2015-07-03 The Africa Weekly

The Africa Weekly
Equity Research | Pan-Africa | News & Analysis
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For more information please visit www.africanalliance.com
THE AFRICA WEEKLY

Equity Research I Pan-Africa I Weekly Market Indicators
Country
Botswana
BRVM
Egypt***
Ghana
Kenya
Malawi
Mauritius
Morocco
Namibia
Nigeria
Rwanda
South Africa
Swaziland
Tanzania
Tunisia
Uganda
Zambia
Zimbabwe
Index*
Index
Level
BSE DCI
IC Comp
EGX 30
GSE ALSI
FTSE NSE15
MSE ALSI
SEMDEX
MORALSI
Local
NIG ALSI
RSE Index
JSE ALSI
SSX ALSI
DAR ALSI
TUNIS
USE ALSI
LuSE ALSI
ZSE IND
10,698
278.6
8,315
2,343
212.8
16,012
1,966
9,551
434.6
32,739
220.1
52,215
286.8
2,665
5,726
1,966
5,846
146.2
1 Wk
%Chg
0.74
1.38
-1.09
-1.17
-1.31
0.01
-0.99
-0.40
0.02
-1.15
-0.26
-1.21
0.00
-4.89
-0.63
-1.36
0.13
-1.59
Top 5 gainers
MTD
%Chg
YTD
%Chg
1 Year
High
1 Year
Low
FX-Rate
per USD
0.07
0.05
-0.68
-0.40
-2.43
0.00
-0.74
-0.29
0.00
-2.15
0.00
0.79
0.00
-2.28
0.13
-1.47
0.06
-1.46
12.59
7.95
-6.85
3.62
-1.23
7.56
-5.19
-0.72
11.71
-5.53
-7.05
4.91
0.00
5.76
12.50
2.04
-5.11
-10.17
10,707
278.6
10,046
2,393
234.8
16,142
2,171
10,527
441.0
43,039
267.5
55,188
0.00
2,850
5,770
2,098
6,287
201.3
9,180
230.2
8,125
2,144
195.6
13,437
1,930
9,205
347.3
27,585
219.0
46,673
0.00
2,225
4,580
1,728
5,833
146.2
9.96
594.9
7.72
4.35
99.65
445.6
35.33
9.76
12.35
198.9
719.9
12.35
12.35
1,995
1.96
3,315
7.55
1.00
% chg
Local
Company
Country
Servair Abidjan
Simba Cement
Tanzania Breweries
Swissport
Tanzania Cigarette
BRVM
Tanzania
Tanzania
Tanzania
Tanzania
18.7
-0.1
17.4
14.5
14.5
14.5
14.4
Company
Country
Local
USD
Alliances
Unilever CI
Tractafric Motors CI
Econet Wireless
Total CI
Morocco
BRVM
BRVM
Zimbabwe
BRVM
-32.7
-13.3
-11.9
-12.5
-10.9
-33.2
-14.3
-12.9
-12.5
-11.9
USD
1 Wk
%Chg
1 MTD
% Chg
YTD
% Chg
-0.79
-0.99
-1.13
0.57
-0.40
-1.03
-0.14
-0.57
-0.90
0.05
-0.96
-0.90
-0.90
-1.00
-0.65
-0.38
-0.46
0.00
-4.56
-9.27
-7.37
-26.09
-9.08
4.91
-10.12
-7.48
-6.30
-8.09
-3.77
-6.30
-6.30
-13.03
-4.99
-16.29
-15.48
0.00
-0.89
-1.13
-1.32
1.61
-1.10
-1.72
-0.46
-0.73
-1.97
-0.03
2.14
-1.97
-1.97
14.54
-0.96
-1.28
-2.19
0.00
Dollar Return (% chg)

1 week
-0.16
0.24
-2.40
0.42
-2.40
-1.71
-1.45
-1.13
-1.95
-1.18
1.87
-3.16
-1.97
8.94
-1.59
-2.63
-2.06
-1.59
MTD
YTD
Trade
USD'000
Mkt Cap
USDm**
-0.72
-0.94
-1.80
0.17
-2.83
-1.02
-0.88
-0.85
-0.90
-2.10
-0.96
-0.12
-0.90
-3.26
-0.53
-1.84
-0.40
-1.46
7.45
-2.06
-13.72
-23.42
-10.20
12.84
-14.78
-8.14
4.67
-13.18
-10.56
-1.70
-6.30
-8.03
6.88
-14.58
-19.80
-10.17
4,738.4
3,431.6
201,748
211.0
119,070.6
147.6
9,377.1
225,768
111.9
118,976
6
4,265,263
0.0
8,976.0
7,023
23.2
752.6
3,660.5
5,133
10,462
33,971
4,064
22,156
1,498
5,965
48,029
2,010
53,303
700
372,685
195
4,919
7,752
1,052
4,889
3,790
1 year price charts

Gold (1,162.7; -1.0% w/w)
AA Indes (1.5; -0.1% w/w)
MSCI WORLD (1,747.3; -1.9% w/w)
Crude Oil (62.1; -1.8% w/w)
MSCI EM (971.5; -1.7% w/w)
S&P 500 (2,076.8; -1.2% w/w)
Copper (5,778.0; +0.4% w/w)
MSCI AFRICA (558.2; -1.8% w/w) FTSE 100 (6,630.5; -2.6% w/w)
Top 5 decliners
* 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
African Alliance Pan-African Securities Research
02 Jul 2015
THE AFRICA WEEKLY

1 month price charts

Botswana
Tunisia
BRVM
-0.63%
Morocco
-0.40%
Egypt***
Key
Ghana
Kenya
Malawi
Mauritius
Morocco
Up
Flat
Down
Egypt
8.189 5.795
3.53 7.738 4.694-1.09%
4.872
15.174
15.463 14.921
17.16 25.254
18.39 19.198
19.36 19.985
19.978
10.54 14.341
170.651 231.6 248.19 264.2 286.47 316.04
6.96 7.976 7.356 6.584 6.265 7.134
BRVM
1123.63
1484.1 10.333
1547.9 11.984
1603.6 1692.3
13.935 11.742
7.938 1816.9
7
1.38%
Nigeria
-1.15%
Namibia
Nigeria
-1.17%
Ghana
South Africa
Uganda: -1.36% Kenya

-1.31%
Rwanda:
-0.26%
Tanzania
Tanzania
-4.89%
Tunisia
Uganda
Zambia
0.13%
Zambia
Malawi
0.01%
Zimbabwe
Namibia
Namibia
0.02%
Mauritius
Zimbabwe
Botswana -1.59%
0.74%
-0.99%
Swaziland
South Africa
-1.21%
THE AFRICA WEEKLY

Inflation and Interest Rate Summary

Country
Bond Rate (%) Maturity Date
Bond
Maturity Prime (%)
CPI (%)
Month
8.86
3.00
2.10
19.50
0.47
3.00
4.60
6.60
7.10
-1.40
May
May
Feb
May
May
May
May
Nov
June
Feb
Southern Africa
Angola
Botswana
Lesotho
Malawi
Mauritius
Namibia
South Africa
Swaziland
Zambia
Zimbabwe
5.67
8.25
Mar-25
Feb-19
BW007
LS000A1GZ7W0
11.4 yrs
5.3 yrs
7.07
8.55
7.60
8.87
21.75
Sep-23
Oct-24
Dec-26
Jan-24
Feb-23
10 year
GC24
R186
SG018
10 year
9.9 yrs
11.0 yrs
13.2 yrs
10.3 yrs
9.3 yrs
9.00
9.00
10.25
25.00
2.48
10.00
9.25
8.75
12.50
12.40
11.15
16.50
16.87
Jun-22
Sep-16
Oct-23
Apr-23
FXD 1/2014/10Yr
FXD2/2011/5yr
10 year
UG0000001244
8.7 yrs
3.0 yrs
10.0 yrs
9.5 yrs
15.47
17.37
15.37
20.82
6.90
1.60
4.20
4.90
May
May
Feb
May
23.50
10.96
Aug-17
Jan-22
5005
9th FGN Series 1
3.9 yrs
8.3 yrs
21.00
16.77
0.02
16.90
9.00
Jan
May
May
Egypt
12.58
Morocco
3.64
Tunisia
6.17
Source: Central banks, statistical agencies
Feb-17
Apr-16
Mar-19
EGBGR00541F5
MA0002010249
10 year
3.4 yrs
2.5 yrs
5.4 yrs
9.75
6.03
4.75
10.96
2.00
5.60
Apr
May
Feb
East Africa
Kenya
Rwanda
Tanzania
Uganda
West Africa
BRVM average
Ghana
Nigeria
North Africa
THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira)
Nigeria
Market Commentary
2012
The NSE ALSI declined 1.2% to close the week at 32,739.1 on the back of losses in Access Bank (-10.9%),
Mansard Insurance (-8.8%) and Stanbic IBTC Holdings (-7.6%). During the week, gains were recorded in
Ashaka Cement (+4.7%), Presco (+4.5%) and Forte Oil (+4.4%). The top traders by value were Julius
Berger (USD 33.3m), Zenith Bank (USD 18.2m) and Nigerian Breweries (USD 11.4m). Trading in these
shares accounted for 52.8% of this weeks turnover of NGN 23.7bn (USD 119.0m). The average weekly
value traded in the last six months is NGN 20.3bn (USD 102.1m). The NSE ALSI is down 5.5% ytd (-13.2%
USD) and the total market capitalisation is currently USD 53.3bn.
Current account balance (% GDP)

Govt gross debt (% GDP)
Govt net debt (% GDP)
Nominal GDP (USDbn)
GDP growth (%, constant prices)
GDP per capita (USD)
Inflation (%, end of period)
Company
INTERNATIONAL BREWERIES
TRIPPLE GEE AND COMPANY PLC
7-UP BOTTLING CO PLC
HONEYWELL FLOUR MILL PLC
Reporting period
Full Year
Full Year
Full Year
Full Year
Expected reporting date

21-Jul-15
19-Jun-15
30-Jun-15
27-Jul-15
WAPIC INSURANCE PLC

LAW UNION AND ROCK INSUR PLC
LINKAGE ASSURANCE PLC
OASIS INSURANCE PLC
UNIVERSITY PRESS PLC
Full Year
Full Year
Full Year
Full Year
Full Year
24-Jul-15
10-Jul-15
22-Jul-15
10-Jun-15
07-Jul-15
Dividends
Ecobank Transnat
Fbn Holdings Plc
Total Nigeria Pl
Nestle Nigeria P
Oando Plc
2013
2014
2015 2016E 2017F
4.4
4.0
3.7
2.2
1.7
1.6
10.4
10.4
10.6
11.1
11.2
11.6
7.3
9.2
22.3
11.1
10.4
11.3
467.1 521.8 594.3 657.2 702.2 749.1
4.3
5.4
7.0
7.3
7.2
7.1
2,835.3 3,082.5 3,416.5 3,677.3 3,824.1 3,970.2
12.0
7.9
9.0
8.5
8.0
7.0
Year
2014
2014
2014
2014
Type
Omitted
Final
Interim
Interim
2014
Interim
DPS Last Cum date

0.00
07-Jul-14
1.1
05-May-14
2.0
01-Dec-14
10.0
24-Nov-14
0.7
02 Jul 2015
18-Nov-14
THE AFRICA WEEKLY


Index performance *
NIGSE ALSI
Level
Current
This week
Prev week
MTD
YTD
32,739.1
33,121.7
33,460.5
33,456.8
34,657.2
% chg
-1.15
-1.01
-2.15
-5.53
Nigeria
NGN/USD
USD returns
Level
% chg
% chg
198.90
198.85
198.90
199.00
182.80
-0.03
0.03
0.05
-8.09
-1.18
-0.99
-2.10
-13.18
Turnover analysis **
Trading numbers
23,661 Value Traded / Mkt Cap (%)
Total value
-18,142 Stocks traded (absolute)
Net value
Stocks traded (%)
2,450 Stocks up
Upside value
20,592 Stocks down
Downside value
-88.1% Advance - Decline
Upside/downside ratio
11.16%
138
69%
24
39
-15
Top 5 gainers
Market highs and lows
H: 09-Jul-14
L: 13-Feb-15
Off peak
At High
At Low
43,039.5
27,585.3
-23.9%
35/199
46/199
Avg weekly value traded

NGNm
20,315.1
USDm
102.1
Total Market cap
NGNm
10,602,011
USDm
53,303
Company
Week % chg
Price
7.1
5.7
5.0
4.9
4.7
1.50
0.74
1.05
4.67
3.33
Top 5 decliners
Company
Week % chg
Evans Medical
-20.3
Neimeth Intl Pharmaceuticals
-18.7
Cutix
-13.3
Access Bank
-10.9
Price
1.10
1.22
1.50
5.29
May & Baker Nigeria

N.E.M Insurance Co (Nig)
NPF Microfinance
Portland Paints & Products
Fidson Healthcare
Costain (WA)
Rebased Index Performance

USD
-10.7
0.75
NGN'000
6,619,074
3,621,514
2,257,646
1,634,146
1,425,493
% of total
27.97
15.31
9.54
6.91
6.02
Top 5 (value) traders
NGN
6%
-8%
Company
Julius Berger
Zenith Bank
Nigerian Breweries
Guaranty Trust Bank
Access Bank
-22%
-36%
Market Cap (NGN bn) : Current vs Peak

02-Jul
-50%
09 Jul 2014
Jul-14
Oct-14
Jan-15
Apr-15
*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
-64%
Jul-15
5,000
10,000
15,000
02 Jul 2015
THE AFRICA WEEKLY

Nigeria
Weekly
Value
% chg
Move NGN '000
Volume
'000
12 Month
High
Low
414,220
2,257,646
1,634,146
1,155,149
3,621,514
269,802
703,744
608,440
2,352
15,282
60,456
1,332
187,920
12,162
6,981
76,708
250.0
186.9
31.88
1,125
25.60
24.55
131.0
16.29
141.9
128.0
17.00
746.3
15.00
14.35
66.50
6.37
-31.0
-22.4
-15.5
-24.4
-24.0
-10.4
-21.4
-50.9
-7.6
-3.5
4.4
-4.4
Down
221,751
Down
192,634
Up
372,981
Down 1,362,325
8,592
1,208
1,987
29,973
35.00
215.0
240.0
55.00
24.00
113.4
152.0
27.00
9.31
4.77
31.97
5.29
-0.4
-4.6
0.5
-10.9
Down
9,143
Down
427,433
Up
78,682
Down 1,425,493
964
86,918
2,525
256,278
11.50
8.09
39.00
10.00
183.0
35.05
15.70
2.73
2.46
42.50
6.66
33.50
19.50
4.19
2.98
48.50
165.0
150.0
3.3
-5.3
-0.6
-5.9
-0.4
1.1
-2.1
1.5
2.3
-1.4
-0.7
-2.6
-5.6
Up
65,347
Down
28,985
Down
442,752
Down
84,702
Down
38,007
Up
152,628
Down
53,036
Up
82,403
Up
33,801
Down
215,254
Down
75,020
Down 6,619,074
Flat
178,132
Down
22,090
356
820
28,257
30,803
15,391
3,609
7,844
2,436
1,749
51,393
25,068
136,476
1,080
144
188.5
78.00
28.50
6.50
5.00
66.00
9.40
80.90
32.00
6.72
4.55
69.00
195.5
180.0
Company Name
Sector
Price
NGN
Dangote Cement
Nigerian Breweries
Guaranty Trust Bank
Nestle Nigeria
Zenith Bank
ETI (Nigeria)
Lafarge WAPCO
FBN Holdings
BUIL
BREW
BANK
CONS
BANK
BANK
BUIL
BANK
172.5
145.1
26.95
850.0
19.45
22.00
103.0
8.00
-0.9
-3.3
-0.2
-0.0
-0.3
2.9
0.3
Down
Down
Down
Down
Down
Flat
Up
Up
Stanbic IBTC Holdings

Guinness Nigeria
Forte Oil
Unilever Nigeria
BANK
BREW
UTIL
CONS
25.00
153.0
190.0
43.50
Union Bank Nig.

