Botswana 0.81 Country Performance Country Daily % … 24.21 Zimbabwe 3.93 Uganda 2.23 TOP 5 VALUE TRADED TOP 5 VOLUME TRADED 1 100 1 ... Source: IAS/S&P -CLOSING MARKET SUMMARIES -

Nigeria’s MPC retains existing policy measures as election looms…… Nigeria’s MPC met over Monday the 19th and Tuesday the 20th of January in its first sitting for 2015, which came under the backdrop of the continued pressure on the oil price, the naira and of course the upcoming February presidential election. Key takeaways from the communiqué issued by the MPC included:

The National Bureau of Statistics (NBS) estimated real GDP growth at

6.23% in Q3 14 vs. 6.54% in Q2 14. The non-oil sector continued to

dominate, with services contributing 2.53 percentage points, agriculture

1.21pp and trade 1.08pp.

The MPC was, however, concerned about the weakening contribution of

the oil sector to overall growth, which is now being exacerbated by the

rapid drop in oil prices since June 2014.

Headline inflation for December 2014 was 8.0%, which was within the

range of 6.0% - 9.0% for inflation set by the CBN. The December inflation

rate reflected a reduction in core inflation, seasonal factors related to

the holiday period, as well as the stabilisation in food prices. The MPC

did, however, note upside risks to inflation including higher import prices

due to naira weakness and possible food supply bottlenecks linked

insecurity in the North.

Interest rates in all segments of the money market trended upward

between 26th November 2014 and 13th January 2015. The significant

increase in rates was mainly attributed to the further tightening measures

introduced at the November 2014 MPC meeting.

The naira continued to weaken, during 2014, with the exchange rate at

the rDAS-Spot opening at NGN 157.34/USD (including 1% commission) and

closing at NGN 164.08/USD, representing depreciation of 4.28%. The

inter-bank selling rate opened at NGN 165.7/USD and closed at NGN

180/USD, (depreciation of 8.63%) while at the BDC segment, the selling

rate opened at NGN 170/USD and closed at NGN 191.50/USD,

(depreciation 12.64%).

Gross official external reserves as at 31 December 2014 stood at USD

34.3bn compared with USD 42.9bn at the corresponding period of 2013,

largely due to increased funding of the CBN’s foreign exchange market

interventions to stabilise the exchange rate. This equated to 7.44 months

import cover.

Noting the above, all eleven MPC members voted to retain the MPR at 13%; retain the CRR on private sector deposits at 20%; retain CRR on public sector deposits at 75%; and retain the liquidity ratio at 30%. One member, however, voted for an asymmetric corridor around the MPR.

Country Performance

Country Daily % YTD% (USD)

Tanzania 0.03% 51.33%

Uganda 0.69% 14.53%

Kenya -1.13% 13.24%

Malawi 0.01% 8.07%

Namibia 0.00% 6.54%

Rwanda 5.49% 1.20%

Zambia 0.00% 1.20%

Botswana -0.05% -4.21%

BRVM 0.01% -9.66%

Mauritius -0.38% -9.70%

Zimbabwe -0.13% -17.75%

Ghana -0.24% -24.31%

Nigeria 0.15% -38.07%

Source: IAS/S&P

Source: IAS

Country Value traded (USD m)

Nigeria 21.82

Kenya 5.85

Mauritius 2.57

Zimbabwe 1.84

Botswana 0.81

Country Volume traded (m)

