Master the Africa weekly Updated - African Alliance Africa... · The Africa Weekly Equity Research ... 1 Wk %Chg 1 week Dollar Return (% chg) Mkt Cap USDm** ... 23-Jun-16 31,071.3

The Africa WeeklyEquity Research | Pan-Africa | News & Analysis

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African Alliance Pan-African Securities Research

Equity Research I Pan-Africa I Weekly Market Indicators

THE AFRICA WEEKLY

MTD YTD

Botswana BSE DCI 9,121 0.06 0.75 -2.98 10,366 9,006 10.45 -0.52 -0.52 2.24 -0.46 0.22 -0.80 3,640.0 4,153

BRVM IC Comp 281.9 -0.95 -2.32 -3.53 320.3 268.0 621.2 0.30 0.26 1.40 -0.66 -2.07 -2.18 3,848.9 9,260

Egypt*** EGX 30 12,920 2.35 8.23 4.66 13,436 6,564 17.60 -4.68 -10.22 3.05 -2.44 -2.83 7.85 225,359 18,605

Ghana GSE ALSI 1,875 0.36 1.09 10.99 1,972 1,528 4.64 3.67 -0.14 -8.63 4.04 0.95 1.41 1,051.0 2,585

Kenya FTSE NSE15 148.9 2.00 0.42 -7.87 187.7 140.2 102.6 0.05 0.29 -0.09 2.05 0.71 -7.95 20,543.0 16,385

Malawi MSE ALSI 14,036 2.66 2.94 5.37 14,415 12,478 725.5 0.03 0.04 0.27 2.69 2.98 5.66 25.9 799

Mauritius SEMDEX 1,918 -0.03 -0.26 6.05 1,926 1,740 35.71 -0.50 -0.28 0.73 -0.52 -0.54 6.83 3,634.4 11,015

Morocco MORALSI 11,935 -0.36 0.07 2.50 12,886 9,030 10.04 0.40 0.38 0.82 0.04 0.45 3.34 33,015 54,559

Namibia Local 571.2 -0.04 -0.63 4.33 575.2 496.1 13.18 -1.58 -1.17 4.26 -1.62 -1.80 8.78 474.3 2,417

Nigeria NIG ALSI 25,238 2.67 -0.36 -6.09 31,071 23,502 314.7 0.06 0.31 0.21 2.73 -0.06 -5.89 33,484 26,076

Rwanda RSE Index 124.2 0.40 0.40 3.55 146.8 117.0 825.5 -0.24 -0.70 -0.42 0.16 -0.29 3.11 1,051 323

South Africa JSE ALSI 51,270 -0.44 0.24 1.22 54,474 48,936 13.18 -1.58 -1.17 4.26 -2.02 -0.93 5.53 2,615,510 354,218

Swaziland SSX ALSI 286.8 0.00 0.00 0.00 0.00 0.00 13.18 -1.58 -1.17 4.26 -1.58 -1.17 4.26 0.0 182

Tanzania DAR ALSI 2,213 -4.02 -3.97 0.65 8,401 2,038 2,232 -0.34 -0.32 -2.29 -4.35 -4.28 -1.66 246.5 3,256

Tunisia TUNIS 5,570 -0.20 -0.67 1.47 5,613 5,273 2.28 0.90 0.77 1.44 0.70 0.10 2.93 4,699 5,946

Uganda USE ALSI 1,417 1.52 0.33 -4.09 1,813 1,331 3,599 -0.06 -0.29 -0.06 1.46 0.03 -4.15 187.1 1,138

Zambia LuSE ALSI 4,328 1.57 2.34 3.15 5,554 4,030 9.62 1.66 -1.54 3.27 3.25 0.77 6.52 1,407.6 2,592

Zimbabwe ZSE IND 135.4 0.68 0.04 -6.34 150.0 93.39 1.00 0.00 0.00 0.00 0.68 0.04 -6.34 1,604.3 3,506

1 year price charts

Local USD

35.7 38.0

16.1 16.2

15.2 15.6

15.4 15.4

13.8 14.2

Local USD

-11.6 -11.3

-10.6 -10.3

-8.8 -8.7

-8.9 -8.7

-8.9 -8.5

* 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)

MSCI AFRICA (421.7; -0.4% w/w)

S&P 500 (2,372.6; -0.4% w/w)

FTSE 100 (7,343.1; -0.4% w/w)Copper (5,716.3; -3.2% w/w)

Lafarge Zambia

Top 5 gainers

Top 5 decliners

Unilever Nigeria

Sonasid

Zimbabwe

Morocco

1 Year

Low

YTD

%Chg

Alliances

Company

Sothema

Bank of Africa BF

Kakuzi

SAPH

Econet Wireless

HPS

Country Index*Index

Level

Company

FX-Rate

per USD

YTD

% Chg

1 MTD

% Chg

1 Wk

%Chg 1 week

Dollar Return (% chg) Mkt Cap

USDm**

Trade

USD'000

10 Mar 2017

Morocco

MTD

%Chg

% chg

Country

Morocco

BRVM

Kenya

BRVM

1 Wk

%Chg

Country

Zambia

Nigeria

Morocco

1 Year

High



THE AFRICA WEEKLY

1 month price charts

Botswana BRVM

Key

Egypt*** Ghana Up

8.189 5.795 3.53 7.738 4.694 4.872 Flat

15.174 15.463 17.16 18.39 19.36 19.978 Down10.54 14.341 14.921 25.254 19.198 19.985

Kenya Malawi 170.651 231.6 248.19 264.2 286.47 316.04

6.96 7.976 7.356 6.584 6.265 7.134

1123.63 1484.1 1547.9 1603.6 1692.3 1816.913.935 11.742 10.333 11.984 7.938 7

Mauritius Morocco

Namibia Nigeria

South Africa Tanzania

Tunisia Uganda

Zambia Zimbabwe

-0.44%

0.06%

South Africa

BotswanaNamibiaNamibia

-0.03%

Mauritius

-0.36%Morocco

-0.20%

Tunisia

2.35%Egypt

2.00%

Kenya

1.57%Zambia

1.52%Uganda:

Swaziland

Ghana

-4.02%Tanzania

-0.95%BRVM

2.66%

Malawi

Zimbabwe

-0.04%0.68%

2.67%

Nigeria

0.36%

Rwanda:0.40%



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



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.



THE AFRICA WEEKLY


NIGSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 25,238.0 314.67 H: 23-Jun-16 31,071.3 Unilever Nigeria 16.1 32.30

This week 24,582.0 2.67 314.85 0.06 2.73 L: 08-Apr-16 23,501.9 N.E.M Insurance Co (Nig) 12.3 0.91

Prev week 25,373.4 -3.12 316.00 0.37 -2.77 Off peak -18.8% Honeywell Flour Mills 10.5 1.05

MTD 25,329.1 -0.36 315.63 0.31 -0.06 At High 50/199 Dangote Cement 7.9 161.0

YTD 26,874.6 -6.09 315.33 0.21 -5.89 At Low 57/199 Guinness Nigeria 7.6 66.01

10,540 6.42% NGNm 8,417.8 Company Week % chg Price

3,280 126 USDm 26.8 UBA Capital -11.0 2.42

63% Livestock Feeds -9.5 0.67

6,693 22 Ashaka Cement -7.9 10.36

3,413 21 NGNm 8,205,409 Nigerian Aviation Handling -7.6 2.20

96.1% 1 USDm 26,076 Lafarge WAPCO -7.0 36.28

Company NGN'000 % of total

Zenith Bank 2,925,128 27.75

Guaranty Trust Bank 1,415,745 13.43

Nigerian Breweries 1,385,112 13.14

Guinness Nigeria 994,974 9.44

Access Bank 685,895 6.51

*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



THE AFRICA WEEKLY


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)

Dangote Cement BUIL 161.0 7.9 Up 89,110 559 204.0 149.3 -21.1 -7.5 21.1 2,743,522 8,719 632.7

Nigerian Breweries BREW 130.0 -0.0 Down 1,385,112 10,247 150.0 93.00 -13.3 -12.2 29.9 983,152 3,124 3,804.1

Guaranty Trust Bank BANK 24.50 -2.0 Down 1,415,745 56,620 27.10 13.99 -9.6 -0.8 52.6 721,064 2,291 3,731.1

Nestle Nigeria CONS 735.0 6.4 Up 167,685 236 855.0 570.0 -14.0 -9.3 5.0 582,594 1,851 2,171.1

Zenith Bank BANK 14.78 1.9 Up 2,925,128 198,876 17.70 10.50 -16.5 0.2 36.0 464,040 1,475 3,776.5

Stanbic IBTC Holdings BANK 18.29 1.7 Up 536,587 30,202 18.29 13.00 -0.0 21.9 29.3 182,900 581 356.3

UBA BANK 5.02 - Flat 294,474 58,617 5.19 3.08 -3.3 11.6 81.2 165,567 526 942.6

ETI (Nigeria) BANK 10.03 1.3 Up 27,012 2,644 18.05 9.50 -44.4 -2.4 -34.0 160,006 508 391.7

Access Bank BANK 6.69 3.2 Up 685,895 105,074 7.05 3.63 -5.1 14.0 65.2 153,087 486 1,221.7

Unilever Nigeria CONS 32.30 16.1 Up 449,807 15,112 50.01 27.81 -35.4 -7.7 20.5 122,200 388 873.6

Lafarge WAPCO BUIL 36.28 -7.0 Down 30,473 817 84.05 36.28 -56.8 -11.4 -57.1 108,898 346 471.2

Mobil Oil Nig UTIL 285.0 - Flat 7,427 26 324.1 147.8 -12.1 2.2 90.6 102,770 327 692.1

Guinness Nigeria BREW 66.01 7.6 Up 994,974 15,025 112.8 60.92 -41.5 -20.5 -41.6 99,404 316 752.2

FBN Holdings BANK 2.99 -1.6 Down 210,783 70,598 4.39 2.95 -31.9 -10.7 -13.8 97,570 310 597.1

Total Nigeria UTIL 272.0 -3.9 Down 80,403 292 345.0 140.0 -21.2 -9.0 87.6 92,350 293 418.7

Union Bank Nig. BANK 4.67 -5.5 Down 4,983 1,031 5.77 3.90 -19.1 -15.1 -7.5 79,090 251 431.4

Dangote Sugar Refinery CONS 6.00 4.7 Up 4,182 702 7.19 5.17 -16.6 -1.8 7.1 72,000 229 43.9

Forte Oil UTIL 51.67 -5.2 Down 82,520 1,556 293.2 47.01 -82.4 -38.8 -84.9 55,818 177 496.3

P Z Cussons Nigeria CONS 13.99 - Flat 12,821 916 25.00 11.04 -44.0 -3.5 -36.1 55,547 177 77.1

7-Up Bottling Comp. BREW 86.00 - Flat 4,969 58 159.9 86.0086.0086.0086.00 -46.2 -33.3 -49.4 55,091 175 82.6

Intl Breweries BREW 15.70 - Flat 2,532 161 20.49 15.70 -23.4 -15.1 -19.5 51,222 163 415.2

Julius Berger BUIL 40.25 4.1 Up 248,532 6,416 50.93 34.83 -21.0 4.3 -3.0 48,300 153 72.1

Presco AGRI 47.00 - Flat 11,419 243 47.10 34.25 -0.2 17.2 38.2 47,000 149 797.6

Okomu Oil Palm AGRI 48.00 - Flat 62,963 1,337 48.70 28.36 -1.4 19.5 60.0 45,788 146 271.3

Flour Mills Nig. CONS 17.45 1.4 Up 384,153 22,168 24.99 16.20 -30.2 -5.6 -9.6 41,630 132 243.6

Oando UTIL 5.08 1.6 Up 56,303 11,276 8.05 3.61 -36.9 8.1 53.9 34,658 110 271.8

TransCorp Nigeria INVE 0.72 2.9 Up 22,591 30,642 2.00 0.67 -64.0 -17.2 -33.3 27,879 89 125.3