UBA
P Z Cussons Nigeria
Access Bank
BANK
BANK
CONS
BANK
7-Up Bottling Comp.

Cadbury Nigeria
Oando
TransCorp Nigeria
Unity Bank
UACN
Dangote Sugar Refinery
Flour Mills Nig.
Intl Breweries
Diamond Bank
FCMB
Julius Berger
Total Nigeria
Mobil Oil Nig
BREW
CONS
UTIL
INVE
BANK
CONS
CONS
CONS
BREW
BANK
BANK
BUIL
UTIL
UTIL
Movement (% chg)
Off high
YTD 12 mths
Market cap
NGN m USD m
6 mths
Val (000)
-13.8
-12.3
7.0
-16.0
5.6
18.4
28.0
-9.1
-28.1 2,939,488 14,779

-15.8 1,096,970 5,515
-7.3
793,170 3,988
-25.8
673,758 3,387
-22.7
610,662 3,070
33.3
350,959 1,765
-7.2
309,165 1,554
-50.4
261,057 1,313
3,930.8
10,437.3
13,309.2
7,381.1
13,131.4
4,123.0
1,936.7
7,182.5
-28.6
-28.8
-20.8
-20.9
-7.4
-9.0
-16.6
21.5
-8.1
-20.3
-8.2
-19.4
250,000
230,401
205,221
164,573
1,257
1,158
1,032
827
1,445.5
2,574.6
1,070.8
2,368.4
6.82
2.99
17.50
4.71
-19.0
-41.0
-18.0
-47.1
9.5
10.9
34.3
-19.8
-6.4
-40.3
-12.5
-45.5
157,672
157,321
126,936
121,051
793
791
638
609
426.0
4,407.8
864.8
4,870.9
100.0
34.82
12.83
2.28
0.50
26.22
4.94
27.67
17.10
3.45
2.00
38.08
134.1
133.0
-2.9
-55.1
-44.9
-58.0
-50.8
-35.6
-29.1
-58.6
-39.1
-37.6
-34.5
-29.7
-15.6
-16.7
10.6
-12.4
-2.5
-16.0
392.0
25.0
4.9
-14.5
-16.6
-24.9
19.7
-20.0
15.8
-5.1
78.5
-55.1
-42.9
-48.5
392.0
-37.4
-29.9
-57.1
-32.8
-33.5
-32.3
-29.7
-4.6
9.2
117,228
109,720
107,111
105,708
94,579
81,637
79,920
79,920
63,619
60,651
59,012
58,200
56,021
54,089
589
552
539
531
476
410
402
402
320
305
297
293
282
272
421.8
127.4
2,397.3
1,633.6
256.5
2,539.7
602.5
1,642.6
432.1
2,256.8
1,325.6
2,120.9
241.4
217.7
02 Jul 2015
THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi)
Ghana
Market Commentary
2012
The GSE Composite declined 1.2% to close the week at 2,342.8 on the back of losses in HFC Bank (-7.0%),
Ecobank Ghana (-2.7%) and Stanchart Ghana (-2.1%). During the week, gains were recorded in Ghana Oil
(+2.8%). The top traders by value were CAL Bank (USD 119.4k), Fan Milk (USD 22.8k) and Ecobank Ghana
(USD 15.9k). Trading in these shares accounted for 74.9% of this weeks turnover of GHS 925.1k (USD
211.0k). The average weekly value traded in the last six months is GHS 4.2m (USD 960.6k). The GSE
Composite is up 3.6% ytd (-23.4% USD) and the total market capitalisation is currently USD 4.1bn.

Nominal GDP (USDbn)
Company
ALUWORKS GHANA LTD
COCOA PROCESSING CO LTD
TULLOW OIL PLC
Dividends
Total Petroleum
Benso Oil Palm
Ghana Commercial
Pz Cussons Ghana
Ghana Oil Co Ltd
Reporting period
Full Year
Full Year
Half Year

01-Jun-15
12-Aug-15
29-Jul-15
2013
2014
2015 2016E 2017F
-11.8 -11.9
-9.9
-8.5
-7.2
-6.6
49.8
55.6
65.3
71.1
70.8
68.3
47.7
53.2
63.3
69.3
69.2
65.4
41.7
47.8
35.5
32.6
34.7
38.2
8.8
7.1
4.5
4.7
7.2
6.3
1,674.6 1,871.1 1,353.2 1,212.8 1,257.2 1,349.4
8.1
13.5
18.5
15.1
13.9
12.8
Year
2014
2014
2014
2013
Type
Interim
Regular Cash
Final
Final
DPS Last Cum date

01-Dec-14
0.08
05-May-14
0.03
16-May-14
0.2
20-Sep-13
0.00
2013
Regular Cash
0.01
02 Jul 2015
13-Aug-13
THE AFRICA WEEKLY


GSE CI
Index performance *
Level
Current
This week
Prev week
MTD
YTD
2,342.8
2,370.6
2,377.7
2,352.2
2,261.0
-1.17
-0.30
-0.40
3.62
Total value
Net value
Upside value
Downside value
% chg
Ghana
GHS/USD
USD returns
Level
% chg
% chg
4.35
4.42
4.37
4.38
3.22
1.61
-1.24
0.57
-26.09
0.42
-1.54
0.17
-23.42
Trading numbers
0.9 Value Traded / Mkt Cap (%)
-0.1 Stocks traded (absolute)
Stocks traded (%)
0.0 Stocks up
0.2 Stocks down
0.26%
22
65%
2
5
-3
Top 5 gainers
H: 04-Jul-14
L: 03-Feb-15
Off peak
At High
At Low
2,392.7
2,143.5
-2.1%
1/34
1/34

GHSm
4.2
USDm
1.0
Total Market cap
GHSm
17,678
USDm
4,064
Company
Price
5.9
2.8
0.18
1.45
Week % chg
-7.0
-5.6
-2.7
-2.1
Price
1.60
0.17
8.80
19.52
-0.2
4.89
GHS'000
523.7
99.8
69.6
54.1
48.8
% of total
56.61
10.79
7.53
5.85
5.28
Top 5 decliners
Company
HFC Bank
UT Bank
Ecobank Ghana
Stanchart Ghana
Ghana Commercial Bank

USD
Week % chg
Mechanical Lloyd
Ghana Oil
----
GHS
11%
2%
Company
CAL Bank
Fan Milk
Ecobank Ghana
ETI (Ghana)
Enterprise Group
-7%
-16%
Market Cap (GHS m) : Current vs Peak

02-Jul
-25%
04 Jul 2014
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the GSE ALSI, an all share index

** Value Traded numbers are given in millions of Ghanaian Cedi
-34%
Jul-15
5,000
10,000
15,000
20,000
02 Jul 2015
THE AFRICA WEEKLY


Company Name
Sector
Price
GHS
ETI (Ghana)
Ecobank Ghana
Stanchart Ghana
Ghana Commercial Bank
Fan Milk
Guinness Ghana
CAL Bank
Total Petroleum
BANK
BANK
BANK
BANK
CONS
BREW
BANK
OILG
0.37
8.80
19.52
4.89
5.75
3.15
1.10
5.30
Golden Star
HFC Bank
Unilever Ghana
Ghana Oil
RESO
BANK
CONS
OILG
1.99
1.60
7.53
1.45
SocGen (Ghana)
Enterprise Group
Benso Oil Palm
Tullow Oil
BANK
INSU
AGRI
OILG
UT Bank
Trust Bank (Gambia)
PZ Cussons Ghana
Produce Buying
Cocoa Processing
Mega African Capital
SIC Insurance
Ayrton Drug
Aluworks Ghana
Mechanical Lloyd
Transol
Starwin Products
Pioneer Kitchenware.
Clydestone Ghana
BANK
BANK
CONS
AGRI
INDU
INVE
INSU
PHAR
RESO
CONS
TELE
PHAR
INDU
TELE
Ghana
Weekly
Value
% chg
Move GHS '000
Volume
'000
-2.7
-2.1
-0.2
-
Flat
Down
Down
Down
Flat
Flat
Flat
Flat
54
70
12
45
100
0
524
10
146.20
7.89
0.61
9.22
17.36
0.00
475.62
1.80
-7.0
Down
2.09
2.8
Up
24
16.45
0.91
1.95
5.00
33.00
Flat
Flat
Flat
8
49
0
0.17
0.35
0.36
0.11
0.02
4.50
0.19
0.17
0.06
0.18
0.03
0.03
0.05
0.03
-5.6
-
Down
Flat
Flat
Flat
Flat
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
GHS m USD m
0.43
9.21
21.25
5.85
6.82
5.07
1.15
6.54
0.22
7.00
18.00
4.46
4.89
2.45
0.85
5.30
-14.0
-4.5
-8.1
-16.4
-15.7
-37.9
-4.3
-19.0
32.1
15.8
-4.1
-7.7
9.5
-1.6
8.9
-13.1
42.3
19.4
7.8
-9.9
-15.7
-37.9
27.9
-18.7
5,906
2,580
2,255
1,296
668
666
603
593
1,358
593
518
298
154
153
139
136
22.1
74.6
128.8
169.1
39.6
15.6
83.6
45.5
2.34
1.75
17.60
1.45
1.99
1.15
7.31
0.95
-15.0
-8.6
-57.2
-0.0
-15.0
6.7
-29.6
38.1
-27.6
6.7
-57.2
52.6
508
474
471
366
117
109
108
84
0.2
2.6
5.3
139.5
8.31
25.04
0.05
1.08
1.95
5.01
36.00
0.83
1.40
2.66
33.00
-15.7
-0.0
-0.2
-8.3
-9.0
11.4
22.0
-5.7
7.1
8.3
93.1
-4.3
304
249
174
117
70
57
40
27
42.5
123.3
31.5
0.0
21
5
0
0
0
123.00
15.00
1.00
1.32
0.50
Flat
Flat
0
0
0.45
0.10
5.9
Up
3.20
Flat
8.00
0.40
0.35
0.56
0.14
0.02
4.50
0.45
0.18
0.07
0.33
0.03
0.04
0.06
0.04
0.17
0.24
0.23
0.11
0.01
3.15
0.14
0.17
0.02
0.17
0.03
0.02
0.05
0.03
-57.5
0.0
-35.7
-21.4
0.0
-57.8
-5.6
-14.3
-45.5
0.0
-25.0
-16.7
-25.0
-32.0
45.8
20.0
-8.3
-48.6
-5.6
200.0
-35.7
50.0
-16.7
-
-57.5
45.8
-35.7
-15.4
45.2
-55.8
20.0
-40.0
-25.0
-16.7
-25.0
78
70
60
53
41
39
37
37
14
9
2
2
2
1
18
16
14
12
9
9
9
8
3
2
1
1
0
0
11.6
2.4
0.4
0.3
0.1
21.2
0.0
0.4
0.3
0.0
0.3
0.0
0.0
02 Jul 2015
6 mths
Val (000)
THE AFRICA WEEKLY

BRVM Stock Exchange (CFA Franc)
BRVM
Market Commentary
Senegal
2012
2013
2014
The IC Composite gained 1.4% to close the week at 278.6 on the back of gains in Servair Abidjan (+18.7%),
Bollore Africa Logistics CI (+15.5%) and CIE (+6.8%). During the week, losses were recorded in Unilever
CI (-13.3%), Tractafric Motors CI (-11.9%) and Total CI (-10.9%). The top traders by value were Sonatel SN
(USD 1.2m), ETI (BRVM) (USD 0.3m) and Onatel BF (USD 0.2m). Trading in these shares accounted for
50.6% of this weeks turnover of XOF 2.0bn (USD 3.4m). The average weekly value traded in the last six
months is XOF 2.8bn (USD 4.7m). The IC Composite is up 7.9% ytd (-2.1% USD) and the total market
capitalisation is currently USD 10.5bn.

Nominal GDP (USDbn)
-10.8
43.4
-10.4
46.8
-9.8
50.3
Company
NESTLE COTE D IVOIRE
SONATEL
BANK OF AFRICA-BURKINA FASO
BOA-COTE D'IVOIRE
Reporting period
Full Year
Half Year
Full Year
Full Year

01-Jun-15
21-Jul-15
13-Aug-15
20-Aug-15
BANK OF AFRICA NG
Full Year
13-Aug-15
Ivory Coast
Nominal GDP (USDbn)
Dividends
Sonatel
Sogb
Palmci
Solibra
Sitab
2015 2016E 2017F

-9.4
51.0
-9.0
50.9
14.0
14.8
15.9
16.9
18.2
19.7
3.4
3.5
4.5
4.6
5.1
5.1
1,023.3 1,047.5 1,092.3 1,126.1 1,181.5 1,244.9
1.1
-0.1
1.4
1.5
1.4
1.3
2012
-0.2
44.8
2013
-2.1
39.9
2014
-3.0
36.5
2015 2016E 2017F

-3.1
-3.2
-3.3
34.3
33.1
32.1
27.7
32.1
34.0
38.2
42.0
45.9
10.7
8.7
8.5
7.9
7.8
7.5
1,184.1 1,332.1 1,370.0 1,494.8 1,596.9 1,695.3
3.4
Year
2014
2014
2013
2014
0.4
1.6
1.6
2.5
2.5
Amount Last Cum date

Type
Regular Cash 1,395.0
02-May-14
0.0
Regular Cash
24-Jul-14
11-Jun-13
25-Jun-14
Regular Cash 8,016.0 N.A.
02 Jul 2015
-9.3
51.0
THE AFRICA WEEKLY


Index performance *
IC Composite
Level
Current
This week
Prev week
MTD
YTD
278.6
274.8
274.1
278.4
258.1
% chg
1.38
0.27
0.05
7.95
BRVM
XOF/USD
Level
594.92
588.20
578.00
589.04
539.77
USD returns
% chg
-1.13
-1.73
-0.99
-9.27
0.24
-1.47
-0.94
-2.06
Trading numbers
Total value
2,030.0 Value Traded / Mkt Cap (%)
1,091.3 Stocks traded (absolute)
Net value
Stocks traded (%)
1,285.2 Stocks up
Upside value
193.9 Stocks down
Downside value
563.0% Advance - Decline
1.63%
35
95%
15
12
3
Top 5 gainers
H: 02-Jul-15
L: 13-Nov-14
Off peak
At High
At Low
278.6
230.2
0.0%
2/37
3/37

XOFm
2,812.7
USDm
4.7
Total Market cap
XOFm
6,224,165
USDm
10,462
Company
XOF
Price
18.7
15.5
9.7
6.8
5.7
79,550
200,000
19,300
78,000
56,000
Week % chg
-20.8
-13.3
-11.9
-10.9
Price
7,445
27,745
232,065
361,000
-7.5
5,550
XOF'000
707,805
185,722
133,257
126,338
103,116
% of total
34.87
9.15
6.56
6.22
5.08
Top 5 decliners
Company
SICOR
Unilever CI
Total CI
NEI-CEDA CI

USD
Week % chg
Servair Abidjan
Bollore Africa Logistics CI
Air Liquide CI
CIE
Nestle CI

30%
20%
10%
Company
Sonatel SN
ETI (BRVM)
Onatel BF
FILTISAC CI
SAPH
0%
-10%
Market Cap (XOF bn): Current vs Peak

02-Jul
-20%
02 Jul 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the BRVM Composite, an all share index

** Value Traded numbers are given in millions of CFA Francs (BCEAO)
-30%
Jul-15
5,000,000
10,000,000
02 Jul 2015
10
THE AFRICA WEEKLY

