African Alliance Pan-African Securities Research Equity Research I Pan-Africa I Weekly Market Indicators THE AFRICA WEEKLY 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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African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
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 (1.5; -0.6% w/w)Gold (1,203.1; +1.1% w/w) MSCI WORLD (1,778.4; -0.8% w/w)
Crude Oil (66.8; +3.0% w/w) MSCI EM (1,047.8; -0.6% w/w)
Company Reporting period Expected reporting date Year DPSRT BRISCOE NIGERIA PLC Full Year 06-May-15 Ecobank Transnat 2014 0.00NIGERIAN ROPES PLC Full Year 08-May-15 Fbn Holdings Plc 2015 0.1ARBICO PLC Full Year 08-May-15 Consolidated Hal 2013 0.03MULTIVERSE PLC Full Year 07-May-15 Nestle Nigeria P 17.5EKOCORP PLC Full Year 20-May-15 United Capital A 2015 0.2INTERNATIONAL ENERGY INSURAN Full Year 06-May-15STANDARD ALLIANCE INSURANCE Full Year 01-May-15JAPAUL OIL AND MARITIME SERV Full Year 04-May-15RAK UNITY PET CO PLC Full Year 12-May-15
3
TypeOmitted
FinalFinalFinal
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 date07-Jul-14
30 Apr 2015
04-May-1523-Jul-1327-Apr-1523-Mar-15Final
The NSE ALSI gained 0.6% to close the week at 34,708.1 on the back of gains in Unity Bank (+678.0%),Presco (+15.7%) and Unilever Nigeria (+11.3%). During the week, losses were recorded in Dangote SugarRefinery (-16.1%), Forte Oil (-10.6%) and Access Bank (-10.6%). The top traders by value were GuarantyTrust Bank (USD 9.2m), Zenith Bank (USD 8.8m) and Nigerian Breweries (USD 8.7m). Trading in theseshares accounted for 33.5% of this week’s turnover of NGN 15.8bn (USD 79.5m). The average weeklyvalue traded in the last six months is NGN 22.5bn (USD 113.3m). The NSE ALSI is up 0.1% ytd (-8.0% USD)and the total market capitalisation is currently USD 56.6bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
68% Forte Oil -10.6 177.77,398 32 Access Bank -10.6 5.997,520 39 NGNm 11,267,336 Oando -9.8 18.00-1.6% -7 USDm 56,620 May & Baker Nigeria -9.4 1.63
Company NGN'000 % of totalGuaranty Trust Bank 1,821,202 11.52Zenith Bank 1,742,161 11.02Nigerian Breweries 1,739,135 11.00Lafarge Africa 1,195,112 7.56UBA 1,100,001 6.96
*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 30 Apr 2015 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 valueDownside value Stocks downUpside/downside ratio
-60%
-45%
-30%
-15%
0%
15%
30%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD NGN
0 5,000 10,000 15,000
09 Jul 2014
30-Apr
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 mthsCompany Name Sector NGN % chg Move NGN '000 '000 High Low Off high YTD 12 mths NGN m USD m Val (000)Dangote Cement BUIL 184.5 5.4 Up 800,922 4,505 250.0 141.9 -26.2 -7.8 -18.4 3,143,974 15,799 5,701.0Nigerian Breweries BREW 157.0 2.6 Up 1,739,135 11,391 186.9 128.0 -16.0 -5.0 4.7 1,187,420 5,967 12,137.6Guaranty Trust Bank BANK 28.75 2.7 Up 1,821,202 64,047 31.88 17.00 -9.8 14.2 9.6 846,146 4,252 15,186.3Nestle Nigeria CONS 950.0 0.2 Up 474,314 504 1,150 746.3 -17.4 -6.1 -8.7 753,023 3,784 6,686.9Zenith Bank BANK 21.15 -4.1 Down 1,742,161 81,358 25.60 15.00 -17.4 14.9 -6.8 664,036 3,337 13,275.2ETI (Nigeria) BANK 20.70 -0.5 Down 834,003 40,484 20.90 12.81 -1.0 11.4 53.3 330,221 1,659 5,462.3Lafarge Africa BANK 9.80 -5.8 Down 1,195,112 118,131 16.29 6.37 -39.8 11.4 -30.8 319,794 1,607 8,995.5Stanbic IBTC Holdings BANK 29.45 7.9 Up 113,760 3,920 35.00 21.20 -15.9 9.1 28.0 294,500 1,480 1,908.3Lafarge WAPCO BUIL 94.00 3.3 Up 503,703 5,365 131.0 66.50 -28.2 16.8 -13.4 282,150 1,418 2,540.3Guinness Nigeria BREW 170.0 1.2 Up 211,378 1,276 215.0 113.4 -20.9 1.1 -3.4 256,001 1,286 1,722.7Forte Oil UTIL 177.7 -10.6 Down 147,758 790 257.0 149.0 -30.9 -22.0 19.2 191,912 964 1,382.4UBA BANK 5.29 -5.5 Down 1,100,001 212,606 8.14 2.99 -35.0 23.0 -21.6 174,472 877 3,150.2Union Bank Nig. BANK 10.22 -7.3 Down 47,861 4,535 11.50 6.82 -11.1 20.2 2.7 173,084 870 5,377.5Unilever Nigeria CONS 42.31 11.3 Up 148,370 3,622 55.00 27.00 -23.1 18.2 -10.9 160,071 804 1,181.3Unity Bank BANK 3.89 - 1,250 291 5.00 0.50 -22.2 678.0 678.0 149,558 752 142.1Access Bank BANK 5.99 -10.6 Down 625,028 102,641 10.10 4.71 -40.7 -9.2 -26.9 137,069 689 4,233.7Cadbury Nigeria CONS 39.90 1.8 Up 35,831 880 81.89 34.82 -51.3 -0.3 -46.8 124,902 628 165.1TransCorp Nigeria INVE 3.20 - Flat 797,059 249,081 6.50 2.28 -50.8 -1.5 -7.2 123,907 623 2,269.3Oando UTIL 18.00 -9.8 Down 588,140 31,219 33.47 12.83 -46.2 11.7 12.5 122,802 617 3,070.2P Z Cussons Nigeria CONS 28.50 -4.2 Down 130,941 4,376 39.00 17.50 -26.9 19.7 -20.8 113,159 569 953.67-Up Bottling Comp. BREW 162.0 -9.0 Down 36,133 213 188.5 82.00 -14.1 -2.1 80.0 103,776 521 632.2Flour Mills Nig. CONS 35.74 -3.4 Down 240,100 6,642 80.90 27.67 -55.8 -8.8 -47.8 85,264 428 1,735.0U A C N CONS 42.00 5.0 Up 698,632 17,390 67.85 26.22 -38.1 23.5 -25.7 80,676 405 2,557.4Dangote Sugar Refinery CONS 6.11 -16.1 Down 68,397 10,031 9.99 4.94 -38.8 -3.8 -38.3 73,320 368 693.8Intl Breweries BREW 21.49 -1.0 Down 7,498 349 32.00 17.10 -32.8 -8.0 -17.3 70,112 352 372.5Diamond Bank BANK 4.60 2.0 Up 275,483 60,145 6.85 3.45 -32.8 -17.6 -24.1 66,586 335 2,524.6FCMB BANK 3.34 -1.8 Down 264,548 79,388 4.55 2.00 -26.6 34.1 -5.6 66,141 332 1,712.8Julius Berger BUIL 51.70 - Flat 19,022 368 76.45 38.08 -32.4 -14.8 -27.1 62,040 312 388.6Mobil Oil Nig UTIL 150.0 -1.3 Down 91,376 600 180.0 115.0 -16.7 -5.1 26.9 54,089 272 197.4Fidelity Bank BANK 1.86 -6.5 Down 96,640 51,201 2.16 1.15 -13.9 14.8 -4.6 53,893 271 531.8
530 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSAFRICAN CHAMPION INDUSTRIES Full Year 07-May-15 Hfc Bank (Ghana) 2015 0.06CLYDESTONE GHANA LTD Full Year 21-May-15 Starwin Products 2013 0.00
Standard Charter 2015 0.4Benso Oil Palm 0.07Enterprise Group 2014 0.2
6
TypeFinalFinalFinal
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 date20-Apr-15
30 Apr 2015
24-Sep-1313-May-1505-May-1503-Dec-14Interim
The GSE Composite gained 0.6% to close the week at 2,272.8 on the back of gains in Ghana Oil (+7.1%),SocGen (Ghana) (+6.4%) and CAL Bank (+3.0%). During the week, losses were recorded in HFC Bank (-2.3%) and Total Petroleum (-0.2%).The top traders by value were Stanchart Ghana (USD 53.0k), GhanaCommercial Bank (USD 39.7k) and Ecobank Ghana (USD 32.6k). Trading in these shares accounted for54.7% of this week’s turnover of GHS 883.4k (USD 229.0k). The average weekly value traded in the last sixmonths is GHS 7.1m (USD 1.8m). The GSE Composite is up 0.5% ytd (-16.1% USD) and the total marketcapitalisation is currently USD 4.3bn.