Nigeria 311.27

Kenya 35.24

Mauritius 24.21

Zimbabwe 3.93

Uganda 2.23

TOP 5 VALUE TRADED

TOP 5 VOLUME TRADED

1 100

1 300

1 500

1 700

1 900

2 100

2 300

Nov-13 Mar-14 Jul-14 Nov-14

US$ price index US$ total return

S&P Africa Frontier Index

Equity Research

Sub-Saharan Africa

21 January 2015

Africa Rising

Source: IAS/S&P

-

CLOSING MARKET SUMMARIES - 20 JANUARY 2015

While no further tightening was expected, particularly ahead of the election, it was a bit surprising that there was no further movement on the currency given the widening gap between the rDAS and inter-bank/BDC (parallel market) exchange rates. The CBN governor said the rationale behind keeping the exchange rate steady was that the MPC felt it was currently at the correct levels for “legitimate” fx demand, and that the bank would continue to intervene to support the market where required. As much as the bank is trying to discourage what it deems speculative demand, the fact that such a wide gap exists between the official and parallel rates means of course this will continue to fuel speculative behaviour. The Governor also took the time to address the issue of JP Morgan placing Nigeria’s government bonds, which are included in its global emerging markets bond index, on negative watch, citing what it viewed as a lack of liquidity on the Nigerian fx and bond markets. The liquidity was exacerbated by some of the measures the CBN put in place to try and curb “speculative” behaviour, which reduced the banks Daily Foreign Currency Trading positions initially to 0%, (subsequently revised to 0.1%) and introduced a timeline for the utilisation of fx purchased from the inter-bank market, which had resulted in the unintended consequence of disabling the price discovery mechanism for fx and virtually stopping trading. The market has since resumed trading following the changes made to the initial rules, and the CBN while disagreeing with the liquidity concerns put forward by JP Morgan, noted its commitment to Nigeria remaining on the JP Morgan index and will engage with JP Morgan in this regard. The Governor also noted that its fx rules are flexible and will be adjusted on a needs basis, and so should not be seen as permanent by any means. We expect the currency to remain under pressure given the above, especially with the oil price remaining weak as well as the normal nervousness that one sees ahead of elections. The equities market will thus, in our view, continue on a weaker bias in the short to medium term.

-


BOTSWANA

Index Today Previous Day % YTD %

BSE DCI 9 508.59 9 513.06 -0.05% 5.03%

Trading Activity Volume Daily % Turnover (USD) Daily %

20-Jan-15 2 056 691 23.05% 806 481 31.18%

Top Traders Volume Turnover (USD)