Unity Bank BANK 0.67 -4.3 Down 121 181 1.20 0.51 -44.2 21.8 -5.6 25,759 82 6.2

U A C N CONS 13.20 3.1 Up 29,961 2,289 22.00 12.02 -40.0 -21.5 -34.0 25,355 81 158.6

Cadbury Nigeria CONS 7.80 - Flat 7,948 1,019 20.50 7.80 -62.0 -24.2 -55.4 24,417 78 54.6

510 Mar 2017

Movement (% chg) Market cap12 MonthWeekly



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


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


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

Prev week 1,854.5 0.73 4.66 -3.12 -2.42 Off peak -4.9% Stanchart Ghana 2.2 15.33

MTD 1,854.5 1.09 4.63 -0.14 0.95 At High 0/34 Ghana Commercial Bank 0.4 4.91

YTD 1,689.2 10.99 4.24 -8.63 1.41 At Low 2/34 Unilever Ghana 0.1 8.87

5.0 2.07% GHSm 8.9 Company Week % chg Price

-0.2 19 USDm 1.9 Total Petroleum -4.3 2.20

56% SocGen (Ghana) -1.3 0.77

2.2 5 --

2.4 2 GHSm 11,983 --

-7.5% 3 USDm 2,585 --

Company GHS'000 % of total

Total Petroleum 2,274.0 45.84

Ghana Commercial Bank 1,994.0 40.20

Benso Oil Palm 186.9 3.77

ETI (Ghana) 170.4 3.43

Unilever Ghana 150.8 3.04

*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


GHS/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers

Top 5 (value) tradersRebased Index Performance


Upside value



-45%

-25%

-5%

15%

35%

55%

75%


USD GHS

0 5,000 10,000 15,000

08 Apr 2016

10-Mar

Market Cap (GHS m) : Current vs Peak



THE AFRICA WEEKLY



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

Fan Milk CONS 11.30 - Flat 36 3.23 11.30 7.00 -0.0 1.4 53.7 1,313 283 266.5

Ghana Commercial Bank BANK 4.91 0.4 Up 1,994 406.95 4.91 3.02 0.0 37.9 32.0 1,301 281 40.3

Unilever Ghana CONS 8.87 0.1 Up 151 17.01 8.87 8.47 0.0 4.2 4.4 554 120 26.8

Golden Star RESO 1.95 1.95 1.80 -0.0 - -2.0 498 107 0.1

CAL Bank BANK 0.77 2.7 Up 15 19.42 1.01 0.65 -23.8 2.7 -21.4 422 91 986.8

Guinness Ghana BREW 1.50 - Flat 11 7.14 1.96 1.501.501.501.50 -23.5 -8.0 -23.9 317 68 70.7

Enterprise Group INSU 2.40 - Flat 6 2.40 2.45 2.35 -2.0 - -0.8 307 66 22.2

Ghana Oil OILG 1.19 - Flat 7 5.61 1.51 0.96 -21.2 8.2 -17.4 300 65 285.2

SocGen (Ghana) BANK 0.77 -1.3 Down 81 103.41 0.83 0.60 -7.2 24.2 -4.9 257 55 13.3

Total Petroleum OILG 2.20 -4.3 Down 2,274 1,033.50 5.11 1.97 -56.9 11.1 -57.2 246 53 40.9

HFC Bank BANK 0.68 1.00 0.68 -32.0 -9.3 -35.2 202 43 0.3

Benso Oil Palm AGRI 2.82 - Flat 187 66.28 3.13 2.08 -9.9 35.6 -9.3 98 21 2.5

Tullow Oil OILG 21.25 27.92 21.2521.2521.2521.25 -23.9 -20.9 -23.9 75 16 1.9

Cocoa Processing INDU 0.03 0.03 0.01 0.0 50.0 200.0 61 13 0.1

Trust Bank (Gambia) BANK 0.30 - Flat 1 3.70 0.35 0.26 -14.3 15.4 -18.9 60 13 0.1

Mega African Capital INVE 4.50 0.00 0.00 - - 39 8 -

Aluworks Ghana RESO 0.15 7.1 Up 1 8.00 0.16 0.07 -6.2 7.1 87.5 36 8 0.7

PZ Cussons Ghana CONS 0.20 0.29 0.20 -31.0 -9.1 -33.3 34 7 0.2

SIC Insurance INSU 0.15 - Flat 8 53.90 0.18 0.12 -16.7 25.0 -21.1 29 6 0.7

Produce Buying AGRI 0.06 0.08 0.03 -25.0 - -40.0 29 6 0.3

Ayrton Drug PHAR 0.10 0.13 0.10 -23.1 -16.7 -23.1 22 5 95.6

UT Bank BANK 0.04 - Flat 1 17.73 0.11 0.03 -63.6 33.3 -66.7 18 4 8.6

Mechanical Lloyd CONS 0.15 - Flat 0 0.06 0.20 0.15 -25.0 - -25.0 8 2 0.0

Transol TELE 0.03 0.03 0.03 0.0 - - 2 1 -

Starwin Products PHAR 0.03 0.03 0.02 0.0 - 50.0 2 0 0.0

Pioneer Kitchenware. INDU 0.05 0.05 0.05 -0.0 - - 2 0 -

Clydestone Ghana TELE 0.03 0.03 0.03 0.0 - 50.0 1 0 0.0

810 Mar 2017




THE AFRICA WEEKLY

BRVM Stock Exchange (CFA Franc) BRVM

2012 2013 2014 2015 2016E 2017F

-10.9 -10.4 -8.8 -6.1 -5.2 -4.7

42.8 46.6 53.1 55.0 61.9 60.7

- - - - - -

1,037.4 1,058.9 1,078.6 934.6 986.4 1,055.8

4.4 3.6 4.7 5.1 5.9 6.5

14.2 15.0 15.7 14.0 15.2 16.7

1.1 -0.1 -0.8 3.0 1.4 1.3

2012 2013 2014 2015 2016E 2017F-1.2 -1.4 -0.7 -1.0 -1.9 -2.5

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


Nominal GDP (USDbn)




Ivory Coast




Market Commentary Senegal



10 Mar 2017

Dividends Amount

Regular Cash

Regular Cash

Regular Cash

Regular Cash

Nominal GDP (USDbn)




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.



THE AFRICA WEEKLY


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


XOF/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Stocks traded (absolute)

Trading numbers


Net value

Upside value



-26%

-20%

-14%

-8%

-2%

4%

10%


USD XOF

0 5,000,000 10,000,000

22 Apr 2016

10-Mar

Market Cap (XOF bn): Current vs Peak



THE AFRICA WEEKLY


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

Onatel BF TELE 11,500 -0.9 Down 75,659 6,849 14,895 9,500 -22.8 -4.2 -20.4 391,000 629 337.4

ETI (BRVM) BANK 22.00 - Flat 15,060 688,798 42.00 21.00 -47.6 -12.0 -48.8 350,959 565 48.3

Bollore Africa Logistics CI TRPT 230,000 -1.9 Down 6,703 29 310,000 229,000 -25.8 -22.6 -14.8 250,402 403 186.3

Bank of Africa BN BANK 198,500 -3.2 Down 67,116 333 286,995 158,995 -30.8 18.2 6.7 199,943 322 146.3

CIE UTIL 67,000 - Flat 140,843 2,161 98,500 65,000 -32.0 -10.1 -11.8 187,600 302 269.2

BICI CI BANK 94,500 1.6 Up 2,840 30 107,000 85,655 -11.7 -4.4 -3.6 157,500 254 347.1

SOLIBRA CI BREW 162,000 -1.8 Down 1,962 12 219,000 152,625 -26.0 -8.7 -10.0 133,167 214 96.0

Bank of Africa BF BANK 160,000 -10.6 Down 27,020 166 188,940 130,000 -15.3 14.7 26.0 117,600 189 566.5

SITAB CI INDU 115,000 -4.8 Down 8,997 78 196,400 114,000 -41.4 -23.3 -26.8 103,241 166 211.5

PALM CI AGRI 13,005 - Flat 33,982 2,613 14,000 8,500 -7.1 -7.1 30.1 100,524 162 194.4

Bank of Africa CI BANK 149,750 -0.2 Down 41,959 279 225,000 132,005 -33.4 7.7 0.5 89,850 145 179.5

SOGB AGRI 34,000 -2.9 Down 21,420 630 38,000 25,000 -10.5 3.0 25.9 73,446 118 38.5

CFAO CI CONS 63,500 -0.0 Down 15,895 250 160,000 57,000 -60.3 2.4 -34.8 70,662 114 10.2

SAPH AGRI 12,750 -8.9 Down 31,979 2,432 16,000 9,500 -20.3 -8.9 11.0 65,173 105 35.0

SODE UTIL 70,500 -0.7 Down 2,629 37 104,000 64,750 -32.2 -16.6 -21.7 63,450 102 26.0

Nestle CI CONS 55,000 - Flat 37,785 687 78,225 45,305 -29.7 3.8 -5.2 60,694 98 69.1

Bank of Africa NG BANK 95,000 -4.5 Down 69,683 722 120,500 84,000 -21.2 5.6 -1.2 57,000 92 549.6

FILTISAC CI INDU 16,000 -5.9 Down 18,559 1,146 32,995 16,00016,00016,00016,000 -51.5 -31.9 -46.7 56,416 91 69.4

Bernabe CI TRPT 146,450 228,115 146,450146,450146,450146,450 -35.8 -15.8 -20.0 48,504 78 44.5

SMB INDU 24,300 -0.8 Down 608 25 43,900 18,000 -44.6 30.6 4.7 47,356 76 11.4

Tractafric Motors CI CONS 280,000 -1.8 Down 2,240 8 720,000 280,000280,000280,000280,000 -61.1 -34.1 -50.4 44,800 72 11.0

Unilever CI INDU 15,400 -3.8 Down 511 33 29,495 15,40015,40015,40015,400 -47.8 -18.9 -35.8 24,803 40 7.0

Crown SIEM CI INDU 38,000 5.6 Up 760 20 60,200 30,460 -36.9 15.2 8.6 23,930 39 3.1

Uniwax CI INDU 22,990 2.2 Up 21,723 961 30,495 21,705 -24.6 -13.2 -19.3 17,243 28 116.8

SICable INDU 78,000 0.1 Up 35,871 477 118,000 75,000 -33.9 -10.9 -36.6 11,544 19 32.9

Total CI OILG 17,000 6.2 Up 38,793 2,408 20,000 15,355 -15.0 -12.8 -5.6 10,703 17 173.1

Air Liquide CI INDU 10,000 -5.9 Down 5,747 588 22,500 9,500 -55.6 -9.1 -50.0 8,734 14 11.0

SICOR AGRI 6,500 14,425 5,000 -54.9 -41.4 -7.1 3,900 6 2.2

1110 Mar 2017




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


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


FTSE NSE15 Level % chg Level % chg % chg Company Week % chg Price

Current 148.9 102.60 H: 29-Apr-16 187.7 KCB Bank 13.5 29.50

This week 146.0 2.00 102.65 0.05 2.05 L: 30-Jan-17 140.2 TransCentury 9.5 5.75

Prev week 150.1 -2.75 103.35 0.68 -2.08 Off peak -20.7% BAT (Kenya) 5.8 899.0

MTD 148.3 0.42 102.90 0.29 0.71 At High 0/60 Total Kenya 5.6 18.00

YTD 161.6 -7.87 102.51 -0.09 -7.95 At Low 2/60 Kapchorua Tea 5.3 79.00

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


KES/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-39%

-30%

-21%

-12%

-3%

6%


USD KES

0 1,000,000 2,000,000 3,000,000

29 Apr 2016

10-Mar

Market Cap (KES bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector KES % chg Move KES '000 '000 High Low Off high YTD 12 mths KES m USD m Val (000)

Safaricom TELE 16.90 0.6 Up 1,291,014 79,394.0 21.25 16.00 -20.5 -11.7 5.6 676,754 6,596 9,860.8

EABL BREW 213.0 -1.4 Down 144,165 672.5 306.0 213.0213.0213.0213.0 -30.4 -12.7 -22.5 168,435 1,642 3,109.7

Equity Bank BANK 27.00 4.9 Up 219,571 8,327.7 41.75 23.50 -35.3 -10.0 -31.2 99,975 974 2,436.9

