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
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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 (1.3; -0.1% w/w)Gold (1,196.8; -2.5% w/w) MSCI WORLD (1,845.9; -0.2% w/w)
Crude Oil (51.4; -8.1% w/w) MSCI EM (926.1; -0.5% 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 40.39 Jan
Botswana 4.60 Mar-25 BW007 8.0 yrs 5.50 3.10 Jan
Lesotho 7.65 Oct-22 LSO 8 5.6 yrs 11.40 5.30 Dec
Malawi 24.00 18.20 Jan
Mauritius 3.65 Dec-20 Five year 3.7 yrs 4.00 1.20 Feb
Namibia 10.19 Oct-24 GC24 7.6 yrs 10.75 8.20 Jan
South Africa 8.70 Dec-26 R186 9.8 yrs 10.50 6.60 Jan
Swaziland 8.75 Nov-20 SG23 3.7 yrs 10.75 8.20 Jan
Zambia 19.95 Jan-26 10 year 8.9 yrs 14.00 6.80 Feb
Zimbabwe 8.50 -0.65 Jan
East AfricaKenya 13.58 Jan-24 10 year 6.8 yrs 13.65 9.04 Feb
Rwanda 13.00 Mar-27 10 year 10.0 yrs 17.45 7.40 Jan
Tanzania 18.87 Nov-25 10 year 8.6 yrs 14.27 5.00 Dec
Uganda 16.09 Apr-23 UG0000001244 6.1 yrs 22.37 6.70 Feb
West Africa
Senegal 1.80 Jan
Ghana 23.88 Nov-20 Five year 3.7 yrs 25.50 13.30 Jan
Nigeria 15.87 Mar-24 10 year 7.0 yrs 17.06 18.72 Jan
North Africa
Egypt 16.77 Nov-25 EGBGR01631F3 8.7 yrs 15.75 30.25 Feb
Morocco 5.24 1.90 Nov
Tunisia 6.73 May-22 10 year 5.2 yrs 4.25 4.20 Dec
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
STERLING BANK Full Year 3/14/2017 Ecobank Transnat 2015 0.00
UNITED BANK FOR AFRICA PLC Full Year 3/14/2017 University Press 2015 0.2
OKOMU OIL PALM PLC Full Year 3/16/2017 Nestle Nigeria P 2015 10.0
GLAXOSMITHKLINE CONSUMER NIG Full Year 3/16/2017 Vetiva Griffin30 2015 0.1
NCR NIGERIA PLC Full Year 3/16/2017 Consolidated Hal 2015 0.02
LAFARGE AFRICA PLC Full Year 3/17/2017
FIDELITY BANK/NIGERIA Full Year 3/17/2017
CHAMPION BREWERIES PLC Full Year 3/17/2017
ASHAKA CEM PLC Full Year 3/17/2017
WAPIC INSURANCE PLC Full Year 3/17/2017
MANSARD INSURANCE PLC Full Year 3/17/2017
DANGOTE SUGAR REFINERY PLC Full Year 3/17/2017
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
10 Mar 2017
1-Sep-15
23-Nov-15
10-Aug-15
10-Aug-15Final
The NSE ALSI gained 2.7% to close the week at 25,238.0 on the back of gains in Unilever Nigeria (+16.1%),Dangote Cement (+7.9%), and Guinness Nigeria (+7.6%). During the week, losses were recorded inAshaka Cement (-7.9%), Lafarge WAPCO (-7.0%), and Union Bank Nig. (-5.5%). The top traders by valuewere Zenith Bank (USD 9.3m), Guaranty Trust Bank (USD 4.5m), and Nigerian Breweries (USD 4.4m).Trading in these shares accounted for 54.3% of this week’s turnover of NGN 10.5bn (USD 33.5m). Theaverage weekly value traded in the last six months is NGN 8.4bn (USD 26.8m). The NSE ALSI is down6.1% ytd (-5.9% USD) and the total market capitalisation is currently USD 26.1bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
*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 10 Mar 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
-55%
-40%
-25%
-10%
5%
20%
35%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD NGN
0 5,000 10,000 15,000
23 Jun 2016
10-Mar
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
SIC INSURANCE CO LTD Full Year 3/13/2017 Total Petroleum 2015 0.09
TOTAL PETROLEUM GHANA LTD Full Year 3/13/2017 Mechanical Lloyd 2015 0.02
CAL BANK LTD Full Year 3/13/2017 Trust Bank Ltd 2015 0.2
HFC BANK (GHANA) LTD Full Year 3/13/2017
SAM - WOODE LTD Full Year 3/13/2017
SOCIETE GENERALE GHANA LTD Full Year 3/13/2017
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
10 Mar 2017
30-Nov-15
29-Sep-15
The GSE Composite gained 0.4% to close the week at 1,874.8 on the back of gains in CAL Bank (+2.7%),Stanchart Ghana (+2.2%), and Ghana Commercial Bank (+0.4%). During the week, losses were recordedin Total Petroleum (-4.3%), and SocGen (Ghana) (-1.3%). The top traders by value were Total Petroleum(USD 481.8k), Ghana Commercial Bank (USD 422.5k), and Benso Oil Palm (USD 39.6k). Trading in theseshares accounted for 89.8% of this week’s turnover of GHS 5.0m (USD 1.1m). The average weekly valuetraded in the last six months is GHS 8.9m (USD 1.9m). The GSE Composite is up 11.0% ytd (+1.4% USD)and the total market capitalisation is currently USD 2.6bn.