BRVM
Weekly
% chg
Move
Company Name
Sector
Price
XOF
Sonatel SN
ETI (BRVM)
SGB
Onatel BF
Total CI
CIE
Bollore Africa Logistics CI
SOLIBRA CI
TELE
BANK
BANK
TELE
OILG
UTIL
TRPT
BREW
24,000
54.00
109,600
9,350
361,000
78,000
200,000
178,000
1.3
4.9
3.9
-10.9
6.8
15.5
-1.1
BICI CI
SITAB CI
PALM CI
Bank of Africa BN
BANK
INDU
AGRI
BANK
87,505
148,000
16,485
115,000
FILTISAC CI
Vivo Energy CI
CFAO CI
Bank of Africa BF
INDU
UTIL
CONS
BANK
SAPH
SOGB
SODE
Nestle CI
Bank of Africa CI
Bank of Africa NG
Unilever CI
Servair Abidjan
Bernabe CI
SMB
Uniwax CI
Crown SIEM CI
Air Liquide CI
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Volume
XOF '000
Volume
'000
Up
Flat
Up
Up
Down
Up
Up
Down
707,805
185,722
73,168
133,257
62,145
42,325
41,853
60,267
29,508
3,403,768
676
14,099
159
571
217
338
25,000
64.00
109,600
9,500
432,000
86,500
248,955
245,000
20,350
45.00
69,000
5,800
148,000
47,000
119,800
164,188
-4.0
-15.6
-1.6
-16.4
-9.8
-19.7
-27.3
5.3
8.0
13.2
26.4
80.5
-5.5
-19.7
-11.0
0.6
3.0
-
Up
Flat
Up
Flat
4,532
67,488
10,235
11,845
52
456
624
103
95,000
162,000
19,350
126,000
60,010
117,000
14,995
57,000
-7.9
-8.6
-14.8
-8.7
12.2
-6.9
-2.7
40.2
26.8
19.4
-4.2
94.9
29,995
62,000
65,000
97,000
5.2
3.3
0.8
-
Up
Up
Up
Flat
126,338
10,403
32,122
96,965
4,390
173
498
1,010
39,000
65,010
82,000
106,400
15,150
46,025
39,000
80,005
-23.1
-4.6
-20.7
-8.8
1.7
3.3
41.0
7.8
AGRI
AGRI
UTIL
CONS
BANK
13,000
30,500
70,000
56,000
98,500
5.2
5.7
-0.5
Flat
Up
Flat
Up
Down
103,116
53,833
630
5,653
61,719
7,932
1,853
9
101
621
19,000
34,005
91,300
74,000
107,000
13,000
23,000
49,000
41,275
70,000
-31.6
-10.3
-23.3
-24.3
-7.9
BANK
INDU
CONS
CONS
TRPT
INDU
INDU
INDU
INDU
79,000
27,745
79,550
232,065
100,000
15,995
27,000
31,500
19,300
-13.3
18.7
-11.9
-0.1
-0.0
-1.6
9.7
Flat
Down
Up
Down
Down
Down
Flat
Down
Up
39,646
2,197
23,922
232
1,600
4,383
45,567
190
6,497
502
76
315
1
16
279
1,700
6
343
92,440
41,000
79,550
263,480
100,100
18,500
76,990
32,000
26,335
58,000
27,745
23,100
157,510
70,000
13,500
16,555
19,900
15,635
-14.5
-32.3
-11.9
-0.1
-13.5
-64.9
-1.6
-26.7
Market cap
XOF m USD m
9.6 2,400,000
12.5
861,446
56.6
340,978
28.1
317,900
140.7
227,291
63.9
218,400
-2.2
217,741
-27.3
146,319
4,034
1,448
573
534
382
367
366
246
1,541.0
180.8
348.7
428.1
236.7
76.1
80.2
73.5
145,842
132,867
127,423
115,836
245
223
214
195
30.3
114.0
90.1
99.3
81.8
24.0
44.4
14.1
105,762
78,120
72,331
71,295
178
131
122
120
313.6
19.9
33.7
108.8
-26.0
-4.4
-23.3
1.8
9.4
-27.8
-10.3
40.0
-24.3
38.7
66,451
65,886
63,000
61,797
59,100
112
111
106
104
99
87.0
87.7
88.9
14.7
77.8
-9.2
-25.0
104.5
37.3
34.8
14.3
-32.5
36.9
13.5
29.5
-25.1
245.9
36.3
42.9
-5.9
-30.8
1.6
-1.0
47,400
44,686
43,402
37,130
33,120
31,171
20,250
19,837
16,857
80
75
73
62
56
52
34
33
28
262.3
4.6
46.8
9.5
15.2
3.2
195.5
1.1
23.0
02 Jul 2015
6 mths
Val (000)
11
THE AFRICA WEEKLY

Nairobi Securities Exchange (Kenyan Shilling)
Kenya
Market Commentary
2012
The FTSE NSE Kenya 15 declined 1.3% to close the week at 212.8 on the back of losses in Liberty Kenya (9.0%), NBK (-7.5%) and EABL (-5.8%). During the week, gains were recorded in Nation Media (+15.1%),
Kenya Airways (+9.0%) and BAT (Kenya) (+7.3%). The top traders by value were Equity Bank (USD 80.7m),
EABL (USD 8.7m) and BAT (Kenya) (USD 6.8m). Trading in these shares accounted for 80.8% of this
weeks turnover of KES 11.8bn (USD 119.0m). The average weekly value traded in the last six months is
KES 4.1bn (USD 41.0m). The FTSE NSE Kenya 15 is down 1.2% ytd (-10.2% USD) and the total market

Nominal GDP (USDbn)
Company
REA VIPINGO PLANTATIONS LTD
SASINI LTD
KENYA AIRWAYS LTD
EA CABLES LTD
Reporting period
Half Year
Half Year
Full Year
Half Year

02-Jun-15
04-Jun-15
22-Jun-15
16-Jul-15
CENTUM INVESTMENT CO LTD

BRITISH AMERICAN TOBACCO-KEN
Full Year
Half Year
11-Jun-15
10-Jul-15
Dividends
Brit Amer To-Ken
Limuru Tea Co
Uchumi Supermark
Bamburi Cement
Natl Bank Kenya
2013
2014
2015 2016E 2017F
-8.4
-8.7
-8.0
-8.1
-7.5
-6.5
40.8
41.0
44.7
46.6
46.6
46.6
37.0
38.7
41.5
41.9
42.4
42.6
50.4
55.0
62.7
70.0
76.5
87.5
4.6
4.6
5.3
6.2
6.4
6.5
1,237.5 1,315.6 1,461.1 1,587.6 1,689.8 1,883.5
3.2
7.1
7.7
5.2
5.0
5.0
Year
2014
2014
2014
2014
Type
Interim
Final
Regular Cash
Interim
2014
Final
DPS Last Cum date

12-Aug-14
3.5
22-Apr-14
7.5
29-Sep-14
0.3
08-Sep-14
6.0
0.3
02 Jul 2015
03-Jun-14
12
THE AFRICA WEEKLY


Index performance *
FTSE NSE15
Level
Current
This week
Prev week
MTD
YTD
212.8
215.7
216.4
218.1
215.5
% chg
-1.31
-0.33
-2.43
-1.23
KES/USD
Level
99.65
98.55
98.30
99.25
90.60
Kenya
USD returns
% chg
% chg
-1.10
-0.25
-0.40
-9.08
-2.40
-0.59
-2.83
-10.20
Trading numbers
Total value
-9,018.7 Stocks traded (absolute)
Net value
Stocks traded (%)
1,362.5 Stocks up
Upside value
10,381.2 Stocks down
Downside value
26.72%
55
92%
19
30
-11
Top 5 gainers
H: 25-Feb-15
L: 28-Jul-14
Off peak
At High
At Low
234.8
195.6
-9.3%
0/60
4/60

KESm
4,121.9
USDm
41.4
Total Market cap
KESm
2,207,866
USDm
22,156
Company
Price
15.1
12.0
11.4
11.2
9.0
206.0
14.00
39.00
37.25
7.30
Week % chg
-36.4
-16.4
-9.0
-7.5
Price
70.00
347.0
25.25
19.20
-6.9
4.75
KES'000
7,998,469.3
858,809.8
675,211.0
517,838.4
495,721.4
% of total
67.78
7.28
5.72
4.39
4.20
Top 5 decliners
Company
Crown Berger
George Williamson
Liberty Kenya
NBK
Olympia Capital(Kenya)

USD
Week % chg
Nation Media
TransCentury
Standard Group
Eaagads
Kenya Airways
KES
22%
14%
6%
Company
Equity Bank
EABL
BAT (Kenya)
KCB Bank
Centum Investment
-2%
Market Cap (KES bn) : Current vs Peak

02-Jul
-10%
25 Feb 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the FTSE NSE 15, an index of 15 representative stocks

** Value Traded numbers are given in millions of Kenyan Shillings
-18%
Jul-15
1,000,000
2,000,000
3,000,000
02 Jul 2015
13
THE AFRICA WEEKLY

Kenya
Weekly
% chg
Move
Value
KES '000
Volume
'000
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
KES m USD m
Company Name
Sector
Price
KES
Safaricom
EABL
Equity Bank
KCB Bank
Stanchart Kenya
Co-Op Bank
Barclays Kenya
BAT (Kenya)
TELE
BREW
BANK
BANK
BANK
BANK
BANK
CONS
16.45
290.0
45.50
54.00
302.0
21.25
15.35
751.0
2.2
-5.8
-1.1
-2.7
-1.0
-2.3
-1.0
7.3
Up
449,027 27,410.1
Down
858,810
2,853.0
Down 7,998,469 168,761.8
Down
517,838
9,500.4
Down
8,758
29.1
Down
119,175
5,493.2
Down
30,124
1,950.0
Up
675,211
911.1
17.55
350.0
59.00
65.00
355.0
22.75
18.20
1,048
11.95
267.0
43.50
51.00
275.0
17.65
15.20
631.0
-6.3
-17.1
-22.9
-16.9
-14.9
-6.6
-15.7
-28.3
17.1
-5.8
-9.0
-5.3
-9.9
6.3
-8.1
-17.3
27.0
-3.7
-3.7
3.8
-2.9
13.3
-9.4
10.8
658,734
229,325
168,476
161,143
93,366
89,055
83,374
75,100
6,610
2,301
1,691
1,617
937
894
837
754
7,835.7
5,399.7
7,984.0
6,872.5
370.4
1,205.6
508.2
1,097.7
Bamburi Cement
Diamond Trust
I&M Bank
CFC Stanbic
BUIL
BANK
BANK
BANK
155.0
225.0
117.0
107.0
2.6
-0.9
Up
Flat
Flat
Down
31,310
9,002
2,317
108,883
202.8
40.0
19.8
971.1
180.0
275.0
140.0
139.0
139.0
218.0
115.0
102.0
-13.9
-18.2
-16.4
-23.0
11.5
-4.3
-4.9
-13.7
-12.4
-2.6
-16.4
-17.1
56,259
49,523
45,906
42,299
565
497
461
424
533.7
749.4
198.9
273.0
Centum Investment
Nation Media
BA Investment
ARM Cement Ltd
INVE
MEDI
INVE
RESO
63.50
206.0
20.25
75.50
-2.3
15.1
-2.4
4.1
Down
Up
Down
Up
495,721
76,701
14,150
32,799
7,638.1
385.3
688.6
437.6
78.00
316.0
37.00
92.50
40.25
175.0
20.25
67.00
-18.6
-34.8
-45.3
-18.4
4.1
-21.7
-31.9
-12.2
58.8
-32.7
-3.6
-5.6
42,256
38,840
38,302
37,393
424
390
384
375
1,872.2
310.5
619.8
637.1
KPLC
Jubilee Holdings
NIC Bank
KenGen
CIC Insurance
Scan Group
Liberty Kenya
KenyaRe
KenolKobil
Kenya Airways
CMC Holdings
Pan Africa Insurance
Housing Finance
TPS East Africa
UTIL
INSU
BANK
UTIL
INSU
MEDI
BANK
INSU
OILG
TRPT
CONS
INSU
BANK
HOTL
18.05
565.0
52.50
9.00
7.60
41.75
25.25
17.90
8.45
7.30
13.50
76.50
27.00
34.00
-0.6
-0.4
-2.8
-0.6
-4.4
-1.8
-9.0
-0.8
0.6
9.0
Down
Down
Down
Down
Down
Down
Down
Down
Up
Up
61,039
6,467
7,298
17,596
7,990
3,673
1,759
69,469
64,222
5,558
3,318.4
11.5
137.5
1,944.8
1,020.4
86.4
71.9
3,881.7
7,598.5
786.0
Up
Down
Down
2,577
6,559
1,904
34.2
241.7
55.8
12.90
370.0
50.50
9.00
7.50
37.00
17.05
16.25
8.00
6.00
0.00
73.50
27.00
33.25
-2.2
-5.5
-35.6
-30.8
-36.1
-18.9
-9.0
-8.2
-18.0
-33.6
2.0
-1.8
-5.6
18.45
598.0
81.50
13.00
11.90
51.50
27.75
19.50
10.30
11.00
0.00
138.0
50.25
40.00
24.9
25.6
-8.7
-12.6
-20.8
-7.7
8.6
5.0
-2.9
-16.1
-36.3
-41.0
-8.1
34.7
44.5
-12.5
-12.6
-19.6
-8.2
40.7
-8.7
-2.9
-29.5
-43.3
-42.6
-2.9
35,224
33,841
28,507
19,785
16,565
15,818
13,011
12,530
12,436
10,924
7,867
7,344
6,365
6,194
353
340
286
199
166
159
131
126
125
110
79
74
64
62
489.2
233.6
468.9
233.2
267.5
155.7
381.5
231.1
527.3
115.6
57.6
262.3
104.4
-44.6
-46.3
-15.0
02 Jul 2015
6 mths
Val (000)
14
THE AFRICA WEEKLY

Dar es Salaam Stock Exchange (Tanzanian Shilling)
Tanzania
Market Commentary
The DSE ALSI declined 4.9% to close the week at 2,664.7 on the back of losses in CRDB Bank (-4.8%),
NMB (-0.9%) and TWIGA (-0.9%). During the week, gains were recorded in TOL (+0.8%). The top traders by
value were Tanzania Breweries (USD 7.2m), CRDB Bank (USD 1.5m) and DCB (USD 0.1m). Trading in
these shares accounted for 98.4% of this weeks turnover of TZS 19.2bn (USD 9.0m). The average weekly
value traded in the last six months is TZS 22.5bn (USD 11.3m). The DSE ALSI is up 5.8% ytd (-8.0% USD)
and the total market capitalisation is currently USD 4.9bn.

