Weekly Pan African Monitor - United Capital Plc · Jun -15 Aug -15 Oct -15 Dec -15 Feb -16 Apr-16 Gold 50 170 290 Jun -15 Aug-15 Oct -15 Dec -15 Feb -16 Apr-16 Copper 0.8 1.0 1.2

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

June 13 2016



Source: Bloomberg, United Capital Research

P/E P/B

BRVM: BRVM 10* 268 8.0 0.2% -7.5% 44.1x 3.9x 1.1%

Egypt: EGX 30 7,756 48.3 1.8% 9.1% 13.0x 1.4x 3.0%

Ghana: GSE Composite 1,753 2.3 0.0% -12.0% na 1.6x 1.1%

Kenya: Nairobi All Share 147 20.6 2.4% 0.9% 11.3x 1.6x 5.5%

Mauritius: SEMDEX 1,756 8.8 0.0% -3.1% 13.7x 0.8x na

Morocco: CFG 25 20,672 50.4 -0.7% 8.8% na na na

Nigeria:Nigeria All Share 27,233 46.4 -1.5% -4.9% 17.3x 1.4x 5.1%

South Africa: JSE All Share 53,175 384.6 -2.0% 4.2% 50.9x 2.0x 3.3%

Tunisia: Tunis Index 5,482 10.0 -1.2% 8.8% 21.0x 0.4x 2.0%

Zimbabwe: Industrial 97 2.4 -7.5% -16.0% 13.7x 0.7x 4.5%

Frontier Markets 513 -- -0.1% 1.4% 10.7x 1.5x 4.2%

Emerging Markets 824 -- 0.9% 3.7% 14.4x 1.4x 2.8%

GHS BGN Curncy

Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward

Egypt EGP:Pound 8.8 0.4% 0.0% -11.4% 10.05 11.2

Ghana GHS:Cedi 3.9 -0.5% -2.0% -2.8% 4.32 4.7

Kenya KES: Shilling 101.2 -0.1% -0.3% 1.1% 104.00 108.7

Mauritius MUR: Rupee 35.4 0.8% 0.4% 1.7% na na

Morocco MAD: Dirham 9.7 -0.8% 0.5% 2.3% na na

Nigeria NGN: Naira 199.1 0.0% 0.2% 0.3% 319.50 338.5

South Africa ZAR: Rand 15.2 -0.9% 3.5% 1.9% 15.74 16.3

Tanzania TZS: Shilling 2,193.0 -0.1% -0.4% -2.3% na na

Tunisia TND: Dinar 2.2 -2.3% -1.7% -5.5% na na

Zimbabwe ZWL: Dollar na -- -- -- na na

CO1 ComdtyXAU BGN Curncy

HG1 COMB Comdty

Fixed Income

Egypt 15.7% 12.3% 3.4% 11.8%

Ghana 10.8% 18.7% -7.9% 26.0%

Kenya 13.8% 5.0% 8.8% 10.5%

Mauritius 5.5% 0.8% 4.7% 4.4%

Morocco 5.0% 1.6% 3.4% 5.2%

Nigeria 12.8% 13.7% -0.9% 12.0%

South Africa 9.1% 6.2% 2.9% 7.0%

Tanzania 18.8% 5.1% 13.8% 0.0%

Tunisia 6.8% 3.7% 3.2% 0.0%

Zimbabwe 17.4% -1.6% 19.0% 0.0%

Bond Yield (10

yr) Real ReturnInflationFixed Income Policy Rate

EquitiesYTD Return

(Local)

June 13, 2016

Dividend

Yield

Valuation W/W Return

(Local)

Market

Cap ($bn)Index Level

Movement of the major equities indices across Africa

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Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16

MSCI World S&P 500

FTSE 100 MSCI Africa

Movements in the Global Indices Vs Africa

5

55

105

Jun-15 Sep-15 Dec-15 Mar-16

Brent Crude

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1100

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1500


Gold

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290


Copper

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Jun-15 Sep-15 Dec-15 Mar-16

NigeriaSouth AfricaGhanaEgyptRwanda

Africa Eurobonds' Peformances

( I-year Trend)*

0.5

0.7

0.9

1.1

1.3


Nigeria South Africa Ghana

Kenya BRVM FM

EM



BRVM


Economic News

Afreximbank Vows $1 Billion for Ivory Coast Cocoa

Projects. African Export-Import Bank said it will pro-

vide as much as $1 billion in finance for cocoa and

cashew projects in Ivory Coast as the country seeks

to increase its domestic processing capacity. The

bank is offering loans to private investors and pro-

jects owned by the state, which will also guarantee

the finance, Benedict Oramah, chief executive offi-

cer of the Cairo-based lender known as Afrexim-

bank, told reporters in the commercial capital,

Abidjan, after meeting with President Alassane

Ouattara last week. Bloomberg

Illegal timber smuggling threatening Senegal's for-

ests. In Senegal, illegal timber smuggling is threaten-

ing the country's forests. Conservationists say urgent

action is needed in order to preserve forests in the

Casamance region. They're blaming the Chinese for

what's happening. Senegal’s Casamance region is

home to the country's last remaining forests, but that

could change in just two years, due to the smug-

gling: more than a million trees have been cut down

since 2010. Senegal’s government is also accused of

making the situation worse, with at least one former

government official citing corruption, and a lack of

monitoring of the Medina Yorofoula forest. All Africa

Corporate News No Corporate News

*BRVM 10 Index

** Bloomberg MSCI EFM Africa Index Source: Bloomberg, United Capital Research

Index Performance BRVM*

Current 268

Week Change 0.2%

Gainers (no) 17.0

Losers (no) 13.0

Market Breadth 1.3

52 wk High 321

52 wk Low 264

YTD -7.5%

Top Gainers Price Change

Shell Cote D Ivoire 185,000.0 33.4%

Bank of Africa/Cote d'Ivoire 203,285.0 17.7%

Servair Abidjan 160,000.0 10.3%

CROWN SIEM 52,675.0 9.5%

Societe Africaine de Plantations d'Hevea 15,000.0 7.1%

Top Losers Price Change

Societe Multinationale de Bitumes 32,500.0 -9.7%

Sitab-Soc Ivoirienne Tabacs 170,000.0 -8.1%

Comptoir Francais Afrique 115,000.0 -7.3%

Filature Tissages Sacs SA 27,005.0 -5.2%

Bank of Africa/Niger 100,000.0 -4.8%

* **

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Equity Market Performance

BRVM AFRICA




Equity Valuations

Consumer Goods

Nestle Cote d'Ivoire 48,000 60,200 45,305 90.50 -4.0% 15.994 18.4 na

PALMCI 10,000 17,005 9,250 132.07 -16.7% 7.7 0.9 11.93

Sitab-Soc Ivoirienne Tabacs 170,000 196,455 140,000 260.76 9.0% 16.6 8.9 58.08

Societe Africaine de Plantations d'Hevea 15,000 16,995 10,360 131.01 30.4% na 1.2 -2.70

Societe des Caoutchoucs de Grand-Bereby 33,990 38,000 25,200 125.45 32.8% 12.5 1.4 11.30

Societe De Distribution Automobile en Co 599,890 725,000 212,000 164.00 48.1% 39.7 11.8 31.30

Societe de Limonaderies et Brasseries 203,500 219,000 164,000 572.34 7.1% 14.4 3.9 29.87