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 1,874.8 4.64 H: 08-Apr-16 1,972.2 Aluworks Ghana 7.1 0.15
This week 1,868.0 0.36 4.81 3.67 4.04 L: 07-Dec-16 1,527.9 CAL Bank 2.7 0.77
*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 10 Mar 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
-45%
-25%
-5%
15%
35%
55%
75%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD GHS
0 5,000 10,000 15,000
08 Apr 2016
10-Mar
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)
Ecobank Ghana BANK 7.03 0.00 0.00 - - 2,061 445 -
ETI (Ghana) BANK 0.12 - Flat 170 1,419.88 0.22 0.10 -45.5 20.0 -53.8 1,916 413 7.1
Stanchart Ghana BANK 15.33 2.2 Up 17 1.15 16.20 8.49 -5.4 25.9 -6.0 1,771 382 40.7
Company Reporting period Expected reporting date 44.8 39.9 36.6 34.7 33.4 32.1
BANK OF AFRICA-BURKINA FASO Full Year 3/13/2017 - - - - - -
SONATEL Full Year 3/15/2017 1,235.0 1,379.5 1,460.0 1,318.8 1,409.3 1,518.8
BOA-COTE D'IVOIRE Full Year 3/15/2017 10.7 8.7 7.9 8.2 7.6 7.4
ONATEL BF Full Year 3/15/2017 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)
10 Mar 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 declined 1.0% to close the week at 281.9 on the back of losses in Bank of Africa BF (-10.6%), SAPH (-8.9%), and FILTISAC CI (-5.9%). During the week, gains were recorded in BICI CI (+1.6%).The top traders by value were Sonatel SN (USD 2.2m), SGB (USD 0.3m), and CIE (USD 0.2m). Trading inthese shares accounted for 71.4% of this week’s turnover of XOF 2.4bn (USD 3.8m). The average weeklyvalue traded in the last six months is XOF 4.1bn (USD 6.6m). The IC Composite is down 3.5% ytd (-2.2%USD) and the total market capitalisation is currently USD 9.3bn.
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 281.9 621.21 H: 22-Apr-16 320.3 Total CI 6.2 17,000
This week 284.6 -0.95 623.06 0.30 -0.66 L: 20-Oct-16 268.0 Crown SIEM CI 5.6 38,000
Prev week 288.4 -1.32 623.38 0.05 -1.27 Off peak -12.0% Uniwax CI 2.2 22,990
MTD 288.5 -2.32 622.80 0.26 -2.07 At High 0/37 BICI CI 1.6 94,500
YTD 292.2 -3.53 629.93 1.40 -2.18 At Low 6/37 SETAO CI 0.4 27,000
2,394.6 2.08% XOFm 4,103.6 Company Week % chg Price
-1,966.6 32 USDm 6.6 Bank of Africa BF -10.6 160,000
86% SAPH -8.9 12,750
100.1 6 Vivo Energy CI -8.0 1,840
2,066.8 22 XOFm 5,752,626 NEI-CEDA CI -7.5 2,775
-95.2% -16 USDm 9,260 Air Liquide CI -5.9 10,000
Company XOF'000 % of total
Sonatel SN 1,383,581 57.78
SGB 185,700 7.76
CIE 140,843 5.88
Vivo Energy CI 80,273 3.35
Onatel BF 75,659 3.16
*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 Mar 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
-26%
-20%
-14%
-8%
-2%
4%
10%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD XOF
0 5,000,000 10,000,000
22 Apr 2016
10-Mar
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)
Sonatel SN TELE 25,000 -0.1 Down 1,383,581 55,337 26,000 21,500 -3.8 - -2.2 2,500,000 4,024 2,234.2
SGB BANK 150,000 -0.0 Down 185,700 1,238 168,235 120,000 -10.8 2.7 3.4 466,667 751 369.0
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
BARCLAYS BANK OF KENYA LTD Full Year 3/13/2017 Cfc Stanbic Hold 2015 0.8
EQUITY GROUP HOLDINGS LTD Full Year 3/15/2017 Nation Media Grp 2015 2.5
BAMBURI CEMENT LTD Full Year 3/17/2017 Unga Group Ltd 2015 1.0
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
10 Mar 2017
21-Sep-15
3-Dec-15
28-Sep-15
21-Sep-15Interim