Nominal GDP (USDbn)
Company
TANZANIA BREWERIES LTD
TANZANIA PORTLAND CEMENT CO
PRECISION AIR SERVICES LTD
NATIONAL MICROFINANCE BANK
Dividends
Crdb Bank Plc
Tanzania Portlan
Tanzania Breweri
Tanzania Cigaret
Microfinance Ban
Reporting period
Full Year
Half Year
Full Year
Full Year

24-Aug-15
24-Aug-15
29-Jun-15
09-Jun-15
2012
2013
2014
2015 2016E 2017F
-15.9
40.4
-13.8
40.5
-13.7
42.1
-13.1
42.8
-12.5
42.8
-11.8
43.0
28.5
6.9
633.3
12.1
33.3
7.0
719.3
5.6
36.6
7.2
768.3
5.0
40.2
7.0
819.7
5.0
44.3
7.1
876.4
5.0
48.4
7.0
929.3
5.0
Year
2014
2014
2014
2014
Type
Regular Cash
Regular Cash
2nd Interim
Interim
2014
Regular Cash
DPS Last Cum date

25-Apr-14
14.0
04-Sep-14
70.0
25-Nov-14
250.0
22-Oct-14
250.0
90.0
02 Jul 2015
29-May-14
15
THE AFRICA WEEKLY


Index performance *
DAR ALSI
Level
Current
This week
Prev week
MTD
YTD
2,664.7
2,801.5
2,838.4
2,726.8
2,519.6
% chg
-4.89
-1.30
-2.28
5.76
TZS/USD
Level
1,995.00
2,285.00
2,245.00
1,975.00
1,735.00
USD returns
% chg
% chg
14.54
-1.75
-1.00
-13.03
8.94
-3.03
-3.26
-8.03
Trading numbers
Total value
Net value
Stocks traded (%)
0.6 Stocks up
Upside value
3,538.3 Stocks down
Downside value
9.79%
9
82%
1
4
-3
Tanzania
Top 5 gainers
H: 19-Jun-15
L: 03-Jul-14
Off peak
At High
At Low
2,850.2
2,225.0
-6.5%
3/11
1/11

TZSm
22,455.7
USDm
11.3
Total Market cap
TZSm
9,813,874
USDm
4,919
Company
TZS
Price
0.8
640.0
Week % chg
-4.8
-0.9
-0.9
-0.1
Price
400.0
3,450
3,470
16,500
Top 5 decliners
Company
CRDB Bank
NMB
TWIGA
Tanzania Cigarette
--

USD
Week % chg
TOL
-----

40%
30%
20%
Company
Tanzania Breweries
CRDB Bank
DCB
TWIGA
Tanzania Cigarette
TZS'000
15,325,607.9
3,305,617.1
265,343.5
131,977.2
88,137.8
% of total
79.78
17.21
1.38
0.69
0.46
10%
0%
Market Cap (TZS bn) : Current vs Peak

02-Jul
-10%
19 Jun 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the DAR ALSI, an all share index

** Value Traded numbers are given in millions of Tanzanian Shillings
-20%
Jul-15
5,000,000
10,000,000
15,000,000
02 Jul 2015
16
THE AFRICA WEEKLY


Weekly
% chg
Move
Company Name
Sector
Price
TZS
Tanzania Breweries
NMB
Tanzania Cigarette
CRDB Bank
TWIGA
Swissport
Simba Cement
Precision Air
BREW
BANK
CONS
BANK
BUIL
HOTL
BUIL
TRPT
14,510
3,450
16,500
400.0
3,470
7,500
3,810
470.0
-0.9
-0.1
-4.8
-0.9
-
TOL
DCB
Tanzania Tea Packers
INDU
BANK
AGRI
640.0
680.0
650.0
0.8
-
Tanzania
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Value
TZS '000
Volume
'000
Flat
Down
Down
Down
Down
Flat
Flat
15,325,608
12,577
88,138
3,305,617
131,977
55,755
23,063
1,056.93
3.63
5.34
8,150.96
37.74
7.43
6.04
18,580
4,780
20,000
520.0
4,600
7,510
6,900
470.0
9,900
3,400
550.0
315.0
2,318
2,640
2,420
470.0
-21.9
-27.8
-17.5
-23.1
-24.6
-0.1
-44.8
-
3.0
1.5
-1.4
-7.0
-13.3
49.7
-15.3
-
Up
Flat
640
265,343
1.00
390.21
640.0
1,000
650.0
480.0
480.0
600.0
-32.0
-
16.4
-5.6
-
Market cap
TZS m USD m
46.6 4,279,412
-13.8 1,725,000
47.3 1,650,000
25.0
870,613
49.6
624,333
184.1
270,000
58.8
242,587
91,113
30.6
41.7
-
27,182
22,027
11,607
2,145
865
827
436
313
135
122
46
9,021.9
209.2
858.0
797.8
40.6
11.4
297.8
0.0
14
11
6
7.9
11.2
0.0
02 Jul 2015
6 mths
Val (000)
17
THE AFRICA WEEKLY

Rwanda Stock Exchange (Rwandan Franc)
Rwanda
Market Commentary
2012
2013
2014
2015 2016E 2017F
The AA Rwanda Index declined 0.3% to close the week at 220.1 on the back of losses in Bank of Kigali (0.3%). The top traders by value were Bank of Kigali (USD 5.8k) and Bralirwa (USD k), while trading in
these shares accounted for 100.0% of this weeks turnover of RWF 4.2m (USD 5.8k). The average weekly
value traded in the last six months is RWF 2.0bn (USD 2.7m). The AA Rwanda Index is down 7.1% ytd (10.6% USD) and the total market capitalisation is currently USD 699.6m.

Nominal GDP (USDbn)
-11.3
23.5
-7.1
28.7
-12.3
29.1
-12.4
29.7
-10.0
30.8
-9.5
32.3
7.3
8.8
694.4
3.9
7.6
4.7
703.8
3.6
8.0
6.0
721.2
4.5
8.8
6.7
768.4
5.0
9.7
7.5
832.4
5.0
10.7
7.5
892.7
5.0
Company
BRALIRWA SA
Dividends
Year
Reporting period
Full Year

06-May-15
Type
DPS Last Cum date
02 Jul 2015
18
THE AFRICA WEEKLY


RSE SI
Index performance *
Level
Current
This week
Prev week
MTD
YTD
220.1
220.7
221.7
220.1
236.8
% chg
-0.26
-0.46
0.00
-7.05
Total value
Net value
Upside value
Downside value
Rwanda
RWF/USD
USD returns
Level
% chg
% chg
719.88
735.31
725.84
713.00
692.71
2.14
-1.29
-0.96
-3.77
1.87
-1.75
-0.96
-10.56
Trading numbers
Stocks traded (%)
- Stocks up
4.2 Stocks down
0.04%
1
50%
0
1
-1
Top 5 gainers
H: 18-Jul-14
L: 23-Jun-15
Off peak
At High
At Low
267.5
219.0
-17.7%
0/2
1/2

RWFm
1,955.1
USDm
2.7
Company
Week % chg
No Gainers
--
Top 5 decliners
Company
Bank of Kigali
--
Week % chg
-0.3
Price
289.0
Total Market cap

RWFm
503,615
USDm
700

USD
Price
RWF
7%
Company
Bank of Kigali
--
RWF'000
4,219.4
-
% of total
100.00
-
-1%
-9%
-17%
Market Cap (RWF bn) : Current vs Peak

02-Jul
-25%
18 Jul 2014
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the RSE Share Index, Rwanda's all share index
** Value Traded numbers are given in millions of Rwandan Francs
-33%
Jul-15
200,000
400,000
600,000
800,000
02 Jul 2015
19
THE AFRICA WEEKLY


Company Name
Sector
Price
RWF
Bralirwa
Bank of Kigali
BREW
BANK
349.0
289.0
Rwanda
Weekly
% chg
Move
-0.3
Down
Value
RWF '000
Volume
'000
4,219
14.6
12 Month
High
Low
465.0
319.0
349.0
250.0
Movement (% chg)
Off high
YTD 12 mths
-24.9
-9.4
-8.2
-3.7
-23.3
-1.4
Market cap
RWF m USD m
358,971
144,645
499
201
02 Jul 2015
6 mths
Val (000)
367.3
2,348.7
20
THE AFRICA WEEKLY

Uganda Securities Exchange (Uganda Shilling)
Uganda
Market Commentary
2012
2013
2014
2015 2016E 2017F
The USE ALSI declined 1.4% to close the week at 1,966.3 on the back of losses in NIC (-11.8%). The top
traders by value were Stanbic Uganda (USD 15.6k), BAT (Uganda) (USD 3.0k) and Umeme (USD 2.7k).
Trading in these shares accounted for 92.1% of this weeks turnover of UGX 76.3m (USD 23.2k). The
average weekly value traded in the last six months is UGX 4.0bn (USD 1.2m). The USE ALSI is up 2.0% ytd
(-14.6% USD) and the total market capitalisation is currently USD 1.1bn.

Nominal GDP (USDbn)
-9.5
31.1
-8.5
33.3
-10.4
35.4
-10.5
38.7
-9.9
41.2
-9.4
42.5
21.2
2.8
595.9
5.3
22.9
5.8
622.6
4.8
26.1
5.9
685.8
6.2
26.9
6.3
685.1
5.7
28.7
6.5
707.4
5.0
30.9
6.7
738.1
5.0
Company
BANK OF BARODA UGANDA LTD
NATIONAL INSURANCE CORP
UGANDA CLAYS LTD
Dividends
Development Fina
Umeme Ltd
Stanbic Bank Uga
Year
2014
2014
2013
Type
Regular Cash
Interim
Special Cash
Reporting period
Full Year
Full Year
Half Year

26-Jun-15
25-Jun-15
28-Aug-15
DPS Last Cum date

8.9
02-Jun-14
9.4
25-Nov-14
24-Sep-13
0.6
02 Jul 2015
21
THE AFRICA WEEKLY


Index performance *
USE ALSI
Level
Current
This week
Prev week
MTD
YTD
1,966.3
1,993.4
1,998.6
1,995.6
1,927.0
-1.36
-0.26
-1.47
2.04
Total value
Net value
Upside value
Downside value
% chg
Uganda
UGX/USD
USD returns
Level
% chg
% chg
3,315.00
3,272.50
3,255.00
3,302.50
2,775.00
-1.28
-0.53
-0.38
-16.29
-2.63
-0.79
-1.84
-14.58
Trading numbers
Stocks traded (%)
- Stocks up
6.0 Stocks down
0.11%
5
63%
0
1
-1
Top 5 gainers
H: 25-Feb-15
L: 29-Jul-14
Off peak
At High
At Low
2,098.0
1,727.5
-6.3%
2/8
2/8

UGXm
4,019.4
USDm
1.2
Total Market cap
UGXm
3,488,252
USDm
1,052
Company
UGX
Price
Week % chg
-11.8
Price
15.00
Top 5 decliners
Company
NIC
-----

USD
Week % chg
No Gainers
-----

35%
25%
15%
Company
Stanbic Uganda
BAT (Uganda)
Umeme
NIC
Uganda Clays
UGX'000
51,518.7
9,820.8
8,881.1
6,034.8
9.8
% of total
67.55
12.88
11.65
7.91
0.01
5%
-5%
Market Cap (UGX bn) : Current vs Peak

02-Jul
-15%
25 Feb 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the USE ALSI, an all share index

** Value Traded numbers are given in millions of Ugandan Shillings
-25%
Jul-15
2,000,000
4,000,000
02 Jul 2015
22
THE AFRICA WEEKLY


Company Name
Sector
Price
UGX
Stanbic Uganda
Umeme
BAT (Uganda)
Bank of Baroda
DFCU
New Vision
Uganda Clays
NIC
BANK
UTIL
AGRI
BANK
BANK
MEDI
BUIL
INSU
33.00
470.0
8,525
130.0
902.0
600.0
18.00
15.00
Uganda
Weekly
% chg
Move
Value
UGX '000
Volume
'000
Flat
Flat
Flat
51,519
8,881
9,821
1,561.2
18.9
1.2
-11.8
Flat
Down
10
6,035
0.5
400.5
12 Month
High
Low
35.00
511.0
8,525
140.0
902.0
610.0
20.00
25.00
30.00
380.0
6,500
106.0
650.0
550.0
18.00
15.00
Movement (% chg)
Off high
YTD 12 mths
-5.7
-8.0
-7.1
-1.6
-10.0
-40.0
-2.9
-6.9
13.6
10.2
28.7
-10.0
-25.0
Market cap
UGX m USD m
10.0 1,689,226
23.7
763,223
30.9
418,407
18.2
325,000
47.9
224,238
45,900
-10.0
16,200
-40.0
6,058
510
230
126
98
68
14
5
2
02 Jul 2015
6 mths
Val (000)
89.8
1,031.1
1.5
4.5
63.5
5.8
0.8
15.6
23
THE AFRICA WEEKLY

Johannesburg Stock Exchange (South African rand)
South Africa
Market Commentary
For South Africa, we include a hand-picked selection of JSE listed shares with African exposure. There
are 60 companies included in the list, and the top 30 are shown here. This data is for informational and
reference 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 this
information.
2012
Nominal GDP (USDbn)
Dividends
Marshall Monteag
Gold Fields Ltd
Hudaco Inds Ltd
Vunani Ltd
Newwave Usd Etn
2013
2014
2015 2016E 2017F
-5.2
-5.8
-5.7
-5.6
-5.4
-5.2
42.1
45.2
47.9
50.8
53.7
55.8
36.1
39.2
42.8
46.5
50.1
52.9
382.3 350.8 341.2 352.5 369.3 387.7
2.5
1.9
1.4
2.3
2.8
2.7
7,314.0 6,621.1 6,354.3 6,477.3 6,695.4 6,934.4
5.7
5.4
6.3
5.8
5.5
5.3
Year
2015
2015
2014
Type
Final
Final
Final
Regular Cash
2013 erest on Capital
DPS Last Cum date

0.02
26-Jan-15
20.0
02-Mar-15
02-Mar-15
310.0
11-Apr-14
5.0
2.0
02 Jul 2015
02-Sep-13
24
THE AFRICA WEEKLY


Index performance *
JSE ALSI
Level
Current
This week
Prev week
MTD
YTD
52,215
52,856
51,901
51,807
49,771
-1.21
1.84
0.79
4.91
Total value
Net value
Upside value
Downside value
% chg
ZAR/USD
Level
USD returns
% chg
% chg
12.35
12.11
12.19
12.24
11.57
-1.97
0.66
-0.90
-6.30
-3.16
2.52
-0.12
-1.70
Trading numbers
4,192 Stocks traded (absolute)
Stocks traded (%)
28,171 Stocks up
23,979 Stocks down
56.66%
57
95%
26
31
-5
South Africa
Top 5 gainers
H: 24-Apr-15
L: 15-Oct-14
Off peak
At High
At Low
55,188
46,673
-5.4%
0/60
0/60

ZARm
49,554
USDm
4,013
Total Market cap
ZARbn
4,602
USDbn
373
Company
Price
9.0
6.9
6.1
5.7
4.9
0.85
11.38
32.50
2.95
298.0
Week % chg
-9.3
-6.9
-5.5
-5.4
Price
0.49
0.27
12.52
153.0
-4.4
94.94
ZAR'm
15,082
4,942
3,632
3,497
3,252
% of total
28.92
9.48
6.97
6.71
6.24
Top 5 decliners
Company
BSI Steel
Esorfranki
Murray & Roberts
Foschini Group
Lewis Group

USD
Week % chg
Metmar
Pinnacle Technology
Super Group
Eqstra Holdings
Tiger Brands
ZAR
12%
4%
-4%
Company
Naspers
MTN Group
Steinhoff Intl
Aspen Pharmacare
Woolworths Holdings
-12%
Market Cap (ZAR bn) : Current vs Peak

02-Jul
-20%
24 Apr 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the NSE ALSI, an all share index

** Value Traded numbers are given in millions of South African Rands
-28%
Jul-15
2,000
4,000
6,000
02 Jul 2015
25
THE AFRICA WEEKLY


Weekly
% chg
Move
Company Name
Sector
Price
ZAR
SABMiller
Naspers
MTN Group
Firstrand
Standard Bank Group
Vodacom Group
Aspen Pharmacare
Steinhoff Intl
BREW
MEDI
TELE
BANK
BANK
TELE
PHAR
CONS
638.6
1,941
235.1
53.09
159.9
139.9
362.5
76.51
-2.2
0.1
2.1
-2.6
-1.1
2.8
-3.4
-0.7
Absa Group
Nedbank Group
Bidvest Group
Shoprite Holdings
BANK
BANK
INVE
CONS
182.1
242.5
307.3
171.5
Mondi
Mediclinic International
Woolworths Holdings
Mr Price Group
INDU
PHAR
CONS
CONS
Tiger Brands
Truworths International
Imperial Holdings
Foschini Group
Massmart Holdings
Telkom SA
Pick N Pay
Nampak
Barloworld
Tongaat Hulett
AECI
Omnia Holdings
Oceana Group
PPC
CONS
CONS
INVE
CONS
CONS
TELE
CONS
INDU
INVE
CONS
INDU
INDU
CONS
BUIL
South Africa
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
ZAR m USD m
6 mths
Val (000)
2.1 1,019,685 82,576