Unilever Cote d'Ivoire 27,200 32,415 22,795 74.85 8.8% na na na

Uniwax SA 27,500 35,405 25,000 176.20 -3.8% ##### ###### 47.11

Energy

Shell Cote D Ivoire 175,000 185,190 58,000 376.75 152.3% 74.4 11.8 16.85

TotalFinaElf Cote D'ivoire 18,000 25,100 15,050 387.27 -14.1% 41.9 7.2 16.91

Financials

Bank of Africa - Benin 185,000 311,520 102,675 318.39 42.3% 14.8 2.9 20.43

Bank of Africa - Burkina Faso 137,255 156,950 96,000 257.96 14.4% 14.9 3.9 30.49

Bank of Africa/Cote d'Ivoire 203,175 203,285 78,720 284.66 98.2% na na 31.97

Bank of Africa/Niger 100,000 132,930 74,961 162.32 17.7% 16.4 3.7 23.36

BICICI 106,000 107,495 82,000 301.85 5.0% 17.8 4.0 23.06

SCBCI 153,000 168,235 99,000 813.29 14.2% 17.5 5.0 29.89

Societe Africain de Credit Auto 29,670 37,000 26,915 6.59 -10.1% 4.3 0.6 13.65

Ecobank Transnational Inc 37 65 32 1523.56 -22.9% na na 1.07

Industrials

Bernabe 192,080 228,115 97,800 108.70 6.8% 31.3 5.3 17.19

Bollore Africa Logistics SAS 310,000 315,505 170,000 576.65 -1.7% 46.5 12.0 24.35

Comptoir Francais Afrique 115,000 161,495 64,005 356.38 26.4% 55.6 10.0 18.14

Movis Cote d'Ivoire 6,000 6,400 3,995 8.57 17.6% na na na

Servair Abidjan 161,000 161,000 51,000 150.09 89.4% 55.6 22.9 47.61

Societe Ivoirienne DE Cable 114,000 123,500 80,000 28.83 -7.7% 24.1 3.4 14.71

Materials

CROWN SIEM 54,000 55,000 24,995 58.10 20.0% na na -0.82

Filature Tissages Sacs SA 28,500 32,995 23,000 171.70 -5.0% 51.6 2.4 9.58

Societe Ivoirienne d'Osygne et d'Acetyln 19,000 23,100 17,575 28.35 -5.0% 32.4 7.3 22.52

Societe Multinationale de Bitumes 32,500 46,000 15,000 108.22 71.1% 11.443 na na

Utilities

Cie Ivoirienne D Elect 84,000 98,500 65,215 401.86 20.0% 28.4 9.4 32.98

SODECI 92,100 105,000 70,000 141.63 -11.4% 25.2 6.1 24.37

Telecommunication

Onatel SA 13,750 15,000 8,300 798.77 -8.3% 18.5 4.6 25.80

Sonatel 23,005 29,600 22,450 3930.63 -8.0% 11.9 3.7 31.76

Societe Ivoirienne de Coco Rape 6,000 9,500 5,565 6.15 -27.4% 88.8 na na

SETAO 54,000 60,090 42,000 12.40 2.5% 6.9 na na

NEI CI 4,370 6,230 3,595 3.81 4.0% na 3.8 -8.85

TRITURAF 490 490 490 0.87 0.0% na na na

P/E (x) P/BV (x) ROE (%)Price

52-Week

High

52-Week

Low

MKT. CAP

(US$MN) YTD Return



Egypt


Economic News

Egypt Approves Tougher Penalties on Black Market

Dollar Traders. Egypt approved tougher measures

against illegal foreign currency traders as authori-

ties seek to ease dollar shortages that are contribut-

ing to economic weakness. The government in-

creased jail time for black market trading to as long

as 10 years and raised fines, the cabinet said in an

e-mailed statement. Other amendments to the

central bank law give the governor the authority to

suspend currency bureaus’ licenses and impose

fines for violations. The changes still need to be ap-

proved by parliament. Bloomberg

Egypt Inflation Reaches 7-Year High on Pound

Weakness, Ramadan. A key inflation gauge moni-

tored by the central bank reached the highest

level in seven years in May, another challenge for

policy makers trying to tackle a shortage of foreign

currency that’s slowing growth. Annual core infla-

tion, a measure of price increases of non-volatile

consumer goods, reached 12.2%, the highest level

since February 2009, compared with 9.5% in April,

the central bank said in a statement last week.

Headline inflation in urban areas soared to 12.3%,

the highest in a year.

Bloomberg

Corporate News

Egypt’s CIB Scraps Investment-Banking Unit Sale to

Beltone. Commercial International Bank, Egypt’s

largest publicly traded lender, scrapped a plan to

sell its investment-banking unit to Egyptian

billionaire Naguib Sawiris, ending a six-month effort

mired in regulatory delays. CIB won’t extend the

agreement to sell its stake in CI Capital Holding to

Sawiris’ Beltone Financial, the bank said in a

statement last week. It cited the “prolonged

period” it has taken Beltone owner Orascom

Telecom & Media Technology to obtain a no vob-

jection certificate from Egypt’s market

regulator. Bloomberg

*EGX 30 Index

** Bloomberg MSCI EFM Africa Index

Index Performance EGYPT*

Current 7,756

Week Change 1.8%

Gainers (no) 15.0

Losers (no) 14.0

Market Breadth 1.1

52 wk High 8,646

52 wk Low 5,526

YTD 9.1%


Palm Hills Developments SAE 2.7 7.6%

Ezz Steel 8.3 5.9%

Pioneers Holding for Financial Investmen 11.0 5.6%

Egyptian Electrical Cables 0.9 4.7%

Elsaeed Contracting & Real Estate Invest 1.0 4.3%


Amer Group Holding 0.3 -6.1%

Egypt Kuwait Holding Co SAE 0.4 -5.1%

Arab Real Estate Investment Co SAE 0.8 -3.6% Arabia Investments Development Finan-

cial 0.9 -3.3%

EL Shams Housing & Urbanization SAE 2.4 -2.4%

* **

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EGYPT AFRICA




Equity Valuations

Consumer Goods

Arab Cotton Ginning 2.8 3.4 2.3 82.46 -5.8% 12.7 0.5 358.1%

Eastern Tobacco 180.0 235.0 142.6 1019.04 2.9% 6.5 1.5 25.38

Egypt for Poultry 1.5 2.1 1.1 7.98 10.4% 75.3 0.8 1.10

Juhayna Food Industries 7.2 9.4 6.2 762.12 -10.4% 22.8 2.9 13.01

Oriental Weavers 6.1 11.1 5.6 312.85 -22.3% 7.6 0.7 9.69

Financials

Amer Group Holding 0.3 0.7 0.3 154.88 -33.3% 18.1 1.0 4.57

Arab Real Estate Investment Co SAE 0.8 0.9 0.5 21.48 20.3% 48.0 0.6 1.20

Arabia Investments Development Financial 0.9 1.4 0.8 86.73 -12.1% na na na

Beltone Financial Holding Co SAE 11.0 20.3 2.4 210.70 202.5% 3020.5 5.5 na

Commercial International Bank Egypt SAE 43.4 47.2 28.9 5675.39 14.0% 10.3 3.4 33.86

Egypt Kuwait Holding Co SAE 0.4 0.7 0.4 40.87 -28.8% 7.2 0.8 6.65

Egyptian Financial Group-Hermes Holding 12.1 12.8 6.4 843.83 37.6% 21.1 0.7 1.92

Egyptians for Housing & Development Co 3.6 5.1 2.8 37.27 -9.8% 239.3 1.2 0.55

EL Shams Housing & Urbanization SAE 2.4 3.5 2.0 29.89 0.0% na 1.1 na

Heliopolis Co for Housing and Constructi 49.0 59.6 36.0 617.14 -1.8% 31.9 9.5 30.47