BAT (Kenya) CONS 899.0 5.8 Up 2,153 2.4 915.0 766.0 -1.7 -1.1 13.8 89,900 876 406.8

KCB Bank BANK 29.50 13.5 Up 226,559 8,283.5 42.75 23.00 -31.0 2.6 -25.3 88,032 858 2,262.8

Stanchart Kenya BANK 205.0 -1.9 Down 2,934 14.3 254.0 165.0 -19.3 8.5 6.8 63,378 618 136.9

Bamburi Cement BUIL 147.0 0.7 Up 72,748 519.0 195.0 140.0 -24.6 -8.1 -20.1 53,355 520 168.4

Co-Op Bank BANK 12.45 0.4 Up 17,188 1,378.8 21.00 9.75 -40.7 -5.7 -28.2 52,176 509 513.8

Barclays Kenya BANK 9.05 2.3 Up 17,173 1,915.7 12.40 7.15 -27.0 -0.5 -29.0 49,155 479 317.9

I&M Bank BANK 83.00 2.5 Up 1,087 13.5 112.0 74.50 -25.9 -7.8 -14.4 32,566 317 101.8

Jubilee Holdings INSU 485.0 - Flat 1,067 2.2 497.0 455.0 -2.4 -1.0 5.4 29,049 283 134.2

CFC Stanbic BANK 65.00 -7.1 Down 567 8.5 96.00 63.00 -32.3 -7.8 -13.9 25,696 250 437.2

Centum Investment INVE 34.50 -3.5 Down 5,405 156.0 49.75 31.00 -30.7 -6.8 -21.6 22,958 224 345.0

Diamond Trust BANK 104.0 -1.0 Down 6,553 63.0 221.0 102.0 -52.9 -11.9 -48.0 22,890 223 275.4

KenolKobil OILG 13.00 -7.5 Down 41,507 3,037.0 15.70 10.20 -17.2 -12.8 30.7 19,133 186 306.5

BA Investment INVE 10.00 -4.8 Down 2,294 227.9 16.40 9.55 -39.0 - -16.7 18,915 184 168.8

Nation Media MEDI 85.00 3.7 Up 4,127 48.9 181.0 74.00 -53.0 -8.6 -52.0 16,026 156 163.7

KenyaRe INSU 19.05 -1.8 Down 1,741 91.1 23.00 18.65 -17.2 -15.3 -3.5 13,335 130 227.5

NIC Bank BANK 24.50 -2.0 Down 3,029 123.5 41.50 20.25 -41.0 -5.8 -38.8 13,303 130 313.7

KPLC UTIL 6.80 0.7 Up 1,614 238.5 11.70 6.70 -41.9 -16.6 -41.1 13,270 129 97.3

KenGen UTIL 6.00 -4.8 Down 8,595 1,383.9 8.70 4.95 -31.0 3.4 -13.7 13,190 129 505.7

ARM Cement Ltd RESO 19.05 -2.3 Down 7,559 396.1 36.75 18.75 -48.2 -25.3 -41.4 9,435 92 280.3

Kenya Airways TRPT 5.75 -2.5 Down 2,085 359.3 7.30 3.40 -21.2 -1.7 29.2 8,605 84 131.3

CMC Holdings CONS 13.50 0.00 0.00 - - 7,867 77 -

CIC Insurance INSU 3.60 -1.4 Down 2,360 656.5 6.10 3.10 -41.0 -5.3 -38.5 7,847 76 41.3

Scan Group MEDI 18.00 3.4 Up 5,563 309.1 31.25 14.85 -42.4 -0.8 -34.5 6,820 66 118.6

Liberty Kenya BANK 11.00 -0.5 Down 290 26.9 16.95 10.60 -35.1 -16.3 -33.7 5,668 55 191.6

Kakuzi AGRI 271.0 -8.8 Down 2,765 10.2 329.0 250.0 -17.6 -12.3 -9.7 5,312 52 17.5

Sasini AGRI 20.25 - Flat 1,486 71.8 22.00 16.70 -8.0 5.5 -4.7 4,618 45 17.3

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




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


Tanzania Breweri 2015 300.0

Tanzania Cigaret 2015 300.0

15

Type

2nd Interim

Interim

Market Commentary


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


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

This week 2,305.3 -4.02 2,224.50 -0.34 -4.35 L: 02-Feb-17 2,037.6 --

Prev week 2,313.7 -0.36 2,234.50 0.45 0.08 Off peak -73.7% --

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


TZS/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-88%

-20%

48%

116%

184%

252%


USD TZS

0 5,000,000 10,000,000

23 Feb 2017

10-Mar

Market Cap (TZS bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector TZS % chg Move TZS '000 '000 High Low Off high YTD 12 mths TZS m USD m Val (000)

Tanzania Breweries BREW 11,500 - Flat 425,592 37.01 14,440 10,000 -20.4 -4.2 -22.3 3,391,677 1,519 1,827.5

NMB BANK 2,750 - Flat 5,748 2.09 2,800 1,600 -1.8 - 37.5 1,375,000 616 29.7

Tanzania Cigarette CONS 11,500 - Flat 7,015 0.61 13,000 10,000 -11.5 - -5.0 1,150,000 515 507.5

TWIGA BUIL 2,290 - Flat 27,595 12.05 2,700 1,980 -15.2 - -23.2 412,024 185 77.5

CRDB Bank BANK 185.0 - Flat 57,600 311.35 395.0 185.0185.0185.0185.0 -53.2 -26.0 -53.2 402,658 180 157.9

Swissport HOTL 5,400 - Flat 292 0.05 7,500 4,800 -28.0 -0.9 -21.9 194,400 87 123.0

Simba Cement BUIL 1,600 2,080 1,6001,6001,6001,600 -23.1 - -23.8 101,874 46 1.1

Precision Air TRPT 470.0 0.00 0.00 - - 91,113 41 -

Swala Oil and Gas (Tanzania) OILG 500.0 500.0500.0500.0500.0 500.0500.0500.0500.0 - - - 49,977 22 0.3

TOL INDU 800.0 880.0 750.0 -9.1 - - 33,978 15 0.6

Mkombozi Commercial Bank PLC BANK 1,000 1,020 1,0001,0001,0001,000 -2.0 - - 20,615 9 3.4

DSE TZ Equity BANK 1,000 - Flat 25,374 25.37 1,770 1,0001,0001,0001,000 -43.5 - 20,250 9 51.7

DCB BANK 400.0 545.0 400.0400.0400.0400.0 -26.6 - -27.3 12,957 6 1.7

Tanzania Tea Packers AGRI 650.0 0.00 0.00 - - 11,607 5 -

1710 Mar 2017




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


BANK OF KIGALI LTD Full Year 3/15/2017

18

Market Commentary




Nominal GDP (USDbn)




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.



THE AFRICA WEEKLY


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

This week 123.7 0.40 823.50 -0.24 0.16 L: 16-Dec-16 117.0 --

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



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners


Stocks traded (%)

Upside value Stocks up Total Market cap



Upside/downside ratio Advance - Decline

-39%

-30%

-21%

-12%

-3%

6%


USD RWF

0 100,000 200,000 300,000 400,000

08 Apr 2016

10-Mar

Market Cap (RWF bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector RWF % chg Move RWF '000 '000 High Low Off high YTD 12 mths RWF m USD m Val (000)

Bralirwa BREW 140.0 174.0 135.0 -19.5 - -19.5 144,000 174 1.4

Bank of Kigali BANK 245.0 0.8 Up 866,222 3,535.6 290.0 228.0 -15.5 7.5 -12.5 122,623 149 465.4

20

Weekly 12 Month Movement (% chg) Market cap

10 Mar 2017



THE AFRICA WEEKLY

Uganda Securities Exchange (Uganda Shilling) Uganda

2012 2013 2014 2015 2016E 2017F

-8.0 -7.2 -9.7 -10.5 -11.3 -12.0

24.2 27.6 31.4 35.0 37.9 41.1

- - - - - -

678.2 680.1 713.1 625.3 648.2 691.4

2.6 3.9 4.8 5.2 5.5 5.8

24.6 25.6 27.6 24.9 26.6 29.3

5.3 4.3 4.9 6.4 6.6 5.1


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


USE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 1,416.9 3,598.60 H: 21-Mar-16 1,812.7 DFCU 0.1 760.0

This week 1,395.7 1.52 3,596.35 -0.06 1.46 L: 31-Jan-17 1,330.8 --

Prev week 1,413.1 -1.23 3,582.63 -0.38 -1.61 Off peak -21.8% --

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


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


UGX/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-44%

-35%

-26%

-17%

-8%

1%


USD UGX

0 2,000,000 4,000,000 6,000,000

21 Mar 2016

10-Mar

Market Cap (UGX bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector UGX % chg Move UGX '000 '000 High Low Off high YTD 12 mths UGX m USD m Val (000)

BAT (Uganda) AGRI 30,000 30,00030,00030,00030,000 25,500 - - - 1,472,400 409 -

Stanbic Uganda BANK 25.50 - Flat 7,905 310.0 31.00 22.00 -17.7 2.0 -17.7 1,305,311 363 154.3

Umeme UTIL 490.0 - Flat 663,696 1,354.5 560.0 488.0 -12.5 - -14.0 795,700 221 347.3

Bank of Baroda BANK 110.0 153.0 110.0110.0110.0110.0 -28.1 -11.3 -29.0 275,000 76 0.2

DFCU BANK 760.0 0.1 Up 836 1.1 939.0 759.0 -19.1 -1.3 -19.1 188,937 53 87.5

New Vision MEDI 545.0 600.0 542.0 -9.2 - -10.1 41,693 12 0.4

Uganda Clays BUIL 12.00 - Flat 600 50.0 15.00 12.0012.0012.0012.00 -20.0 - -25.0 10,800 3 2.6

NIC INSU 12.00 12.0012.0012.0012.00 11.00 - - 9.1 4,847 1 0.2

2310 Mar 2017




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




Nominal GDP (USDbn)




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.



THE AFRICA WEEKLY


JSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 51,270 13.18 H: 30-May-16 54,474 Bell Equipment 3.9 13.51

This week 51,498 -0.44 12.97 -1.58 -2.02 L: 06-Dec-16 48,936 Telkom SA 3.0 70.24

Prev week 51,497 0.00 12.97 -0.03 -0.03 Off peak -5.9% Lewis Group 2.3 46.80

MTD 51,146 0.24 13.02 -1.17 -0.93 At High 0/60 Naspers 2.2 2,165

YTD 50,654 1.22 13.74 4.26 5.53 At Low 0/60 Tongaat Hulett 2.0 128.0

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



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners


Stocks traded (%)




Rebased Index Performance Top 5 (value) traders

-18%

-10%

-2%

6%

14%

22%


USD ZAR

0 2,000 4,000 6,000

30 May 2016

10-Mar

Market Cap (ZAR bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector ZAR % chg Move ZAR 'm '000 High Low Off high YTD 12 mths ZAR m USD m Val (000)

SABMiller BREW 792.0 990.0 746.3 -20.0 - -12.4 1,264,666 95,964 88,741

Naspers MEDI 2,165 2.2 Up 7,296 3,417 2,530 1,894 -14.4 7.5 19.3 897,144 68,076 940,605

Firstrand BANK 51.22 -0.7 Down 1,563 30,590 54.17 41.25 -5.4 -3.7 15.6 288,775 21,912 227,006

Standard Bank Group BANK 156.0 -1.6 Down 2,579 16,628 158.5 114.4 -1.6 2.8 43.1 250,501 19,008 233,212

MTN Group TELE 122.3 1.3 Up 2,651 21,711 149.6 107.0 -18.3 -3.1 -5.2 230,350 17,479 313,350

Vodacom Group TELE 151.2 0.6 Up 902 6,052 171.1 140.0 -11.6 -0.8 0.8 224,979 17,072 100,860

Steinhoff Intl CONS 79.01 0.00 0.00 - - 145,075 11,008 -

Nedbank Group BANK 255.2 -1.1 Down 1,875 7,432 260.4 166.6 -2.0 7.1 38.9 129,491 9,826 88,499