The FTSE NSE Kenya 15 gained 2.0% to close the week at 148.9 on the back of gains in KCB Bank(+13.5%), BAT (Kenya) (+5.8%), and Equity Bank (+4.9%). During the week, losses were recorded in Kakuzi(-8.8%), KenolKobil (-7.5%), and CFC Stanbic (-7.1%). The top traders by value were Safaricom (USD12.6m), KCB Bank (USD 2.2m), and Equity Bank (USD 2.1m). Trading in these shares accounted for 82.4%of this week’s turnover of KES 2.1bn (USD 20.5m). The average weekly value traded in the last six monthsis KES 2.4bn (USD 23.4m). The FTSE NSE Kenya 15 is down 7.9% ytd (-8.0% USD) and the total marketcapitalisation is currently USD 16.4bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Nairobi Securities Exchange (Kenyan Shilling) Kenya
2,108.2 6.27% KESm 2,405.9 Company Week % chg Price
1,629.5 52 USDm 23.4 Olympia Capital(Kenya) -14.3 2.40
87% Kakuzi -8.8 271.0
1,867.3 21 KenolKobil -7.5 13.00
237.8 25 KESm 1,681,121 CFC Stanbic -7.1 65.00
685.4% -4 USDm 16,385 BA Investment -4.8 10.00
Company KES'000 % of total
Safaricom 1,291,013.7 61.24
KCB Bank 226,558.8 10.75
Equity Bank 219,571.2 10.41
EABL 144,165.4 6.84
Bamburi Cement 72,747.9 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 10 Mar 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
-39%
-30%
-21%
-12%
-3%
6%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD KES
0 1,000,000 2,000,000 3,000,000
29 Apr 2016
10-Mar
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 21.50 -4.4 Down 310 13.7 26.25 16.95 -18.1 4.9 -10.4 3,917 38 85.3
1410 Mar 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
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
10 Mar 2017
15-Oct-15
The DSE ALSI declined 4.0% to close the week at 2,212.6. The top traders by value were TanzaniaBreweries (USD 191.0k), CRDB Bank (USD 25.8k), and TWIGA (USD 12.4k). Trading in these sharesaccounted for 93.0% of this week’s turnover of TZS 549.2m (USD 246.5k). The average weekly valuetraded in the last six months is TZS 6.2bn (USD 2.8m). The DSE ALSI is up 0.6% ytd (-1.7% USD) and thetotal market capitalisation is currently USD 3.2bn.
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
Current 2,212.6 2,232.12 H: 23-Feb-17 8,401.4 No Gainers
MTD 2,304.1 -3.97 2,225.00 -0.32 -4.28 At High 1/14 --
YTD 2,198.4 0.65 2,181.00 -2.29 -1.66 At Low 6/14 --
549.2 0.38% TZSm 6,209.8 Company Week % chg Price
- 7 USDm 2.8 No Decliners
50% --
- 0 --
- 0 TZSm 7,268,131 --
- 0 USDm 3,256 --
Company TZS'000 % of total
Tanzania Breweries 425,592.0 77.49
CRDB Bank 57,599.8 10.49
TWIGA 27,594.5 5.02
DSE TZ Equity 25,374.0 4.62
Tanzania Cigarette 7,015.0 1.28
*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 10 Mar 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
-88%
-20%
48%
116%
184%
252%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD TZS
0 5,000,000 10,000,000
23 Feb 2017
10-Mar
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)
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
BANK OF KIGALI LTD Full Year 3/15/2017
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
10 Mar 2017
The AA Rwanda Index gained 0.4% to close the week at 124.2 on the back of gains in Bank of Kigali(+0.8%). The top traders by value were Bank of Kigali (USD 1.1m), and Bralirwa (USD m). Trading in theseshares accounted for 100.0% of this week’s turnover of RWF 866.2m (USD 1.1m). The average weeklyvalue traded in the last six months is RWF 385.3m (USD 466.8k). The AA Rwanda Index is up 3.6% ytd(+3.1% USD) and the total market capitalisation is currently USD 323.0m.