Medinet Nasr Housing 14.8 17.9 8.9 839.00 8.1% 31.1 7.7 27.78

Palm Hills Developments SAE 2.6 3.0 1.8 646.89 4.8% 4.8 1.0 18.52

Pioneers Holding for Financial Investmen 10.9 11.2 5.7 696.23 44.5% 9.8 1.4 15.09

Prime Holding for Financial Investments 2.7 3.4 1.7 21.85 21.6% 96.3 0.5 0.24

Six of October Development & Investment 11.6 12.5 6.6 443.60 22.1% 12.7 1.2 9.88

Talaat Moustafa Group 5.9 9.3 4.4 1383.22 -8.5% 15.6 0.5 2.95

Industrial

Egyptian Electrical Cables 0.9 1.0 0.6 50.75 6.2% na 0.8 na

Elsaeed Contracting & Real Estate Invest 0.9 1.1 0.7 59.63 6.9% 4.9 0.7 15.76

ElSwedy Electric Co 43.0 49.1 27.9 1088.02 17.2% 7.7 1.5 21.63

Materials

Arabian Cement Co 7.8 16.6 6.5 336.21 -21.2% 7.1 2.4 33.25

Ezz Steel 8.1 10.2 6.1 498.87 -9.3% na 1.2 -20.73

South Valley Cement 5.5 5.7 3.3 302.52 32.0% 21.7 0.8 3.80

Telecommunication

Global Telecom Holding SAE 3.1 3.3 1.5 1829.38 48.1% na 5.1 -3.41

Orascom Telecom Media And Technology Hol 0.6 0.9 0.5 380.13 -9.9% na 1.3 -84.86

Telecom Egypt Co 9.6 9.7 5.5 1847.82 48.9% 4.5 0.6 13.12


52-Week

High

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MKT. CAP

(US$MN)

YTD

Return



Ghana


Economic News

Ghana to Sell $1 Billion Eurobond Despite Concern

Over Costs. Ghana will sell $1 billion Eurobonds this

year despite concerns about rising borrowing costs.

The West African nation will offer the debt in either

July or September, Minister of Finance Seth Terkper

said in an interview in the capital, Accra. The country

hired three transaction advisers and remains open to

other funding options, Terkper said. A failure to issue a

Eurobond would leave a $750 million hole in the 2016

budget with an additional $250 million needed to re-

pay debt, Bloomberg Intelligence analyst Mark

Bohlund said in a May 23 note. Bloomberg

Corporate News

Vodafone says Ghana needs to meet financial obli-

gations for growth. Britain's Vodafone said last week

that plans to return its Ghana operations to profit-

making were hampered by the West African coun-

try's failure to fulfil its financial obligations as minority

shareholder. The world's largest mobile group by

revenue paid $900 million for a 70% stake in state-run

Ghana telecom in 2008 while the government re-

tained the remaining 30% with an enterprise value of

around $1.3 billion at the time. Reuters. Bloomberg

Uber Starts in Ghana Capital as Africa Growth Steps

Up Pace Uber Technologies Inc. started the ride-

hailing service in the Ghanaian capital of Accral ast

week, continuing an expansion plan that’s seen the

company regularly add new markets in sub-Saharan

Africa. Ghana is the fifth sub-Saharan African country

to get the Uber service, less than a week after the its

introduction in Kampala, the capital of Uganda. The

U.S. startup will expand into Tanzania later this month,

the company said earlier this year. Uber began op-

erations in South Africa in 2013, its first market in the

region. Bloomberg

*GSE Composite Index


Index Performance GHANA*

Current 1753.4

Week Change 0.0%

Gainers (no) 2.0

Losers (no) 0.0

Market Breadth n/a

52 wk High 2383.9

52 wk Low 1746.4

YTD -12.0%


Societe Generale Ghana Ltd 1 1.3%

Ghana Commercial Bank Ltd 3 0.3%


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GHANA AFRICA




Equity Valuations

Consumer Goods

Benso Oil Palm Plantation Ltd 2.9 5.0 2.5 25.8 16.0% 12.4 1.7 14.15

FAN Milk Ltd 7.4 7.4 5.6 218.5 0.1% 15.7 6.3 46.86

Guinness Ghana Breweries Ltd 1.9 3.1 1.7 145.4 -6.3% na 4.5 -22.34

Mechanical Lloyd Co Ltd 0.2 0.2 0.2 2.4 0.0% 1.2 0.2 20.05

Produce Buying Co Ltd 0.1 0.1 0.1 8.6 -30.0% 2.6 1.0 43.85

PZ Cussons Ghana Ltd 0.3 0.4 0.3 11.6 -20.6% na 1.5 -20.03

Unilever Ghana Ltd 8.5 8.7 7.3 135.2 -0.4% 11.4 6.8 60.67

Financials

CAL Bank Ltd 0.8 1.2 0.8 114.8 -18.0% 2.7 0.8 33.28

Ecobank Transnational Inc 0.2 0.4 0.2 1,169.6 -29.6% 16.3 0.5 2.73

Ghana Commercial Bank Ltd 3.0 4.9 2.9 205.8 -19.8% 3.0 0.8 31.62

Ghana Oil Co Ltd 1.4 1.8 1.2 89.6 5.4% 7.7 2.9 45.63

HFC Bank Ghana Ltd 0.8 1.7 0.8 62.9 -7.8% na 1.3 -15.34

SIC Insurance Co Ltd 0.1 0.2 0.1 7.0 0.0% 5.0 0.3 6.74

Societe Generale Ghana Ltd 0.8 1.1 0.8 72.2 -3.8% 6.4 1.1 18.36

Standard Chartered Bank Ghana Ltd 14.3 20.0 14.1 421.0 -12.5% 15.9 2.6 17.25

Total Petroleum Ghana Ltd 4.0 5.5 4.0 114.3 -21.6% 11.3 2.9 27.75

UT Bank Ltd 0.1 0.2 0.1 8.2 -30.0% na 0.3 -20.45


52-Week

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MKT. CAP

(US$MN)

YTD

Return



Kenya


Economic News

Kenya Plans Debut Green Bond to Fund Renewable

Energy Projects. Kenya, East Africa’s biggest econ-

omy, is in talks with international investors to prepare

the sale of the country’s first green bond, Nairobi

Securities Exchange Chief Executive Officer Geof-

frey Odundo said. Discussions are focused on draft-

ing the regulations needed to trade the securities on

the domestic exchange, which may be sold as early

as next year, Odundo said in an interview last week

in the capital, Nairobi. The bourse is also learning

from experience in South Africa, where the city of

Johannesburg in 2014 became the continent’s first

seller of the debt, he said. Bloomberg

t's here, it's on the Bloomberg Terminal.