Aspen Pharmacare PHAR 275.0 1.4 Up 2,657 9,667 385.0 266.3 -28.6 -3.0 -1.7 125,269 9,505 227,910

Shoprite Holdings CONS 196.6 0.2 Up 1,833 9,322 208.7 158.0 -5.8 14.7 31.9 112,170 8,512 172,285

Mondi INDU 302.5 -0.5 Down 1,538 5,098 312.0 259.7 -3.0 8.5 9.8 111,090 8,430 86,892

Absa Group BANK 150.7 -2.4 Down 1,957 12,988 171.7 130.0 -12.2 -10.7 3.2 108,249 8,214 119,570

Mediclinic International PHAR 120.3 0.00 0.00 - - 99,442 7,546 -

Tiger Brands CONS 413.6 -2.4 Down 1,777 4,330 425.1 314.9 -2.7 4.0 42.9 79,081 6,001 95,383

Woolworths Holdings CONS 70.91 -1.5 Down 1,113 15,834 94.10 62.80 -24.6 -0.2 -14.2 53,417 4,053 145,872

Bidvest Group INVE 162.2 0.9 Up 630 3,892 374.4 118.6 -56.7 -10.5 -53.5 53,165 4,034 83,111

Mr Price Group CONS 208.9 0.00 0.00 - - 52,416 3,977 -

Truworths International CONS 87.00 -2.6 Down 1,325 15,345 111.8 62.93 -22.1 9.2 2.5 40,177 3,049 78,199

Foschini Group CONS 162.3 -1.9 Down 905 5,625 168.5 126.0 -3.7 2.0 37.3 39,023 2,961 83,619

Telkom SA TELE 70.24 3.0 Up 352 5,022 76.75 52.65 -8.5 -5.1 35.6 36,580 2,776 30,169

Imperial Holdings INVE 174.0 -1.8 Down 879 5,025 188.9 128.3 -7.9 -4.6 49.0 36,534 2,772 47,877

Pick N Pay CONS 70.95 -2.1 Down 308 4,386 83.00 61.55 -14.5 11.3 26.9 34,084 2,586 33,528

Massmart Holdings CONS 146.9 -3.6 Down 335 2,260 155.2 99.61 -5.3 16.4 48.4 31,857 2,417 19,157

Barloworld INVE 121.3 0.2 Up 544 4,463 123.7 65.62 -1.9 2.9 88.1 28,022 2,126 49,506

Tongaat Hulett CONS 128.0 2.0 Up 184 1,463 134.8 97.00 -5.1 -2.1 36.9 13,887 1,054 10,135

AECI INDU 111.0 1.3 Up 61 547 111.1 82.65 -0.1 9.8 23.3 12,920 980 10,087

Oceana Group CONS 108.0 -3.6 Down 5 46 128.9 104.4 -16.2 -10.0 -6.1 12,894 978 1,862

Blue Label Telecoms TELE 18.18 -3.8 Down 53 2,864 21.75 14.75 -16.4 -0.1 51.4 12,263 930 7,455

Illovo Sugar CONS 24.87 24.88 20.15 -0.0 - 27.2 11,445 868 -

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


10 Mar 2017



THE AFRICA WEEKLY

Stock Exchange of Mauritius (Mauritian Rupee) Mauritius

2012 2013 2014 2015 2016E 2017F

-7.3 -6.3 -5.6 -4.8 -4.8 -5.3

51.5 53.9 56.2 56.0 54.3 52.8

51.5 53.9 56.2 56.0 54.3 52.8

8,932.3 9,476.5 9,999.3 9,186.5 9,643.4 ####

3.2 3.2 3.6 3.2 3.8 3.6

11.2 11.9 12.6 11.6 12.1 12.9

3.2 4.1 0.2 3.0 3.0 3.0


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


SEMDEX Level % chg Level % chg % chg Company Week % chg Price

Current 1,917.8 35.71 H: 17-Feb-17 1,926.4 Mauritius Oil Refineries 3.5 27.95

This week 1,918.2 -0.03 35.53 -0.50 -0.52 L: 19-Jul-16 1,740.5 Sun Resorts 1.9 39.75

Prev week 1,924.5 -0.33 35.47 -0.17 -0.50 Off peak -0.4% National Investment Trust 1.5 24.15

MTD 1,922.8 -0.26 35.61 -0.28 -0.54 At High 3/44 POLICY 1.3 6.16

YTD 1,808.4 6.05 35.97 0.73 6.83 At Low 2/44 LOTTOTECH 0.7 5.74

129.5 1.65% MURm 223.3 Company Week % chg Price

66.7 35 USDm 6.3 Rogers & Co -2.7 27.50

80% Omnicane -1.6 61.50

77.2 13 Harel Mallac -1.5 65.00

10.6 10 MURm 393,322 Mauritian Eagle -1.2 82.00

631.5% 3 USDm 11,015 Caudan Development -1.0 0.98

Company MUR'000 % of total

MCB 50,589.7 39.08

State Bank Mauritius 21,369.0 16.51

CIEL 8,070.4 6.23

New Mauritius Hotels 7,279.6 5.62

Mauritius Union Assurance 5,099.7 3.94

*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


MUR/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-11%

-5%

1%

7%

13%

19%

25%


USD MUR

0 100,000 200,000 300,000 400,000

17 Feb 2017

10-Mar

Market Cap (MUR bn) : Current vs Peak



THE AFRICA WEEKLY



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

CIEL INSU 6.40 - Flat 8,070 1,262.57 6.50 5.88 -1.5 FALSE 1.3 10,088 282 387.1

ENL Land AGRI 43.00 - Flat 1,379 32.08 47.00 39.05 -8.5 -8.5 9,912 278 61.0

Alteo LTD CONS 30.25 -0.8 Down 470 15.42 32.00 25.50 -5.5 1.7 9,634 270 1,986.5

Ireland Blyth INVE 125.0 125.0125.0125.0125.0 117.3 - - 5.7 8,930 250 -

Terra Mauricia INVE 31.60 -0.6 Down 1,919 60.71 32.50 28.50 -2.8 5.3 3.6 7,190 201 68.8

Rogers & Co INVE 27.50 -2.7 Down 2,534 91.93 30.50 26.00 -9.8 0.7 -3.5 6,931 194 71.1

Phoenix Beverages BREW 420.3 0.1 Up 504 1.20 446.0 336.0 -5.8 0.1 16.7 6,912 194 35.1

Lux Island Resorts HOTL 58.50 0.4 Up 4,767 81.80 60.00 56.25 -2.5 -1.7 -1.3 6,671 187 193.8

CIM Financial BANK 7.72 - Flat 4,041 523.26 7.94 6.56 -2.8 6.9 0.3 5,254 147 62.2

Sun Resorts HOTL 39.75 1.9 Up 4,462 113.11 40.00 32.80 -0.6 13.1 15.2 4,508 126 82.7

Omnicane AGRI 61.50 -1.6 Down 64 1.03 68.00 59.25 -9.6 2.1 -13.7 4,121 115 15.9

Bramer Bank BANK 4.30 0.00 0.00 - - 3,876 109 -

Promotion & Development INVE 96.75 -0.3 Down 530 5.47 100.0 85.00 -3.3 5.7 1.8 3,763 105 44.3

Lottotech OILG 119.0 - Flat 107 0.90 119.0119.0119.0119.0 87.75 - 12.3 28.0 3,489 98 26.1

New Mauritius Hotels HOTL 21.00 0.2 Up 7,280 346.79 22.50 18.35 -6.7 11.4 2.4 3,390 95 213.8

Gamma Civic BUIL 24.70 0.2 Up 2,483 99.60 27.00 22.00 -8.5 -1.2 5.1 3,291 92 31.3

United Basalt Products INDU 102.3 -0.7 Down 1,542 15.18 103.3 78.00 -1.0 7.6 28.6 2,711 76 56.0

Swan Insurance INSU 305.0 - Flat 158 0.52 370.0 299.5 -17.6 0.5 -22.6 2,524 71 17.8

Dale Capital (USD) INVE 2.54 2.80 2.54 -9.3 - -9.3 2,338 65 0.0

Fincorp CONS 21.20 0.5 Up 553 26.04 21.40 18.50 -0.9 5.7 -3.4 2,191 61 23.3

LOTTOTECH INVE 5.74 0.7 Up 343 59.89 6.30 3.23 -8.9 FALSE 75.5 1,952 55 16.3

MDIT INVE 4.06 -0.2 Down 2,497 614.28 4.36 3.72 -6.9 2.5 -8.4 1,719 48 36.0

Air Mauritius TRPT 14.30 - Flat 241 16.87 15.20 11.00 -5.9 1.4 7.5 1,463 41 35.8

INNODIS CONS 39.00 - Flat 776 19.90 42.50 38.50 -8.2 - -9.3 1,432 40 10.8

POLICY INVE 6.16 1.3 Up 2,062 335.30 6.50 5.36 -5.2 -1.9 1,398 39 26.0

Mauritius Union Assurance INSU 60.00 - Flat 5,100 85.00 63.50 56.75 -5.5 4.8 -0.8 1,202 34 25.3

Mauritius Oil Refineries OILG 27.95 3.5 Up 694 24.90 28.00 25.20 -0.2 3.5 10.9 930 26 15.0

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




THE AFRICA WEEKLY

Botswana Stock Exchange (Botswana Pula) Botswana

2012 2013 2014 2015 2016E 2017F

-3.4 8.8 16.1 2.8 0.1 -0.4

18.9 17.5 14.5 12.4 11.3 10.1

- - - - - -

7,205.9 7,261.0 7,233.1 6,149.7 6,040.6 6,351.5

4.8 9.3 4.4 2.6 3.2 3.5

14.8 15.1 15.2 13.1 13.0 13.8

7.4 4.1 3.7 4.3 4.4 4.4

Company Reporting period Expected reporting date Year Type

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




Nominal GDP (USDbn)




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.



THE AFRICA WEEKLY


BSE DCI Level % chg Level % chg % chg Company Week % chg Price

Current 9,120.7 10.45 H: 08-Apr-16 10,366.3 FNB Botswana 1.1 2.75

This week 9,114.9 0.06 10.40 -0.52 -0.46 L: 23-Feb-17 9,006.0 BIHL Botswana 1.0 18.03

Prev week 9,038.1 0.85 10.37 -0.21 0.64 Off peak -12.0% Engen Botswana 0.5 9.87

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


Downside value

Advance - Decline

Turnover analysis **

Top 5 gainers

Avg weekly value traded

Index performance *

Total Market cap

Value Traded / Mkt Cap (%)


Stocks down

USD returnsBWP/USD


Stocks up

Rebased Index Performance

-2763%

-15%

2733%

5481%

8229%

10977%


USD BWP

0 20,000 40,000 60,000

08 Apr 2016

10 Mar 2017

Market Cap (BWPm) : Current vs Peak



THE AFRICA WEEKLY



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

BIHL Botswana INSU 18.03 1.0 Up 7,828 434.64 18.03 15.70 -0.0 2.7 15.6 5,068 485 155.3

Barclays Botswana BANK 5.52 0.4 Up 156 28.35 5.52 4.50 0.0 9.5 21.3 4,704 450 69.5

Letshego BANK 2.07 -1.4 Down 64 30.98 2.67 1.80 -22.5 -9.6 -17.2 4,505 431 740.1

Choppies CONS 2.50 - Flat 25,020 10,008.13 4.10 2.20 -39.0 4.2 -39.0 2,936 281 790.3

Sechaba BREW 21.00 30.00 21.0021.0021.0021.00 -30.0 -22.2 -26.3 2,793 267 420.6

Stanchart Botswana BANK 7.35 -3.3 Down 43 5.90 10.64 7.35 -30.9 -5.2 -31.9 2,193 210 1.1

Sefalana CONS 10.70 -0.5 Down 6 0.55 14.00 10.70 -23.6 -17.7 -20.6 1,987 190 104.6

Turnstar PROP 3.23 - Flat 3,275 1,014.08 3.26 3.03 -0.9 -0.6 5.9 1,848 177 66.8

New Africa Properties PROP 3.05 0.3 Up 1,238 405.91 3.05 2.72 0.0 3.7 12.1 1,843 176 29.9