CHOPPIES 1 658 059 700 681

Top Gainers Bottom Losers

CHOBE 0.23% LETSHEGO -1.92%

BRVM


BRVM 10 257.46 257.56 -0.04% 4.51%

BRVM Composite 249.14 249.12 0.01% 7.38%


20-Jan-15 210 723 447.08% 248 008 -53.06%


ETI TG 200 371

OANTEL BF 99 895


PALM 7.48% SERVAIR ABIDJAN -4.39%

SAPH 7.48% SGB -3.09%

SODE 2.65% BAO BF -2.17%

AIR LIQUIDE -1.49%

FILTISAC -0.78%

GHANA


GSECI 2 220.32 2 225.73 -0.24% 3.50%


20-Jan-15 155 150 -87.33% 56 971 -83.82%


CAL 81 600 25 623


EBG 0.27% SIC -2.86%

UNIL -1.40%

GCB -1.31%

HFC -0.67%

KENYA


NSE All Share 164.00 165.88 -1.13% 20.01%

NSE 20 5,139.06 5,177.38 -0.74% 4.30%


20-Jan-15 35 239 600 183.89% 5 846 011 112.01%


Safaricom 14 468 900 2 203 665


Olympia Capital 7.19% Marshalls (E.A.) -8.47%

Housing Finance 6.59% National Bank -5.61%

Eveready East Africa 3.90% Scangroup -4.32%

NIC Bank 3.17% Mumias Sugar Co. -4.29%

Trans-Century 2.61% E.A.Portland Cement Co. -4.17%

MALAWI


DASI 11 737.18 11 735.44 0.01% 19.16%

MASI 14 907.18 14 904.99 0.01% 18.96%


20-Jan-15 36 000 -38.83% 1 977 -40.46%


FMB 26 000 1 068


FMB 0.21% There were no losers

MAURITIUS


Semdex 2 031.53 2 039.21 -0.38% -3.06%

Sem 7 376.81 378.33 -0.40% -6.65%


20-Jan-15 24 214 600 958.38% 2 565 124 244.8%


SBM 23 265 900

MCB 1 487 190


ROCKCASTLE(USD)* 8.33% United Docks -11.43%

Rogers 1.54% Policy -4.79%

NIT -3.92%

NAMIBIA


NSX Local 390.34 390.34 0.00% 17.67%

NSX Overall 1 063.15 1 053.72 0.89% 6.66%


20-Jan-15 1 834 511 -33.99% - -100.00%


MMI 772 435 -

Anglo-American -


B2Gold Corp 3.24% Paladin Energy -4.66%

Anglo-American 2.71% Barloworld -2.08%

Vukile Property 2.51% Oceana -0.92%

Truworths 2.25% MMI -0.71%

Nedbank 1.57% Shoprite -0.59%

NIGERIA


NSE All Share 29,819.39 29,773.40 0.15% -27.85%


20-Jan-15 311 269 135 -26.97% 21 817 626 19.53%


Fbnh 72 889 022

Zenithbank 3 384 985


Guaranty 5.28% Okomuoil -6.13%

Ubn 5.00% Rtbriscoe -5.00%

Upl 4.99% Uniondicon -4.96%

Uacn 4.98% Dangflour -4.90%

Guinness 4.37% Evansmed -4.82%

-


RWANDA


RSI 239.01 226.58 5.49% 2.84%

RSE All Share 136.42 133.27 2.36% -1.23%


20-Jan-15 2 400 -85.28% 1 326 -81.69%


Bralirwa 2 200 1 242


Bralirwa 6.85% There were no losers

Bank of Kigali 2.81%

TANZANIA


TSI 4 817.38 4 816.07 0.03% 69.42%

DSEI 2 669.33 2 650.33 0.72% 43.01%


20-Jan-15 59 760 -81.95% 93 583 -28.31%


CRDB 23 595

NMB 44 631


EABL 2.25% TCCL -2.67%

NMG 0.95%

KCB 0.89%

JHL 0.82%

ABG 0.50%

UGANDA


USE All Share 2 000.88 1 987.09 0.69% 31.42%


20-Jan-15 2 233 790 160.49% 30 493 -67.61%


SBU 2 165 890 25 399


UCHM 18.18% NMG -1.82%

EBL 1.92% KA -1.34%

KCB 1.64% CENT -0.82%

EABL 0.28% JHL -0.49%

UMEME -0.20%

ZAMBIA


LuSE All Share 6 257.37 6 257.37 0.00% 18.06%


20-Jan-15 - na - na


Market did not trade - -


ZIMBABWE


Industrial 166.24 166.46 -0.13% -17.75%

Mining 58.14 58.14 0.00% 26.97%


20-Jan-15 3 934 223 653.37% 1 837 595 737.36%


INNS 2 201 807 1 321 084


There were no gainers DZLH -11.11%

Imara Africa Securities (A division of Imara SP Reid) Imara House Block 3, 257 Oxford Road, Illovo Johannesburg 2146 South Africa Tel: +27 11 550 6200 Fax: +27 11 550 6295

Imara Securities Angola SCVM Limitada Rua Rainha Ginga 74, 13th Floor, Luanda Angola Tel: +244 222 372 029/36 Fax: +244 222 332 340

Imara Capital Securities 2nd Floor Morojwa Mews, Unit 6, Plot 74770 Western Commercial Road CBD Gaborone Botswana Tel: +267 3188886 Fax +267 3188887 Members of the Botswana Stock

Exchange

Imara Edwards Securities (Pvt.) Ltd. Tendeseka Office Park 1st Floor Block 2 Samora Machel Avenue Harare Zimbabwe Tel: +263 4 790590 Fax: +263 4 791435 4 Fanum House Cnr. Leopold Takawira/Josiah Tongogara Street Bulawayo

Zimbabwe Tel: +263 9 74554 Fax: +263 9 66024 Members of the Zimbabwe Stock Exchange

Imara S.P. Reid (Pty) Ltd Imara House 257 Oxford Road Illovo 2146 P.O. Box 969 Johannesburg 2000 South Africa Tel: +27 11 550 6200 Fax: +27 11 550 6295 Members of the

JSE Limited

Stockbrokers Malawi Ltd Able House Cnr. Hanover Avenue/ Chilembwe Road Blantyre Malawi Tel: +265 1822803 Members of the Malawi Stock

Exchange

Namibia Equity Brokers (Pty) Ltd 1st Floor City Centre Building, West Wing Levinson Arcade Windhoek Namibia Tel: +264 61 246666 Fax: +264

61256789 Members of the Namibia Stock Exchange

Stockbrokers Zambia Ltd 2nd Floor, Stock Exchange Building, Central Park Cairo Road/ Church Road P O Box 38956 Lusaka Zambia Tel: +260 211 232456 Fax: +260211 224055 Members of the Lusaka Stock Exchange

Documents

Botswana 0.81 Country Performance Country Daily % … 24.21 Zimbabwe 3.93 Uganda 2.23 TOP 5 VALUE TRADED TOP 5 VOLUME TRADED 1 100 1 ... Source: IAS/S&P -CLOSING MARKET SUMMARIES -