.1bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Bourse de Tunis (Tunisian Dinar) Tunisia
TUNIS Index Level % chg Level % chg % chg Company Week % chg Price
Current 6,191.5 2.39 H: 14-Jul-17 6,233.5 BNA 6.1 10.93
This week 6,181.0 0.17 2.40 0.35 0.52 L: 29-Sep-16 5,332.1 STAR 5.2 121.0
*The index is the TUNIS index, an all share index ** Value Traded numbers are given in millions of Tunisian Dinars See the notes page for more information about calculations 11 Aug 2017 55
Total value Value Traded / Mkt Cap (%)
TND/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lows
Top 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)
Stocks up Total Market cap
Trading numbers
Top 5 (value) tradersRebased Index Performance
Net value Stocks traded (absolute)
Upside value
Downside value Stocks down
Upside/downside ratio
-18%
-10%
-2%
6%
14%
22%
Aug-16 Nov-16 Feb-17 May-17 Aug-17
USD TND
0 5,000 10,000 15,000
14 Jul 2017
11-Aug
Market Cap (TND m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Bourse de Tunis (Tunisian Dinar) Tunisia
Price Value Volume 6 mths
Company Name Sector TND % chg Move TND '000 '000 High Low Off high YTD 12 mths TND m USD m Val (000)
BIAT BANK 110.0 1.5 Up 72 0.66 112.5 83.50 -2.2 22.6 37.5 1,870 781 286.9
** # of days since the stock last traded at this price
55
Movement (% chg)
11 Aug 2017
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Notes
General stock exclusions include secondary listings, stocks that have missing information, and those that have not traded on more than a year.
Detailed information is given per country on the top 30 stocks by market capitalisation.
Please note that the Egyptian market watchlist is limited to the EGX30 and EGX 70 constituents
Value traded numbers are given in thousands, quoted in the local currency.
Value traded is estimated as vwap or closing price, times volume traded. There will therefore be slight variations between actual value traded and our estimate.
Calculations are as follows:
Turnover Analysis
Total value - is the sum of the value traded, for the entire market.
Net value - value traded for stocks trading up less stocks trading down.
6 mth weekly value traded - the average weekly value traded (taken over a 6 month period), adjusted for trade frequency.
USD Value traded numbers are converted at the latest fx-rate to indicate today's expected USD value traded (shown in 000).
Upside value - value traded for stocks that moved up.
Downside value - value traded for stocks that moved down.
Upside/downside ratio - Upside volume divided by downside volume.
Trading Numbers
Value Traded / Mkt Cap (%) - value traded as a percentage of total market cap, annualised using 50 trading weeks per year.
Stocks traded (absolute) - number of stocks that traded.
Stocks traded (%) - %of stocks that traded per market.
Stocks up - number of stocks that moved up.
Stocks down - number of stocks that moved up.
Advance - Decline - Stock up - stocks down.
Each of the country graphs is designed to show index performance in local currency, vs. performance in USD terms.
The market capitalisation graph represents graphically the difference in current market capitalisation, and market capitalisation at the (local) index peak.
Sources: Bloomberg, Company reports, Various stock exchange daily reports, African Alliance database, Economic data from IMF WEO Oct 2013
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Terms of use Terms of use Terms of use Terms of use ---- disclaimer disclaimer disclaimer disclaimer ---- disclosuredisclosuredisclosuredisclosure
This document is confidential and issued for the information of internal and external clients of African Alliance Ltd (Reg no 79171C, Isle of Man) and its subsidiaries (African Alliance). It is subject to copyright and may not be reproduced in whole or in part without written permission from the author.
The information, opinions and recommendations contained herein are and must be construed solely as statements of opinion and not statements of fact. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such recommendation or information is given or made by African Alliance in any form or manner whatsoever. Each recommendation or opinion must be weighed solely as one factor in any investment or other decision made by or on behalf of any user of the information contained herein and such user must accordingly make its own study and evaluation of each strategy / security that it may consider purchasing, holding or selling and should appoint its own investment or financial or other advisors to assist the user in reaching any decision. African Alliance will accept no responsibility of whatsoever nature in respect of any statement, opinion, recommendation or information contained in this document.
This research report was prepared by African Alliance. The African Alliance entities are not registered broker-dealers in the United States and, therefore, are not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and is not an associated person of a U.S. Broker Dealer and, therefore, is not subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.
African Alliance has a chaperoning agreement with Beech Hill Securities, Inc. a FINRA registered broker/dealer, in compliance with Rule 15a-6. Beech Hill Securities, Inc. has not approved, reviewed or authorized the respective research provided. Nor should such research be considered an offer by or solicitation of an offer to buy, or representation that transactions in such securities be conducted by or through African Alliance. Any transactions in the subject securities by eligible U.S. institutional investors must be effected through chaperoning of Beech Hill Securities, Inc. in compliance with Rule 15a-6 and agreed upon procedures between African Alliance and Beech Hill Securities, Inc.
African Alliance is an investment bank, and provides a full range of investment banking services. It and its affiliate companies conduct investment banking business that relates to companies covered in its research, including market making, proprietary trading, fund management and providing investment services. African Alliance has a policy in place to avoid or manage conflicts of interest that may arise due to its diverse activities. Our traders or other professional staff may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
African Alliance Botswana Securities African Alliance Securities Ghana African Alliance Kenya Investment Bank