ABCH Botswana BANK 7.14 0.00 0.00 - - 1,834 176 -

Engen Botswana OILG 9.87 0.5 Up 38 3.86 9.89 8.00 -0.2 0.7 16.1 1,576 151 64.2

Wilderness HOTL 5.20 - Flat 2 0.37 5.20 4.80 0.0 0.6 6.1 1,201 115 141.3

Chobe HOTL 8.00 0.1 Up 152 19.03 8.008.008.008.00 6.95 - 3.9 16.3 715 68 9.4

Letlole La Rona PROP 2.25 2.252.252.252.25 2.14 - 1.8 4.7 630 60 14.6

Primetime PROP 3.14 - Flat 2 0.77 3.14 2.95 -0.0 1.3 6.1 565 54 78.2

RDCP PROP 2.70 - Flat 1 0.28 2.71 2.54 -0.4 - 6.7 477 46 19.8

Furnmart CONS 0.65 1.07 0.65 -39.3 -7.1 -39.3 394 38 1.4

FSG INSU 2.80 0.00 0.00 - - 338 32 -

G4S CONS 4.06 -0.2 Down 2 0.45 4.10 3.60 -1.0 -0.5 12.2 325 31 15.1

Cresta HOTL 1.30 - Flat 18 13.74 1.31 1.11 -0.8 1.6 17.1 240 23 2.9

Imara Botswana INVE 2.60 2.69 2.60 -3.3 - -3.3 154 15 3.1

RPC Data TELE 0.30 0.00 0.00 - - 9 1 -

Olympia Capital (Botswana) BUIL 0.20 0.00 0.00 - - 6 1 -

32

12 MonthWeekly

USD m

Market capMovement (% chg)

10 Mar 2017



THE AFRICA WEEKLY

Zimbabwe Stock Exchange (US Dollar) Zimbabwe

2012 2013 2014 2015 2016E 2017F

-24.6 -25.4 -22.0 -22.9 -21.8 -20.9

56.7 54.2 53.4 69.3 57.5 58.3

- - - - - -

961.4 1,028.5 1,043.1 1,037.2 1,054.4 1,094.2

10.6 4.5 3.3 1.4 2.4 3.0

12.5 13.5 13.8 13.9 14.3 15.0

2.9 0.3 -0.8 -0.7 0.5 1.2


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




Nominal GDP (USDbn)




10 Mar 2017

12-Oct-15

14-Sep-15

Interim


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.



THE AFRICA WEEKLY


ZSE INDUSTRIAL Level % chg Level % chg % chg Company Week % chg Price

Current 135.4 1.00 H: 14-Dec-16 150.0 Econet Wireless 15.4 0.15

This week 134.4 0.68 1.00 0.00 0.68 L: 17-Jun-16 93.4 AFRE Corp 11.1 0.05

Prev week 134.9 -0.34 1.00 0.00 -0.34 Off peak -9.7% Kingdom Meikles Africa 10.5 0.11

MTD 135.3 0.04 1.00 0.00 0.04 At High 0/74 TSL 7.0 0.21

YTD 144.5 -6.34 1.00 0.00 -6.34 At Low 0/74 Barclays Zimbabwe 4.0 0.03

1.6 2.29% USDm 3.3 Company Week % chg Price

1.2 18 USDm 3.3 Bindura Nickel Corp -9.1 0.03

24% NMBZ Holdings -7.3 0.03

1.2 7 CBZ Bank -0.5 0.10

0.0 3 USDm 3,506 --

4498.0% 4 USDm 3,506 --

Company USD'000 % of total

Delta Corp Zimbabwe 942.2 58.73

Innscor Africa 296.4 18.48

Econet Wireless 249.3 15.54

BAT (Zimbabwe) 32.5 2.03

Seed Co 28.5 1.78

*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



Turnover analysis ** Trading numbers Avg weekly value traded Top 5 decliners (Top 40)


Top 5 (value) traders

Total Market cap



-26%

-10%

6%

22%

38%

54%

70%


USD USD

0 1,000 2,000 3,000 4,000

14 Dec 2016

10-Mar

Market Cap (USD m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector USD % chg Move USD '000 '000 High Low Off high YTD 12 mths USD m USD m Val (000)

Delta Corp Zimbabwe BREW 0.84 0.9 Up 942 1,121.62 0.94 0.50 -10.6 -5.1 58.5 1,037 1,037 1,293.0

BAT (Zimbabwe) CONS 15.25 - Flat 33 2.13 17.00 10.70 -10.3 - 32.6 315 315 86.0

Innscor Africa CONS 0.45 - Flat 296 662.38 0.54 0.17 -17.1 -6.8 136.1 242 242 366.8

National Foods Holdings INDU 3.53 - Flat 0 0.05 3.60 2.04 -2.2 -2.2 38.2 241 241 15.8

ABCH (Zimbabwe) BANK 0.73 0.00 0.00 - - 188 188 -

Seed Co AGRI 0.93 - Flat 29 30.66 1.01 0.52 -7.9 -7.9 13.1 181 181 201.1

Econet Wireless TELE 0.15 15.4 Up 249 1,873.68 0.34 0.13 -55.9 -50.0 -31.8 136 136 587.9

Padenga CONS 0.17 0.17 0.06 -0.3 6.6 184.2 92 92 58.7

Hippo Valley Estates AGRI 0.38 0.38 0.19 0.0 7.9 8.2 73 73 9.2

TSL CONS 0.21 7.0 Up 1 5.33 0.20 0.14 0.0 19.9 51.9 71 71 9.0

CBZ Bank BANK 0.10 -0.5 Down 8 83.13 0.11 0.10 -7.3 -2.9 -7.3 70 70 199.8

OK Zimbabwe CONS 0.06 0.08 0.03 -20.0 -15.5 71.4 69 69 62.9

Colcom Holdings INDU 0.37 0.37 0.14 -0.7 -0.7 129.7 58 58 7.1

African Distillers BREW 0.60 0.60 0.40 -0.0 - 33.3 58 58 4.9

Barclays Zimbabwe BANK 0.03 4.0 Up 1 47.35 0.03 0.01 -22.2 -18.8 -23.5 56 56 62.9

First Banking Corp BANK 0.08 0.08 0.06 -0.2 - 33.3 54 54 24.4

Lafarge Zimbabwe BUIL 0.48 0.48 0.20 0.0 23.1 77.8 38 38 4.3

Mashonaland Holdings PROP 0.02 0.02 0.02 0.0 1.0 18.2 37 37 52.6

Bindura Nickel Corp RESO 0.03 -9.1 Down 16 532.89 0.05 0.01 -34.8 -25.0 233.3 37 37 5.3

Dawn Properties PROP 0.01 0.02 0.01 -13.0 -12.5 -30.0 34 34 7.4

ART Holdings INDU 0.07 0.06 0.01 0.0 6.6 550.0 28 28 8.4

Pearl Properties PROP 0.03 0.04 0.01 -2.9 -2.9 54.5 26 26 29.5

Kingdom Meikles Africa BANK 0.11 10.5 Up 7 63.87 0.13 0.07 -19.2 -19.2 50.0 26 26 5.2

TA Holdings INVE 0.14 0.00 0.00 - - 23 23 -

Rainbow Tourism HOTL 0.01 0.01 0.01 -0.0 - - 22 22 0.2

Zimplow AGRI 0.03 0.03 0.02 0.0 10.0 65.8 21 21 0.6

AFRE Corp BANK 0.05 11.1 Up 0 0.20 0.05 0.02 -0.0 19.0 127.3 19 19 5.3

Dairibord INDU 0.05 - Flat 7 139.60 0.07 0.03 -26.2 -16.3 -27.2 18 18 9.4

RioZim RESO 0.34 1.4 Up 0 0.87 0.34 0.10 -0.0 11.8 222.6 18 18 2.9

Nicoz Diamond Insurance INSU 0.03 0.03 0.01 -7.3 -7.3 58.4 14 14 92.0

35


10 Mar 2017



THE AFRICA WEEKLY

Lusaka Stock Exchange (Zambian Kwacha) Zambia

2012 2013 2014 2015 2016E 2017F

5.5 -0.6 -1.4 -1.4 -2.6 -1.9

25.5 28.6 35.2 41.9 44.9 46.5

20.0 25.1 29.5 37.7 42.0 44.0

1,771.9 1,845.4 1,771.6 1,576.4 1,569.1 1,640.3

6.8 6.7 5.6 4.3 4.0 5.8

24.9 26.8 26.6 24.5 25.2 27.2

7.3 7.1 7.9 8.0 7.0 6.0


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




Nominal GDP (USDbn)




Market Commentary


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.



THE AFRICA WEEKLY


LuSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 4,328.3 9.62 H: 08-Apr-16 5,553.6 Lafarge Zambia 35.7 5.09

This week 4,261.5 1.57 9.78 1.66 3.25 L: 26-Jan-17 4,030.0 AEL Zambia 17.4 7.98

Prev week 4,229.2 0.76 9.53 -2.63 -1.89 Off peak -22.1% --

MTD 4,229.2 2.34 9.48 -1.54 0.77 At High 4/19 --

YTD 4,196.0 3.15 9.94 3.27 6.52 At Low 5/19 --

13.7 2.74% ZMKm 4.8 Company Week % chg Price

9.6 7 USDm 0.5 StanChart Zambia -0.6 1.70

37% --

10.9 2 --

1.2 1 ZMKm 24,939 --

774% 1 USDm 2,592 --

Company ZMK'000 % of total

AEL Zambia 6,775 49.61

Lafarge Zambia 4,097 30.00

ZAMEFA 1,369 10.02

StanChart Zambia 1,244 9.11

ZCCM 119 0.87

*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


Avg weekly value traded

Top 5 gainers



Stocks traded (%)




ZMK/USD USD returns


Top 5 decliners

Index performance *

Turnover analysis ** Trading numbers

-43%

-30%

-17%

-4%

9%

22%


USD ZMK

0 10,000 20,000 30,000 40,000

08 Apr 2016

10-Mar

Market Cap (ZMK bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector ZMK % chg Move ZMK '000 '000 High Low Off high YTD 12 mths ZMK m USD m Val (000)

ZANACO BANK 0.60 - Flat 30 50.77 1.20 0.29 -50.0 106.9 -51.2 5,198 540 7.7

Zambian Breweries BREW 6.20 6.20 6.04 0.0 - - 3,385 352 137.1

Airtel TELE 32.50 32.99 32.00 -1.5 - -1.5 3,380 351 41.7

StanChart Zambia BANK 1.70 -0.6 Down 1,244 731.93 1.87 1.50 -9.1 -1.7 -10.1 2,834 294 22.3

ZCCM INVE 38.00 - Flat 119 3.13 40.00 38.0038.0038.0038.00 -5.0 - -5.0 2,045 213 0.9

ZAMEFA INDU 5.00 - Flat 1,369 273.70 5.005.005.005.00 5.005.005.005.00 - - - 1,355 141 6.8

Copperbelt Energy RESO 1.03 - Flat 23 22.64 1.03 0.60 0.0 19.8 51.5 1,030 107 29.5

Lafarge Zambia BUIL 5.09 35.7 Up 4,097 880.14 20.99 2.25 -75.8 -1.7 -75.8 1,018 106 82.3

Bata Zambia CONS 2.44 2.44 2.43 -0.0 - - 929 96 0.3

Zambia Sugar AGRI 2.70 4.80 2.70 -43.8 -10.0 -46.0 855 89 40.1

National Breweries BREW 13.00 13.0013.0013.0013.00 13.0013.0013.0013.00 - - - 819 85 9.6

Zambeef AGRI 2.50 2.60 0.90 -3.8 - 43.7 620 64 23.5

Puma Energy OILG 0.99 1.02 0.85 -2.9 16.5 -2.0 495 51 6.1

BAT (Zambia) CONS 2.00 5.65 1.90 -64.6 -18.4 -64.6 425 44 36.8

REIZ PROP 6.00 6.006.006.006.00 3.98 - 9.1 50.8 256 27 2.7

AEL Zambia INDU 7.98 17.4 Up 6,775 849.02 7.98 5.13 -0.0 16.5 16.5 163 17 32.0

Investrust Bank INVE 13.50 13.5013.5013.5013.50 13.5013.5013.5013.50 - - - 63 7 14.2