45.8
804,442 65,145
3.6
442,713 35,852
30.1
299,318 24,239
9.7
256,814 20,797
6.4
208,150 16,856
27.2
165,139 13,373
29.6
140,484 11,377
258,188
870,283
457,170
211,250
250,999
98,568
266,323
301,100
Value
ZAR 'm
Volume
'000
Down
Up
Up
Down
Down
Up
Down
Down
2,510
15,082
4,942
2,267
2,321
2,177
3,497
3,632
3,887
7,914
21,543
42,776
14,548
15,575
9,656
47,578
680.5
1,980
260.1
58.00
176.3
154.9
443.0
78.51
561.8
1,170
198.1
40.44
125.4
121.6
282.0
48.52
-6.2
-2.0
-9.6
-8.5
-9.3
-9.7
-18.2
-2.5
5.5
28.1
6.2
5.0
11.4
8.9
-10.7
28.8
0.0
0.2
-1.2
2.4
Up
Up
Down
Up
831
693
1,181
842
4,586
2,877
3,848
4,928
199.5
261.4
337.3
188.0
153.8
213.0
276.2
132.3
-8.7
-7.2
-8.9
-8.8
0.0
-2.6
1.1
1.9
12.7
5.8
8.9
11.0
266.0
103.8
98.80
253.7
-3.2
0.8
-0.8
-0.8
Down
Up
Down
Down
1,096
566
3,252
921
4,096
5,498
33,040
3,678
280.0
133.0
99.55
282.5
166.9
84.20
67.74
180.8
-5.0
-22.0
-0.8
-10.2
40.4
3.1
28.1
8.0
35.3
26.3
25.3
38.4
97,686
85,838
74,426
63,648
7,911
6,951
6,027
5,154
70,926
75,345
140,934
89,705
298.0
84.99
183.5
153.0
151.2
62.45
57.74
33.62
93.99
130.0
113.3
175.5
97.50
17.97
4.9
-1.5
-1.0
-5.4
0.3
2.5
1.0
-1.4
-3.0
3.2
-0.6
0.3
4.8
-2.0
Up
Down
Down
Down
Up
Up
Up
Down
Down
Up
Down
Up
Up
Down
908
713
603
637
218
961
185
248
293
3,173
8,306
3,291
4,034
1,452
15,321
3,225
7,437
3,104
542
844
856
230
7,226
399.3
95.50
206.2
199.0
173.5
85.00
59.82
45.70
106.0
174.0
138.2
242.0
115.0
34.50
271.9
65.70
166.0
110.8
117.0
47.51
49.00
32.55
84.51
120.3
110.4
155.0
70.00
16.30
-25.4
-11.0
-11.0
-23.1
-12.9
-26.5
-3.5
-26.4
-11.3
-25.3
-18.0
-27.5
-15.2
-47.9
-19.0
10.0
-0.8
14.8
5.8
-10.8
9.7
-22.9
-1.8
-24.8
-15.3
-3.0
-7.0
-34.7
-3.6
13.4
-8.4
34.8
14.5
35.8
0.4
-10.1
-6.5
-14.5
-9.4
-23.5
13.4
-43.5
56,976
39,249
38,528
36,796
32,786
32,523
27,738
23,440
21,713
14,104
13,187
11,801
11,644
10,879
4,614
3,178
3,120
2,980
2,655
2,634
2,246
1,898
1,758
1,142
1,068
956
943
881
95,157
60,819
56,530
83,846
20,222
43,495
19,127
26,617
23,823
10,253
5,931
9,419
4,514
26,326
70
95
152
22
128
130,772 10,590
123,071 9,967
100,726 8,157
97,866 7,925
02 Jul 2015
89,210
65,724
91,586
97,691
26
THE AFRICA WEEKLY

Stock Exchange of Mauritius (Mauritian Rupee)
Mauritius
Market Commentary
The SEMDEX declined 1.0% to close the week at 1,966.2 on the back of losses in Vivo Energy (-4.5%),
Alteo LTD (-4.1%) and New Mauritius Hotels (-3.4%). During the week, gains were recorded in Phoenix
Beverages (+10.8%), ENL Land (+4.6%) and Fincorp (+2.0%). The top traders by value were State Bank
Mauritius (USD 3.7m), MCB (USD 2.2m) and Lux Island Resorts (USD 1.8m). Trading in these shares
accounted for 82.0% of this weeks turnover of MUR 330.5m (USD 9.4m). The average weekly value traded
in the last six months is MUR 431.1m (USD 12.2m). The SEMDEX is down 5.2% ytd (-14.8% USD) and the
total market capitalisation is currently USD 6.0bn.

Nominal GDP (USDbn)
Company
AIR MAURITIUS LTD
LOTTOTECH LTD
Dividends
Rockcastle Globa
Ciel Ltd
United Basalt Pr
Swan Insurance
Cim Financial Se
Reporting period
Full Year
Half Year

17-Jun-15
08-Aug-15
2012
2013
2014
-7.3
51.5
51.5
11.4
3.2
-9.9
53.8
53.8
11.9
3.2
-9.2
53.5
53.5
12.7
3.3
8,831.8
9,164.9
3.2
3.5
-9.2
53.6
53.6
13.6
3.9
4.2
2015
2014
2013
2014
Final
5.0
-7.4
52.4
52.4
15.6
4.1
5.0
5.0
DPS Last Cum date

N.A.
0.04
06-Jan-15
0.05
29-May-14
2.8
30-Dec-13
10.9
0.2
02 Jul 2015
-8.1
53.1
53.1
14.5
4.1
9,714.6 10,361.4 11,000.7 11,722.8
Type
Interim
Interim
Final
Final
Year
2015 2016E 2017F
07-Oct-14
27
THE AFRICA WEEKLY


Index performance *
SEMDEX
Level
Current
This week
Prev week
MTD
YTD
1,966.2
1,985.9
1,983.2
1,980.9
2,073.7
% chg
-0.99
0.13
-0.74
-5.19
Total value
Net value
Upside value
Downside value
Mauritius
MUR/USD
USD returns
Level
% chg
% chg
35.33
35.16
35.15
35.28
31.75
-0.46
-0.03
-0.14
-10.12
-1.45
0.10
-0.88
-14.78
Trading numbers
Stocks traded (%)
27.7 Stocks up
298.4 Stocks down
7.84%
37
84%
9
21
-12
Top 5 gainers
H: 08-Oct-14
L: 24-Apr-15
Off peak
At High
At Low
2,170.7
1,930.4
-9.4%
2/44
8/44

MURm
431.1
USDm
12.2
Total Market cap
MURm
210,721
USDm
5,965
Company
Price
10.8
4.6
4.1
2.6
2.3
360.0
45.50
21.70
78.00
102.3
Week % chg
-89.7
-4.5
-4.1
-3.4
Price
26.80
121.0
30.20
20.00
-3.1
31.60
MUR'000
129,132.0
78,537.0
63,364.0
20,498.2
6,021.7
% of total
39.07
23.76
19.17
6.20
1.82
Top 5 decliners
Company
Belle Mare
Vivo Energy
Alteo LTD
New Mauritius Hotels
Terra Mauricia

USD
Week % chg
Phoenix Beverages
ENL Land
ENL Commercial
Mauritius Union Assurance
Mauritian Eagle
MUR
7%
-1%
-9%
Company
State Bank Mauritius
MCB
Lux Island Resorts
Phoenix Beverages
Alteo LTD
-17%
Market Cap (MUR bn) : Current vs Peak

02-Jul
-25%
08 Oct 2014
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the SEMDEX, an all share index

** Value Traded numbers are given in millions of Mauritian Rupees
-33%
Jul-15
100,000
200,000
300,000
02 Jul 2015
28
THE AFRICA WEEKLY

Mauritius
Weekly
Value
% chg
Move MUR '000
Company Name
Sector
Price
MUR
MCB
State Bank Mauritius
CIEL
ENL Land
Alteo LTD
Ireland Blyth
Rogers & Co
Terra Mauricia
BANK
BANK
INSU
AGRI
CONS
INVE
INVE
INVE
213.0
0.90
7.10
45.50
30.20
115.0
30.00
31.60
-2.3
-1.1
-1.1
4.6
-4.1
0.7
0.3
-3.1
Down
Down
Down
Up
Down
Up
Up
Down
Lux Island Resorts

CIM Financial
Phoenix Beverages
Sun Resorts
HOTL
BANK
BREW
HOTL
62.75
9.56
360.0
44.40
-0.4
0.8
10.8
-0.2
Down
Up
Up
Down
63,364
27
20,498
3,085
Omnicane
Bramer Bank
Promotion & Development
Lottotech
AGRI
BANK
INVE
BUIL
72.00
4.30
95.00
27.00
-2.7
Down
Vivo Energy
Swan Insurance
Dale Capital (USD)
MDIT
United Basalt Products
Fincorp
INNODIS
LOTTOTECH
POLICY
Mauritius Union Assurance
Caudan Development
Harel Mallac
Air Mauritius
OILG
HOTL
INSU
INVE
INVE
INDU
CONS
CONS
INVE
INVE
INSU
INVE
INVE
TRPT
121.0
20.00
360.0
2.80
5.36
85.00
20.50
50.00
5.20
7.20
78.00
1.39
101.0
10.20
Volume
'000
78,537
363.30
129,132 143,737.44
5,726
800.62
336
7.39
6,022
202.58
2,425
21.16
3,707
123.15
742
22.89
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
218.0
1.08
7.80
54.50
37.75
116.0
197.0
37.50
195.0
0.88
6.60
42.50
29.70
105.0
19.70
29.10
-2.3
-16.7
-9.0
-16.5
-20.0
-0.9
-84.8
-15.7
1,007.04
2.84
59.45
68.59
63.25
10.00
360.0
46.95
45.00
8.50
196.5
34.00
577
7.91
Flat
Flat
1,572
272
16.55
10.07
89.00
7.20
102.8
51.50
-4.5
-3.4
-
Down
Down
Flat
4,230
4,786
1,608
34.70
234.67
4.47
-0.7
2.0
-1.1
2.6
-0.5
-1.9
Down
Flat
Up
Flat
Flat
Down
Up
Flat
Down
Down
68
211
183
65
629
714
429
1
30
155
12.70
2.48
8.99
1.28
120.11
98.60
5.50
0.40
0.30
15.15
145.0
89.00
360.0
2.80
6.06
90.00
24.00
62.00
12.25
8.00
82.00
1.50
120.3
18.00
7.6
-11.8
Market cap
MUR m USD m
-1.1
-11.2
1.8
15.4
-4.2
-1.2
-15.1
2.6
-9.0
-12.0
12.2
47.9
-13.4
53,330
27,337
11,191
10,488
9,618
8,215
7,561
7,190
1,510
774
317
297
272
233
214
204
4,292.4
2,548.2
479.4
40.8
64.7
112.9
161.0
118.4
-0.8
-4.4
-5.4
4.6
6.2
55.8
-1.3
39.6
8.6
83.4
8.3
7,156
6,506
5,921
5,035
203
184
168
143
398.9
232.7
187.7
238.6
70.00
3.78
88.25
27.00
-19.1
-40.3
-7.5
-47.6
-17.7
-40.3
-1.6
-34.1
-13.8
-36.2
5.6
-44.8
4,825
3,876
3,695
3,598
137
110
105
102
40.0
27.5
42.0
1,234.7
121.0
20.00
298.0
2.40
4.90
73.50
19.30
50.00
5.16
6.14
67.00
1.18
101.0
10.05
-16.6
-77.5
0.0
-11.6
-5.6
-14.6
-19.4
-57.6
-10.0
-4.9
-7.3
-16.0
-43.3
-12.9
-74.9
7.5
-7.9
7.9
-14.6
-10.7
-7.1
-77.1
20.2
-10.7
1.2
2.0
-13.0
-56.7
-9.1
15.3
15.8
-16.0
-37.8
3,548
3,228
2,979
2,550
2,269
2,253
2,119
1,837
1,768
1,634
1,563
1,139
1,137
1,044
100
91
84
72
64
64
60
52
50
46
44
32
32
30
27.1
968.3
20.3
0.1
105.2
49.4
34.6
51.4
67.3
408.9
72.0
21.0
0.5
37.0
-4.0
10.6
7.8
-7.8
-42.0
02 Jul 2015
6 mths
Val (000)
29
THE AFRICA WEEKLY

Botswana Stock Exchange (Botswana Pula)
Botswana
Market Commentary
The BSE DCI gained 0.7% to close the week at 10,697.7 on the back of gains in Sefalana (+2.3%), Turnstar
(+2.0%) and FSG (+1.6%). During the week, losses were recorded in Furnmart (-9.4%), Letshego (-3.0%)
and Imara Botswana (-0.4%). The top traders by value were Letshego (USD 5.2m), Turnstar (USD 1.4m)
and Choppies (USD 0.3m). Trading in these shares accounted for 91.5% of this weeks turnover of BWP
47.0m (USD 7.5m). The average weekly value traded in the last six months is BWP 472.6m (USD 47.4m).
The BSE DCI is up 12.6% ytd (+7.5% USD) and the total market capitalisation is currently USD 5.13bn.

Nominal GDP (USDbn)
Company
CHOBE HOLDINGS LTD
FIRST NATIONAL BANK BOTSWANA
IMARA HOLDINGS LTD
Dividends
Chobe Holdings
Letshego Holding
New African Prop
Sechaba Brewerie
Wilderness Holdi
Reporting period
Full Year
Full Year
Full Year

01-Jun-15
27-Aug-15
31-Jul-15
2012
2013
2014
-3.8
19.2
10.4
16.9
5.8
14.8
2015 2016E 2017F

4.4
13.0
2.1
9.9
14.6
14.8
16.3
17.7
19.1
20.9
4.3
5.9
4.4
4.2
4.0
4.1
7,081.7 7,119.9 7,749.8 8,331.5 8,849.7 9,568.5
7.4
4.1
5.4
5.4
5.3
5.3
Year
2014
2014
2014
2015
Type
Interim
Regular Cash
Regular Cash
Regular Cash
2014
Interim
Amount Last Cum date

23.0
16-Jun-14
13-Oct-14
8.5
11-Aug-14
0.8
40.0
02-Feb-15
10.0
02 Jul 2015
2.4
11.3
09-Jun-14
30
THE AFRICA WEEKLY


Index performance *
BSE DCI
Level
Current
This week
Prev week
MTD
YTD
10,697.7
10,619.3
10,586.4
10,690.1
9,501.6
% chg
0.74
0.31
0.07
12.59
Total value
Net value
Upside value
Downside value
Botswana
BWP/USD
USD returns
Level
% chg
% chg
9.96
9.87
9.84
9.88
9.51
-0.89
-0.30
-0.79
-4.56
-0.16
0.01
-0.72
7.45
Trading numbers
Stocks traded (%)
17.9 Stocks up
29.0 Stocks down
4.59%
19
79%
11
3
8
Top 5 gainers
H: 12-Jun-15
L: 08-Jul-14
Off peak
At High
At Low
10,707.3
9,179.6
-0.1%
0/24
0/24

BWPm
54.1
USDm
5.4
Total Market cap
BWPm
51,130
USDm
5,133
Company
Price
2.3
2.0
1.6
1.5
1.1
12.02
2.60
2.55
13.90
4.65
Week % chg
-9.4
-3.0
-0.4
Price
1.63
3.20
2.74
Top 5 decliners
Company
Furnmart
Letshego
Imara Botswana
---