Corporate News

Diageo’s Kenyan Subsidiary Appoints Cowan as

Managing Director. Diageo Plc’s Kenyan unit ap-

pointed Andrew Cowan as its new managing direc-

tor, replacing Charles Ireland who will swap roles

with his successor. Cowan’s appointment is effective

July 28, East African Breweries Ltd. said in a state-

ment e-mailed last week from the Kenyan capital,

Nairobi. He’s currently country director for Diageo

Great Britain. Bloomberg

Centum of Kenya Profit Surges 25% on Equity Invest-

ment Gains. Centum Investment Co., Kenya’s big-

gest publicly traded investor, said full-year profit

grew 25%, driven by gains on the country’s stock

market. Net income jumped to 9.95 billion shillings

($98.3 million) in the 12 months through March from

7.94 billion shillings a year earlier, the company said

last week in a statement published in the Nairobi-

based Business Daily newspaper. Investment and

other income increased to 24.2 billion shillings from

11.8 billion shillings, while total assets climbed 8% to

78 billion shillings, it said. Bloomberg

*Nairobi All Share Index


Index Performance KENYA*

Current 147.0

Week Change 2.4%

Gainers (no) 12.0

Losers (no) 17.0

Market Breadth 0.7

52 wk High 164.4

52 wk Low 135.7

YTD 0.9%


Centum Investment Co Ltd 46.8 13.3%

SASINI Ltd 20.8 10.1%

Housing Finance Co of Kenya Ltd 20.8 8.4%

Safaricom Ltd 18.3 7.7%

Nation Media Group Ltd 172.0 5.5%


Olympia Capital Holdings Ltd 3.2 -7.4%

British-American Investments Co Kenya Lt 14.0 -6.0%

TransCentury Ltd 4.8 -5.9%

National Bank of Kenya Ltd 10.5 -5.8%

Uchumi Supermarkets Ltd 3.6 -5.3%

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KENYA AFRICA

http://bloom.bg/dg-ws-core-bcom-a1




Equity Valuations

Consumer Goods

British American Tobacco Kenya Ltd 840.0 869.0 661.0 830.45 7.0% 16.9 9.5 58.61

Car & General Kenya Ltd 35.0 47.0 30.8 13.88 -11.4% 46.1 0.5 1.10

Eaagads Ltd 21.0 38.5 18.1 6.68 -21.5% 84.0 1.3 1.82

East African Breweries Ltd 300.0 325.0 224.6 2,345.35 11.6% 24.0 15.1 87.01

Eveready East Africa Ltd 2.2 4.6 2.1 4.46 -20.4% na 0.6 -25.77

Kakuzi 301.0 383.0 280.0 58.33 -5.0% 11.2 1.7 16.42

Kapchorua Tea Co Ltd 85.0 202.0 70.0 6.57 -15.0% 2.8 0.4 15.26

Marshalls East Africa Ltd 9.0 13.5 7.8 1.28 -31.8% na 0.5 -0.88

Mumias Sugar Co Ltd 1.4 2.5 1.3 20.42 -15.6% na 0.3 -56.05

Nation Media Group Ltd 160.0 219.0 130.0 298.24 -16.2% 13.3 3.4 25.23

Sameer Africa Ltd 3.0 5.5 2.8 8.26 -20.0% na 0.3 -0.62

SASINI Ltd 20.5 23.3 14.0 46.22 4.9% 4.2 0.4 8.79

Scan Group Ltd 21.5 43.0 19.0 80.53 -28.3% 19.3 1.0 5.03

Standard Group Ltd 27.0 40.5 24.5 21.82 -3.6% na 1.3 -15.72

TPS Eastern Africa Ltd 20.8 38.5 20.0 37.37 -17.0% 15.4 0.4 2.59

Uchumi Supermarkets Ltd 3.7 11.0 3.4 13.35 -66.2% na 1.8 -167.03

Unga Group Ltd 33.5 48.5 29.8 25.07 -0.7% 12.3 0.7 12.39

Williamson Tea Kenya Ltd 205.0 353.0 137.5 35.49 6.8% 5.1 0.6 -3.26

Energy na

KenolKobil Ltd Group 10.3 11.6 7.6 149.14 6.8% 7.9 1.8 25.37

Total Kenya Ltd 18.0 24.0 15.0 112.02 -1.4% 2.0 0.2 9.49

Financials

Barclays Bank of Kenya Ltd 10.4 16.5 9.8 555.77 -23.9% 6.7 1.4 21.57

British-American Investments Co Kenya Lt 14.1 22.5 10.0 270.21 8.5% na 1.5 -4.92

Centum Investment Co Ltd 47.0 66.5 38.0 309.20 1.1% 4.4 0.9 26.03

CFC Stanbic Holdings Ltd 89.0 116.0 73.0 347.84 7.9% 7.2 0.9 13.04

CIC Insurance Group Ltd 4.9 8.5 4.7 126.70 -21.0% 12.2 1.7 14.07

Co-operative Bank of Kenya Ltd/The 16.8 23.0 15.2 812.07 -6.7% 6.9 1.5 23.36

Diamond Trust Bank Kenya Ltd 180.0 213.6 155.5 473.93 5.9% 7.9 1.5 18.51

Equity Group Holdings Ltd/Kenya 40.0 48.5 36.5 1,492.31 0.0% 8.1 2.2 28.04

Housing Finance Co of Kenya Ltd 20.0 29.8 18.0 69.68 -10.1% 4.5 0.6 12.34

I&M Holdings Ltd/Kenya 108.0 125.0 87.0 418.93 8.0% 6.3 1.3 23.36

Jubilee Holdings Ltd 460.0 580.0 384.0 299.62 -5.0% 10.8 1.4 16.30

Kenya Commercial Bank Ltd 36.3 58.0 34.0 1,084.17 -17.1% 5.4 1.3 24.35

Kenya Reinsurance Corp Ltd 21.3 22.8 15.1 147.05 1.2% 4.2 0.7 16.96

Liberty Kenya Holdings Ltd 15.0 28.0 13.7 79.44 -23.1% 10.9 1.4 11.57

Nairobi Securities Exchange Ltd 20.5 30.3 18.3 52.59 -17.2% 13.0 2.2 18.42

National Bank of Kenya Ltd 10.5 22.5 7.8 31.97 -33.3% na 0.3 -10.89

NIC Bank Ltd 36.8 55.0 35.0 232.51 -15.0% 5.3 0.9 17.83

Pan Africa Insurance Holdings Ltd 37.5 81.5 36.0 53.39 -37.5% na 1.5 -1.64

Standard Chartered Bank Kenya Ltd 210.0 290.7 162.0 713.17 19.7% 10.3 1.6 16.23

Industrials na

East African Cables Ltd 6.0 17.0 5.9 15.01 -43.4% na 0.6 -22.98

Express Kenya ltd 3.6 6.0 3.3 1.26 -20.0% na 1.1 na

Kenya Airways Ltd 4.0 7.9 3.6 59.18 -18.4% na na na

Olympia Capital Holdings Ltd 3.0 5.4 3.0 1.19 -37.5% na 0.1 -5.16

TransCentury Ltd 5.0 16.7 4.4 13.85 -39.4% na 1.0 -38.20

Materials na

ARM Cement Ltd 33.0 79.5 28.0 161.58 -21.0% 56.4 1.8 3.24

Bamburi Cement Co Ltd 185.0 200.0 146.0 663.84 5.7% 12.7 2.5 21.90

BOC Kenya Ltd 89.0 140.0 75.0 17.18 -12.7% 11.7 1.0 8.59

Carbacid Investments Ltd 15.5 19.0 12.5 39.05 -4.9% 10.0 1.6 17.00

Crown Paints Kenya Ltd 52.0 175.0 45.0 36.59 -14.8% 80.0 2.7 2.28

East African Portland Cement Co Ltd 35.5 65.0 33.0 31.59 -24.1% 0.4 0.2 69.78

Telecommunication

Safaricom Ltd 18.1 18.4 12.6 7,169.39 11.0% 19.0 6.2 34.48

Utilities

Kenya Electricity Generating Co Ltd 6.7 9.5 5.1 436.85 -1.0% 1.3 0.1 10.55

Kenya Power & Lighting Ltd 10.3 18.5 9.8 198.72 -22.0% 2.9 0.3 11.44

Umeme Ltd 17.5 24.0 16.0 280.21 -21.6% na na 25.90


52-Week

High

52-Week

Low

MKT. CAP

(US$MN) YTD Return



Mauritius


Economic News Moody's: Mauritius's financial sector brings both

economic growth and systemic risk. The Mauritian

authorities have supported the sector's competitive-

ness through financial innovation, the preservation

of tax and non-tax competitive advantages, and

through the maintenance of macroeconomic stabil-

ity. However, the sector's complexity, size and link-

ages between financial institutions contribute to

contagion risk. Moreover, changes to Mauritius's

Double Taxation Avoidance Agreement (DTAA) with

India, due to come into effect in April 2017, will

weaken an industry that contributes to approxi-

mately 9% of GDP and 15% in net foreign inflows an-

nually. All Africa Corporate News EMTEL Mauritius picks Tecnotree to enhance its digi-