Pamodzi HOTL 0.62 0.62 0.62 -0.0 - - 62 6 0.1

Cavmont Capital Zambia INVE 1.50 2.00 1.501.501.501.50 -25.0 - -25.0 8 1 0.2

38

Weekly Movement (% chg) Market cap12 Month

10 Mar 2017



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


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


MSE ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 14,036.4 725.50 H: 08-Apr-16 14,414.7 NITL 20.0 30.00

This week 13,672.7 2.66 725.69 0.03 2.69 L: 17-May-16 12,477.6 Illovo Malawi 11.1 200.0

Prev week 13,633.4 0.29 725.76 0.01 0.30 Off peak -2.6% NBM 0.8 240.0

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


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


MWK/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-20%

-15%

-10%

-5%

0%

5%

10%


USD MWK

0 200,000 400,000 600,000

08 Apr 2016

10-Mar

Market Cap (MWK bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector MWK % chg Move MWK '000 '000 High Low Off high YTD 12 mths MWK m USD m Val (000)

Illovo Malawi AGRI 200.0 11.1 Up 20 0.10 200.0200.0200.0200.0 150.0 - 25.0 -13.0 142,689 197 19.3

NBM BANK 240.0 0.8 Up 10,943 45.60 258.0 215.0 -7.0 1.2 -7.0 112,062 154 55.6

Standard Bank BANK 500.0 - Flat 971 1.94 500.0500.0500.0500.0 440.0 - - 13.6 106,667 147 19.9

TNM TELE 6.70 - Flat 2,612 389.79 7.53 4.00 -11.0 10.7 28.4 67,271 93 5.1

Press Corp INVE 540.0 - Flat 810 1.50 540.0540.0540.0540.0 535.0 - - 0.9 64,938 90 6.7

FMB Malawi BANK 16.00 - Flat 1,920 120.00 18.50 9.60 -13.5 -5.9 23.1 37,380 52 5.9

Sunbird HOTL 58.50 58.5058.5058.5058.50 30.00 - - 154.3 15,303 21 0.3

NICO INSU 13.00 24.00 13.0013.0013.0013.00 -45.8 -23.5 -53.6 13,560 19 2.5

MPICO PROP 8.60 8.60 5.24 -0.0 9.8 7.5 9,882 14 34.2

NBS BANK 6.00 18.00 6.006.006.006.00 -66.7 - -69.1 4,366 6 0.7

NITL INVE 30.00 20.0 Up 1,500 50.00 46.00 25.00 -34.8 -11.8 -40.0 4,050 6 10.9

Blantyre Hotels HOTL 20.25 20.2520.2520.2520.25 9.80 - 0.7 106.6 667 1 0.3

Real Insurance INSU 2.00 0.00 0.00 - - 500 1 -

4110 Mar 2017




THE AFRICA WEEKLY

Namibian Stock Exchange (Namibian Dollar) Namibia

2012 2013 2014 2015 2016E 2017F

-5.6 -3.9 -9.9 -12.1 -16.3 -10.7

24.1 23.8 24.7 25.8 26.1 31.1

18.1 20.9 21.5 25.0 30.0 31.4

6,068.4 5,955.3 6,188.1 5,787.2 6,118.2 6,608.4

5.1 5.1 4.5 4.8 5.0 6.2

13.0 12.9 13.6 12.9 13.7 14.9

6.4 4.9 4.6 5.3 5.5 5.8


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


NMB Local Level % chg Level % chg % chg Company Week % chg Price

Current 571.2 13.18 H: 22-Feb-17 575.2 No Gainers

This week 571.4 -0.04 12.97 -1.58 -1.62 L: 08-Apr-16 496.1 --

Prev week 572.4 -0.18 12.97 -0.03 -0.21 Off peak -0.7% --

MTD 574.8 -0.63 13.02 -1.17 -1.80 At High 0/8 --

YTD 547.5 4.33 13.74 4.26 8.78 At Low 1/8 --

6.2 0.97% NADm 9.0 Company Week % chg Price

-1.9 6 USDm 0.7 Bidvest Namibia -0.1 7.79

75% Oryx Properties -0.05 21.00

- 0 FNB Namibia -0.02 47.38

1.9 3 NADm 31,858 --

-100.0% -3 USDm 2,417 --

Company NAD'000 % of total

Namibia Breweries 3,031.8 48.89

Stimulus Investments 1,212.9 19.56

Oryx Properties 840.0 13.55

Bidvest Namibia 584.3 9.42

FNB Namibia 484.7 7.82

*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


NAD/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-21%

-10%

1%

12%

23%

34%

45%


USD NAD

0 10,000 20,000 30,000 40,000

22 Feb 2017

10-Mar

Market Cap (NAD m) : Current vs Peak



THE AFRICA WEEKLY



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

Namibia Breweries BREW 33.60 - Flat 3,032 90.23 33.60 22.71 0.0 20.5 48.1 6,939 527 408.4

Bidvest Namibia INDU 7.79 -0.1 Down 584 75.00 10.50 7.79 -25.8 -23.2 -25.7 1,651 125 45.9

Oryx Properties PROP 21.00 -0.0 Down 840 40.00 21.54 20.73 -2.5 -0.8 0.5 1,387 105 59.2

Namibian Asset Mgmt INVE 0.72 - Flat 47 55.48 0.85 0.72 -15.3 -4.0 -15.3 144 11 41.7

Stimulus Investments INVE 121.3 - Flat 1,213 10.00 121.3 121.3 -0.0 - - 121 9 29.5

Nictus Holding CONS 2.00 2.10 2.002.002.002.00 -4.8 - -9.1 107 8 -

4410 Mar 2017




THE AFRICA WEEKLY

Swaziland Stock Exchange (Swazi Lilangeni) Swaziland

2012 2013 2014 2015 2016E 2017F

3.1 5.2 2.9 1.1 -2.8 -2.6

14.4 14.8 13.6 17.6 21.5 25.5

4.7 3.3 2.8 7.6 13.9 19.5

4,550.7 4,178.0 3,994.2 3,847.7 3,847.6 3,874.7

3.0 2.9 2.5 1.9 0.7 1.0

4.9 4.6 4.4 4.3 4.4 4.4

8.3 4.4 6.2 6.1 5.4 5.2

45

Market Commentary

10 Mar 2017


Nominal GDP (USDbn)





Govt gross debt (% GDP)There was no trading in Swaziland this week.



THE AFRICA WEEKLY


SSX ALSI Level % chg Level % chg % chg Company Week % chg Price

Current 286.8 13.18 H: 00-Jan-00 0.0 No Gainers

This week 286.8 0.00 12.97 -1.58 -1.58 L: 00-Jan-00 0.0 --

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


SZL/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers


Upside value




-18%

-10%

-2%

6%

14%

22%


USD SZL

0 1,000 2,000 3,000

00 Jan 1900

10-Mar

Market Cap (SZL m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector SZL % chg Move SZL '000 '000 High Low Off high YTD 12 mths SZL m USD m Val (000)

Royal Swazi Sugar AGRI 13.00 0.00 0.00 - - 1,148 87 -

Swazi Empowerment INVE 24.00 0.00 0.00 - - 444 34 -

SBC Limited BANK 3.92 0.00 0.00 - - 378 29 -

Nedbank BANK 6.40 0.00 0.00 - - 153 12 -

Swaprop PROP 5.40 0.00 0.00 - - 126 10 -

Greystone Partners INVE 1.35 0.00 0.00 - - 115 9 -

Swazispa HOTL 6.00 0.00 0.00 - - 42 3 -

4710 Mar 2017




THE AFRICA WEEKLY

Egyptian Stock Exchange (Egyptian Pound) Egypt

2012 2013 2014 2015 2016E 2017F

-3.9 -2.4 -0.8 -3.7 -4.5 -4.5

78.9 89.0 90.5 90.0 89.3 84.8

67.9 78.1 81.9 82.6 82.8 79.1

3,182.7 3,204.6 3,303.8 0.0 0.0 0.0

2.2 2.1 2.2 4.2 4.3 4.5

262.3 271.4 286.4 - - -

7.3 9.8 8.2 11.4 10.4 10.4


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




Nominal GDP (USDbn)





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.



THE AFRICA WEEKLY


EGX 30 Level % chg Level % chg % chg Company Week % chg Price

Current 12,919.9 17.60 H: 17-Jan-17 13,436.1 EgypTrans 14.3 4.95

This week 12,623.2 2.35 16.78 -4.68 -2.44 L: 13-Mar-16 6,563.8 Egyptian Iron & Steel 13.4 5.58

Prev week 12,023.9 4.98 15.80 -5.86 -1.17 Off peak -3.8% LNC for Maize Products 12.3 14.77

MTD 11,937.7 8.23 15.81 -10.22 -2.83 At High Remco Touristic Villages 12.0 2.33

YTD 12,344.9 4.66 18.14 3.05 7.85 At Low 0/101 Engineering Industries 9.0 8.20

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


EGP/USD USD returnsIndex performance *



Top 5 gainers

Top 5 declinersTrading numbers

Advance - Decline

Stocks traded (%)






Net value

Upside value

-61%

-30%

1%

32%

63%

94%

125%


USD EGP

0 100,000 200,000 300,000 400,000

17 Jan 2017

12-Mar

Market Cap (EGPbn) : Current vs Peak



THE AFRICA WEEKLY



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

Orascom Construction BUIL 217.5 0.00 0.00 - - 45,438 2,581 -

Global Telecom Holding TELE 6.84 -2.0 Down 262,480 37,861.62 7.82 2.36 -12.5 -4.9 242.0 35,881 2,038 29,503.8

Telecom Egypt TELE 11.93 2.6 Up 123,119 10,521.90 13.75 7.16 -13.2 1.5 90.0 20,365 1,157 6,542.1

Elswedy Cables INDU 83.84 7.2 Up 75,542 903.05 92.09 38.94 -9.0 13.1 126.6 18,731 1,064 5,232.1

TMG Holding PROP 8.36 0.8 Up 182,906 22,056.34 9.85 4.88 -15.1 -8.4 77.5 17,251 980 17,822.6

EFG Hermes BANK 25.71 4.5 Up 588,425 23,124.27 28.23 7.38 -8.9 0.7 267.8 14,756 838 29,633.3

MOBINIL TELE 125.8 139.1 116.9 -9.6 - 46.2 12,576 714 -

El Ezz Steel BUIL 19.31 6.6 Up 290,430 15,585.36 22.19 6.50 -13.0 8.7 200.3 10,490 596 15,751.1

Sidi Kerir Petrochemicals OILG 19.61 2.2 Up 123,427 6,204.87 21.64 11.22 -9.4 14.4 82.9 10,295 585 4,868.1

Egyptian Kuwaiti Holding (USD) INVE 0.64 -1.5 Down 11,083 1,004.78 0.70 0.37 -8.6 10.3 45.5 9,456 537 2,338.5

Pioneers Holding INVE 10.09 -1.9 Down 169,761 16,640.93 12.86 7.10 -21.5 -12.2 49.9 5,045 287 11,641.4

Palm Hills Development PROP 3.25 -2.7 Down 169,402 51,662.59 3.52 2.20 -7.7 4.8 41.3 4,382 249 16,677.9

HandD Bank BANK 31.54 4.4 Up 9,345 293.84 32.19 15.25 -2.0 29.9 52.0 3,627 206 301.8

Orascom Telecom M&T TELE 0.69 1.5 Up 149,355 214,231.98 0.94 0.53 -26.6 -17.9 19.0 3,620 206 14,201.6

Heliopolis Housing PROP 28.78 0.9 Up 150,166 5,202.90 83.57 20.30 -65.6 16.0 -28.4 3,202 182 9,752.8

Naeem Holding (USD) BANK 0.60 - Flat 212 20.52 0.69 0.41 -13.0 -11.8 36.4 3,104 176 522.3