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 PriceCurrent 2,272.8 3.85 H: 04-Jul-14 2,392.7 Ghana Oil 7.1 1.20This week 2,259.4 0.59 3.86 0.16 0.76 L: 03-Feb-15 2,143.5 SocGen (Ghana) 6.4 1.00Prev week 2,263.0 -0.16 3.82 -1.04 -1.19 Off peak -5.0% CAL Bank 3.0 1.04MTD 2,220.4 2.36 3.80 -1.39 0.93 At High 3/34 Ghana Commercial Bank 0.7 5.39YTD 2,261.0 0.52 3.22 -16.57 -16.14 At Low 0/34 Ecobank Ghana 0.4 8.00
56% Tullow Oil -5.6 33.000.7 6 HFC Bank -2.3 1.710.1 4 GHSm 16,565 Total Petroleum -0.2 6.14
1061.1% 2 USDm 4,298 --
Company GHS'000 % of totalStanchart Ghana 204.2 23.12Ghana Commercial Bank 153.1 17.33Ecobank Ghana 125.8 14.24Ghana Oil 117.8 13.34Fan Milk 98.2 11.12
*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 30 Apr 2015 7
Total value Value Traded / Mkt Cap (%)
GHS/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-40%
-30%
-20%
-10%
0%
10%
20%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD GHS
0 5,000 10,000 15,000 20,000
04 Jul 2014
30-Apr
Market Cap (GHS m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date 44.8 39.9 36.5 34.3 33.1 32.1NESTLE COTE D IVOIRE Full Year 01-Jun-15BANK OF AFRICA-BURKINA FASO Full Year 13-Aug-15 27.7 32.1 34.0 38.2 42.0 45.9BOA-COTE D'IVOIRE Full Year 20-Aug-15 10.7 8.7 8.5 7.9 7.8 7.5BANK OF AFRICA NG Full Year 13-Aug-15 1,332.1 1,370.0 1,494.8 1,596.9 1,695.3SOC AFRICAINE DE PLANTATIONS Full Year 16-Apr-15 3.4 0.4 1.6 1.6 2.5 2.5
Year TypeSonatel 1,440.0Palmci 2013 1,440.0Cie 2015 2,957.5Sogb 2014 0.0Bollore Africa L 2013 7,562.0
9
Last Cum date
11-Jun-13N.A.
29-Apr-1524-Jul-14
04-Jun-13
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)
30 Apr 2015
Dividends Amount
Regular CashRegular CashRegular CashRegular Cash
Nominal GDP (USDbn)GDP growth (%, constant prices)GDP per capita (USD)Inflation (%, end of period)
Regular Cash
The IC Composite declined 0.5% to close the week at 264.7 on the back of losses in CIE (-5.9%), Bank ofAfrica CI (-4.0%) and SAPH (-3.6%). During the week, gains were recorded in Bank of Africa BN (+17.9%),SITAB CI (+8.8%) and BICI CI (+8.6%). The top traders by value were Sonatel SN (USD 3.1m), SGB (USD1.3m) and Onatel BF (USD 0.4m). Trading in these shares accounted for 70.8% of this week’s turnover ofXOF 4.1bn (USD 6.8m). The average weekly value traded in the last six months is XOF 3.7bn (USD 6.3m).The IC Composite is up 2.6% ytd (-5.9% USD) and the total market capitalisation is currently USD 10.0bn.
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 PriceCurrent 264.7 588.54 H: 24-Apr-15 267.4 Bank of Africa BN 17.9 125,000This week 266.0 -0.50 613.15 4.18 3.66 L: 06-May-14 219.8 SITAB CI 8.8 152,000Prev week 263.2 1.09 614.69 0.25 1.34 Off peak -1.0% BICI CI 8.6 95,000MTD 262.6 0.82 611.53 3.91 4.75 At High 2/37 CFAO CI 6.6 69,000YTD 258.1 2.57 539.77 -8.29 -5.93 At Low 4/37 SICable 5.4 62,000
4,067.8 3.44% XOFm 3,711.3 Company Week % chg Price-1,573.6 32 USDm 6.3 Uniwax CI -77.3 16,555
86% CIE -5.9 61,0001,192.6 9 Bank of Africa CI -4.0 96,0002,766.2 17 XOFm 5,910,937 SAPH -3.6 13,500-56.9% -8 USDm 10,043 ETI (BRVM) -3.5 55.00
Company XOF'000 % of totalSonatel SN 1,855,749 45.62SGB 798,953 19.64Onatel BF 226,436 5.57Uniwax CI 222,316 5.47Bank of Africa BN 190,279 4.68
*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 30 Apr 2015 10
Total value Value Traded / Mkt Cap (%)
XOF/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-29%
-20%
-11%
-2%
7%
16%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD XOF
0 5,000,000 10,000,000
24 Apr 2015
30-Apr
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 mthsCompany Name Sector XOF % chg Move XOF '000 '000 High Low Off high YTD 12 mths XOF m USD m Val (000)Sonatel SN TELE 24,000 -0.8 Down 1,855,749 75,786 25,000 19,400 -4.0 5.3 6.7 2,400,000 4,078 2,694.2ETI (BRVM) BANK 55.00 -3.5 Down 113,592 2,032,661 64.00 39.00 -14.1 10.0 25.0 877,399 1,491 134.9SGB BANK 97,000 0.4 Up 798,953 8,246 98,000 65,000 -1.0 0.2 39.9 301,778 513 312.0Onatel BF TELE 8,000 -1.2 Down 226,436 27,797 8,700 5,800 -8.0 8.1 -2.4 272,000 462 369.5CIE UTIL 61,000 -5.9 Down 7,211 116 86,500 41,625 -29.5 -26.1 35.6 170,800 290 94.7BICI CI BANK 95,000 8.6 Up 11,757 125 95,000 60,010 - 21.8 43.9 158,333 269 701.3Bollore Africa Logistics CI TRPT 140,000 - Flat 63,322 453 248,955 119,800 -43.8 -43.8 -30.0 152,419 259 307.4SOLIBRA CI BREW 185,000 -2.6 Down 4,070 22 250,000 164,188 -26.0 -7.5 -26.0 152,073 258 99.1PALM CI AGRI 18,000 0.3 Up 91,691 5,094 19,350 14,995 -7.0 6.2 9.1 139,134 236 90.5SITAB CI INDU 152,000 8.8 Up 29,054 191 162,000 114,995 -6.2 -4.4 28.8 136,458 232 105.2Bank of Africa BN BANK 125,000 17.9 Up 190,279 1,573 126,000 57,000 -0.8 52.4 92.3 125,909 214 94.4Total CI OILG 183,000 - Flat 11,712 64 200,000 145,000 -8.5 -8.5 19.6 115,220 196 296.7FILTISAC CI INDU 28,000 -3.2 Down 26,546 947 39,000 10,000 -28.2 -5.1 167.9 98,728 168 140.4CFAO CI CONS 69,000 6.6 Up 1,290 19 82,000 39,000 -15.9 49.7 72.5 76,783 130 26.5Bank of Africa BF BANK 100,000 -3.4 Down 153,304 1,514 106,400 82,000 -6.0 11.1 5.3 73,500 125 87.3Vivo Energy CI UTIL 58,000 -1.5 Down 1,049 18 65,010 45,000 -10.8 -3.3 6.4 73,080 124 19.6SAPH AGRI 13,500 -3.6 Down 43,586 3,200 20,000 13,000 -32.5 -23.2 -34.2 69,007 117 22.5Unilever CI INDU 36,000 -2.7 Down 9,943 276 59,000 36,000 -39.0 -2.7 -33.3 57,982 99 5.8Bank of Africa CI BANK 96,000 -4.0 Down 22,404 220 107,000 68,000 -10.3 6.7 26.3 57,600 98 49.5SODE UTIL 62,940 -3.0 Down 59,485 932 91,300 49,000 -31.1 -31.1 -0.6 56,646 96 154.4SOGB AGRI 25,000 2.0 Up 37,975 1,519 37,995 23,000 -34.2 -21.6 -34.2 54,005 92 18.3Nestle CI CONS 47,000 - Flat 7,069 157 76,850 44,000 -38.8 -14.5 -38.8 51,865 88 15.2Bank of Africa NG BANK 83,000 - Flat 25,813 311 92,440 58,000 -10.2 -4.6 33.9 49,800 85 254.1SMB INDU 17,000 18,500 13,500 -8.1 21.5 6.3 33,130 56 5.8Servair Abidjan CONS 51,800 -0.4 Down 8,506 168 59,630 21,300 -13.1 33.2 132.8 28,262 48 52.0Tractafric Motors CI CONS 176,005 -0.1 Down 2,288 13 179,500 157,510 -1.9 4.1 19.0 28,161 48 5.8Bernabe CI TRPT 79,000 -1.3 Down 8,976 114 88,995 64,000 -11.2 6.5 12.5 26,165 44 15.9Air Liquide CI INDU 23,500 1.3 Up 9,541 406 26,335 15,635 -10.8 38.2 27.0 20,525 35 20.4Crown SIEM CI INDU 19,900 33,500 19,900 -40.6 -13.5 -44.7 12,532 21 0.6Uniwax CI INDU 16,555 -77.3 Down 222,316 5,639 76,990 16,555 -78.5 -58.6 -46.2 12,416 21 68.5
1130 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
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Nairobi Securities Exchange (Kenyan Shilling) Kenya
Company Reporting period Expected reporting date Year DPSCAR & GENERAL (K) LTD Half Year 15-May-15 Kenya Electric 2014 0.4EVEREADY EAST AFRICA LTD Half Year 05-May-15 Mumias Sugar Co 2013 0.00SAFARICOM LTD Full Year 12-May-15 Transcentury Ltd 2014 0.4
Scan Group 0.4Cic Insurance Gr 2015 0.1
12
TypeFinal
OmittedFinalFinal
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 date17-Dec-14
30 Apr 2015
05-Nov-1317-Jun-1403-Jun-1421-May-15Final
The FTSE NSE Kenya 15 gained 0.2% to close the week at 229.9 on the back of gains in I&M Bank (+9.5%),BA Investment (+7.3%) and Centum Investment (+5.8%). During the week, losses were recorded in NBK (-5.4%), Scan Group (-4.4%) and Kenya Airways (-4.1%). The top traders by value were Safaricom (USD9.0m), EABL (USD 4.9m) and Equity Bank (USD 4.8m). Trading in these shares accounted for 54.0% of thisweek’s turnover of KES 3.2bn (USD 34.4m). The average weekly value traded in the last six months is KES4.1bn (USD 43.2m). The FTSE NSE Kenya 15 is up 6.7% ytd (+2.1% USD) and the total marketcapitalisation is currently USD 24.8bn.