tal strategy. EMTEL Mauritius (part of Airtel group)

chose Tecnotree, a global provider of telecom IT

solutions, to expand its call completion and MDX

platform and enable the rapid roll out of new mes-

saging and voice services for its subscribers. Tecnot-

ree will help EMTEL to enhance its digital strategy by

supplying a Content Management and Service De-

livery platform and Call Completion solution that en-

ables hardware and network modernization, all the

while reducing the company’s OPEX for provisioning

and maintenance. All Africa

*SEMDEX


Index Performance MAURITIUS*

Current 1755.9

Week Change 0.0%

Gainers (no) 8.0

Losers (no) 4.0

Market Breadth 2.0

52 wk High 1987.9

52 wk Low 1740.9

YTD -3.1%


BlueLife Ltd 2.2 9.5%

Automatic Systems Ltd 60.0 5.3%

Mauritius Union Assurance Co Ltd/The 63.0 2.9%

Lux Island Resorts Ltd 58.5 2.6%

Ireland Blyth Ltd 124.0 0.8%


SBM Holdings Ltd 0.7 -1.5%

Alteo Ltd 25.5 -1.2%

Cim Financial Services Ltd 6.8 -0.9%

New Mauritius Hotels Ltd 20.5 -0.2%

* **

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MAURITIUS AFRICA



South Africa


Economic News

South Africa's rand weakens as traders book

profits, stocks down. South Africa's rand fell more

than 2% against the dollar last week, breaching

key technical support levels as lower commodity

prices and concerns about global growth hit

emerging markets. Stocks were slightly weaker,

despite telecoms firm MTN rallying to a six-week

high after settling a fine imposed by Nigerian au-

thorities for a less-than-expected amount.

Reuters

South Africa Planning to Double Tax-Free Wine

Exports to EU. South African plans to double ex-

ports of duty-free wine after a trade agreement

between southern African countries and the Euro-

pean Union. The Economic Partnership Agree-

ment between the EU and Southern African Cus-

toms Union, which include Namibia, Lesotho,

Swaziland and Botswana, means South Africa

can export 110 million liters of duty-free wine, up

from the current 48 million liters, Wines of South

Africa said in an e-mailed statement. The EU re-

gion accounts for 75% of the nation’s annual off-

shore wine sales, valued at 5 billion rand ($330

million). Bloomberg

Corporate News

South Africa's MTN agrees to pay $1.67 bln of Ni-

geria fine South Africa's MTN Group said last week

it will pay 330 billion naira ($1.67 billion) over three

years to the Nigerian government to settle a fine.

Nigeria in October originally fined the mobile

phone operator $5.2 billion for failing to discon-

nect users in Africa's most populous nation.

Reuters

AstraZeneca sells rights to anaesthetics to South

Africa's Aspen. AstraZeneca said last week it had

agreed to sell the commercialisation rights for its

portfolio of anaesthetics outside the United States

to South Africa's Aspen Pharmacare for an initial

payment of $520 million. The agreement covers

seven established medicines - Diprivan for gen-

eral anaesthesia, EMLA, a topical anaesthetic,

and five local anaesthetics - the British company

said. Reuters

*JSE All Share Index


Index Performance SA*

Current 53,175

Week Change -2.0%

Gainers (no) 12.0

Losers (no) 20.0

Market Breadth 0.6

52 wk High 54,761

52 wk Low 45,976

YTD 4.2%


Telkom SA SOC Ltd 6,817 13.6%

African Rainbow Minerals Ltd 8,800 11.5%

ArcelorMittal South Africa Ltd 886 11.0%

Kumba Iron Ore Ltd 8,700 10.8%

MTN Group Ltd 14,000 10.2%


Sasol Ltd 42,063 -13.3%

Afrimat Ltd 1,950 -9.3%

Brimstone Investment Corp Ltd 1,100 -7.2%

Pallinghurst Resources Ltd 335 -6.9%

Hulamin Ltd 551 -6.5%

* **

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0.7

0.9

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1.3

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SA AFRICA




Equity Valuations

Consumer Goods

Alteo Ltd 25.5 34.5 24.0 230.40 -17.1% 41.7 0.48 1.15

Automatic Systems Ltd 60.0 65.0 28.8 6.02 71.4% 9.0 3.50 43.54

ENL Land Ltd 40.5 52.5 40.5 339.91 -12.0% 18.0 0.46 2.58

Gamma Civic Ltd 22.8 32.5 22.0 86.19 -12.3% 21.3 1.21 5.57

INNODIS Ltd 39.8 53.0 39.8 41.42 -6.5% 28.1 0.84 2.94

Lux Island Resorts Ltd 58.3 68.0 54.0 226.24 -2.1% 15.4 1.27 8.40

Mauritius Oil Refineries Ltd 26.2 28.5 24.5 24.74 4.8% 18.3 2.25 11.86

New Mauritius Hotels Ltd 20.5 29.6 17.0 280.95 17.5% na 0.71 -0.17

Phoenix Beverages Ltd 356.3 400.0 315.0 166.22 -7.0% 17.2 1.69 10.14

Sun Resorts Ltd/Mauritius 33.5 45.0 32.5 139.45 -1.8% na 0.62 na

Energy

Vivo Energy Mauritius Ltd 93.5 128.0 87.5 77.78 -6.5% 9.2 3.63 43.61

Financials na

Belle Mare Holding Ltd 26.5 30.0 24.6 45.44 7.7% 14.2 0.61 4.45

Caudan Development Ltd 1.2 1.4 1.1 27.20 -3.3% 615.8 0.33 0.05

CIEL Ltd 6.2 7.2 6.0 277.23 -6.1% 13.3 0.68 5.23

Cim Financial Services Ltd 6.8 9.7 6.8 130.51 -15.1% 7.5 1.40 19.70

ENL Commercial Ltd 14.0 21.7 13.0 11.59 -23.7% na 0.55 -1.18

Fincorp Investment Ltd 19.4 22.9 17.0 56.88 7.2% 8.9 0.52 6.00

Ireland Blyth Ltd 124.0 136.5 104.0 251.30 17.0% 15.0 1.57 9.63

Mauritian Eagle Insurance Co Ltd 88.0 102.3 79.0 19.97 -2.2% 26.2 1.03 -3.82

Mauritius Development Invest Trust Co Lt 3.9 5.5 3.8 46.84 -16.1% na 1.10 -5.91

Mauritius Union Assurance Co Ltd/The 63.0 77.1 58.0 80.59 0.0% 10.7 1.27 11.61

MCB Group Ltd 213.0 226.0 202.5 1,439.26 2.3% 8.2 1.28 16.48

National Investment Trust Ltd/Mauritius 33.0 44.1 31.5 12.83 -16.5% 58.9 0.47 0.79