Medinet Nasr Housing PROP 22.12 -0.8 Down 211,372 9,557.09 23.11 11.92 -4.3 7.0 20.2 2,986 170 10,598.8

Egyptian Iron & Steel BUIL 5.58 13.4 Up 110,600 20,438.27 7.51 4.16 -25.7 -15.5 -5.3 2,725 155 2,375.5

South Valley Cement BUIL 4.84 1.3 Up 14,047 2,922.59 5.81 3.56 -16.7 -6.9 40.7 2,385 135 1,727.7

Delta Sugar AGRI 12.43 -2.9 Down 312 25.02 13.88 8.28 -10.4 -3.8 38.1 1,768 100 15.8

Maridive & Oil (USD) OILG 0.27 - Flat 1,558 335.65 0.32 0.21 -15.6 3.8 3.8 1,704 97 596.4

Oriental Weavers INDU 18.02 2.3 Up 71,286 3,895.38 19.64 5.08 -8.2 16.3 156.7 1,622 92 5,548.0

National Development Bank BANK 7.61 3.8 Up 56,658 7,354.39 9.40 3.17 -19.0 8.4 100.3 1,522 86 1,680.3

El Kahera Housing PROP 16.13 1.6 Up 361 22.67 16.13 9.96 0.0 36.6 41.2 1,512 86 14.2

Sinai Cement BUIL 20.49 -2.2 Down 284 13.67 25.54 19.19 -19.8 4.1 -10.6 1,434 81 47.6

Canal Shipping Agencies TRPT 6.92 6.5 Up 7,593 1,115.16 7.66 4.21 -9.7 -0.1 22.0 1,384 79 398.3

Citadel Capital INVE 1.09 1.9 Up 173,845 158,799.72 1.69 0.64 -35.5 5.8 -11.4 1,308 74 10,906.7

Arab Cotton Ginning INDU 4.67 3.5 Up 122,214 26,478.78 5.48 2.38 -14.8 -2.3 82.4 1,237 70 7,498.6

Al Baraka Bank BANK 10.26 6.9 Up 754 74.68 12.76 8.38 -19.6 3.0 9.0 1,193 68 46.3

50


12 Mar 2017



THE AFRICA WEEKLY

Casablanca Stock Exchange (Moroccan Dirham) Morocco

2012 2013 2014 2015 2016E 2017F

-9.5 -7.9 -5.5 -2.3 -1.6 -1.5

58.3 61.5 63.4 63.9 63.9 63.2

57.8 61.0 62.9 63.4 63.4 62.7

3,021.5 3,264.1 3,315.6 3,076.6 3,249.2 3,442.2

3.0 4.7 2.4 4.9 3.7 4.8

98.3 107.2 110.0 103.1 109.9 117.6

2.6 0.4 1.6 1.6 2.0 2.0


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


MORALSI Level % chg Level % chg % chg Company Week % chg Price

Current 11,935.0 10.04 H: 10-Jan-17 12,886.3 Microdata 20.3 199.6

This week 11,978.1 -0.36 10.08 0.40 0.04 L: 08-Apr-16 9,030.5 Sonasid 15.2 411.0

Prev week 11,822.2 1.32 10.09 0.05 1.37 Off peak -7.4% HPS 13.8 910.0

MTD 11,926.5 0.07 10.08 0.38 0.45 At High 8/78 Managem 8.3 1,299

YTD 11,644.2 2.50 10.13 0.82 3.34 At Low 3/78 Involys 6.6 132.8

332.3 3.03% MADm 758.5 Company Week % chg Price

-7.0 52 USDm 75.5 Sothema -11.6 1,180

67% Alliances -8.9 151.6

147.5 23 Med Paper -8.3 29.80

154.5 22 MADm 548,022 Salafin -3.3 851.0

-4.5% 1 USDm 54,559 BCP -3.2 270.0

Company MAD'000 % of total

Attijariwafa Bank 38,655.6 11.63

Label'Vie 31,924.2 9.61

Ciments Du Maroc 27,976.8 8.42

Alliances 22,125.9 6.66

Miniere Touissit 21,802.7 6.56

*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


MAD/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-18%

-5%

8%

21%

34%

47%


USD MAD

0 200,000 400,000 600,000

10 Jan 2017

10-Mar

Market Cap (MAD bn) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector MAD % chg Move MAD '000 '000 High Low Off high YTD 12 mths MAD m USD m Val (000)

Maroc Telecom TELE 143.1 -0.1 Down 16,768 117.32 158.0 118.0 -9.4 0.8 20.5 125,799 12,524 7,691.2

Attijariwafa Bank BANK 425.5 -0.6 Down 38,656 90.54 457.0 333.5 -6.9 3.0 28.9 86,601 8,622 17,474.5

BCP BANK 270.0 -3.2 Down 17,946 66.60 332.0 215.1 -18.7 -5.2 25.5 46,748 4,654 8,858.5

BMCE Bank BANK 198.0 -1.0 Down 20,367 102.38 230.0 198.0198.0198.0198.0 -13.9 -11.2 -4.3 35,534 3,538 4,968.1

Lafarge Morocco BUIL 1,936 2,050 1,670 -5.6 - 13.9 33,820 3,367 -

Ciments Du Maroc BUIL 1,338 2.8 Up 27,977 20.93 1,520 1,110 -12.0 3.1 11.5 19,315 1,923 1,336.4

Taqa Morocco UTIL 780.0 - Flat 17,470 22.40 838.9 604.0 -7.0 - 28.1 18,399 1,832 1,779.3

Wafa Assurance INSU 4,700 -0.8 Down 1,168 0.25 5,000 3,218 -6.0 1.1 48.5 16,450 1,638 1,400.8

Douja Prom. Addoha BUIL 48.99 0.1 Up 14,510 295.99 55.00 34.00 -10.9 14.0 53.2 15,802 1,573 7,421.8

Managem RESO 1,299 8.3 Up 8,424 6.51 1,2991,2991,2991,299 537.0 - 32.7 113.8 11,897 1,184 889.0

Centrale Laitiere AGRI 1,150 0.00 0.00 - - 10,833 1,079 -

Holcim (Maroc) BUIL 2,445 2,450 1,820 -0.2 - 36.2 10,293 1,025 -

Afriquia Gaz UTIL 2,650 0.8 Up 326 0.12 2,755 1,900 -3.8 0.2 15.8 9,109 907 184.7

CIH BANK 318.0 1.9 Up 2,640 8.30 335.0 255.5 -5.1 6.0 24.7 8,460 842 1,291.6

BMCI Bank BANK 615.0 2.5 Up 2,037 3.34 657.5 523.0 -6.5 0.8 13.9 8,166 813 364.5

CGI BUIL 422.9 0.00 0.00 - - 7,784 775 -

Brasseries Dumaroc BREW 2,350 - Flat 82 0.04 2,3502,3502,3502,350 1,551 - 2.2 25.4 6,639 661 546.9

Auto Hall CONS 109.9 0.8 Up 1,752 15.96 119.8 97.10 -8.2 -0.1 7.3 5,288 526 379.1

CDM BANK 497.0 -0.6 Down 635 1.29 548.0 375.0 -9.3 1.4 21.8 5,148 513 282.9

Saham Assurance INSU 1,196 2.2 Up 122 0.10 1,290 917.0 -7.3 3.5 28.6 4,924 490 716.3

SMI RESO 2,947 1.8 Up 93 0.03 3,048 2,311 -3.3 5.3 24.3 4,848 483 168.7

Lydec UTIL 560.0 1.8 Up 225 0.41 645.0 456.0 -13.2 3.7 27.3 4,480 446 227.3

Lesieur Cristal INDU 145.0 1.6 Up 4,867 33.89 165.0 119.2 -12.1 7.4 16.0 4,007 399 453.0

Label'Vie CONS 1,360 1.5 Up 31,924 23.43 1,403 987.2 -3.1 1.5 23.6 3,462 345 2,185.7

Atlanta INDU 51.40 -2.1 Down 2,854 55.22 53.00 46.11 -3.0 4.9 1.8 3,094 308 674.5

Oulmes BREW 1,505 - Flat 12,055 8.01 1,536 1,170 -2.0 3.8 25.4 2,980 297 155.7

Miniere Touissit RESO 1,600 3.7 Up 21,803 13.64 1,6001,6001,6001,600 1,021 - 18.5 58.4 2,644 263 1,561.1

Delta Holding BUIL 29.60 -0.3 Down 1,501 50.82 32.00 18.90 -7.5 2.1 57.9 2,593 258 458.1

Auto Nejma CONS 2,274 2,275 1,494 -0.0 19.7 51.6 2,327 232 2.8

Sothema INDU 1,180 -11.6 Down 119 0.10 1,377 1,170 -14.3 -0.1 -3.3 2,124 211 43.5

5310 Mar 2017




THE AFRICA WEEKLY

Bourse de Tunis (Tunisian Dinar) Tunisia

2012 2013 2014 2015 2016E 2017F

-8.2 -8.3 -8.8 -8.5 -7.0 -6.2

44.5 44.3 50.0 54.0 56.3 57.2

- - - - - -

4,198.0 4,316.8 4,422.1 3,984.8 3,972.4 4,024.3

3.7 2.3 2.3 1.0 3.0 4.0

45.2 47.0 48.6 44.3 44.6 45.6

5.9 5.7 4.8 4.4 4.0 3.9


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


Nominal GDP (USDbn)







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.



THE AFRICA WEEKLY


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

This week 5,580.8 -0.20 2.30 0.90 0.70 L: 20-Apr-16 5,273.1 Assurances SALIM 7.4 35.30

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


TND/USD USD returnsIndex performance *



Top 5 gainers

Top 5 decliners

Advance - Decline

Stocks traded (%)


Trading numbers



Upside value



-20%

-15%

-10%

-5%

0%

5%

10%


USD TND

0 5,000 10,000 15,000

01 Mar 2017

10-Mar

Market Cap (TND m) : Current vs Peak



THE AFRICA WEEKLY



Company Name Sector TND % chg Move TND '000 '000 High Low Off high YTD 12 mths TND m USD m Val (000)

SFBT BREW 20.01 0.1 Up 488 24.43 26.80 19.00 -25.3 5.3 -16.6 1,601 701 986.4

BIAT BANK 90.20 -0.9 Down 83 0.92 92.39 82.00 -2.4 0.5 12.8 1,533 672 323.5

Poulina Group INVE 7.18 -0.3 Down 88 12.24 7.64 4.70 -6.0 4.4 44.5 1,292 566 241.0

Banque de Tunisie BANK 8.10 - Flat 586 72.31 10.90 7.77 -25.7 3.3 -19.8 1,215 532 264.8

Attijari Bank BANK 28.37 0.7 Up 417 14.77 29.40 26.50 -3.5 3.6 7.2 1,128 494 248.3

Amen Bank BANK 22.00 -2.2 Down 50 2.28 26.40 20.74 -16.7 -9.1 5.0 538 236 72.4

UBCI BANK 26.00 - Flat 248 9.54 29.00 23.48 -10.3 3.6 - 520 228 19.2

Ennakl Auto (Tunis) CONS 14.40 - Flat 78 5.41 15.00 12.16 -4.0 - 20.6 432 189 115.0

Arab Tunisian Bank BANK 4.32 -3.4 Down 212 48.88 5.44 4.32 -20.6 -5.3 -5.9 432 189 54.5

Carthage Cement BUIL 2.50 -2.3 Down 4,821 1,932.05 2.73 1.27 -8.4 21.4 73.6 430 188 1,607.0

UIB BANK 19.20 1.1 Up 241 12.71 19.29 17.24 -0.5 4.3 8.6 376 165 262.1

Banque de l'Habitat BANK 19.93 5.4 Up 521 26.17 20.40 15.75 -2.3 8.6 28.7 359 157 133.4

ARTES CONS 8.55 -0.3 Down 119 14.10 9.05 7.30 -5.5 9.5 12.1 327 143 104.5

STAR INSU 139.0 - Flat 24 0.17 175.0 116.0 -20.6 15.8 -14.2 321 140 77.4

BNA BANK 8.60 -2.7 Down 27 3.15 10.88 8.12 -21.0 -5.4 -17.7 275 121 137.2

Magasin Général CONS 23.49 2.1 Up 34 1.48 29.00 22.80 -19.0 -5.8 -9.7 270 118 27.1