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Nairobi Securities Exchange (Kenyan Shilling) Kenya
FTSE NSE15 Level % chg Level % chg % chg Company Week % chg PriceCurrent 229.9 94.65 H: 25-Feb-15 234.8 I&M Bank 9.5 127.0This week 229.3 0.24 94.00 -0.69 -0.45 L: 27-May-14 189.6 Unga Group 7.7 49.00Prev week 228.8 0.24 93.30 -0.74 -0.51 Off peak -2.1% BA Investment 7.3 22.00MTD 231.0 -0.48 92.35 -2.43 -2.90 At High 0/60 Car & General 7.1 48.75YTD 215.5 6.67 90.60 -4.28 2.10 At Low 3/60 Centum Investment 5.8 63.50
3,253.8 6.91% KESm 4,107.4 Company Week % chg Price1,390.0 54 USDm 43.4 Olympia Capital(Kenya) -9.7 5.10
590.4 21 KESm 2,354,448 Crown Berger -7.3 102.0235.4% 4 USDm 24,875 Standard Group -6.0 35.00
Company KES'000 % of totalSafaricom 844,927.5 25.97EABL 458,933.2 14.10Equity Bank 451,019.5 13.86KCB Bank 387,567.1 11.91BA Investment 158,928.9 4.88
*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 30 Apr 2015 13
Total value Value Traded / Mkt Cap (%)
KES/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-13%
-5%
3%
11%
19%
27%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD KES
0 1,000,000 2,000,000 3,000,000
25 Feb 2015
30-Apr
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 mthsCompany Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000)Safaricom TELE 17.40 1.2 Up 844,927 48,855.3 17.40 11.95 0.0 23.8 32.8 696,776 7,362 8,213.4EABL BREW 321.0 0.6 Up 458,933 1,435.1 350.0 267.0 -8.3 4.2 9.6 253,839 2,682 5,564.9KCB Bank BANK 62.50 -2.3 Down 387,567 6,194.3 65.00 46.50 -3.8 9.6 27.6 186,509 1,971 6,695.3Equity Bank BANK 49.25 - Flat 451,019 9,060.0 59.00 37.75 -16.5 -1.5 28.8 182,362 1,927 5,524.6Stanchart Kenya BANK 344.0 -0.3 Down 27,569 79.8 355.0 294.0 -3.1 2.7 11.7 106,351 1,124 481.3Co-Op Bank BANK 20.75 -1.2 Down 53,460 2,633.8 24.00 17.55 -13.5 3.8 -8.8 86,960 919 1,106.7Barclays Kenya BANK 15.95 3.6 Up 20,299 1,291.4 18.20 15.30 -12.4 -4.5 -6.2 86,633 915 654.4BAT (Kenya) CONS 719.0 2.0 Up 42,351 59.1 1,048 566.0 -31.4 -20.8 24.2 71,900 760 835.1Bamburi Cement BUIL 150.0 - Flat 47,361 314.7 185.0 139.0 -18.9 7.9 -11.8 54,444 575 711.9Diamond Trust BANK 230.0 1.3 Up 41,569 181.2 275.0 218.0 -16.4 -2.1 -2.5 50,623 535 810.4I&M Bank BANK 127.0 9.5 Up 158,079 1,302.7 147.0 116.0 -13.6 3.3 -0.8 49,830 526 328.2CFC Stanbic BANK 124.0 - Flat 108,905 878.0 148.0 118.0 -16.2 - -3.9 49,020 518 364.3Nation Media MEDI 234.0 4.5 Up 18,131 80.3 322.0 223.0 -27.3 -11.0 -23.8 44,119 466 304.1Centum Investment INVE 63.50 5.8 Up 97,726 1,550.1 78.00 38.00 -18.6 4.1 60.8 42,256 446 2,379.2BA Investment INVE 22.00 7.3 Up 158,929 7,212.8 37.00 17.40 -40.5 -26.1 21.5 41,612 440 1,078.8ARM Cement Ltd RESO 76.00 3.4 Up 33,684 443.3 92.50 73.50 -17.8 -11.6 -11.1 37,641 398 821.4Jubilee Holdings INSU 570.0 - Flat 62,226 106.4 598.0 310.0 -4.7 26.7 85.1 34,140 361 262.9KPLC UTIL 17.10 -1.4 Down 10,672 619.1 18.40 12.90 -7.1 18.3 14.8 33,370 353 592.5NIC Bank BANK 59.00 1.7 Up 20,747 351.0 81.50 55.50 -27.6 2.6 -6.3 32,036 338 621.8KenGen UTIL 9.95 2.6 Up 17,907 1,800.3 13.00 8.90 -23.5 -3.4 -14.6 21,874 231 268.7CIC Insurance INSU 9.20 - Flat 9,747 1,054.9 11.90 7.95 -22.7 -4.2 -8.5 20,052 212 318.6Scan Group MEDI 43.75 -4.4 Down 11,055 244.9 51.50 40.75 -15.0 -3.3 -28.9 16,575 175 1,093.0KenolKobil OILG 9.45 5.0 Up 14,643 1,572.0 10.30 8.00 -8.3 8.6 6.2 13,908 147 424.2KenyaRe INSU 17.80 -0.6 Down 28,986 1,614.5 20.00 16.25 -11.0 4.4 -10.1 12,460 132 313.0Pan Africa Insurance INSU 122.0 1.7 Up 2,872 23.3 141.0 102.0 -13.5 1.7 -9.6 11,712 124 1,004.8Liberty Kenya BANK 22.50 -2.2 Down 11,393 484.1 25.25 17.05 -10.9 -3.2 2.3 11,594 122 71.5Kenya Airways TRPT 7.10 -4.1 Down 6,194 850.9 12.80 7.05 -44.5 -18.4 -43.2 10,625 112 131.8Housing Finance BANK 33.75 3.1 Up 38,084 1,116.1 50.25 32.75 -32.8 -26.2 -5.6 7,957 84 283.4CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 83 -TPS East Africa HOTL 34.50 1.5 Up 817 23.5 41.50 32.50 -16.9 -6.8 -14.3 6,285 66 94.2
1430 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
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Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
Company Reporting period Expected reporting date Year DPSCRDB BANK PLC Full Year 12-May-15 Tanzania Breweri 2015 300.0
Tanzania Cigaret 2015 400.0Crdb Bank Plc 2014 14.0Tanzania Portlan 70.0Microfinance Ban 2014 90.0
15
TypeInterim
FinalRegular CashRegular 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 date13-Apr-15
30 Apr 2015
02-Apr-1525-Apr-1404-Sep-1429-May-14Regular Cash
The DSE ALSI gained 0.9% to close the week at 2,699.6 on the back of gains in TOL (+0.9%) and NMB(+0.3%). During the week, losses were recorded in DCB (-10.0%), Swissport (-6.0%) and Simba Cement (-4.8%). The top traders by value were Tanzania Breweries (USD 4.6m), CRDB Bank (USD 0.4m) and NMB(USD 0.1m). Trading in these shares accounted for 98.5% of this week’s turnover of TZS 10.1bn (USD5.1m). The average weekly value traded in the last six months is TZS 15.6bn (USD 7.9m). The DSE ALSI isup 7.1% ytd (-6.1% USD) and the total market capitalisation is currently USD 5.0bn.
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Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
DAR ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 2,699.6 1,980.00 H: 24-Feb-15 2,779.1 TOL 0.9 585.0This week 2,674.5 0.94 1,960.00 -1.01 -0.08 L: 13-May-14 1,924.2 NMB 0.3 3,610Prev week 2,739.6 -2.37 1,885.00 -3.83 -6.11 Off peak -2.9% --MTD 2,596.3 3.98 1,798.00 -9.19 -5.58 At High 2/11 --YTD 2,519.6 7.14 1,735.00 -12.37 -6.11 At Low 1/11 --
9,964.1 6 TZSm 9,909,271 Tanzania Breweries -1.5 14,500-98.9% -4 USDm 5,005 CRDB Bank -1.2 415.0
Company TZS'000 % of totalTanzania Breweries 9,026,935.6 89.54CRDB Bank 798,005.7 7.92NMB 107,773.1 1.07TWIGA 68,046.6 0.67Simba Cement 37,678.4 0.37
*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 30 Apr 2015 16
Total value Value Traded / Mkt Cap (%)
TZS/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-23%
-10%
3%
16%
29%
42%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD TZS
0 5,000,000 10,000,000 15,000,000
24 Feb 2015
30-Apr
Market Cap (TZS bn) : Current vs Peak
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Dar es Salaam Stock Exchange (Tanzanian Shilling) Tanzania
Price Value Volume 6 mthsCompany Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000)Tanzania Breweries BREW 14,500 -1.5 Down 9,026,936 618.51 18,580 8,100 -22.0 2.9 81.3 4,276,463 2,160 5,654.3NMB BANK 3,610 0.3 Up 107,773 29.87 4,780 2,860 -24.5 6.2 27.1 1,805,000 912 164.7Tanzania Cigarette CONS 16,500 - Flat 9,900 0.60 20,000 550.0 -17.5 -1.4 65.0 1,650,000 833 940.9CRDB Bank BANK 415.0 -1.2 Down 798,006 1,923.62 520.0 305.0 -20.2 -3.5 33.9 903,261 456 551.2TWIGA BUIL 3,800 -0.5 Down 68,047 17.95 4,600 2,318 -17.4 -5.0 54.5 683,708 345 69.8Simba Cement BUIL 3,800 -4.8 Down 37,678 9.76 6,900 2,360 -44.9 -15.6 57.0 241,950 122 497.3Swissport HOTL 5,500 -6.0 Down 32,016 5.82 6,180 2,640 -11.0 9.8 103.7 198,000 100 5.3Precision Air TRPT 470.0 470.0 470.0 - - - 91,113 46 0.0TOL INDU 585.0 0.9 Up 175 0.30 600.0 450.0 -2.5 6.4 46.3 24,846 13 7.0DCB BANK 720.0 -10.0 Down 1,377 1.91 1,000 480.0 -28.0 - 50.0 23,323 12 10.3Tanzania Tea Packers AGRI 650.0 650.0 600.0 - - - 11,607 6 0.0
1730 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
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Company Reporting period Expected reporting date Year DPSBRALIRWA SA Full Year 06-May-15
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
30 Apr 2015
The AA Rwanda Index declined 0.8% to close the week at 230.7 on the back of losses in Bralirwa (-1.1%).The top traders by value were Bralirwa (USD 4.1k), Bank of Kigali (USD k) and trading in theseshares accounted for 100.0% of this week’s turnover of RWF 2.9m (USD 4.1k). The average weekly valuetraded in the last six months is RWF 839.5m (USD 1.2m). The AA Rwanda Index is down 2.6% ytd (-5.6%USD) and the total market capitalisation is currently USD 740.9m.