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Rwanda Stock Exchange (Rwandan Franc) Rwanda
RSE SI Level % chg Level % chg % chg Company Week % chg Price
Current 124.2 825.50 H: 08-Apr-16 146.8 Bank of Kigali 0.8 245.0
Prev week 123.7 0.00 819.73 -0.46 -0.46 Off peak -15.4%
MTD 123.7 0.40 819.75 -0.70 -0.29 At High 0/2
YTD 119.9 3.55 822.00 -0.42 3.11 At Low 0/2
866.2 16.24% RWFm 385.3 Company Week % chg Price
866.2 1 USDm 0.5 No Decliners
50% --
866.2 1
- 0 RWFm 266,622
- 1 USDm 323
Company RWF'000 % of total
Bank of Kigali 866,222.0 100.00
-- - -
*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 10 Mar 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
-39%
-30%
-21%
-12%
-3%
6%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD RWF
0 100,000 200,000 300,000 400,000
08 Apr 2016
10-Mar
Market Cap (RWF bn) : Current vs Peak
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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
NEW VISION PRINTING & PUBLIS Half Year 3/13/2017 Umeme Ltd 2015 10.8
STANBIC BANK UGANDA LTD Full Year 4/13/2017 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
10 Mar 2017
29-Dec-15
The USE ALSI gained 1.5% to close the week at 1,416.9 on the back of gains in DFCU (+0.1%). The toptraders by value were Umeme (USD 184.5k), Stanbic Uganda (USD 2.2k), and DFCU (USD 0.2k). Trading inthese shares accounted for 99.9% of this week’s turnover of UGX 673.0m (USD 187.1k). The averageweekly value traded in the last six months is UGX 2.1bn (USD 592.5k). The USE ALSI is down 4.1% ytd (-4.1% USD) and the total market capitalisation is currently USD 1.1bn.
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MTD 1,412.3 0.33 3,588.00 -0.29 0.03 At High 2/8 --
YTD 1,477.4 -4.09 3,596.50 -0.06 -4.15 At Low 2/8 --
673.0 0.82% UGXm 2,132.0 Company Week % chg Price
0.8 4 USDm 0.6 No Decliners
50% --
0.8 1 --
- 0 UGXm 4,094,687 --
- 1 USDm 1,138 --
Company UGX'000 % of total
Umeme 663,695.7 98.61
Stanbic Uganda 7,905.0 1.17
DFCU 836.0 0.12
Uganda Clays 600.0 0.09
-- - -
*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 10 Mar 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
-44%
-35%
-26%
-17%
-8%
1%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD UGX
0 2,000,000 4,000,000 6,000,000
21 Mar 2016
10-Mar
Market Cap (UGX bn) : Current vs Peak
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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
10 Mar 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.
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Johannesburg Stock Exchange (South African rand) South Africa
34,196 36.63% ZARm 44,591 Company Week % chg Price
222 47 USDm 3,384 Ellies Holdings -8.3 0.22
78% Cashbuild -6.2 354.2
17,208 14 Metrofile Holdings -5.4 4.90
16,987 31 ZARbn 4,668 Hulamin -4.2 6.15
1.3% -17 USDbn 354 Omnia Holdings -3.9 167.9
Company ZAR'm % of total
Naspers 7,296 21.34
Aspen Pharmacare 2,657 7.77
MTN Group 2,651 7.75
Standard Bank Group 2,579 7.54
Absa Group 1,957 5.72
*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 10 Mar 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
-18%
-10%
-2%
6%
14%
22%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD ZAR
0 2,000 4,000 6,000
30 May 2016
10-Mar
Market Cap (ZAR bn) : Current vs Peak
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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 35.90 -1.1 Down 188 5,201 44.00 33.65 -18.4 -7.1 -11.4 11,320 859 13,174
26
Weekly 12 Month Movement (% chg) Market cap
10 Mar 2017
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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
GAMMA CIVIC LTD Full Year 3/17/2017 Enl Commercial L 2015 0.5
LOTTOTECH LTD Full Year 3/17/2017 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
10 Mar 2017
22-Dec-15
30-Nov-15
24-Feb-16
18-Jan-16Interim
The SEMDEX declined 0.0% to close the week at 1,917.8 on the back of losses in Rogers & Co (-2.7%),Omnicane (-1.6%), and Alteo LTD (-0.8%). During the week, gains were recorded in Sun Resorts (+1.9%),LOTTOTECH (+0.7%), and Fincorp (+0.5%). The top traders by value were MCB (USD 1.4m), State BankMauritius (USD 0.6m), and CIEL (USD 0.2m). Trading in these shares accounted for 61.8% of this week’sturnover of MUR 129.5m (USD 3.6m). The average weekly value traded in the last six months is MUR223.3m (USD 6.3m). The SEMDEX is up 6.0% ytd (+6.8% USD) and the total market capitalisation iscurrently USD 11.0bn.