POLICY Ltd 5.4 7.7 5.2 34.51 -17.5% 17.9 1.03 5.74

Promotion & Development Ltd 89.3 101.5 85.0 98.58 -1.9% 8.0 0.48 1.10

SBM Holdings Ltd 0.7 0.9 0.6 568.71 -7.0% 10.6 0.90 6.91

Swan Insurance Co Ltd 306.0 470.0 300.0 71.84 -27.1% 9.8 1.08 12.00

Terra Mauricia Ltd 29.1 32.7 27.5 187.85 2.1% 10.8 0.39 3.66

United Docks Ltd 60.8 76.0 60.5 18.20 -19.0% 8.9 0.33 3.75

Industrials na

Air Mauritius Ltd 12.3 15.0 9.9 35.70 11.8% 1.9 0.41 28.06

Harel Mallac & Co Ltd 84.0 101.0 84.0 26.83 -9.7% na 0.56 -0.63

Rogers & Co Ltd 26.8 33.0 26.0 191.63 -2.5% 12.4 0.72 5.93

Materials

Mauritius Chemical & Fertiliser Industry 16.5 22.9 16.5 10.27 -14.8% 149.5 0.51 0.34

Plastic Industry Mtius Ltd 60.0 74.3 60.0 3.40 -10.8% 8.3 1.15 13.66

United Basalt Products/The 80.0 85.0 73.0 60.16 6.3% 16.2 0.75 4.62

Utilities

Omnicane Ltd 62.0 75.0 61.8 117.87 -11.4% 22.3 0.48 2.11


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return



Nigeria


Economic News

Nigeria’s Tumbling Oil Production Drags Total OPEC

Supply Lower. Rebel attacks on oil installations cut

Nigeria’s production by 10% in May, contributing to

a drop in monthly output from the Organization of

Petroleum Exporting Countries, a Bloomberg News

survey showed. Nigerian production declined by

160,000 barrels a day to 1.45 million, according to

the survey. OPEC’s total crude output fell to 32.71

million barrels a day last month, from a revised

32.83 million in April. Bloomberg

World Bank Slashes Nigeria Growth Forecast on

Lower Oil Prices. The World Bank cut Nigeria’s eco-

nomic growth forecast for this year, citing weakness

from oil-output disruptions and low prices. The

lender, in its semi-annual Global Economic Pros-

pects report, said Africa’s biggest economy is ex-

pected to grow 0.8%, down from an estimate of

4.6% in January. Growth is projected to pick up to

3.5% in 2017, it said.

Bloomberg

Corporate News

Nigeria Food-to-Logistics Company UAC Joins

Naira Complaints. UAC of Nigeria Plc, an investor in

foods, logistics and real-estate services in Africa’s

largest economy, said the central bank’s delays in

announcing details of a more flexible foreign-

exchange system are holding back business deci-

sions because of confusion over future costs. Cen-

tral Bank of Nigeria Governor Godwin Emefiele said

May 24 the bank would introduce a flexible ex-

change-rate regime in Africa’s largest oil producer

“in the coming days” to boost investment.