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Rwanda Stock Exchange (Rwandan Franc) Rwanda
RSE SI Level % chg Level % chg % chg Company Week % chg PriceCurrent 230.7 715.04 H: 18-Jul-14 267.5 No GainersThis week 232.6 -0.82 715.04 0.00 -0.82 L: 27-Nov-14 222.2 -- -Prev week 233.0 -0.18 700.16 -2.08 -2.25 Off peak -13.8%MTD 234.2 -1.51 715.04 0.00 -1.51 At High 0/2YTD 236.8 -2.57 692.71 -3.12 -5.61 At Low 0/2
Company RWF'000 % of totalBralirwa 2,948.6 100.00-- - -
*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 30 Apr 2015 19
Index performance * RWF/USD USD returns Top 5 gainersMarket 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 capDownside value Stocks down
Top 5 (value) tradersRebased Index Performance
Upside/downside ratio Advance - Decline
-26%
-20%
-14%
-8%
-2%
4%
10%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD RWF
0 200,000 400,000 600,000 800,000
18 Jul 2014
30-Apr
Market Cap (RWF bn) : Current vs Peak
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Rwanda Stock Exchange (Rwandan Franc) Rwanda
Price Value Volume 6 mthsCompany Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000)Bralirwa BREW 371.0 -1.1 Down 2,949 7.9 465.0 350.0 -20.2 -2.4 -13.8 381,599 534 803.5Bank of Kigali BANK 296.0 324.0 250.0 -8.6 -1.3 -9.2 148,148 207 370.5
20
Weekly 12 Month Movement (% chg) Market cap
30 Apr 2015
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSBANK OF BARODA UGANDA LTD Full Year 26-Jun-15 Bank Of Baroda 2.5NATIONAL INSURANCE CORP Full Year 25-Jun-15 Umeme Ltd 2015 19.5UMEME LTD Full Year 27-Apr-15 Stanbic Bank Uga 1.7
Development Fina 23.5
21
TypeRegular Cash
FinalRegular CashRegular 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 dateN.A.
30 Apr 2015
08-Jun-15N.A.
12-May-15
The USE ALSI declined 2.4% to close the week at 1,991.4 on the back of losses in Umeme (-1.0%). Duringthe week, gains were recorded in DFCU (+5.1%) and Stanbic Uganda (+3.0%).The top traders by valuewere Umeme (USD 1.1m), DFCU (USD 1.0m) and Stanbic Uganda (USD 0.1m). Trading in these sharesaccounted for 98.0% of this week’s turnover of UGX 6.7bn (USD 2.2m). The average weekly value traded inthe last six months is UGX 6.7bn (USD 2.2m). The USE ALSI is up 3.3% ytd (-4.2% USD) and the totalmarket capitalisation is currently USD 1.2bn.
African Alliance Pan-African Securities Research
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Company UGX'000 % of totalUmeme 3,268,280.0 49.12DFCU 3,065,256.0 46.06Stanbic Uganda 186,395.2 2.80Bank of Baroda 69,930.3 1.05BAT (Uganda) 64,449.0 0.97
*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 30 Apr 2015 22
Total value Value Traded / Mkt Cap (%)
UGX/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-15%
-5%
5%
15%
25%
35%
45%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD UGX
0 2,000,000 4,000,000
25 Feb 2015
30-Apr
Market Cap (UGX bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Year DPSMarshall Monteag 0.02Growthpoint Prop 2015 44.5Pick'N Pay Store 2015 98.5Pick'N Pay Hldgs 47.9Tsogo Sun Holdin 2014 29.0
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 dateFinal 26-Jan-15
Special Cash 20-Apr-15Final 08-Jun-15Final 08-Jun-15
Interim 08-Dec-14
30 Apr 2015
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
JSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 54,440 11.83 H: 24-Apr-15 55,188 BSI Steel 16.0 0.58This week 54,687 -0.45 12.27 3.65 3.19 L: 15-Oct-14 46,673 Bell Equipment 15.4 9.69Prev week 54,262 0.78 12.03 -1.91 -1.14 Off peak -1.4% Metmar 14.1 0.89MTD 52,182 4.33 12.22 3.28 7.75 At High 0/60 Group Five 7.0 27.40YTD 49,771 9.38 11.57 -2.23 6.95 At Low 0/60 Pick N Pay 6.2 57.10
42,480 45.29% ZARm 47,221 Company Week % chg Price-16,914 57 USDm 3,990 Truworths International -6.7 86.72
Company ZAR'm % of totalNaspers 7,664 18.04MTN Group 6,526 15.36Aspen Pharmacare 3,068 7.22Standard Bank Group 2,901 6.83SABMiller 2,713 6.39
*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 30 Apr 2015 25
Index performance * ZAR/USD USD returns Top 5 gainersMarket 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 capDownside value Stocks downUpside/downside ratio Advance - Decline
Rebased Index Performance Top 5 (value) traders
-23%
-15%
-7%
1%
9%
17%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD ZAR
0 2,000 4,000 6,000
24 Apr 2015
30-Apr
Market Cap (ZAR bn) : Current vs Peak
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Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Johannesburg Stock Exchange (South African rand) South Africa
Price Value Volume 6 mthsCompany Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000)SABMiller BREW 636.0 -2.8 Down 2,713 4,239 680.5 555.1 -6.5 5.1 11.3 1,015,565 85,818 249,951Naspers MEDI 1,871 -2.6 Down 7,664 4,018 1,980 1,020 -5.5 23.5 88.6 775,327 65,517 886,869MTN Group TELE 239.0 3.5 Up 6,526 26,982 260.1 198.1 -8.1 7.9 13.4 450,153 38,039 487,651Firstrand BANK 56.83 -2.0 Down 1,804 31,650 58.00 38.90 -2.0 12.4 47.0 320,404 27,075 214,095Standard Bank Group BANK 174.6 -0.2 Down 2,901 16,617 176.3 125.4 -0.9 21.7 26.4 280,458 23,700 259,972Vodacom Group TELE 148.3 2.1 Up 1,883 12,456 154.9 121.6 -4.3 15.5 18.2 220,649 18,645 82,621Aspen Pharmacare PHAR 362.0 -4.8 Down 3,068 8,417 443.0 272.0 -18.3 -10.8 29.3 164,911 13,936 248,163Steinhoff Intl CONS 75.58 -3.5 Down 2,587 33,615 78.51 48.52 -3.7 27.2 38.4 138,777 11,727 298,577Absa Group BANK 190.6 -0.1 Down 942 4,931 199.5 152.0 -4.5 4.7 23.8 136,876 11,566 96,972Nedbank Group BANK 256.8 0.4 Up 1,008 3,923 261.4 213.0 -1.8 3.1 14.0 130,318 11,012 66,889Bidvest Group INVE 322.7 -0.4 Down 935 2,908 337.3 276.2 -4.3 6.2 11.8 105,754 8,936 94,148Mediclinic International PHAR 126.1 -5.2 Down 658 5,189 133.0 72.15 -5.2 25.3 71.6 104,312 8,815 63,917Shoprite Holdings CONS 170.2 1.3 Up 1,103 6,494 188.0 132.3 -9.5 1.2 -3.1 97,113 8,206 101,722Mondi INDU 241.2 -0.1 Down 1,104 4,511 250.0 166.9 -3.5 27.3 37.8 88,575 7,485 51,198Woolworths Holdings CONS 89.52 -1.6 Down 877 9,696 94.04 67.74 -4.8 16.1 25.2 67,435 5,698 105,833Mr Price Group CONS 254.3 -3.1 Down 684 2,683 282.5 157.5 -10.0 8.2 60.7 63,806 5,392 76,983Tiger Brands CONS 310.0 -4.9 Down 954 3,034 399.3 276.0 -22.4 -15.8 10.3 59,271 5,009 107,582Telkom SA TELE 82.00 -1.0 Down 405 4,952 85.00 35.83 -3.5 17.1 118.1 42,704 3,609 47,091Foschini Group CONS 176.2 -4.5 Down 831 4,616 199.0 107.7 -11.5 32.2 62.4 42,376 3,581 84,799Imperial Holdings INVE 199.5 3.4 Up 949 4,789 207.4 166.0 -3.8 7.8 1.8 41,886 3,539 55,127Truworths International CONS 86.72 -6.7 Down 476 5,307 95.50 65.70 -9.2 12.2 2.8 40,048 3,384 65,475Massmart Holdings CONS 150.0 -3.8 Down 151 984 173.5 117.0 -13.5 5.0 7.7 32,539 2,750 23,059Nampak INDU 42.65 -0.8 Down 257 6,045 45.70 35.80 -6.7 -2.2 8.8 29,735 2,513 28,626Pick N Pay CONS 57.10 6.2 Up 240 4,292 59.82 49.00 -4.5 8.5 -4.8 27,431 2,318 19,452Barloworld INVE 95.10 2.3 Up 261 2,739 114.9 84.51 -17.3 -0.7 -17.0 21,969 1,856 23,411AECI INDU 129.5 -4.1 Down 72 540 138.2 110.8 -6.3 -3.2 10.2 15,071 1,274 6,286Tongaat Hulett CONS 132.5 1.5 Up 128 972 174.0 121.1 -23.9 -23.4 6.0 14,374 1,215 12,577Oceana Group CONS 106.3 5.3 Up 31 297 115.0 70.00 -7.5 1.4 18.1 12,697 1,073 5,296Super Group TRPT 35.99 1.7 Up 36 1,010 37.10 28.20 -3.0 5.2 27.0 11,349 959 4,925Omnia Holdings INDU 164.1 -1.1 Down 64 383 242.0 164.1 -32.2 -9.3 -27.4 11,036 933 13,435