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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 10 Mar 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
-11%
-5%
1%
7%
13%
19%
25%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD MUR
0 100,000 200,000 300,000 400,000
17 Feb 2017
10-Mar
Market Cap (MUR bn) : Current vs Peak
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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 7.02 - Flat 21,369 3,044.02 7.24 0.70 -3.0 5.7 4.8 213,226 5,971 629.0
MCB BANK 226.5 0.1 Up 50,590 223.35 228.0 204.8 -0.7 5.3 10.2 56,710 1,588 1,998.4
Caudan Development INVE 0.98 -1.0 Down 426 434.00 1.25 0.95 -21.6 2.1 -18.3 803 22 18.2
2910 Mar 2017
Movement (% chg) Market cap12 MonthWeekly
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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
CHOPPIES ENTERPRISES LTD Half Year 3/15/2017 Turnstar 2015 8.0
BARCLAYS BANK OF BOTSWANA Full Year 3/16/2017 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
10 Mar 2017
Last Cum date
16-Nov-15
2-Nov-15
7-Sep-15
17-Aug-15
19-Oct-15
The BSE DCI gained 0.1% to close the week at 9,120.7 on the back of gains in FNB Botswana (+1.1%),BIHL Botswana (+1.0%), and Engen Botswana (+0.5%). During the week, losses were recorded inStanchart Botswana (-3.3%), Letshego (-1.4%), and Sefalana (-0.5%). The top traders by value wereChoppies (USD 4.4m), BIHL Botswana (USD 1.4m), and Turnstar (USD 0.3m). Trading in these sharesaccounted for 95.2% of this week’s turnover of BWP 37.9m (USD 6.4m). The average weekly value tradedin the last six months is BWP 283.7m (USD 27.2m). The BSE DCI is down 3.0% ytd (-0.8% USD) and thetotal market capitalisation is currently USD 34.1bn.
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MTD 9,053.0 0.75 10.40 -0.52 0.22 At High 2/24 Barclays Botswana 0.4 5.52
YTD 9,400.7 -2.98 10.68 2.24 -0.80 At Low 1/24 New Africa Properties 0.3 3.05
37.9 4.37% BWPm 30.2 Company Week % chg Price
9.4 16 USDm 2.9 Stanchart Botswana -3.3 7.35
67% Letshego -1.4 2.07
9.5 6 Sefalana -0.5 10.70
0.1 4 BWPm 43,393 G4S -0.2 4.06
8130.3% 2 USDm 4,153 --
Company BWP'000 % of total
Choppies 25,020.3 65.95
BIHL Botswana 7,827.8 20.63
Turnstar 3,275.5 8.63
New Africa Properties 1,238.0 3.26
Barclays Botswana 156.5 0.41
*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 10 Mar 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
-2763%
-15%
2733%
5481%
8229%
10977%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD BWP
0 20,000 40,000 60,000
08 Apr 2016
10 Mar 2017
Market Cap (BWPm) : Current vs Peak
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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 2.75 1.1 Up 90 32.66 3.60 2.67 -23.6 -7.1 -24.7 7,050 675 163.7
Olympia Capital (Botswana) BUIL 0.20 0.00 0.00 - - 6 1 -
32
12 MonthWeekly
USD m
Market capMovement (% chg)
10 Mar 2017
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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
EDGARS STORES (ZIMBABWE) Full Year 3/14/2017 Cbz Holdings Ltd 2015 0.00
INNSCOR AFRICA LTD Half Year 3/15/2017 Natl Foods Hold 2015 0.05
COLCOM HOLDINGS LTD Half Year 3/15/2017 Colcom Holdings 2015 0.01
NICOZ DIAMOND Full Year 3/17/2017 Fbc Holdings Ltd 2015 0.00
DAIRIBORD HOLDINGS LTD Full Year 3/17/2017 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)
10 Mar 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 0.7% to close the week at 135.4 on the back of gains in Econet Wireless (USD)(+15.4%), TSL (USD) (+7.0%), and Barclays Zimbabwe (USD) (+4.0%). During the week, losses wererecorded in CBZ Bank (USD) (-0.5%). The top traders by value were Delta Corp Zimbabwe (USD) (USD942.2k), Innscor Africa (USD) (USD 296.4k), and Econet Wireless (USD) (USD 249.3k). Trading in theseshares accounted for 92.7% of this week’s turnover of USD 1.6m (USD 1.6m). The average weekly valuetraded in the last six months is USD 3.3m (USD 3.3m). The ZSE Industrial is down 6.3% ytd (-6.3% USD)and the total market capitalisation is currently USD 3.5bn.