USD
Week % chg
Sefalana
Turnstar
FSG
BIHL Botswana
Wilderness
BWP
22%
14%
6%
Company
Letshego
Turnstar
Choppies
Sefalana
FNB Botswana
-2%
BWP'000
28,422.5
13,418.2
1,419.3
1,043.0
1,027.5
% of total
60.49
28.56
3.02
2.22
2.19
Market Cap (BWPm) : Current vs Peak

02 Jul 2015
-10%
12 Jun 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the DCI, the domestic companies index

** Value Traded numbers are given in millions of Pula
-18%
Jul-15
20,000
40,000
60,000
02 Jul 2015
31
THE AFRICA WEEKLY


Company Name
Sector
Price
BWP
FNB Botswana
Letshego
Choppies
BIHL Botswana
Sechaba
Stanchart Botswana
Barclays Botswana
Sefalana
BANK
BANK
CONS
INSU
BREW
BANK
BANK
CONS
3.93
3.20
4.80
13.90
28.50
12.67
4.26
12.02
ABCH Botswana
Turnstar
New Africa Properties
Engen Botswana
BANK
PROP
PROP
OILG
7.14
2.60
2.39
8.20
Wilderness
Furnmart
Letlole La Rona
Chobe
HOTL
CONS
PROP
HOTL
Primetime
RDCP
FSG
G4S
Cresta
Imara Botswana
RPC Data
Olympia Capital (Botswana)
PROP
PROP
INSU
CONS
HOTL
INVE
TELE
BUIL
Botswana
Weekly
Value
% chg
Move BWP '000
Volume
'000
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
USD m
BWP m
3.93
3.50
4.81
13.90
29.50
12.67
4.64
12.02
3.47
2.35
3.97
11.19
23.23
11.99
3.40
7.40
-0.0
-8.6
-0.2
0.0
-3.4
-0.0
-8.2
-0.0
8.6
20.3
18.2
20.8
1.4
0.8
23.5
30.2
12.9
36.2
14.3
24.1
22.6
5.6
-8.4
62.4
10,075
6,965
5,636
3,907
3,791
3,780
3,630
2,232
1,012
699
566
392
381
380
364
224
703.8
1,692.3
519.5
217.1
237.0
237.5
83.3
787.2
7.20
2.60
2.39
10.15
7.14
1.87
2.05
8.20
-0.8
0.0
-0.0
-19.2
25.0
10.1
-13.7
-0.8
36.8
16.6
-18.1
1,834
1,488
1,445
1,310
184
149
145
131
240.7
74.6
34.0
6 mths
Val (000)
0.3
-3.0
1.1
1.5
0.1
0.2
2.3
Up
Down
Up
Up
Flat
Up
Up
Up
1,027
28,423
1,419
451
90
237
18
1,043
261.44
8,882.04
295.16
32.57
3.16
18.70
4.16
87.10
2.0
Up
13,418
5,160.85
4.65
1.63
2.20
5.68
1.1
-9.4
0.5
0.2
Up
Down
Up
Up
227
196
13
6
49.11
120.03
5.75
1.00
4.65
2.31
2.28
5.68
2.75
1.63
2.04
3.66
-0.0
-29.4
-3.5
0.0
47.6
-22.7
2.3
33.0
72.2
-29.1
7.3
55.6
1,074
989
616
508
108
99
62
51
173.0
44.4
103.0
63.2
2.80
2.30
2.55
3.50
0.95
2.74
0.30
0.20
1.6
-0.4
Flat
Flat
Up
Flat
Flat
Down
3
34
32
1
15
332
1.24
14.97
12.53
0.27
16.18
121.28
2.85
2.30
2.55
3.75
0.96
3.00
0.00
0.00
2.32
2.02
2.34
2.39
0.81
1.95
0.00
0.00
-1.8
0.0
0.0
-6.7
-1.0
-8.7
7.7
12.2
7.6
-5.9
6.7
30.5
-
21.2
13.9
7.6
45.8
15.9
53.9
-
504
407
308
280
175
162
9
6
51
41
31
28
18
16
1
1
12.1
8.6
10.1
19.2
23.8
144.9
-
02 Jul 2015
32
THE AFRICA WEEKLY

Zimbabwe Stock Exchange (US Dollar)
Zimbabwe
Market Commentary
The ZSE Industrial declined 1.6% to close the week at 146.2 on the back of losses in Econet Wireless
(USD) (-12.5%), Innscor Africa (USD) (-4.8%) and Delta Corp Zimbabwe (USD) (-1.0%). During the week,
gains were recorded in Hippo Valley Estates (USD) (+8.6%), Padenga (USD) (+6.1%) and Barclays
Zimbabwe (USD) (+5.0%). The top traders by value were Econet Wireless (USD 1.4m), Innscor Africa (USD
1.3m), and Delta Corp Zimbabwe (USD 0.4m). Trading in these shares accounted for 83.9% of this weeks
turnover of USD 3.7m. The average weekly value traded in the last six months is USD 4.4m. The ZSE
Industrial is down 10.2% ytd and the total market capitalisation is currently USD 3.8bn.

Nominal GDP (USDbn)
Company
COTTCO HOLDINGS LTD
BRITISH AMERICAN TOBACCO ZIM
CBZ HOLDINGS LTD
MEIKLES LTD
Reporting period
Full Year
Half Year
Half Year
Full Year

26-Jun-15
30-Jul-15
07-Aug-15
03-Jun-15
OK ZIMBABWE
Full Year
11-Jun-15
Dividends
Lafarge Cement Z
Econet Wireless
Dairibord Holdin
African Distil
Mashonaland Hold
2012
2013
2014
2015 2016E 2017F
-24.4
56.7
-27.4
55.2
-28.1
58.5
-26.2
58.5
-19.6
54.9
12.5
13.2
13.7
14.4
15.3
16.3
10.6
3.3
3.1
3.2
3.9
4.3
961.4 1,006.8 1,036.1 1,072.6 1,130.4 1,193.0
2.9
0.3
1.2
1.7
2.0
2.5
Year
2014
2014
2013
2015
Type
Interim
Regular Cash
Regular Cash
Regular Cash
2013
Interim
DPS Last Cum date

0.8
01-Sep-14
10-Nov-14
0.01
06-May-13
0.00
16-Mar-15
0.2
0.02
02 Jul 2015
-22.4
55.6
17-Jun-13
33
THE AFRICA WEEKLY


Index performance *
ZSE INDUST
Level
Current
This week
Prev week
MTD
YTD
146.2
148.6
152.9
148.4
162.8
-1.59
-2.84
-1.46
-10.17
Total value
Net value
Upside value
Downside value
% chg
Zimbabwe
USD/USD
USD returns
Level
% chg
% chg
1.00
1.00
1.00
1.00
1.00
0.00
0.00
0.00
0.00
-1.59
-2.84
-1.46
-10.17
Trading numbers
Stocks traded (%)
0.4 Stocks up
3.1 Stocks down
4.83%
32
43%
11
9
2

H: 05-Sep-14
L: 02-Jul-15
Off peak
At High
At Low
201.3
146.2
-27.3%
0/74
1/74

USDm
4.4
USDm
4.4
Total Market cap
USDm
3,790
USDm
3,790
Company
Powerspeed Electrical
CFI Holdings
African Sun
Nicoz Diamond Insurance
Fidelity Life
Price
140.0
25.0
25.0
22.7
20.0
0.02
0.03
0.03
0.01
0.09
Company
Zimplow
Econet Wireless
Turnall
Rainbow Tourism
Top 5 decliners (Top 40)

Week % chg
-40.0
-12.5
-12.5
-10.0
Price
0.03
0.35
0.01
0.01
Colcom Holdings
-8.3
0.22
USD'000
1,400.9
1,260.3
411.3
172.9
72.1
% of total
38.27
34.43
11.24
4.72
1.97

USD
Top 5 gainers (Top 40)

Week % chg
USD
11%
2%
Company
Econet Wireless
Innscor Africa
Delta Corp Zimbabwe
Dairibord
Pearl Properties
-7%
-16%
Market Cap (USD m) : Current vs Peak

02-Jul
-25%
05 Sep 2014
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the ZSE industrial, an all share index

** Value Traded numbers are given in millions of USD
-34%
Jul-15
2,000
4,000
6,000
02 Jul 2015
34
THE AFRICA WEEKLY

Zimbabwe
Weekly
Value
% chg
Move USD '000
Volume
'000
12 Month
High
Low
411
1,260
1,401
18
410.47
2,086.52
3,824.76
1.56
Down
Flat
20
23
21.35
283.66
1.40
0.80
0.85
14.00
3.40
0.80
1.06
0.18
1.00
0.55
0.35
10.40
1.95
0.65
0.70
0.08
-28.6
-25.0
-58.8
-18.6
-11.8
-8.8
-10.4
-55.6
-2.0
-41.7
1.8
-11.8
-2.1
-30.4
-23.1
-20.0
-48.5
-12.3
39.5
4.3
35.7
-54.3
1,235
325
318
235
205
188
185
92
1,235
325
318
235
205
188
185
92
1,488.6
436.5
1,299.8
129.9
104.8
219.5
53.9
5.0
8.6
-
Up
Up
Flat
Flat
30
54
10
20
724.05
143.23
49.14
196.62
0.05
0.80
0.28
0.14
0.03
0.31
0.16
0.07
-6.7
-52.5
-28.6
-28.6
64.7
-30.9
-23.1
-
12.0
-52.5
-25.9
-23.1
90
73
70
68
90
73
70
68
16.2
24.8
33.9
110.8
0.11
0.50
0.07
0.03
6.1
-
Up
Flat
Flat
Flat
44
31
6
1
417.97
61.70
78.64
33.68
0.11
0.51
0.12
0.09
0.07
0.32
0.07
0.03
-0.0
-2.0
-42.9
-65.4
17.9
6.4
-12.5
-50.0
32.6
55.8
-39.1
-28.9
57
48
47
39
57
48
47
39
22.1
75.6
19.7
12.0
0.02
0.02
0.22
0.38
0.08
0.08
0.14
0.03
0.03
0.03
0.07
0.01
0.05
0.09
-8.3
Flat
Flat
Down
9
2
0
585.76
90.02
0.48
2.6
-
Up
Flat
173
3
2,161.48
43.22
25.0
-40.0
Flat
Up
Down
72
8
0
2,575.49
304.55
4.15
-10.0
Down
44.67
0.02
0.03
0.30
0.70
0.13
0.13
0.17
0.03
0.15
0.09
0.19
0.02
0.05
0.00
0.01
0.02
0.22
0.38
0.08
0.08
0.09
0.02
0.01
0.00
0.07
0.01
0.03
0.00
-0.0
-38.5
-26.7
-45.7
-38.5
-38.5
-15.2
-6.7
-83.3
-65.1
-63.2
-55.0
-10.0
52.4
-25.9
-12.0
-30.9
-4.8
38.9
-53.3
-54.8
-43.8
-
60.0
-17.4
-39.7
-22.3
-34.4
75.0
7.7
-10.7
-53.8
-65.0
-25.0
125.0
-
39
37
35
30
29
23
23
21
21
19
17
17
14
14
39
37
35
30
29
23
23
21
21
19
17
17
14
14
8.8
69.8
4.0
5.6
60.1
10.3
19.8
28.8
29.4
14.9
4.5
-
Company Name
Sector
Price
USD
Delta Corp Zimbabwe

Innscor Africa
Econet Wireless
BAT (Zimbabwe)
National Foods Holdings
ABCH (Zimbabwe)
Seed Co
OK Zimbabwe
BREW
CONS
TELE
CONS
INDU
BANK
AGRI
CONS
1.00
0.60
0.35
11.40
3.00
0.73
0.95
0.08
-1.0
-4.8
-12.5
-0.9
Down
Down
Down
Down
-0.5
-
Barclays Zimbabwe
Hippo Valley Estates
TSL
CBZ Bank
BANK
AGRI
CONS
BANK
0.04
0.38
0.20
0.10
Padenga
African Distillers
First Banking Corp
Bindura Nickel Corp
CONS
BREW
BANK
RESO
Dawn Properties
Mashonaland Holdings
Colcom Holdings
Lafarge Zimbabwe
Dairibord
Edgars Zimbabwe
TA Holdings
Pearl Properties
African Sun
Zimplow
Kingdom Meikles Africa
Rainbow Tourism
Hunyani Holdings
Tractive Power
PROP
PROP
INDU
BUIL
INDU
CONS
INVE
PROP
HOTL
AGRI
BANK
HOTL
INDU
INDU
Movement (% chg)
Off high
YTD 12 mths
Market cap
USD m USD m
02 Jul 2015
6 mths
Val (000)
35
THE AFRICA WEEKLY

Lusaka Stock Exchange (Zambian Kwacha)
Zambia
Market Commentary
2012
The LuSE ALSI gained 0.1% to close the week at 5,845.7 on the back of gains in Puma Energy (+2.9%) and
Copperbelt Energy (+1.6%). The top traders by value were StanChart Zambia (USD 462.2k), Zambian
Breweries (USD 271.6k) and Copperbelt Energy (USD 9.4k). Trading in these shares accounted for 98.7%
of this weeks turnover of ZMK 5.6m (USD 752.6k). The average weekly value traded in the last six months
is ZMK 29.7m (USD 3.9m). The LuSE ALSI is down 5.1% ytd (-19.8% USD) and the total market

Nominal GDP (USDbn)
Company
BRITISH AMERICAN TOBACCO ZAM
COPPERBELT ENERGY CORP PLC
LAFARGE CEMENT ZAMBIA PLC
NATIONAL BREWERIES PLC
Dividends
Airtel Networks
Zccm Investmen-B
Zambian Brewer
Lafarge Cement
Standard Charter
Reporting period
Half Year
Full Year
Half Year
Full Year

23-Jul-15
13-Jul-15
11-Aug-15
30-Jun-15
2013
2014
2015 2016E 2017F
3.1
0.7
1.9
2.3
2.6
2.1
25.5
28.7
32.4
31.4
31.2
31.5
20.0
24.9
28.6
29.3
29.4
29.7
24.9
26.8
25.6
28.9
31.8
34.9
6.8
6.7
6.5
7.2
7.7
7.0
1,771.9 1,845.4 1,705.0 1,859.8 1,985.9 2,106.4
7.3
7.1
8.5
7.0
6.0
5.0
Year
2014
2014
2014
2013
Type
Regular Cash
Final
Final
Final
2014
Interim
DPS Last Cum date

6.3
13-Aug-14
1.6
05-Nov-14
13-Aug-14
0.1
11-Sep-13
1.5
0.08
02 Jul 2015
15-Oct-14
36
THE AFRICA WEEKLY


Index performance *
LuSE ALSI
Level
Current
This week
Prev week
MTD
YTD
5,845.7
5,838.1
5,833.7
5,842.1
6,160.7
% chg
0.13
0.08
0.06
-5.11
Total value
Net value
Upside value
Downside value
Zambia
ZMK/USD
USD returns
Level
% chg
% chg
7.55
7.38
7.43
7.51
6.38
-2.19
0.68
-0.46
-15.48
-2.06
0.75
-0.40
-19.80
Trading numbers
0.1 Stocks traded (absolute)
Stocks traded (%)
0.1 Stocks up
- Stocks down
- Advance - Decline
0.76%
9
47%
2
0
2
Top 5 gainers
H: 21-Jan-15
L: 23-Jun-15
Off peak
At High
At Low
6,287.0
5,832.9
-7.0%
4/19
5/19

ZMKm
28.2
USDm
3.7
Total Market cap
ZMKm
36,887
USDm
4,889
Company
Price
2.9
1.6
1.08
0.64
Week % chg
Price
Top 5 decliners
Company
No Decliners
-----

USD
Week % chg
Puma Energy
Copperbelt Energy
----
ZMK
11%
2%
Company
StanChart Zambia
Zambian Breweries
Copperbelt Energy
Lafarge Zambia
Zambia Sugar
ZMK'000
3,449
2,026
70
47
9
% of total
61.41
36.08
1.25
0.84
0.15
-7%
-16%
Market Cap (ZMK bn) : Current vs Peak