SPDIT BANK 8.51 -1.7 Down 25 2.91 13.20 8.45 -35.5 -3.8 -37.5 229 100 14.1

ASTREE INSU 37.62 39.40 36.00 -4.5 4.5 -6.2 150 66 0.2

Monoprix CONS 8.85 0.6 Up 75 8.46 13.89 8.77 -36.3 -9.4 -34.0 147 65 75.3

Air Liquide CONS 120.0 - Flat 4 0.03 153.4 119.9 -21.8 -12.3 -7.0 145 64 4.6

Tunisie Leasing BANK 16.00 -0.1 Down 34 2.15 19.45 16.0016.0016.0016.00 -17.7 -12.9 -5.8 133 58 251.1

TPR INDU 2.92 - Flat 253 86.88 3.40 2.81 -14.1 3.2 -3.3 131 58 109.5

Tunis Re INSU 8.33 -0.2 Down 50 6.03 9.21 7.92 -9.6 -1.9 -2.0 125 55 66.0

Ciments de Bizerte BUIL 2.73 3.8 Up 11 4.16 3.52 2.44 -22.4 -22.2 -4.2 120 53 13.6

STB BANK 3.90 2.9 Up 21 5.40 5.20 3.56 -25.0 - -22.6 97 42 27.1

Assurances SALIM INSU 35.30 7.4 Up 9 0.27 43.00 22.46 -17.9 -11.8 47.1 92 40 10.0

SOTUVER INDU 4.38 -1.4 Down 250 56.78 4.67 3.50 -6.2 16.5 10.9 88 38 135.2

ALKIMIA INDU 44.99 48.80 27.99 -7.8 -7.2 4.6 88 38 3.5

CIL BANK 15.70 -0.6 Down 10 0.62 16.99 14.42 -7.6 4.7 -0.6 79 34 23.8

Assad INDU 6.39 -0.8 Down 132 20.46 6.95 3.92 -8.1 5.8 24.8 77 34 357.9

5610 Mar 2017




THE AFRICA WEEKLY

Stocks making 12 month highs

Made Off Low MCap 6 mths

Company Name Country Sector Crncy Price % chg Move YTD 12 mths High** % chg Local m USDm USDm Val (000)

Steinhoff Intl South Africa CONS ZAr 79.01 - Flat - - 442 -- 145,075 11,008 -

Mediclinic International South Africa PHAR ZAr 120.3 - Flat - - 399 -- 99,442 7,546 -

Mr Price Group South Africa CONS ZAr 208.9 - Flat - - 504 -- 52,416 3,977 -

Orascom Construction Egypt BUIL EGP 217.5 - Flat - - 381 -- 45,438 2,581 -

Managem Morocco RESO MAD 1,299 8.3 Up 32.7 113.8 0 141.9 11,897 1,184 889.0

Centrale Laitiere Morocco AGRI MAD 1,150 - Flat - - 529 -- 10,833 1,079 -

CGI Morocco BUIL MAD 422.9 - Flat - - 561 -- 7,784 775 -

Brasseries Dumaroc Morocco BREW MAD 2,350 - Flat 2.2 25.4 0 51.5 6,639 661 546.9

JD Group South Africa CONS ZAr 33.86 - Flat - - 623 -- 7,443 565 -

Namibia Breweries Namibia BREW ZAr 33.60 - Flat 20.5 48.1 1 48.0 6,939 527 408.4

Barclays Botswana Botswana BANK BWp 5.52 0.4 Up 9.5 21.3 0 22.7 4,704 450 69.5

Ecobank Ghana Ghana BANK GHS 7.03 - Flat - - 480 -- 2,061 445 -

BAT (Uganda) Uganda AGRI UGX 30,000 - Flat - - 283 17.6 1,472,400 409 -

Zambian Breweries Zambia BREW ZMK 6.20 - Flat - - 21 2.6 3,385 352 137.1

Ghana Commercial Bank Ghana BANK GHS 4.91 0.4 Up 37.9 32.0 0 62.6 1,301 281 40.3

Miniere Touissit Morocco RESO MAD 1,600 3.7 Up 18.5 58.4 0 56.7 2,644 263 1,561.1

Ireland Blyth Mauritius INVE MUR 125.0 - Flat - 5.7 256 6.6 8,930 250 -

Illovo Malawi Malawi AGRI MWk 200.0 11.1 Up 25.0 -13.0 1 33.3 142,689 197 19.3

ABCH (Zimbabwe) Zimbabwe BANK USD 0.73 - Flat - - 865 -- 188 188 -

New Africa Properties Botswana PROP BWp 3.05 0.3 Up 3.7 12.1 1 12.1 1,843 176 29.9

ABCH Botswana Botswana BANK BWp 7.14 - Flat - - 864 -- 1,834 176 -

Samir Morocco UTIL MAD 127.8 - Flat - - 583 -- 1,521 151 -

Standard Bank Malawi BANK MWk 500.0 - Flat - 13.6 1 13.6 106,667 147 19.9

ZAMEFA Zambia INDU ZMK 5.00 - Flat - - 1 - 1,355 141 6.8

Unilever Ghana Ghana CONS GHS 8.87 0.1 Up 4.2 4.4 0 4.7 554 120 26.8

Wilderness Botswana HOTL BWp 5.20 - Flat 0.6 6.1 0 8.3 1,201 115 141.3

Bramer Bank Mauritius BANK MUR 4.30 - Flat - - 708 -- 3,876 109 -

Copperbelt Energy Zambia RESO ZMK 1.03 19.8 51.5 1 71.7 1,030 107 29.5

Vivo Energy Mauritius OILG MUR 119.0 - Flat 12.3 28.0 2 35.6 3,489 98 26.1

Press Corp Malawi INVE MWk 540.0 - Flat - 0.9 2 0.9 64,938 90 6.7

** # of days since the stock last traded at this price

54

Movement (% chg)

10 Mar 2017



THE AFRICA WEEKLY

Stocks making 12 month lows

Made Off High MCap 6 mths

Company Name Country Sector Crncy Price % chg Move YTD 12 mths Low** % chg Local m USDm USDm Val (000)

BMCE Bank Morocco BANK MAD 198.0 -1.0 Down -11.2 -4.3 0 -13.9 35,534 3,538 4,968.1

EABL Kenya BREW KES 213.0 -1.4 Down -12.7 -22.5 0 -30.4 168,435 1,642 3,109.7

Sechaba Botswana BREW BWp 21.00 - Flat -22.2 -26.3 22 -30.0 2,793 267 420.6

ZCCM Zambia INVE ZMK 38.00 - Flat - -5.0 1 -5.0 2,045 213 0.9

Arab Tunisian Bank Tunisia BANK TND 4.32 -3.4 Down -5.3 -5.9 0 -20.6 432 189 54.5

CRDB Bank Tanzania BANK TZS 185.0 - Flat -26.0 -53.2 0 -53.2 402,658 180 157.9

ZAMEFA Zambia INDU ZMK 5.00 - Flat - - 1 - 1,355 141 6.8

FILTISAC CI BRVM INDU XOF 16,000 -5.9 Down -31.9 -46.7 0 -51.5 56,416 91 69.4

Zambia Sugar Zambia AGRI ZMK 2.70 - Flat -10.0 -46.0 9 -43.8 855 89 40.1

National Breweries Zambia BREW ZMK 13.00 - Flat - - 30 - 819 85 9.6

Bernabe CI BRVM TRPT XOF 146,450 - Flat -15.8 -20.0 4 -35.8 48,504 78 44.5

Cadbury Nigeria Nigeria CONS NGN 7.80 - Flat -24.2 -55.4 0 -62.0 24,417 78 54.6

Bank of Baroda Uganda BANK UGX 110.0 - Flat -11.3 -29.0 4 -28.1 275,000 76 0.2

Tractafric Motors CI BRVM CONS XOF 280,000 -1.8 Down -34.1 -50.4 2 -61.1 44,800 72 11.0

Guinness Ghana Ghana BREW GHS 1.50 - Flat -8.0 -23.9 0 -23.5 317 68 70.7

Tunisie Leasing Tunisia BANK TND 16.00 -0.1 Down -12.9 -5.8 1 -17.7 133 58 251.1

Simba Cement Tanzania BUIL TZS 1,600 - Flat - -23.8 9 -23.1 101,874 46 1.1

HFC Bank Ghana BANK GHS 0.68 - Flat -9.3 -35.2 11 -32.0 202 43 0.3

Unilever CI BRVM INDU XOF 15,400 -3.8 Down -18.9 -35.8 0 -47.8 24,803 40 7.0

Swala Oil and Gas (Tanzania) Tanzania OILG TZS 500.0 - Flat - - 99 - 49,977 22 0.3

Skye Bank Nigeria BANK NGN 0.50 - Flat - -48.5 0 -62.1 6,610 21 26.9

Harel Mallac Mauritius INVE MUR 65.00 -1.5 Down -3.7 -22.6 1 -22.6 732 20 2.7

NICO Malawi INSU MWk 13.00 - Flat -23.5 -53.6 8 -45.8 13,560 19 2.5

Tullow Oil Ghana OILG GHS 21.25 - Flat -20.9 -23.9 10 -23.9 75 16 1.9

Edgars Zimbabwe Zimbabwe CONS USD 0.04 - Flat -10.4 -21.8 10 -18.9 12 12 1.3

Namibian Asset Mgmt Namibia INVE ZAr 0.72 - Flat -4.0 -15.3 2 -15.3 144 11 41.7

Mkombozi Commercial Bank PLC Tanzania BANK TZS 1,000 - Flat - - 22 -2.0 20,615 9 3.4

Stimulus Investments Namibia INVE ZAr 121.3 - - 1 -0.0 121 9 29.5

DSE TZ Equity Tanzania BANK TZS 1,000 - Flat - 0 -43.5 20,250 9 51.7

Nictus Holding Namibia CONS NAD 2.00 - Flat - -9.1 192 -4.8 107 8 -

** # of days since the stock last traded at this price

55

Movement (% chg)

10 Mar 2017



THE AFRICA WEEKLY

Notes

General stock exclusions include secondary listings, stocks that have missing information, and those that have not traded on more than a year.

Detailed information is given per country on the top 30 stocks by market capitalisation.

Please note that the Egyptian market watchlist is limited to the EGX30 and EGX 70 constituents

Value traded numbers are given in thousands, quoted in the local currency.

Value traded is estimated as vwap or closing price, times volume traded. There will therefore be slight variations between actual value traded and our estimate.

Calculations are as follows:

Turnover Analysis

Total value - is the sum of the value traded, for the entire market.

Net value - value traded for stocks trading up less stocks trading down.

6 mth weekly value traded - the average weekly value traded (taken over a 6 month period), adjusted for trade frequency.

USD Value traded numbers are converted at the latest fx-rate to indicate today's expected USD value traded (shown in 000).

Upside value - value traded for stocks that moved up.

Downside value - value traded for stocks that moved down.

Upside/downside ratio - Upside volume divided by downside volume.

Trading Numbers

Value Traded / Mkt Cap (%) - value traded as a percentage of total market cap, annualised using 50 trading weeks per year.

Stocks traded (absolute) - number of stocks that traded.

Stocks traded (%) - %of stocks that traded per market.

Stocks up - number of stocks that moved up.

Stocks down - number of stocks that moved up.

Advance - Decline - Stock up - stocks down.

Each of the country graphs is designed to show index performance in local currency, vs. performance in USD terms.

The market capitalisation graph represents graphically the difference in current market capitalisation, and market capitalisation at the (local) index peak.

Sources: Bloomberg, Company reports, Various stock exchange daily reports, African Alliance database, Economic data from IMF WEO Oct 2013



THE AFRICA WEEKLY

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THE AFRICA WEEKLY

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Documents

Master the Africa weekly Updated - African Alliance Africa... · The Africa Weekly Equity Research ... 1 Wk %Chg 1 week Dollar Return (% chg) Mkt Cap USDm** ... 23-Jun-16 31,071.3