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*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 10 Mar 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)
-26%
-10%
6%
22%
38%
54%
70%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD USD
0 1,000 2,000 3,000 4,000
14 Dec 2016
10-Mar
Market Cap (USD m) : Current vs Peak
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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)
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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
LAFARGE CEMENT ZAMBIA PLC Full Year 3/16/2017 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
10 Mar 2017
The LuSE ALSI gained 1.6% to close the week at 4,328.3 on the back of gains in Lafarge Zambia (+35.7%),and AEL Zambia (+17.4%). During the week, losses were recorded in StanChart Zambia (-0.6%). The toptraders by value were AEL Zambia (USD 698.3k), Lafarge Zambia (USD 422.3k), and ZAMEFA (USD141.0k). Trading in these shares accounted for 89.6% of this week’s turnover of ZMK 13.7m (USD 1.4m).The average weekly value traded in the last six months is ZMK 4.9m (USD 504.3k). The LuSE ALSI is up3.2% ytd (+6.5% USD) and the total market capitalisation is currently USD 2.6bn.
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*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 10 Mar 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
-43%
-30%
-17%
-4%
9%
22%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD ZMK
0 10,000 20,000 30,000 40,000
08 Apr 2016
10-Mar
Market Cap (ZMK bn) : Current vs Peak
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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 INVESTMENT TRUST Full Year 3/14/2017 Natl Bk Of Malaw 2015 3.2
National Investm 2015 60.0
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
10 Mar 2017
11-Sep-15
28-Aug-15
28-Sep-15
25-Sep-15Regular Cash
The MSE ALSI gained 2.7% to close the week at 14,036.4 on the back of gains in NITL (+20.0%), IllovoMalawi (+11.1%), and NBM (+0.8%). The top traders by value were NBM (USD 15.1k), TNM (USD 3.6k), andFMB Malawi (USD 2.6k). Trading in these shares accounted for 82.4% of this week’s turnover of MWK18.8m (USD 25.9k). The average weekly value traded in the last six months is MWK 117.1m (USD 161.5k).The MSE ALSI is up 5.4% ytd (+5.7% USD) and the total market capitalisation is currently USD 798.5m.
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MTD 13,635.7 2.94 725.76 0.04 2.98 At High 5/13 --
YTD 13,320.5 5.37 727.47 0.27 5.66 At Low 2/13 --
18.8 0.16% MWKm 117.1 Company Week % chg Price
12.5 7 USDm 0.2 No Decliners
54% --
12.5 3 --
- 0 MWKm 579,334 --
- 3 USDm 799 --
Company MWK'000 % of total
NBM 10,943 58.28
TNM 2,612 13.91
FMB Malawi 1,920 10.23
NITL 1,500 7.99
Standard Bank 971 5.17
*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 10 Mar 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
-20%
-15%
-10%
-5%
0%
5%
10%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD MWK
0 200,000 400,000 600,000
08 Apr 2016
10-Mar
Market Cap (MWK bn) : Current vs Peak
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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)
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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
FNB NAMIBIA HOLDINGS LTD Half Year 3/16/2017 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
10 Mar 2017
22-Feb-16
22-Feb-16
7-Sep-15
22-Feb-16Interim
The NSX Local declined 0.0% to close the week at 571.2 on the back of losses in Bidvest Namibia (-0.1%),Oryx Properties (-0.0%), and FNB Namibia (-0.0%). The top traders by value were Namibia Breweries(USD 231.9k), Stimulus Investments (USD 92.8k), and Oryx Properties (USD 64.2k). Trading in theseshares accounted for 82.0% of this week’s turnover of NAD 6.2m (USD 474.3k). The average weekly valuetraded in the last six months is NAD 9.0m (USD 685.7k). The NSX Local is up 4.3% ytd (+8.8% USD) andthe total market capitalisation is currently USD 2.4bn.