26
Weekly 12 Month Movement (% chg) Market cap
30 Apr 2015
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Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
Company Reporting period Expected reporting date Year DPSAIR MAURITIUS LTD Full Year 17-Jun-15 Gamma Civic Ltd 2014 1.0GO LIFE INTERNATIONAL PCC Full Year 04-May-15 Fincorp Invest 2014 0.5LOTTOTECH LTD Half Year 08-Aug-15 Omnicane Ltd 2015 2.5
Automatic Sys 2.5Alteo Ltd 2014 0.4
27
TypeInterim
FinalFinalFinal
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 date28-Aug-14
30 Apr 2015
14-Jul-1409-Mar-1530-Dec-1429-Dec-14Interim
The SEMDEX gained 1.3% to close the week at 1,955.8 on the back of gains in POLICY (+7.4%), State BankMauritius (+6.8%) and Swan Insurance (+6.8%). During the week, losses were recorded in Omnicane (-1.7%), CIM Financial (-1.1%) and MDIT (-0.7%). The top traders by value were State Bank Mauritius (USD6.7m), MCB (USD 3.3m), and Phoenix Beverages (USD 0.2m). Trading in these shares accounted for 91.4%of this week’s turnover of MUR 397.8m (USD 11.2m). The average weekly value traded in the last sixmonths is MUR 379.2m (USD 10.9m). The SEMDEX is down 5.7% ytd (-13.8% USD) and the total marketcapitalisation is currently USD 6.2bn.
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Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
Company MUR'000 % of totalState Bank Mauritius 237,724.2 59.76MCB 118,399.6 29.76Phoenix Beverages 7,285.2 1.83Sun Resorts 6,945.6 1.75Swan Insurance 3,484.5 0.88
*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 30 Apr 2015 28
Total value Value Traded / Mkt Cap (%)
MUR/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-33%
-25%
-17%
-9%
-1%
7%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD MUR
0 100,000 200,000 300,000
08 Oct 2014
30-Apr
Market Cap (MUR bn) : Current vs Peak
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Stock Exchange of Mauritius (Mauritian Rupee) Mauritius
Company Reporting period Expected reporting date Year TypeCHOBE HOLDINGS LTD Full Year 01-Jun-15 New African Prop 2015 8.6FSG LTD Full Year 28-May-15 Cresta Marakanel 2015 6.0FURNITURE MART Half Year 29-Apr-15 Turnstar 2015 8.2IMARA HOLDINGS LTD Full Year 31-Jul-15 African Bk Hldgs 4.5
Standard Charter 2015 10.1
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)
Last Cum date18-May-1511-May-1518-May-1522-Apr-1409-Feb-15
The BSE DCI gained 1.8% to close the week at 10,017.2 on the back of gains in Letshego (+16.7%), NewAfrica Properties (+2.3%) and Turnstar (+1.8%). During the week, losses were recorded in ImaraBotswana (-0.3%). The top traders by value were Letshego (USD 5.7m), Imara Botswana (USD 0.2m) andChoppies (USD 0.1m). Trading in these shares accounted for 97.1% of this week’s turnover of BWP 34.9m(USD 6.2m). The average weekly value traded in the last six months is BWP 375.7m (USD 38.6m). The BSEDCI is up 5.4% ytd (+2.9% USD) and the total market capitalisation is currently USD 4.96bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company BWP'000 % of totalLetshego 31,167.4 89.32Imara Botswana 2,041.8 5.85Choppies 612.0 1.75New Africa Properties 395.1 1.13Barclays Botswana 158.0 0.45
*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 30 Apr 2015 31
Top 5 decliners
Top 5 (value) traders
Stocks traded (%)
Trading numbersTotal valueNet value
Upside value
Upside/downside ratioDownside 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/USDMarket highs and lows
Stocks up
Rebased Index Performance
-16%
-10%
-4%
2%
8%
14%
20%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD BWP
0 20,000 40,000 60,000
30 Apr 2015
30 Apr 2015
Market Cap (BWPm) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSCAFCA LTD Half Year 13-May-15 Padenga Holdings 2015 0.00DELTA CORPORATION LTD Full Year 08-May-15 Natl Foods Hold 2015 0.03ECONET WIRELESS ZIMBABWE LTD Full Year 06-May-15 Econet Wireless 2014 0.01HIPPO VALLEY ESTATES LTD Full Year 29-May-15 Meikles 0.02MASHONALAND HOLDINGS LTD Half Year 29-May-15 Innscor Africa 2015 0.01MEDTECH HOLDINGS LTD Full Year 07-May-15SEED CO Full Year 22-May-15TA HOLDINGS LTD Full Year 20-May-15ZECO HOLDINGS LTD Full Year 08-May-15
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)
The ZSE Industrial declined 0.8% to close the week at 156.3 on the back of losses in Hippo Valley Estates(USD) (-11.4%), OK Zimbabwe (USD) (-9.1%), Seed Co (USD) (-2.1%). During the week, gains wererecorded in Innscor Africa (USD) (+2.6%).The top traders by value were CBZ Bank (USD 384.1k), EconetWireless (USD 371.3k), and Delta Corp Zimbabwe (USD 225.0k). Trading in these shares accounted for56.8% of this week’s turnover of USD 1.7m. The average weekly value traded in the last six months is USD5.1m. The ZSE Industrial is down 4.0% ytd and the total market capitalisation is currently USD 4.2bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
42% Hippo Valley Estates -11.4 0.390.1 7 Kingdom Meikles Africa -10.0 0.090.6 9 USDm 4,209 Padenga -9.1 0.09
-78.2% -2 USDm 4,209 OK Zimbabwe -9.1 0.10
Company USD'000 % of totalCBZ Bank 384.1 22.27Econet Wireless 371.3 21.52Delta Corp Zimbabwe 225.0 13.05BAT (Zimbabwe) 170.0 9.86OK Zimbabwe 146.6 8.50
*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 30 Apr 2015 34
Index performance * USD/USD USD returns Top 5 gainers (Top 40)
Stocks traded (%)Upside value Stocks up
Rebased Index Performance
Downside value Stocks downUpside/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)
-24%
-15%
-6%
3%
12%
21%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD USD
0 2,000 4,000 6,000
05 Sep 2014
30-Apr
Market Cap (USD m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSBRITISH AMERICAN TOBACCO ZAM Half Year 23-Jul-15 Copperbelt Energ 2015 0.06AIRTEL NETWORKS ZAMBIA PLC Full Year 22-May-15 Zamefa 2015 14.0NATIONAL BREWERIES PLC Full Year 30-Jun-15 Puma Energy Zamb 2013 0.01ZAMBIA SUGAR PLC Full Year 11-May-15 Zanaco 0.00
Standard Charter 2015 0.06
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 date24-Feb-15
TypeInterim
06-May-1525-Sep-1328-Apr-15
Regular CashRegular Cash
Final22-Apr-15Final
30 Apr 2015
The LuSE ALSI declined 0.1% to close the week at 5,994.0 on the back of losses in ZANACO (-4.2%) andLafarge Zambia (-0.6%). During the week, gains were recorded in Puma Energy (+8.0%) and CopperbeltEnergy (+4.8%).The top traders by value were ZANACO (USD 388.2k), StanChart Zambia (USD 32.0k) andZambian Breweries (USD 30.0k). Trading in these shares accounted for 93.2% of this week’s turnover ofZMK 3.6m (USD 483.2k). The average weekly value traded in the last six months is ZMK 5.0m (USD676.6k). The LuSE ALSI is down 2.7% ytd (-16.7% USD) and the total market capitalisation is currentlyUSD 3.6bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Lusaka Stock Exchange (Zambian Kwacha) Zambia
LuSE ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 5,994.0 7.45 H: 21-Jan-15 6,287.0 Puma Energy 8.0 1.08This week 6,000.8 -0.11 7.34 -1.51 -1.62 L: 02-May-14 5,925.2 Copperbelt Energy 4.8 0.66Prev week 6,106.7 -1.73 7.42 1.10 -0.65 Off peak -4.7% --MTD 6,099.1 -1.72 7.58 1.74 -0.01 At High 3/19 --YTD 6,160.7 -2.70 6.38 -14.43 -16.74 At Low 3/19 --