Bloomberg

Airlines Exit Nigeria on Slow Economy Hit by Dollar

Shortage. International carriers may follow the ex-

ample of United Airlines and Iberia and halt opera-

tions in Nigeria or cut flights as they struggle to

move revenue out of the country because the oil-

price slump has depleted the West African nation’s

foreign exchange reserves. Iberia suspended its

route to Africa’s biggest economy on May 12, fol-

lowed by United, which informed employees that it

would end flights from the U.S. to Nigeria at the end

of June. Bloomberg

*Nigeria All Share Index


Index Performance NIGERIA*

Current 27,233

Week Change -1.5%

Gainers (no) 5.0

Losers (no) 9.0

Market Breadth 0.6

52 wk High 33,736

52 wk Low 22,331

YTD -4.9%


Unity Bank PLC 1.2 30.4%

NEM Insurance PLC 1.0 24.7%

Union Dicon Salt PLC 14.4 15.7%

Neimeth International Pharmaceuticals PL 0.9 13.9%

Oando Plc 7.0 13.6%


Cadbury Nigeria PLC 18.5 -9.7%

Airline Services and Logistics PLC 1.7 -9.4%

United Bank for Africa PLC 4.3 -9.1%

GlaxoSmithKline Consumer Nigeria PLC 18.2 -8.9%

Union Bank of Nigeria PLC 5.0 -8.6%

* **

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NIGERIA AFRICA




Equity Valuations

Agriculture

Livestock Feeds PLC 1.0 2.5 0.8 10.5 -21.8% 11.8 1.1 8.9

Okomu Oil Palm PLC 30.0 39.4 18.7 144.0 -1.0% 9.0 2.1 16.1

Presco PLC 35.7 36.8 29.7 179.6 8.2% 15.4 1.2 7.8

Conglomerates na

Transnational Corp of Nigeria PLC 1.4 2.8 0.9 278.2 -6.1% na 1.0 -0.8

UAC of Nigeria PLC 19.8 44.5 15.6 191.3 -4.6% 14.1 0.8 5.8

Consumer Goods na

7UP Bottling Co PLC 138.0 197.0 138.0 444.8 -24.2% 12.4 3.7 34.5

Cadbury Nigeria PLC 18.0 39.9 12.0 170.1 5.0% 15.8 2.6 17.6

Champion Breweries PLC 2.9 7.3 2.6 115.4 -13.1% 293.0 3.2 1.2

Dangote Flour Mills PLC 4.9 6.1 0.8 122.0 329.2% na 1.9 -59.4

Tiger Brands Consumer Goods Plc 6.3 8.0 5.2 382.2 5.0% 3.4 1.2 20.7

Flour Mills of Nigeria PLC 21.9 36.5 15.9 288.5 5.0% 2.3 0.6 28.7

Guinness Nigeria PLC 97.7 192.0 90.3 739.9 -18.9% 42.7 3.0 3.8

Honeywell Flour Mill PLC 1.8 4.0 1.3 71.4 -12.7% 12.7 0.7 5.5

International Breweries PLC 20.0 21.5 14.8 331.5 25.1% 24.8 4.7 20.3

National Salt Co Nigeria PLC 7.9 9.1 5.2 105.3 10.5% 9.2 2.70544765 31.4

Nestle Nigeria PLC 757.0 966.0 612.1 3,019.1 -12.0% 21.9 13.4 66.5

Nigerian Breweries PLC 131.0 151.0 88.0 5,226.2 -3.7% 27.3 5.7 21.0

PZ Cussons Nigeria PLC 21.6 34.5 19.1 431.7 -15.9% 22.8 2.1 9.1

Unilever Nigeria PLC 32.0 47.0 26.6 609.1 -26.0% 72.7 13.4 19.2

Energy na

Conoil PLC 23.0 42.0 16.5 80.3 -7.0% 26.7 0.9 3.6

Eterna PLC 3.0 3.4 1.4 19.7 46.3% 3.1 0.4 14.1

Forte Oil PLC 197.0 342.0 170.5 1,291.0 -40.3% 38.0 15.7 48.9

Mobil Nigeria PLC 161.5 183.8 118.1 293.0 0.9% 11.2 3.4 32.3

MRS Nigeria PLC 34.7 50.5 34.7 44.4 -30.1% 4.0 0.4 10.9

Oando Plc 6.9 17.8 2.9 417.8 16.9% na 2.0 -234.9

SEPLAT Petroleum Development Co Plc 350.0 367.5 151.7 992.2 72.4% 14.7 0.7 4.6

Total Nigeria PLC 173.6 176.0 137.8 296.6 18.1% 8.9 3.1 40.0

Financials na

Access Bank PLC 5.7 6.5 3.5 822.4 16.5% 2.0 0.4 21.3

Africa Prudential Registrars PLC 3.1 3.6 2.0 30.8 22.9% 4.2 1.4 27.5

AIICO Insurance PLC 0.8 1.0 0.7 26.8 -15.4% na 0.6 16.6

Continental Reinsurance PLC 1.1 1.2 0.8 54.8 -7.1% 6.0 0.7 12.1

Custodian and Allied Insurance PLC 3.5 4.4 3.4 103.6 -14.6% na 0.8 16.0

Diamond Bank PLC 2.2 4.4 1.1 252.9 -5.7% 12.9 0.2 2.0

Ecobank Transnational Inc 17.6 21.1 13.8 2,128.1 4.5% 402.3 0.9 1.1

FBN Holdings Plc 3.8 9.1 3.0 680.9 -26.5% na 0.2 na

FCMB Group Plc 1.6 3.1 0.7 157.4 -6.5% 25.5 0.2 0.7

Fidelity Bank PLC 1.3 1.8 1.1 185.1 -15.3% 2.7 0.2 7.4

Guaranty Trust Bank PLC 19.0 27.8 13.2 2,807.6 4.3% 5.5 1.3 25.1

Mansard Insurance PLC 2.0 3.0 1.8 105.7 -25.7% 17.1 1.2 7.5

NEM Insurance PLC 1.0 1.0 0.6 26.6 47.1% 7.1 0.9 11.8

Skye Bank PLC 1.1 2.9 0.9 77.5 -29.7% 1.3 0.1 9.1

Stanbic IBTC Holdings PLC 15.2 28.0 12.2 764.3 -8.1% 8.4 1.3 16.5

Sterling Bank PLC 1.5 2.2 1.4 217.3 -18.0% 4.9 0.5 9.8

United Capital PLC 2.3 2.6 1.1 68.5 73.3% 4.5 1.2 28.5

Union Bank of Nigeria PLC 5.0 10.0 4.3 426.1 -27.5% 5.2 0.4 7.1

United Bank for Africa PLC 4.4 5.4 2.5 795.9 29.0% 2.5 0.5 19.1

Unity Bank PLC 1.1 2.6 0.6 66.5 0.9% 2.8 0.2 2.5

Wapic Insurance PLC 0.5 0.5 0.5 33.7 0.0% na 0.4 8.7

Wema Bank PLC 0.8 1.0 0.7 149.4 -23.0% 9.7 0.6 4.9

Zenith Bank PLC 15.0 20.2 8.8 2,369.5 6.8% 4.5 0.8 18.2

Health Care na

Evans Medical PLC 0.5 1.7 0.5 1.8 0.0% na 0.1 -34.0

Fidson Healthcare PLC 1.9 3.6 1.8 14.4 -23.6% 3.8 0.5 12.3

GlaxoSmithKline Consumer Nigeria PLC 17.3 46.5 17.3 104.2 -49.4% 22.8 1.5 6.4

MAY & Baker Nigeria PLC 1.1 1.7 0.8 5.6 2.7% 16.3 0.4 2.2

Neimeth International Pharmaceuticals PL 0.9 1.6 0.6 7.1 1.1% na 1.2 -24.1

Industrials na

Chemical and Allied Products PLC 36.1 44.0 35.8 127.2 -3.9% 14.5 16.6 128.8

Dangote Cement PLC 165.0 188.7 122.9 14,146.8 -2.9% 16.7 4.0 24.7

Lafarge Africa PLC 76.5 105.0 68.0 1,753.2 -21.0% 18.0 2.9 12.6

Portland Paints & Products Nigeria PLC 2.0 5.1 1.9 3.9 -48.1% na 1.2 -37.6


52-Week

High

52-Week

Low

MKT. CAP

(US$MN) YTD Return




Equity Valuations

Consumer Goods

British American Tobacco PLC 90,822.0 98,406.0 65,200.0 111,588.3 4.0% 18.3 16.1 82.5

Cie Financiere Richemont SA 9,088.0 12,174.0 8,822.0 34,390.6 -18.6% na na 15.1

Naspers Ltd 221,107.0 233,411.0 152,198.0 63,916.3 4.3% 105.5 9.5 15.0

SABMiller PLC 92,402.0 99,252.0 58,307.0 98,770.4 -1.5% 36.3 4.3 11.7

Shoprite Holdings Ltd 16,197.0 18,174.0 12,406.0 6,115.1 13.1% 20.1 4.2 22.4

Tiger Brands Ltd 35,977.0 37,442.0 25,502.0 4,554.0 13.7% 18.9 4.5 14.8

Woolworths Holdings Ltd/South Africa 8,135.0 10,800.0 8,012.0 5,608.0 -18.8% 19.0 4.1 23.4

Energy

Sasol Ltd 42,050.0 49,747.0 35,400.0 18,051.6 0.3% 10.0 1.3 8.8

Financials

Barclays Africa Group Ltd 14,608.0 19,369.0 10,662.0 8,161.5 1.8% 8.7 1.4 16.7

Capitec Bank Holdings Ltd 57,501.0 62,272.0 41,037.0 4,381.7 6.8% 20.6 4.9 25.9

FirstRand Ltd 4,504.0 5,780.0 3,408.0 16,650.6 6.3% 11.7 2.6 24.3

Investec Ltd 9,832.0 12,321.0 9,302.0 6,108.7 -10.2% 10.9 0.8 8.4

Investec PLC 9,815.0 12,401.0 9,261.0 6,108.7 -10.8% 11.9 1.2 9.7

Nedbank Group Ltd 18,046.0 27,450.0 15,500.0 5,897.3 -4.3% 7.9 1.2 15.1

Old Mutual PLC 3,839.0 4,715.0 3,461.0 12,469.8 -7.4% 13.5 1.2 8.4

RMB Holdings Ltd 5,605.0 7,290.0 4,695.0 5,214.7 0.8% 10.9 2.1 22.5

Sanlam Ltd 6,243.0 7,367.0 4,405.0 8,913.6 3.1% 13.4 2.3 18.8

Standard Bank Group Ltd 12,119.0 16,358.0 9,480.0 12,923.2 6.8% 8.7 1.3 16.5

Health Care

Aspen Pharmacare Holdings Ltd 35,940.0 37,790.8 23,364.0 10,809.0 16.1% 35.0 3.8 16.4

Industrials

Bidvest Group Ltd/The 13,307.0 13,852.0 8,756.3 2,941.4 30.3% 6.7 1.0 16.1

Materials

Anglo American Platinum Ltd 36,879.0 45,870.0 15,646.0 6,554.5 99.0% 899.5 2.4 -26.6

Anglo American PLC 13,613.0 19,549.0 5,082.0 11,572.6 97.3% na 0.7 -26.2

BHP Billiton PLC 17,740.0 26,588.0 13,630.0 69,273.3 2.0% na 1.1 -11.8

Mondi Ltd 27,843.0 33,698.0 25,704.0 8,930.2 -9.4% 13.2 2.7 21.7

Mondi PLC 28,001.0 33,771.0 25,600.0 8,930.2 -9.2% na na 21.7

Telecommunication

MTN Group Ltd 14,610.0 23,732.0 10,956.0 17,769.3 9.9% 19.6 1.8 14.7

Vodacom Group Ltd 16,643.0 17,234.0 13,103.0 16,320.4 9.2% 18.8 10.3 55.9

P/E (x) P/BV (x) ROE (%)Price 52-Week High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return



Tunisia Economic News European Union approves a 500 million euro loan to

Tunisia. The European Union has approved a 500

million euro ($570 million) loan to help Tunisia

address economic challenges and bolster its

democratic processes, the bloc said last week.