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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 10 Mar 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
-21%
-10%
1%
12%
23%
34%
45%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD NAD
0 10,000 20,000 30,000 40,000
22 Feb 2017
10-Mar
Market Cap (NAD m) : Current vs Peak
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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)
FNB Namibia BANK 47.38 -0.0 Down 485 10.23 48.02 45.01 -1.3 -0.9 5.3 12,679 962 99.2
Bank Windhoek BANK 17.51 17.60 16.96 -0.5 - 3.1 8,830 670 1.9
Prev week 286.8 0.00 12.97 -0.03 -0.03 Off peak --
MTD 286.8 0.00 13.02 -1.17 -1.17 At High 0/7 --
YTD 286.8 0.00 13.74 4.26 4.26 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 182 --
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 10 Mar 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)
-18%
-10%
-2%
6%
14%
22%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD SZL
0 1,000 2,000 3,000
00 Jan 1900
10-Mar
Market Cap (SZL m) : Current vs Peak
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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
TELECOM EGYPT Full Year 3/13/2017 Raya Holding Co 2016 0.2
NATIONAL CO FOR MAIZE PRODUC Full Year 3/14/2017 Elswedy Electri 2016 1.0
ORIENTAL WEAVERS Full Year 3/14/2017 Palm Hills 0.2
ENGINEERING INDUSTRIES ICON Full Year 3/14/2017 Misr Beni Suef C 2015 3.0
PIONEERS HOLDING Full Year 3/14/2017 Golden Textiles 2015 0.3
EL KAHERA HOUSING Full Year 3/14/2017
GB AUTO Full Year 3/15/2017
EGYTRANS Full Year 3/15/2017
DEVELOPMENT & ENGINEER CONSU Full Year 3/16/2017
EL NASR CO FOR TRANSFORMERS Full Year 3/16/2017
ISMAILIA MISR POULTRY CO Full Year 3/16/2017
HOUSING & DEVELOPMENT BANK Full Year 3/16/2017
UNITED HOUSING & DEVELOPMENT Full Year 3/16/2017
GIZA GENERAL CONTRACTING & R Full Year 3/16/2017
ELSWEDY ELECTRIC CO Full Year 3/16/2017
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
12 Mar 2017
15-Sep-15
14-Jul-15
Regular Cash
Regular Cash
2-Feb-16
N.A.
Regular Cash
Regular Cash
The EGX 30 gained 2.4% to close the week at 12,919.9 on the back of gains in Egyptian Iron & Steel(+13.4%), Elswedy Cables (+7.2%), and Al Baraka Bank (+6.9%). During the week, losses were recorded inDelta Sugar (-2.9%), Palm Hills Development (-2.7%), and Sinai Cement (-2.2%). The top traders by valuewere EFG Hermes (USD 34.2m), CIB Egypt (USD 18.8m), and El Ezz Steel (USD 16.9m). Trading in theseshares accounted for 31.0% of this week’s turnover of EGP 3.9bn (USD 225.4m). The average weekly valuetraded in the last six months is EGP 4.7bn (USD 264.5m). The EGX 30 is up 4.7% ytd (+7.9% USD) and thetotal market capitalisation is currently USD 18.6bn.
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3,874 59.15% EGPm 4,656.0 Company Week % chg Price
1,793 92 USDm 264.5 Sharkia National Food -15.3 4.21
91% Universal Unipack -7.2 8.78
2,832 54 El Nasr Transf. & Electric -5.8 5.96
1,040 30 EGPm 327,529 Gulf Canadian Real Estate -4.7 7.58
172.4% 24 USDm 18,605 EL EZZ Ceramics -3.2 6.86
Company EGP'000 % of total
EFG Hermes 588,424.8 15.19
CIB Egypt 323,912.1 8.36
El Ezz Steel 290,430.3 7.50
Global Telecom Holding 262,480.0 6.77
Medinet Nasr Housing 211,371.9 5.46
*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 12 Mar 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
-61%
-30%
1%
32%
63%
94%
125%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD EGP
0 100,000 200,000 300,000 400,000
17 Jan 2017
12-Mar
Market Cap (EGPbn) : Current vs Peak
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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 78.05 4.0 Up 323,912 4,257.95 80.85 37.38 -3.5 6.8 136.3 70,264 3,991 24,622.9
Company Reporting period Expected reporting date Year DPS
CIMENTS DU MAROC Full Year 3/14/2017 Credit Du Maroc 2015 22.0
CNIA SAADA ASSURANCE Full Year 3/15/2017 Unimer 2015 3.0
LYONNAISE DES EAUX DE CASABL Full Year 3/16/2017 Afriquia Gaz 105.0
CTM Full Year 3/16/2017 Balima 2015 4.2
WAFA ASSURANCE Full Year 3/16/2017 Auto Hall 2.5
STOKVIS NORD AFRIQUE Full Year 3/17/2017
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
10 Mar 2017
15-Sep-15
N.A.