Company ZMK'000 % of totalZANACO 2,871 80.35StanChart Zambia 237 6.63Zambian Breweries 222 6.21Lafarge Zambia 120 3.35Copperbelt Energy 109 3.06
*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 30 Apr 2015 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 capStocks traded (%)
Downside value Stocks downUpside/downside ratio Advance - Decline
Total value Value Traded / Mkt Cap (%)
ZMK/USD USD returnsMarket highs and lows
Top 5 decliners
Index performance *
Turnover analysis ** Trading numbers
-28%
-20%
-12%
-4%
4%
12%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD ZMK
0 10,000 20,000 30,000
21 Jan 2015
30-Apr
Market Cap (ZMK bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSPRESS CORP LTD Full Year 25-May-15 Telekom Networks 2015 0.07STANDARD BANK GROUP Full Year 09-Mar-15 Illovo Sugar Mal 2014 7.5SUNBIRD Full Year 25-May-15 Press Corp Ltd 2014 3.5
Standard Bank Gr 1,068.0Natl Bk Of Malaw 2013 4.3
39
TypeRegular Cash
InterimInterim
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 date12-Jan-15
30 Apr 2015
01-Dec-1422-Sep-14
N.A.28-Aug-13Regular Cash
The MSE ALSI gained 0.6% to close the week at 16,024.6 on the back of gains in NITL (+15.0%), StandardBank (+2.4%) and TNM (+1.2%). The top traders by value were Standard Bank (USD 348.8k), NBS (USD93.9k), and FMB Malawi (USD 87.2k). Trading in these shares accounted for 87.5% of this week’s turnoverof MWK 266.5m (USD 605.5k). The average weekly value traded in the last six months is MWK 1.3bn (USD2.9m). The MSE ALSI is up 7.6% ytd (+14.3% USD) and the total market capitalisation is currently USD1.5bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
266.5 1.99% MWKm 1,257.4 Company Week % chg Price222.7 10 USDm 2.9 No Decliners
77% --222.7 6 --
- 0 MWKm 668,046 --- 6 USDm 1,518 --
Company MWK'000 % of totalStandard Bank 153,533 57.61NBS 41,326 15.51FMB Malawi 38,405 14.41TNM 21,369 8.02NITL 4,979 1.87
*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 30 Apr 2015 40
Total value Value Traded / Mkt Cap (%)
MWK/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-25%
-15%
-5%
5%
15%
25%
35%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD MWK
0 200,000 400,000 600,000 800,000
30 Apr 2015
30-Apr
Market Cap (MWK bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSBANK WINDHOEK HOLDINGS LTD Full Year 17-Aug-15 Oryx Properties 2015 0.7
Stimulus Invest 2013 82.0Namibian Asset M 2014 0.05Fnb Namibia Hold 0.7Namibian Asset M 2014 0.05
42
TypeDistribution
Special CashRegular 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 date09-Mar-15
30 Apr 2015
14-Jun-1317-Nov-1402-Mar-1517-Nov-14Regular Cash
The NSX Local declined 0.1% to close the week at 427.4 on the back of losses in Bank Windhoek (-0.7%).During the week, gains were recorded in FNB Namibia (+0.1%).The top traders by value were BankWindhoek (USD 149.9k), FNB Namibia (USD 8.0k) and Oryx Properties (USD k). Trading in these sharesaccounted for 100.0% of this week’s turnover of NAD 1.9m (USD 157.8k). The average weekly value tradedin the last six months is NAD 4.0m (USD 335.8k). The NSX Local is up 9.9% ytd (+7.4% USD) and the totalmarket capitalisation is currently USD 2.1bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
1.9 0.39% NADm 4.0 Company Week % chg Price-1.7 2 USDm 0.3 Bank Windhoek -0.7 15.20
25% --0.1 1 --1.8 1 NADm 24,471 --
-94.7% 0 USDm 2,068 --
Company NAD'000 % of totalBank Windhoek 1,806.0 94.96FNB Namibia 95.9 5.04-- - --- - --- - -
*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 30 Apr 2015 43
Total value Value Traded / Mkt Cap (%)
NAD/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-14%
-5%
4%
13%
22%
31%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD NAD
0 10,000 20,000 30,000
02 Apr 2015
30-Apr
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 mthsCompany Name Sector NAD % chg Move NAD '000 '000 High Low Off high YTD 12 mths NAD m USD m Val (000)FNB Namibia BANK 32.25 0.1 Up 96 2.97 32.25 22.70 - 21.4 42.3 8,630 729 29.9Bank Windhoek BANK 15.20 -0.7 Down 1,806 118.75 15.30 10.71 -0.7 15.2 42.3 7,665 648 84.8Namibia Breweries BREW 20.15 20.16 16.31 -0.0 8.9 23.5 4,162 352 76.8Bidvest Namibia INDU 11.40 13.26 11.40 -14.0 -13.4 -10.3 2,416 204 60.1Oryx Properties PROP 18.66 18.66 17.61 0.0 1.3 7.2 1,232 104 44.4Nictus Holding CONS 2.40 2.40 2.40 -0.0 - - 128 11 0.4Stimulus Investments INVE 121.3 121.3 110.1 -0.0 - 10.1 121 10 39.0Namibian Asset Mgmt INVE 0.58 0.65 0.55 -10.8 -10.8 20.8 116 10 0.5
4430 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
SSX ALSI Level % chg Level % chg % chg Company Week % chg PriceCurrent 286.8 11.83 H: 00-Jan-00 0.0 No GainersThis week 286.8 0.00 12.27 3.65 3.65 L: 00-Jan-00 0.0 --Prev week 286.8 0.00 12.03 -1.91 -1.91 Off peak --MTD 286.8 0.00 12.22 3.28 3.28 At High 2/7 --YTD 286.8 0.00 11.57 -2.23 -2.23 At Low 1/7 --
- 0.00% SZLm 0.0 Company Week % chg Price- 0 USDm 0.0 No Decliners
0% --- 0 --- 0 SZLm 2,405 --- 0 USDm 203 --
Company SZL'000 % of totalNo 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 30 Apr 2015 46
Total value Value Traded / Mkt Cap (%)
SZL/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 5 gainers
Top 5 decliners
Advance - Decline
Stocks traded (%)Stocks up Total Market cap
Trading numbers
Top 5 (value) traders Rebased Index Performance
Upside valueDownside value Stocks downUpside/downside ratio
Net value Stocks traded (absolute)
-26%
-20%
-14%
-8%
-2%
4%
10%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD SZL
0 1,000 2,000 3,000
00 Jan 1900
30-Apr
Market Cap (SZL m) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSEGYPTIAN RESORTS CO Full Year 04-May-15 Delta Insurance 2014 0.7EGYPT FOR POULTRY Full Year 21-May-15 Juhayna Food Ind 2015 0.1ELSAEED CONTRACTING & REAL E Full Year 03-May-15 Cairo Pharmaceut 2014 1.3ROWAD TOURISM CO Full Year 04-May-15 Egyptian Gulf Bk 0.3EL KAHERA HOUSING Full Year 03-May-15 Aracemco 2015 0.4EGYPTIAN MEDIA PRODUCTION Full Year 04-May-15SOUTH VALLEY CEMENT Full Year 04-May-15GMC GROUP FOR INDUSTRIAL COM Full Year 03-May-15INTL CO FOR INVEST & DEVELOP Full Year 06-May-15UNIVERSAL (UNIPACK) Full Year 06-May-15MARIDIVE & OIL SERVICE Full Year 03-May-15
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 CashType
27-Oct-14
30 Apr 2015
10-Apr-1428-Apr-15
Regular CashRegular Cash
14-Apr-1515-Oct-14
Regular CashRegular Cash
The EGX 30 declined 0.7% to close the week at 8,672.3 on the back of losses in LNC for Maize Products (-20.3%), Delta Sugar (-14.0%) and HandD Bank (-8.3%). During the week, gains were recorded in GhabbourAuto (+7.9%), Egyptian Kuwaiti Holding (USD) (+4.8%) and United H&D (+3.6%). The top traders by valuewere CIB Egypt (USD 48.2m), Orascom Telecom M&T (USD 31.5m) and Palm Hills Development (USD14.9m). Trading in these shares accounted for 40.5% of this week’s turnover of EGP 1.8bn (USD 233.7m).The average weekly value traded in the last six months is EGP 2.3bn (USD 297.6m). The EGX 30 is down2.8% ytd (-8.9% USD) and the total market capitalisation is currently USD 36.8bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Egyptian Stock Exchange (Egyptian Pound) Egypt