Tunisia's transition to democracy has been hailed as

the success story of the 2011 Arab Spring revolts, but

economic development has floundered since the

fall of autocrat Zine El-Abidine Ben Ali. Reuters

Corporate News No Corporate News

Source: Bloomberg, United Capital Research *Tunis Index


Index Performance TUNISIA*

Current 5,482

Week Change -1.2%

Gainers (no) 10.0

Losers (no) 19.0

Market Breadth 0.5

52 wk High 5,781

52 wk Low 4,812

YTD 8.8%


Attijari Leasing SA 22 7.4%

Societe Immobiliere et de Participations 31 5.1%

Tunisie Profiles Aluminium SA 3 2.1%

Ennakl Automobiles 14 1.7%

Societe de Production Agricole Teboulba 1 1.4%


Cie Internationale de Leasing 15 -8.4%

SPDIT 11 -6.8%

Banque de l'Habitat 17 -5.7%

Societe Moderne de Ceramiques 2 -5.6%

Societe de Transport Hydrocarbures par P 9 -5.5%

* **

-0.1

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5

Jun

-14

Au

g-1

4

Oc

t-14

De

c-1

4

Feb

-15

Ap

r-15

Jun

-15

Au

g-1

5

Oc

t-15

De

c-1

5

Feb

-16

Ap

r-16


TUNISIA AFRICA




Equity Valuations

Consumer Goods

Automobile reseau tunisien et services 8.4 9.3 5.7 148.72 -1.1% 38.2% 9.9 2.3 24.6

Elbene Industrie SA #N/A N/A 4.1 2.8 #VALUE! #VALUE! #VALUE! na na -16.3

Ennakl Automobiles 14.1 14.2 10.4 195.80 1.1% 20.5% 11.6 3.4 32.2

GIF Filter SA 1.7 3.6 1.6 8.46 0.0% -27.0% na 1.3 -1.3

MONOPRIX 11.4 16.3 11.4 105.37 -0.9% -19.7% 111.2 3.2 2.9

SFBT 21.0 24.1 17.7 1,166.45 0.7% 5.5% 17.9 4.4 24.4

Societe de Production Agricole Teboulba 1.5 3.2 1.2 12.55 2.1% -38.9% na na na

Societe Electrostar 3.6 6.2 3.2 4.11 0.0% -4.7% na 0.8 -81.0

Societe Magasin General 24.1 30.0 21.3 128.08 -2.0% 5.3% na 202.6 -237.0

SOTUMAG 2.1 2.5 1.9 11.72 0.0% 3.9% na na na

Financials

Amen Bank 21.8 27.7 19.8 246.66 1.4% -6.8% 5.9 0.8 13.9

Arab Tunisian Bank 4.8 5.4 4.1 220.33 -1.9% 13.3% 10.5 0.9 12.5

Arab Tunisian Lease 3.2 3.2 2.5 36.68 1.0% 11.6% na 1.1 na

Assurances SALIM 39.7 41.0 19.5 47.78 -0.2% 44.4% 17.4 2.5 14.8

Attijari Bank 29.0 29.5 22.1 533.56 -0.4% 22.4% na 2.9 na

Attijari Leasing SA 21.9 27.5 17.5 21.54 1.9% -0.4% 7.8 1.3 16.9

Banque de l'Habitat 17.1 18.7 10.5 222.14 -1.4% 41.1% 7.7 1.5 20.6

Banque de Tunisie 8.8 9.2 7.2 729.86 0.1% 16.8% 18.2 2.2 12.3

Banque International Arabe de Tunis 88.4 92.7 70.5 695.22 -0.1% 15.7% 10.2 1.9 20.0

Banque Nationale Agricole 9.0 15.2 8.8 132.72 -2.3% -20.0% 5.0 0.5 9.2

BTEI 16.0 22.4 15.1 33.41 -2.9% -9.0% 33.1 0.5 1.5

Cie d'Assurances et de Reassurances ASTR 38.7 54.0 36.5 71.67 0.0% -6.5% 12.2 1.5 12.5

Cie Internationale de Leasing 15.1 17.1 13.6 35.04 0.0% 2.0% 8.3 1.3 15.7

El Wifack Leasing 5.7 7.6 5.2 47.82 0.0% -19.2% 17.1 1.7 10.2

Essoukna 3.9 5.2 3.4 9.12 1.6% 0.0% 10.2 0.6 5.7

Modern Leasing Immeuble Assurances SALIM 3.7 5.1 3.6 6.87 -6.1% -17.6% 15.3 0.5 4.0

Poulina Group 4.9 5.6 4.7 408.28 2.1% -0.8% 12.2 1.5 12.7

Societe Immobiliere et de Participations 30.8 48.0 24.4 14.23 0.2% -6.8% 7.2 0.5 6.2

Societe Immobiliere Tuniso Seoudienne 2.0 2.7 1.7 14.44 5.8% -13.0% 8.9 1.1 12.0

Societe Tunisienne de Banque 4.8 6.7 4.5 345.21 0.0% -14.3% na na na

STAR 159.8 185.0 150.4 170.69 -0.7% 3.0% 5.0 1.1 24.4

Tunis Re 8.5 9.7 8.0 79.06 -0.7% -5.8% 11.8 0.9 8.9

Tunisie Leasing SA 17.2 21.2 16.2 71.61 0.0% 4.1% 10.9 1.0 9.0

UBCI 27.7 30.5 24.5 256.45 0.0% 6.7% 19.1 1.9 10.3

Union Internationale de Banques SA 18.2 18.8 14.1 290.83 -1.2% 16.6% 8.5 1.1 31.6

Health Care

Accumulateur Tunisienne Assad 4.0 7.4 4.0 22.44 1.3% -23.8% na 0.0 na

ADWYA SA 8.8 9.1 5.5 69.90 0.9% 37.9% 24.2 4.2 18.8

Industrials

Servicom SA 7.9 11.8 4.7 12.87 0.0% 26.8% 1,256.4 0.9 0.1

SIPHAT 5.6 8.6 4.5 4.63 0.0% -3.6% na 0.5 -21.7

Societe Industrielle d'Appareillage et d 2.2 2.8 2.0 14.30 0.5% -3.1% 14.6 1.3 8.8

Societe Moderne de Ceramiques 1.7 2.7 1.4 31.99 0.0% -10.3% 11.7 1.0 9.1

Societe Tunisienne de L'Air 0.6 1.0 0.6 30.48 0.0% -22.5% na 0.3 -65.2

Tunisie Profiles Aluminium SA 3.4 4.4 3.0 69.99 0.0% 7.0% 14.3 1.6 10.9

Information Technology

Telnet Holding 2.8 4.7 2.6 14.45 0.7% -17.7% 3.8 1.4 31.6

Materials

Air Liquide Tunisie 147.0 215.0 120.0 82.42 0.0% -1.6% 32.4 4.2 12.2

Carthage Cement 2.0 2.2 1.1 159.35 1.5% 51.5% na 1.9 -30.7

Industries Chimiques du Fluor 24.2 29.9 20.9 23.49 0.0% -8.8% na na na

Societe Chimique ALKIMIA 31.6 57.5 31.6 28.48 0.0% -31.6% 3.7 0.8 22.0

Societe Ciments de Bizerte 2.8 5.1 2.6 57.29 0.4% -10.8% na 1.0 -5.0

Societe Tunisiennes de Verreries 3.6 4.5 2.8 39.06 -2.4% 22.4% na na na

Telecommunication

SOTETEL 3.1 3.6 1.2 6.59 0.0% 155.8% na 0.9 #VALUE!

P/E (x) P/BV (x) ROE (%)Price 52-Week High 52-Week Low

MKT. CAP

(US$MN) WTD Return YTD Return



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