21-Jul-15
N.A.Special Cash
The MASI declined 0.4% to close the week at 11,935.0 on the back of losses in Sothema (-11.6%),Alliances (-8.9%), and Salafin (-3.3%). During the week, gains were recorded in Sonasid (+15.2%), HPS(+13.8%), and Managem (+8.3%). The top traders by value were Attijariwafa Bank (USD 3.8m), Label'Vie(USD 3.2m), and Ciments Du Maroc (USD 2.8m). Trading in these shares accounted for 29.3% of thisweek’s turnover of MAD 336.7m (USD 33.5m). The average weekly value traded in the last six months isMAD 815.8m (USD 81.2m). The MASI is up 2.5% ytd (+3.3% USD) and the total market capitalisation iscurrently USD 55.1bn.
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*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 10 Mar 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
-18%
-5%
8%
21%
34%
47%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD MAD
0 200,000 400,000 600,000
10 Jan 2017
10-Mar
Market Cap (MAD bn) : Current vs Peak
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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
Adwya 2015 0.3
Delice Holding 2015 0.6
Societe Immobili 2014 0.1
Tunisie Profiles 2015 0.2
2013
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
10 Mar 2017
15-Jul-15
5-Aug-15
6-Jul-15
The Tunis ALSI declined 0.2% to close the week at 5,569.6 on the back of losses in Arab Tunisian Bank (-3.4%), BNA (-2.7%), and Carthage Cement (-2.3%). During the week, gains were recorded in Banque del'Habitat (+5.4%), Ciments de Bizerte (+3.8%), and Magasin Général (+2.1%). The top traders by valuewere Carthage Cement (USD 2.1m), Banque de Tunisie (USD 0.3m), and Banque de l'Habitat (USD 0.2m).Trading in these shares accounted for 55.0% of this week’s turnover of TND 10.8m (USD 4.7m). Theaverage weekly value traded in the last six months is TND 15.9m (USD 7.0m). The Tunis ALSI is up 1.5%ytd (+2.9% USD) and the total market capitalisation is currently USD 5.9bn.
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Bourse de Tunis (Tunisian Dinar) Tunisia
TUNIS Index Level % chg Level % chg % chg Company Week % chg Price
Current 5,569.6 2.28 H: 01-Mar-17 5,613.3 STIP 15.3 2.41
Prev week 5,562.1 0.34 2.30 -0.05 0.28 Off peak -0.8% Banque de l'Habitat 5.4 19.93
MTD 5,607.0 -0.67 2.30 0.77 0.10 At High 0/58 Electrostar 5.4 2.91
YTD 5,488.8 1.47 2.32 1.44 2.93 At Low 2/58 Ciments de Bizerte 3.8 2.73
10.8 3.97% TNDm 15.9 Company Week % chg Price
-3.3 52 USDm 7.0 Servicom SA -6.8 8.39
90% SIPHAT -5.6 7.88
3.1 16 Modern Leasing -3.5 3.82
6.4 27 TNDm 13,578 Tunisair -3.5 0.55
-51.7% -11 USDm 5,946 Arab Tunisian Bank -3.4 4.32
Company TND'000 % of total
Carthage Cement 4,820.8 44.73
Banque de Tunisie 585.7 5.43
Banque de l'Habitat 520.8 4.83
SOMOCER 504.2 4.68
SFBT 488.5 4.53
*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 10 Mar 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
-20%
-15%
-10%
-5%
0%
5%
10%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
USD TND
0 5,000 10,000 15,000
01 Mar 2017
10-Mar
Market Cap (TND m) : Current vs Peak
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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)
** # of days since the stock last traded at this price
55
Movement (% chg)
10 Mar 2017
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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
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