02-Jul
-25%
21 Jan 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the LuSE, an all share index

** Value Traded numbers are given in millions of Zambian Kwacha
-34%
Jul-15
10,000
20,000
30,000
40,000
02 Jul 2015
37
THE AFRICA WEEKLY


Company Name
Sector
Price
ZMK
ZANACO
Lafarge Zambia
Airtel
Zambian Breweries
StanChart Zambia
ZCCM
Zambia Sugar
ZAMEFA
BANK
BUIL
TELE
BREW
BANK
INVE
AGRI
INDU
1.34
24.00
33.50
6.00
1.95
40.00
5.00
5.00
BAT (Zambia)
Bata Zambia
National Breweries
Zambeef
CONS
CONS
BREW
AGRI
5.74
2.46
13.50
3.10
Copperbelt Energy
Puma Energy
REIZ
AEL Zambia
RESO
OILG
PROP
INDU
0.64
1.08
3.45
6.87
Investrust Bank
Pamodzi
Cavmont Capital Zambia
INVE
HOTL
INVE
13.50
0.62
2.00
Zambia
Weekly
Value
% chg
Move ZMK '000
Volume
'000
Flat
Flat
1
47
0.47
1.96
Flat
Flat
2,026
3,449
337.74
1,768.79
Flat
1.71
Flat
2.57
1.6
2.9
-
Up
Up
Flat
70
1
7
110.26
0.62
2.14
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
ZMK m USD m
6 mths
Val (000)
1.40
27.00
34.00
6.25
2.00
45.00
6.83
5.00
0.23
24.00
27.98
5.75
1.80
40.00
5.00
0.24
-4.3
-11.1
-1.5
-4.0
-2.5
-11.1
-26.8
-
378.6
-7.7
-11.1
-24.2
-
346.7
-7.7
20.2
4.3
-2.5
-26.8
-
11,608
4,801
3,484
3,276
3,251
2,153
1,583
1,355
1,538
636
462
434
431
285
210
180
49.3
135.1
3.2
44.9
51.5
3,232.3
16.4
0.1
5.75
2.46
13.50
3.50
5.73
1.12
12.00
2.85
-0.2
-0.0
-11.4
-0.2
23.0
12.5
8.8
-0.2
138.8
12.5
-11.4
1,219
936
851
769
162
124
113
102
25.7
1.2
32.5
0.3
0.70
1.27
4.00
6.87
0.60
1.00
1.01
6.87
-8.6
-15.0
-13.8
0.0
3.2
-10.0
-13.8
-
-7.2
-14.3
-1.4
-
640
540
147
140
85
72
20
19
136.4
3.2
0.2
0.1
13.50
0.62
2.00
13.50
0.61
2.00
-0.0
-
-1.6
-
63
62
10
8
8
1
0.0
1.6
02 Jul 2015
38
THE AFRICA WEEKLY

Malawi Stock Exchange (Malawian Kwacha)
Malawi
Market Commentary
2012
2013
2014
2015 2016E 2017F
-6.0
57.9
53.7
4.4
5.7
250.4
14.7
-5.2
48.6
45.5
5.0
6.0
275.1
9.6
The MSE ALSI was relatively flat to close the week at 16,011.9 on the back of gains in MPICO (+0.1%) and
Press Corp (+0.1%). The top traders by value were NICO (USD 115.4k), NBM (USD 26.4k) and MPICO (USD
3.5k). Trading in these shares accounted for 98.5% of this weeks turnover of MWK 65.2m (USD 147.6k).
The average weekly value traded in the last six months is MWK 1.3bn (USD 2.8m). The MSE ALSI is up
7.6% ytd (+12.8% USD) and the total market capitalisation is currently USD 1.5bn.

Nominal GDP (USDbn)
-4.5
53.4
49.7
4.2
1.9
251.1
34.6
-2.8
72.9
64.9
3.8
5.2
223.4
23.5
Company
MALAWI PROPERTY INVESTMENT C
Dividends
Telekom Networks
Natl Bk Of Malaw
First Merchant B
Blantyre Hotels
Press Corp Ltd
Year
2015
2013
2014
2015
Type
Regular Cash
Regular Cash
Interim
Regular Cash
2014
Interim
Reporting period
Half Year

20-Aug-15
-3.7
37.7
35.4
6.2
5.2
325.8
5.2
DPS Last Cum date

12-Jan-15
0.07
28-Aug-13
4.3
29-Aug-14
50.0
16-Feb-15
15.0
3.5
02 Jul 2015
-3.8
42.2
39.5
5.6
5.5
299.4
6.3
22-Sep-14
39
THE AFRICA WEEKLY


Index performance *
MSE ALSI
Level
Current
This week
Prev week
MTD
YTD
16,011.9
16,010.2
15,993.5
16,011.7
14,886.1
% chg
0.01
0.10
0.00
7.56
Total value
Net value
Upside value
Downside value
Malawi
MWK/USD
USD returns
Level
% chg
% chg
445.62
437.95
436.37
441.05
467.50
-1.72
-0.36
-1.03
4.91
-1.71
-0.26
-1.02
12.84
Trading numbers
Stocks traded (%)
2.0 Stocks up
- Stocks down
- Advance - Decline
0.49%
8
62%
2
0
2
Top 5 gainers
H: 02-Jun-15
L: 14-Jul-14
Off peak
At High
At Low
16,142.1
13,436.9
-0.8%
6/13
0/13

MWKm
1,268.4
USDm
2.8
Total Market cap
MWKm
667,368
USDm
1,498
Company
MWK
Price
0.1
0.1
6.91
516.2
Week % chg
Price
Top 5 decliners
Company
No Decliners
-----

USD
Week % chg
MPICO
Press Corp
----

35%
25%
15%
Company
NICO
NBM
MPICO
NBS
Press Corp
MWK'000
51,000
11,682
1,542
528
421
% of total
78.20
17.91
2.37
0.81
0.65
5%
-5%
Market Cap (MWK bn) : Current vs Peak

02-Jul
-15%
02 Jun 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the MSE ALSI, an all share index

** Value Traded numbers are given in millions of Malawian Kwacha
-25%
Jul-15
200,000
400,000
600,000
800,000
02 Jul 2015
40
THE AFRICA WEEKLY


Company Name
Sector
Price
MWK
Illovo Malawi
NBM
Standard Bank
TNM
Press Corp
FMB Malawi
NICO
NBS
AGRI
BANK
BANK
TELE
INVE
BANK
INSU
BANK
294.2
251.0
435.0
6.90
516.2
19.00
30.00
31.00
MPICO
NITL
Sunbird
Real Insurance
PROP
INVE
HOTL
INSU
6.91
50.00
9.00
2.30
Blantyre Hotels
HOTL
8.15
Malawi
Weekly
Value
% chg
Move MWK '000
Volume
'000
Flat
Flat
32
11,682
0.11
46.54
0.1
-
Flat
Up
Flat
Flat
Flat
10
421
2
51,000
528
1.45
0.82
0.10
1,700.00
17.03
0.1
Up
1,542
223.28
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
MWK m USD m
6 mths
Val (000)
294.2
251.0
435.0
7.65
516.2
19.00
32.50
31.00
294.0
236.0
395.0
3.40
319.0
4.05
24.05
15.50
-0.0
-9.8
-0.0
-7.7
-
4.1
2.4
68.7
13.9
0.2
-7.7
14.8
0.1
6.4
10.1
102.9
61.8
26.7
24.7
81.4
209,895
117,199
92,800
69,279
62,070
44,389
31,291
22,557
471
263
208
155
139
100
70
51
7.9
28.0
31.8
66.6
37.6
2,605.5
13.2
36.7
6.91
50.00
9.00
2.30
2.10
33.15
7.55
1.30
0.0
0.0
71.9
20.5
12.5
-
229.0
51.1
19.2
91.7
7,940
6,750
2,354
575
18
15
5
1
6.0
12.7
0.0
0.2
8.15
8.00
0.0
1.9
1.9
268
0.0
02 Jul 2015
41
THE AFRICA WEEKLY

Namibian Stock Exchange (Namibian Dollar)
Namibia
Market Commentary
2012
The NSX Local index remained flat over the week to close at 434.6 on the back of gains in FNB Namibia
(+0.1%). During the week, losses were recorded in Bank Windhoek (-0.1%).The top traders by value were
FNB Namibia (USD 73.3k), Namibia Breweries (USD 35.0k) and Bank Windhoek (USD 3.6k). Trading in
these shares accounted for 100.0% of this weeks turnover of NAD 1.4m (USD 111.9k). The average
weekly value traded in the last six months is NAD 4.0m (USD 327.8k). The NSX Local is up 11.7% ytd
(+4.7% USD) and the total market capitalisation is currently USD 2.0bn.

Nominal GDP (USDbn)
Company
BANK WINDHOEK HOLDINGS LTD
Dividends
Fnb Namibia Hold
Bank Windhoek Ho
Namibian Asset M
Nictus Namibia
Namibian Asset M
Reporting period
Full Year

17-Aug-15
2013
2014
2015 2016E 2017F
-2.6
-5.1
-7.0
-4.9
-0.2
-0.1
24.4
25.5
27.6
29.1
29.7
31.3
18.3
22.5
26.3
0.0
27.5
27.7
13.1
12.3
12.0
13.1
14.0
15.0
5.0
4.3
4.3
4.5
4.6
4.7
6,063.8 5,636.1 5,466.7 5,914.4 6,268.7 6,680.6
6.4
4.9
5.8
5.7
5.5
5.5
Year
2015
2015
2014
2014
Type
Interim
Interim
Regular Cash
Regular Cash
DPS Last Cum date

0.7
02-Mar-15
0.2
23-Feb-15
17-Nov-14
0.05
14-Jul-14
0.2
2014
Regular Cash
0.05
02 Jul 2015
17-Nov-14
42
THE AFRICA WEEKLY


Index performance *
NMB Local
Level
Current
This week
Prev week
MTD
YTD
434.6
434.5
434.1
434.6
389.0
0.02
0.08
0.00
11.71
Total value
Net value
Upside value
Downside value
% chg
Namibia
NAD/USD
USD returns
Level
% chg
% chg
12.35
12.11
12.19
12.24
11.57
-1.97
0.66
-0.90
-6.30
-1.95
0.75
-0.90
4.67
Trading numbers
Stocks traded (%)
1.3 Stocks up
0.0 Stocks down
0.28%
3
38%
2
1
1
Top 5 gainers
H: 26-Jun-15
L: 03-Jul-14
Off peak
At High
At Low
441.0
347.3
-1.5%
0/8
0/8

NADm
4.0
USDm
0.3
Total Market cap
NADm
24,818
USDm
2,010
Company
Price
0.1
0.05
32.78
20.46
Week % chg
-0.1
Price
15.55
Top 5 decliners
Company
Bank Windhoek
-----

USD
Week % chg
FNB Namibia
Namibia Breweries
----
NAD
31%
22%
Company
FNB Namibia
Namibia Breweries
Bank Windhoek
---
NAD'000
896.2
427.6
44.5
-
% of total
65.50
31.25
3.25
-
13%
4%
Market Cap (NAD m) : Current vs Peak

02-Jul
-5%
26 Jun 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the NMB Local, a local companies index

** Value Traded numbers are given in millions of Namibian Dollars
-14%
Jul-15
10,000
20,000
30,000
02 Jul 2015
43
THE AFRICA WEEKLY


Company Name
Sector
Price
NAD
FNB Namibia
Bank Windhoek
Namibia Breweries
Bidvest Namibia
Oryx Properties
Nictus Holding
Stimulus Investments
Namibian Asset Mgmt
BANK
BANK
BREW
INDU
PROP
CONS
INVE
INVE
32.78
15.55
20.46
10.99
19.53
2.30
121.3
0.58
Namibia
Weekly
Value
% chg
Move NAD '000
0.1
-0.1
0.0
Up
Down
Up
896
44
428
Volume
'000
27.32
2.86
20.90
12 Month
High
Low
34.50
15.56
20.46
13.26
19.53
2.40
121.3
0.65
23.16
11.16
16.33
10.99
17.88
2.30
110.1
0.58
Movement (% chg)
Off high
YTD 12 mths
-5.0
-0.1
0.0
-17.1
-0.0
-4.2
-0.0
-10.8
23.4
17.8
10.5
-16.5
6.0
-4.2
-10.8
41.5
39.3
25.3
-13.7
9.3
-4.2
10.1
5.5
Market cap
NAD m USD m
8,772
7,842
4,226
2,329
1,290
123
121
116
710
635
342
189
104
10
10
9
02 Jul 2015
6 mths
Val (000)
67.0
122.4
34.0
53.7
44.5
0.0
6.2
0.0
44
THE AFRICA WEEKLY

Swaziland Stock Exchange (Swazi Lilangeni)
Swaziland
Market Commentary
There was no trading in Swaziland this week.

Nominal GDP (USDbn)
2012
2013
2014
2015 2016E 2017F
3.8
17.4
5.6
4.1
1.9
5.3
17.8
4.0
3.8
2.8
0.8
17.2
4.5
3.8
2.1
-1.4
19.4
7.6
4.0
2.0
-1.9
22.6
11.7
4.2
2.1
-2.4
25.7
15.5
4.4
1.8
3,751.0
3,473.4
3,475.1
3,602.0
3,716.7
3,829.2
8.3
4.4
6.7
5.6
5.4
5.2
02 Jul 2015
45
THE AFRICA WEEKLY


Index performance *
SSX ALSI
Level
Current
This week
Prev week
MTD
YTD
286.8
286.8
286.8
286.8
286.8
0.00
0.00
0.00
0.00
Total value
Net value
Upside value
Downside value
% chg
SZL/USD
Level
12.35
12.11
12.19
12.24
11.57
Swaziland
USD returns
% chg
% chg
-1.97
0.66
-0.90
-6.30
-1.97
0.66
-0.90
-6.30
Trading numbers
- Value Traded / Mkt Cap (%)
- Stocks traded (absolute)
Stocks traded (%)
- Stocks up
- Stocks down
- Advance - Decline
0.00%
0
0%
0
0
0
Top 5 gainers
H: 00-Jan-00
L: 00-Jan-00
Off peak
At High
At Low
0.0
0.0
2/7
2/7

SZLm
0.0
USDm
0.0
Total Market cap
SZLm
2,405
USDm
195
Company
SZL
Price
Week % chg
Price
Top 5 decliners
Company
No Decliners
-----

USD
Week % chg
No Gainers
-----

10%
5%
0%
Company
No Trade
-----
SZL'000
-
% of total
-
-5%
Market Cap (SZL m) : Current vs Peak
-10%
02-Jul
-15%
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the SSX ALSI, an all share index

** Value Traded numbers are given in millions of Swazi Lilangeni
-20%
Jul-15
00 Jan 1900
1,000
2,000
3,000
02 Jul 2015
46
THE AFRICA WEEKLY


Company Name
Sector
Price
SZL
Royal Swazi Sugar

Swazi Empowerment
SBC Limited
Nedbank
Swaprop
Greystone Partners
Swazispa
AGRI
INVE
BANK
BANK
PROP
INVE
HOTL
13.00
24.00
3.92
6.40
5.40
1.35
6.00
Weekly
% chg
Move
Swaziland
Value
SZL '000
Volume
'000
12 Month
High
Low
13.00
24.00
0.00
6.40
0.00
0.00
0.00
13.00
24.00
0.00
6.20
0.00
0.00
0.00
Movement (% chg)
Off high
YTD 12 mths
-0.0
3.2
-
Market cap
SZL m USD m
1,148
444
378
153
126
115
42
93
36
31
12
10
9
3
02 Jul 2015
6 mths
Val (000)
-
47
THE AFRICA WEEKLY