EGX 30 Level % chg Level % chg % chg Company Week % chg PriceCurrent 8,672.3 7.62 H: 04-Feb-15 10,045.9 Cairo Oil & Soap 7.9 8.59This week 8,731.3 -0.68 7.58 -0.55 -1.23 L: 01-Jun-14 7,894.7 Ghabbour Auto 7.9 4.93Prev week 8,886.8 -1.75 7.58 -0.03 -1.78 Off peak -13.7% Egyptian Kuwaiti Holding (USD) 4.8 0.66MTD 9,134.8 -5.06 7.58 -0.57 -5.60 At High Misr Oils & Soap 4.0 10.00YTD 8,926.6 -2.85 7.15 -6.19 -8.86 At Low 1/101 United H&D 3.6 14.49
1,777 31.63% EGPm 2,268.8 Company Week % chg Price-608 95 USDm 297.6 LNC for Maize Products -20.3 17.05
1,192 74 EGPm 280,899 TransOceans Tours (USD) -10.0 0.09-51.0% -55 USDm 36,842 Gulf Canadian Real Estate -8.9 12.44
Company EGP'000 % of totalCIB Egypt 366,560.2 20.63Orascom Telecom M&T 239,435.1 13.47Palm Hills Development 113,569.0 6.39Citadel Capital 105,665.7 5.95TMG Holding 104,413.3 5.88
*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 30 Apr 2015 49
Total value Value Traded / Mkt Cap (%)
EGP/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 downUpside/downside ratio
Net value
Upside value
-19%
-10%
-1%
8%
17%
26%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD EGP
0 100,000 200,000 300,000 400,000
04 Feb 2015
30-Apr
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 mthsCompany Name Sector EGP % chg Move EGP '000 '000 High Low Off high YTD 12 mths EGP m USD m Val (000)Orascom Construction BUIL 284.2 424.6 245.4 -33.1 3.9 0.5 59,382 7,788 48.7CIB Egypt BANK 55.32 1.2 Up 366,560 6,750.01 58.38 35.10 -5.2 12.5 47.6 49,801 6,532 46,912.3TMG Holding PROP 10.06 -1.2 Down 104,413 10,578.37 11.98 8.46 -16.0 2.0 12.4 20,759 2,723 18,422.5Global Telecom Holding TELE 3.24 -4.1 Down 88,685 27,531.91 5.70 3.17 -43.2 -20.4 -37.6 16,996 2,229 15,561.8Telecom Egypt TELE 9.87 -3.1 Down 60,928 6,186.62 15.18 9.70 -35.0 -17.2 -33.4 16,849 2,210 7,541.0MOBINIL TELE 126.1 -2.2 Down 905 7.19 183.3 109.4 -31.2 -26.1 0.5 12,611 1,654 525.4Elswedy Cables INDU 47.37 0.8 Up 7,493 163.94 54.03 30.85 -12.3 13.7 39.3 10,583 1,388 4,494.3EFG Hermes BANK 14.30 -3.7 Down 97,749 7,011.85 19.61 12.98 -27.1 -8.0 11.3 8,208 1,076 14,788.5Sidi Kerir Petrochemicals OILG 14.76 -1.3 Down 31,112 2,104.42 20.06 13.99 -26.4 -2.8 -24.6 7,749 1,016 2,467.2El Ezz Steel BUIL 12.88 0.2 Up 35,201 2,788.23 19.17 12.19 -32.8 -7.8 -22.5 6,997 918 7,395.9Heliopolis Housing PROP 61.22 2.1 Up 76,764 1,297.12 71.44 32.05 -14.3 5.5 90.5 6,811 893 11,705.6Orascom Telecom M&T TELE 0.96 -5.9 Down 239,435 250,442.34 1.43 0.93 -32.9 -27.3 -23.8 5,036 660 39,355.4Medinet Nasr Housing PROP 32.67 0.2 Up 42,747 1,351.25 48.62 25.75 -32.8 10.0 3.4 4,410 578 8,748.3Pioneers Holding INVE 8.73 -5.1 Down 62,415 7,262.02 16.05 8.24 -45.6 -30.9 -31.9 4,365 573 10,433.7Egyptian Kuwaiti Holding (USD) INVE 0.66 4.8 Up 10,738 2,199.76 1.14 0.58 -42.1 -12.0 -37.1 4,223 554 3,363.8Palm Hills Development PROP 2.70 -6.2 Down 113,569 43,351.78 4.65 2.51 -41.9 -34.6 -34.0 3,640 477 16,685.1Citadel Capital INVE 2.32 -1.7 Down 105,666 46,670.12 4.71 2.20 -50.7 -19.7 -48.0 2,784 365 16,990.3Egyptian Iron & Steel BUIL 5.67 -5.8 Down 5,861 1,039.15 10.93 5.40 -48.1 -17.6 -46.9 2,769 363 1,557.2South Valley Cement BUIL 5.52 -2.3 Down 7,025 1,304.32 9.45 5.18 -41.6 -24.3 -27.2 2,720 357 2,722.9HandD Bank BANK 21.09 -8.3 Down 1,011 46.29 29.49 18.16 -28.5 -26.2 11.0 2,425 318 753.8Cairo Poultry CONS 12.80 -1.5 Down 613 47.45 14.02 10.56 -8.7 0.1 15.7 2,230 292 187.0Sinai Cement BUIL 29.86 -1.2 Down 281 9.50 36.99 29.00 -19.3 -6.6 -10.9 2,090 274 160.0Delta Sugar AGRI 11.39 -14.0 Down 401 32.52 16.77 10.26 -32.1 -24.0 -0.8 1,620 212 118.1National Development Bank BANK 7.62 -0.7 Down 429 56.41 8.48 6.38 -10.1 3.5 15.8 1,524 200 807.2Maridive & Oil (USD) OILG 0.53 1.9 Up 7,062 1,787.15 1.15 0.48 -53.9 -5.4 -48.5 1,448 190 1,382.9Canal Shipping Agencies TRPT 7.01 -4.0 Down 1,410 204.80 13.97 6.63 -49.8 -18.5 -37.4 1,402 184 426.1Al Baraka Bank BANK 10.87 0.2 Up 2,437 221.92 13.49 9.97 -19.4 -6.2 -1.4 1,264 166 150.7United H&D PROP 14.49 3.6 Up 10,432 743.84 18.74 13.23 -22.7 -13.0 3.5 1,261 165 1,387.9Six of October DandI PROP 11.56 -6.8 Down 78,641 6,860.53 18.03 8.00 -35.9 -19.7 33.8 1,048 137 11,676.7EG Tourism Resorts PROP 0.98 -3.9 Down 25,913 26,772.69 2.04 0.92 -52.0 -19.7 -45.6 1,029 135 5,962.0
50
Movement (% chg) Market cap12 MonthWeekly
30 Apr 2015
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSAGMA-LAHOU TAZI S.A. Full Year 04-May-15 Afriquia Gaz 2015 105.0ALLIANCES DEVELOPPEMENT IMMO Full Year 04-May-15 Maroc Telecom 6.9SOCIETE DES BRASSERIES DU MA Full Year 04-May-15 Residences Dar 6.4EQDOM Full Year 04-May-15 Delattre Levivie 5.0IB MAROC.COM Full Year 04-May-15 Maghreb Oxygene 2015 4.0INVOLYS SA Full Year 04-May-15M2M GROUP Full Year 04-May-15MAGHREBAIL Full Year 04-May-15MANAGEM Full Year 04-May-15COMPAGNIE MINIERE DE TOUISSI Full Year 04-May-15ZELLIDJA SA Full Year 04-May-15
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 date18-Mar-15
30 Apr 2015
N.A.N.A.
05-Aug-1418-Mar-15Regular Cash
The MASI gained 0.2% to close the week at 9,937.4 on the back of gains in Maroc Leasing (+5.0%), DoujaProm Addoha (+3.3%) and Ciments Du Maroc (+3.1%). During the week, losses were recorded in Alliances(-13.8%), Delta Holding (-6.6%) and Managem (-4.1%). The top traders by value were Attijariwafa Bank(USD 5.8m), Maroc Telecom (USD 5.5m) and Cosumar (USD 2.1m). Trading in these shares accounted for55.4% of this week’s turnover of MAD 237.1m (USD 24.1m). The average weekly value traded in the lastsix months is MAD 768.8m (USD 79.3m). The MASI is up 3.3% ytd (-3.8% USD) and the total marketcapitalisation is currently USD 51.0bn.
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
72.2 26 MADm 489,648 Aluminium Du Maroc -5.8 1,036103.2% -3 USDm 50,482 Med Paper -4.2 16.23
Company MAD'000 % of totalAttijariwafa Bank 57,129.6 25.16Maroc Telecom 53,745.5 23.67Cosumar 20,564.6 9.06Douja Prom. Addoha 20,267.4 8.93Brasseries Dumaroc 18,803.6 8.28
*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 30 Apr 2015 52
Total value Value Traded / Mkt Cap (%)
MAD/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-29%
-20%
-11%
-2%
7%
16%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD MAD
0 200,000 400,000 600,000
09 Mar 2015
30-Apr
Market Cap (MAD bn) : Current vs Peak
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
Company Reporting period Expected reporting date Year DPSSOC NOUVELLE MAISON DE LA VI Full Year 08-May-15 New Body Line 2014 0.4TUNISIE LEASING Full Year 08-May-15 Tunis Re 2013 0.4UNION INTERNATIONALE DE BANQ Full Year 04-May-15 Soc Tunsienne D' 2014 3.4SOC DES IND PHARM DE TUNISIE Half Year 08-May-15 Cie Intl De Leas 0.8
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 date17-Jul-14
30 Apr 2015
21-Jun-13N.A.
30-May-1330-Jun-14Regular Cash
The Tunis ALSI gained 1.2% to close the week at 5,544.9 on the back of gains in STB (+20.2%), Monoprix(+8.5%) and Banque de l'Habitat (+7.2%). During the week, losses were recorded in Poulina Group (-2.3%), STAR (-2.2%) and SPDIT (-1.6%). The top traders by value were SFBT (USD 2.3m), BNA (USD 0.9m)and STB (USD 0.9m). Trading in these shares accounted for 39.5% of this week’s turnover of TND 19.9m(USD 10.3m). The average weekly value traded in the last six months is TND 24.9m (USD 13.0m). TheTunis ALSI is up 8.9% ytd (+6.0% USD) and the total market capitalisation is currently USD 8.0bn.
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 PriceCurrent 5,544.9 1.91 H: 29-Apr-15 5,545.0 STB 20.2 5.83This week 5,478.6 1.21 1.96 2.41 3.64 L: 29-May-14 4,502.0 Monoprix 8.5 20.99Prev week 5,413.8 1.20 1.97 0.58 1.79 Off peak 0.0% Banque de l'Habitat 7.2 14.20MTD 5,312.7 4.37 1.96 2.63 7.12 At High 1/58 ARTES 5.8 7.48YTD 5,090.0 8.94 1.86 -2.66 6.04 At Low 2/58 BNA 5.1 9.88
Company TND'000 % of totalSFBT 4,462.2 22.45BNA 1,710.4 8.60STB 1,676.6 8.43SOMOCER 1,617.0 8.13Monoprix 1,008.5 5.07
*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 30 Apr 2015 55
Total value Value Traded / Mkt Cap (%)
TND/USD USD returnsIndex performance *
Turnover analysis ** Avg weekly value traded
Market highs and lowsTop 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 valueDownside value Stocks downUpside/downside ratio
-19%
-10%
-1%
8%
17%
26%
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
USD TND
0 5,000 10,000 15,000 20,000
29 Apr 2015
30-Apr
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 mthsCompany Name Sector TND % chg Move TND '000 '000 High Low Off high YTD 12 mths TND m USD m Val (000)SFBT BREW 31.01 0.0 Up 4,462 143.59 31.39 14.27 -1.2 37.8 96.9 2,481 1,298 4,326.2Banque de Tunisie BANK 10.84 1.7 Up 575 53.49 11.10 9.50 -2.3 2.7 14.2 1,626 851 451.0BIAT BANK 83.00 1.0 Up 318 3.84 85.40 60.63 -2.8 6.4 31.9 1,411 738 486.6Attijari Bank BANK 27.80 0.4 Up 850 30.62 28.00 17.12 -0.7 16.3 61.4 1,105 578 821.1Poulina Group INVE 5.20 -2.3 Down 145 27.51 5.79 5.05 -10.2 -7.5 - 936 490 171.9Amen Bank BANK 25.44 1.0 Up 147 5.74 28.70 23.00 -11.4 -2.9 -9.8 622 325 121.9UBCI BANK 25.50 - Flat 147 5.82 26.00 24.74 -1.9 0.4 -0.8 510 267 33.8Arab Tunisian Bank BANK 4.68 4.0 Up 72 15.72 5.30 4.00 -11.7 7.1 11.4 468 245 68.3STAR INSU 176.0 -2.2 Down 510 2.86 180.0 132.5 -2.2 21.2 23.5 406 212 199.4Magasin Général CONS 30.50 1.7 Up 265 8.72 32.74 23.37 -6.8 -4.3 15.7 350 183 66.2Monoprix CONS 20.99 8.5 Up 1,008 49.73 24.39 17.83 -13.9 -4.6 -12.5 349 183 221.4Carthage Cement BUIL 1.97 -1.0 Down 632 321.32 3.47 1.82 -43.2 -18.6 -37.5 339 177 1,258.8SPDIT BANK 12.50 -1.6 Down 29 2.28 12.70 7.37 -1.6 36.0 61.9 336 176 48.6Ennakl Auto (Tunis) CONS 10.80 2.9 Up 326 30.42 10.80 9.30 -0.0 5.9 14.9 324 169 86.0BNA BANK 9.88 5.1 Up 1,710 173.36 9.97 6.15 -0.9 30.0 30.9 316 165 221.1UIB BANK 16.09 - Flat 397 24.70 16.40 10.29 -1.9 9.1 7.3 315 165 262.5ARTES CONS 7.48 5.8 Up 204 27.81 8.08 6.80 -7.4 -6.5 -0.5 286 150 96.8Air Liquide CONS 212.0 -0.9 Down 27 0.13 297.6 212.0 -28.8 -9.8 -28.8 257 134 16.7Banque de l'Habitat BANK 14.20 7.2 Up 304 21.73 14.20 10.10 0.0 38.5 26.8 256 134 40.7Ciments de Bizerte BUIL 5.70 3.6 Up 17 3.04 7.08 5.50 -19.5 -11.6 -14.7 251 131 25.9ASTREE INSU 54.00 57.80 47.51 -6.6 -1.1 12.5 216 113 1.6TPR INDU 4.45 -0.4 Down 354 79.47 4.48 4.05 -0.7 3.5 5.5 200 105 140.2Tunisie Leasing BANK 21.60 2.9 Up 25 1.15 22.60 18.53 -4.4 -0.4 7.5 179 94 55.9STB BANK 5.83 20.2 Up 1,677 311.89 5.83 4.15 0.0 16.6 12.1 145 76 51.2Tunis Re INSU 8.27 3.5 Up 581 70.82 10.68 7.60 -22.6 -16.9 -15.6 124 65 367.8Adwya CONS 8.50 1.8 Up 218 25.82 8.79 6.30 -3.3 3.9 4.3 112 59 114.1ALKIMIA INDU 57.49 0.9 Up 15 0.27 67.25 53.01 -14.5 -2.6 -8.0 112 59 13.6SOTUVER INDU 5.18 2.2 Up 288 56.41 6.63 4.60 -21.9 -1.9 -20.1 104 54 127.8Tunisair TRPT 0.95 -1.0 Down 86 90.59 1.22 0.93 -22.1 -15.9 -21.5 101 53 80.8Assad INDU 7.93 -0.8 Down 153 19.43 8.77 7.00 -9.6 -0.9 6.7 95 50 157.8
5630 Apr 2015
Movement (% chg) Market cap12 MonthWeekly
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
THE AFRICA WEEKLY
Stocks making 12 month highs
Made Off Low MCap 6 mthsCompany Name Country Sector Crncy Price % chg Move YTD 12 mths High** % chg Local m USDm USDm Val (000)Safaricom Kenya TELE KES 17.40 1.2 Up 23.8 32.8 0 45.6 696,776 7,362 8,213.4FNB Namibia Namibia BANK ZAr 32.25 0.1 Up 21.4 42.3 2 42.1 8,630 729 29.9Letshego Botswana BANK BWp 3.07 16.7 Up 15.4 41.5 0 55.1 6,682 686 1,619.9Ecobank Ghana Ghana BANK GHS 8.00 0.4 Up 5.3 33.3 0 29.2 2,346 609 204.0BIHL Botswana Botswana INSU BWp 12.28 0.2 Up 6.7 14.8 0 14.8 3,452 354 61.2BICI CI BRVM BANK XOF 95,000 8.6 Up 21.8 43.9 0 58.3 158,333 269 701.3NBM Malawi BANK MWk 251.0 0.0 Up 4.1 10.1 0 10.1 117,199 266 26.3Standard Bank Malawi BANK MWk 435.0 2.4 Up 2.4 10.1 0 10.1 92,800 211 38.2Golden Star Ghana RESO GHS 2.34 - Flat - -14.9 265 0.0 598 155 -Phoenix Beverages Mauritius BREW MUR 300.0 2.7 Up 29.9 58.7 0 59.6 4,934 142 139.5BAT (Uganda) Uganda AGRI UGX 8,525 - Flat 13.6 31.2 2 31.2 418,407 140 1.4New Africa Properties Botswana PROP BWp 2.25 2.3 Up 3.7 6.6 1 9.8 1,360 140 15.8Banque de l'Habitat Tunisia BANK TND 14.20 7.2 Up 38.5 26.8 0 40.6 256 134 40.7Turnstar Botswana PROP BWp 2.25 1.8 Up 8.2 19.7 0 21.6 1,287 132 219.2National Breweries Zambia BREW ZMK 13.50 - Flat 12.5 12.5 10 12.5 851 114 31.5Oryx Properties Namibia PROP ZAr 18.66 - Flat 1.3 7.2 7 6.0 1,232 44.4FMB Malawi Malawi BANK MWk 19.00 - Flat 0.2 26.7 2 369.1 44,389 101 2,621.2Wilderness Botswana HOTL BWp 3.51 0.3 Up 11.4 35.0 0 30.0 811 83 2.2CMC Holdings Kenya CONS KES 13.50 - Flat - - 1322 -- 7,867 83 -Swan Insurance Mauritius INSU MUR 345.0 6.8 Up 3.0 16.6 0 16.6 2,855 82 24.9STB Tunisia BANK TND 5.83 20.2 Up 16.6 12.1 0 40.5 145 76 51.2DFCU Uganda BANK UGX 893.0 5.1 Up 27.4 47.0 0 48.8 222,001 74 657.1Dale Capital (USD) Mauritius INVE USD 2.80 - Flat - -20.0 6 16.7 2,508 72 0.1NBS Malawi BANK MWk 31.00 0.5 Up 14.8 93.8 0 100.0 22,557 51 33.3African Distillers Zimbabwe BREW USD 0.50 - Flat 6.4 53.8 20 66.7 48 48 70.6Precision Air Tanzania TRPT TZS 470.0 - Flat - - 16 - 91,113 46 0.0Benso Oil Palm Ghana AGRI GHS 5.00 - Flat 22.0 100.0 1 117.4 174 45 41.3AEL Zambia Zambia INDU ZMK 6.87 - 0.1 34 0.1 140 19 0.2Cresta Botswana HOTL BWp 0.96 1.1 Up 7.9 20.0 1 20.0 177 18 1.5NITL Malawi INVE MWk 48.35 15.0 Up 16.5 53.3 0 51.1 6,527 15 6.8
** # of days since the stock last traded at this price
54
Movement (% chg)
30 Apr 2015
African Alliance Pan-African Securities Research
Equity Research I Pan-Africa I Weekly Market Indicators
** # of days since the stock last traded at this price
55
Movement (% chg)
30 Apr 2015
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 NumbersValue 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
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