Egyptian Stock Exchange (Egyptian Pound)
Egypt
Market Commentary
2012
The EGX 30 declined 1.1% to close the week at 8,314.7 on the back of losses in Citadel Capital (-4.4%),
Lecico Egypt (-3.8%) and Ghabbour Auto (-3.8%). During the week, gains were recorded in Arab Cotton
Ginning (+11.4%), National Development Bank (+3.7%) and Orascom Telecom M&T (+3.5%). The top
traders by value were CIB Egypt (USD 58.3m), TMG Holding (USD 15.4m) and Orascom Telecom M&T
(USD 14.3m). Trading in these shares accounted for 43.6% of this weeks turnover of EGP 1.5bn (USD
201.7m). The average weekly value traded in the last six months is EGP 1.9bn (USD 250.3m). The EGX 30

Nominal GDP (USDbn)
Company
EGYPT FOR POULTRY
GRAND INVESTMENT CAPITAL
Dividends
Egyptian Electri
Nile Pharmaceuti
Egyptian Fin&Ind
Egypt Intl Pharm
Arab Cotton Ginn
Reporting period
Full Year
Full Year

21-May-15
11-Jun-15
2013
2014
2015 2016E 2017F
-3.9
-2.7
-0.4
-4.0
-4.5
-4.6
78.9
89.2
93.8
94.5
94.4
94.6
67.8
78.2
84.1
86.2
87.2
88.4
262.3 271.4 284.9 324.3 365.9 408.0
2.2
2.1
2.2
3.5
3.8
3.9
3,221.8 3,242.9 3,336.6 3,723.7 4,119.9 4,503.8
7.3
9.8
8.2
15.0
12.1
11.8
Year
2014
2014
2014
2014
Type
Regular Cash
Regular Cash
Regular Cash
Regular Cash
DPS Last Cum date

16-Sep-14
0.05
0.7
21-Oct-14
17-Apr-14
0.3
28-Apr-14
3.0
2014
Regular Cash
0.09
02 Jul 2015
27-Oct-14
48
THE AFRICA WEEKLY


EGX 30
Index performance *
Level
Current
This week
Prev week
MTD
YTD
8,314.7
8,406.2
8,576.7
8,371.5
8,926.6
-1.09
-1.99
-0.68
-6.85
Total value
Net value
Upside value
Downside value
% chg
Egypt
EGP/USD
USD returns
Level
% chg
% chg
7.72
7.62
7.64
7.63
7.15
-1.32
0.21
-1.13
-7.37
-2.40
-1.78
-1.80
-13.72
Trading numbers
-799 Stocks traded (absolute)
Stocks traded (%)
325 Stocks up
1,124 Stocks down
29.50%
93
92%
27
52
-25
Top 5 gainers
H: 04-Feb-15
L: 17-Dec-14
Off peak
At High
At Low
10,045.9
8,124.7
-17.2%
0/101

EGPm
1,933.0
USDm
250.3
Total Market cap
EGPm
262,305
USDm
33,971
Company
Price
12.5
11.4
8.4
5.3
4.6
0.09
3.13
7.88
20.00
3.90
Week % chg
-8.2
-6.5
-5.5
-4.9
Price
12.03
6.50
8.77
10.29
-4.8
5.61
EGP'000
447,138.0
118,475.4
109,345.2
80,911.4
80,181.8
% of total
28.90
7.66
7.07
5.23
5.18
Top 5 decliners
Company
Cairo D&I
Universal Unipack
ELNA
DandE Consulting
Assiut Islamic Trading

USD
Week % chg
TransOceans Tours (USD)

Arab Cotton Ginning
ICID
Zahraa El Maadi Inv & Dev
Giza General Contracting
EGP
26%
17%
Company
CIB Egypt
TMG Holding
Orascom Telecom M&T
Global Telecom Holding
Citadel Capital
8%
-1%
Market Cap (EGPbn) : Current vs Peak

02-Jul
-10%
04 Feb 2015
Jul-14
Oct-14
Jan-15
Apr-15
-19%
Jul-15
*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
100,000
200,000
300,000
400,000
02 Jul 2015
49
THE AFRICA WEEKLY

Egypt
Weekly
% chg
Move
Company Name
Sector
Price
EGP
Orascom Construction
CIB Egypt
TMG Holding
Telecom Egypt
Global Telecom Holding
MOBINIL
Elswedy Cables
EFG Hermes
BUIL
BANK
PROP
TELE
TELE
TELE
INDU
BANK
284.2
56.32
8.78
8.20
2.55
110.0
47.99
13.66
-1.8
-2.7
2.1
1.2
-0.3
-0.4
-1.2
Sidi Kerir Petrochemicals

Heliopolis Housing
Orascom Telecom M&T
El Ezz Steel
OILG
PROP
TELE
BUIL
12.74
56.54
0.88
8.43
Pioneers Holding
Egyptian Kuwaiti Holding (USD)
Medinet Nasr Housing
Palm Hills Development
INVE
INVE
PROP
PROP
HandD Bank
Egyptian Iron & Steel
South Valley Cement
Citadel Capital
Sinai Cement
Canal Shipping Agencies
Delta Sugar
United H&D
National Development Bank
Al Baraka Bank
Maridive & Oil (USD)
Cairo Poultry
EG Tourism Resorts
El Kahera Housing
BANK
BUIL
BUIL
INVE
BUIL
TRPT
AGRI
PROP
BANK
BANK
OILG
CONS
PROP
PROP
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
EGP m USD m
6 mths
Val (000)
5.7
59.2
3.7
-38.1
-50.6
-8.3
46.3
-10.5
59,382
50,702
18,118
13,998
13,377
11,000
10,722
7,840
7,691
6,566
2,346
1,813
1,732
1,425
1,389
1,015
22.3
46,587.3
17,710.4
10,241.6
16,674.4
310.4
5,513.2
10,704.2
-16.1
-2.6
-33.3
-39.7
-26.6
37.4
-27.9
-49.0
6,689
6,290
4,616
4,580
866
815
598
593
2,247.3
9,347.1
23,612.5
6,209.2
-47.3
-42.6
-43.2
-41.4
-33.1
-17.3
-7.1
-35.1
-35.7
-40.4
-27.5
-32.7
4,230
4,018
3,726
3,613
548
520
483
468
8,601.9
2,480.5
7,053.9
14,185.3
-22.7
-51.8
-47.8
-58.2
-18.9
-38.8
-34.6
-19.3
-24.5
-19.3
-60.6
-56.6
-44.4
-15.2
-20.3
-24.0
-32.4
-31.8
-6.1
-0.6
-26.9
-9.2
-13.0
-6.1
-23.2
-52.4
-18.0
1.5
14.0
-47.3
-35.1
-48.3
-14.6
-22.3
0.1
-9.2
-2.7
0.3
-58.7
-44.6
-41.2
-5.3
2,622
2,555
2,429
2,364
2,100
1,710
1,558
1,315
1,280
1,265
1,190
1,061
1,050
996
340
331
315
306
272
221
202
170
166
164
154
137
136
129
421.4
1,130.3
1,800.1
16,774.2
122.0
521.8
71.6
644.0
479.9
209.4
643.0
181.7
4,380.3
881.7
Value
EGP '000
Volume
'000
Down
Down
Up
Up
Down
Down
Down
447,138
118,475
61,073
80,911
66
39,469
77,043
7,921.27
13,370.75
7,455.20
31,783.68
0.60
822.08
5,619.88
424.6
58.64
11.98
15.18
5.46
183.3
54.03
19.61
245.4
35.32
8.62
7.87
2.47
109.9
33.58
13.56
-33.1
-4.0
-26.7
-46.0
-53.3
-40.0
-11.2
-30.3
3.9
14.5
-11.0
-31.2
-37.3
-35.5
15.1
-12.1
-1.9
-2.7
3.5
-0.8
Down
Down
Up
Down
13,465
1,055.21
42,262
742.93
109,345 123,142.97
50,899
5,963.60
20.06
71.44
1.43
19.17
12.72
42.27
0.85
8.43
-36.5
-20.9
-38.5
-56.0
8.46
0.62
27.60
2.68
-0.5
-1.4
-
Down
Flat
Down
Flat
34,293
25,068
72,777
46,026
4,030.57
5,271.26
2,616.61
16,973.82
16.05
1.08
48.62
4.57
8.24
0.58
25.75
2.50
22.80
5.23
4.93
1.97
30.00
8.55
10.96
15.12
6.40
10.88
0.43
6.09
1.00
10.62
-0.9
-1.5
-1.2
-4.4
-0.8
0.6
3.7
-1.5
-1.0
-2.7
Down
Down
Down
Down
Flat
Down
Flat
Up
Up
Flat
Flat
Down
Down
Down
1,042
1,207
18,344
80,182
1,644
2,536
11
2,968
355
5
3,029
13
15,811
3,630
45.43
226.39
3,714.47
39,820.58
54.80
289.79
1.00
196.32
56.61
0.49
902.47
2.07
15,457.88
341.71
29.49
10.85
9.45
4.71
36.99
13.97
16.77
18.74
8.48
13.49
1.09
14.02
1.80
12.53
19.70
5.06
4.64
1.90
28.16
6.38
10.47
13.23
6.17
10.24
0.43
6.03
0.86
8.58
02 Jul 2015
50
THE AFRICA WEEKLY

Casablanca Stock Exchange (Moroccan Dirham)
Morocco
Market Commentary
2012
The MASI declined 0.4% to close the week at 9,551.0 on the back of losses in Alliances (-32.7%), Miniere
Touissit (-8.8%) and Samir (-5.9%). During the week, gains were recorded in Centrale Laitiere (+6.0%),
Managem (+4.7%) and Promopharm (+2.8%). The top traders by value were BMCE Bank (USD 99.1m),
Attijariwafa Bank (USD 90.2m) and Douja Prom. Addoha (USD 22.8m). Trading in these shares accounted
for 93.6% of this weeks turnover of MAD 2.2bn (USD 226.5m). The average weekly value traded in the last
six months is MAD 488.0m (USD 50.0m). The MASI is down 0.7% ytd (-8.1% USD) and the total market

Nominal GDP (USDbn)
Company
CREDIT IMMOBILIER ET HOTELIE
CNIA SAADA ASSURANCE
TASLIF
Dividends
Delta Holding Sa
Auto Hall
Banque Marocaine
Banque Marocaine
Centrale Laitier
Reporting period
Full Year
Full Year
Full Year

11-Jun-15
11-Jun-15
01-Jun-15
2013
2014
2015 2016E 2017F
-9.7
-7.6
-6.8
-5.8
-5.1
-4.4
60.4
64.6
66.0
66.2
65.5
64.4
59.9
64.0
65.5
65.7
64.9
63.9
95.9 103.8 112.6 121.9 131.8 141.8
2.7
4.4
3.5
4.7
5.0
5.3
2,948.9 3,160.3 3,392.3 3,638.0 3,896.2 4,153.5
2.6
0.4
2.2
1.8
2.3
2.3
Year
2014
2014
2014
2014
Type
Regular Cash
Regular Cash
Regular Cash
Regular Cash
DPS Last Cum date

02-Jul-14
2.0
11-Jun-14
3.5
30-Jun-14
4.0
26-May-14
30.0
2014
Regular Cash
28.7
02 Jul 2015
04-Jul-14
51
THE AFRICA WEEKLY


Index performance *
MORALSI
Level
Current
This week
Prev week
MTD
YTD
9,551.0
9,589.0
9,532.7
9,578.3
9,620.1
% chg
-0.40
0.59
-0.29
-0.72
Morocco
MAD/USD
USD returns
Level
% chg
% chg
9.76
9.69
9.61
9.71
9.03
-0.73
-0.82
-0.57
-7.48
-1.13
-0.23
-0.85
-8.14
Trading numbers
Total value
Net value
Stocks traded (%)
62.0 Stocks up
Upside value
1,256.3 Stocks down
Downside value
23.42%
61
78%
23
34
-11
Top 5 gainers
H: 09-Mar-15
L: 10-Jul-14
Off peak
At High
At Low
10,527.3
9,204.8
-9.3%
1/78
6/78

MADm
474.4
USDm
48.6
Total Market cap
MADm
468,990
USDm
48,029
Company
Price
6.0
6.0
5.6
5.3
4.7
1,166
239.6
465.0
19.00
900.5
Week % chg
-32.7
-8.8
-7.5
-6.0
Price
57.11
1,062
121.5
149.4
-5.9
143.0
MAD'000
964,266.4
877,841.2
221,805.6
39,841.2
21,008.0
% of total
43.90
39.97
10.10
1.81
0.96
Top 5 decliners
Company
Alliances
Miniere Touissit
SNEP
Nexans Maroc
Samir

USD
Week % chg
Centrale Laitiere
Delattre Levivier
HPS
Cartier Saada
Managem
MAD
17%
9%
1%
Company
BMCE Bank
Attijariwafa Bank
Douja Prom. Addoha
Maroc Telecom
Label'Vie
-7%
Market Cap (MAD bn) : Current vs Peak

02-Jul
-15%
09 Mar 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the MORALSI, the (new) all share index

** Value Traded numbers are given in millions of Moroccan Dirhams
-23%
Jul-15
200,000
400,000
600,000
02 Jul 2015
52
THE AFRICA WEEKLY

Morocco
Weekly
Value
% chg
Move MAD '000
Volume
'000
12 Month
High
Low
39,841
877,841
964,266
11,013
4,876
16,714
3,495
1,581
364.74
2,516.85
4,383.27
49.68
2.66
13.94
0.90
2.22
134.1
382.0
240.0
239.9
2,029
1,235
4,444
801.0
96.00
304.1
205.0
187.1
1,435
840.0
3,176
695.0
-18.2
-8.4
-10.4
-7.6
-10.1
-3.2
-13.4
-11.1
-3.7
1.7
-2.3
3.9
12.2
27.1
6.3
-1.8
15.4
15.1
5.1
17.3
25.9
29.2
16.4
-5.9
96,349
71,235
38,585
38,368
31,881
17,251
13,475
13,106
9,867
7,295
3,951
3,929
3,265
1,767
1,380
1,342
7,165.2
11,652.7
5,387.4
2,735.6
1,179.7
985.0
427.1
114.8
Down
Up
Down
Down
1,736
1
1,448
221,806
3.42
0.00
0.65
7,509.11
525.0
1,459
2,540
58.30
345.7
940.0
1,645
27.37
-3.5
-20.1
-11.5
-50.1
19.2
-19.6
18.1
-22.6
11.4
-22.3
32.2
-49.5
11,955
10,984
9,468
9,386
1,224
1,125
970
961
896.5
55.1
1,302.4
3,791.2
0.6
-0.6
4.7
-4.5
Up
Down
Up
Down
1,555
1,568
441
2,281
4.95
2.60
0.49
1.14
370.0
805.0
1,340
2,400
267.3
600.0
860.0
1,611
-15.4
-22.4
-32.8
-20.4
-0.6
-12.1
-8.1
0.5
17.3
-17.8
-28.5
12.7
8,328
8,299
8,247
6,566
853
850
845
672
500.7
640.5
424.4
39.4
-1.2
-3.6
-0.9
0.2
-1.3
-0.6
-1.3
-0.9
-1.3
1.9
Down
Down
Down
Up
Down
Down
Down
Down
Down
Up
770
28
6
644
4,290
244
511
21,008
340
984
0.35
0.05
0.00
6.99
4.06
3.89
1.15
16.56
0.43
9.52
-4.8
Down
1,442
51.43
2,380
588.3
3,660
96.00
1,200
76.96
448.5
1,420
1,230
109.8
1,380
33.00
208.0
1,660
1,880
520.5
2,610
79.34
873.0
57.40
330.1
1,000
725.1
96.05
1,250
26.00
185.0
1,182
-7.6
-9.1
-21.9
-4.5
-13.7
-18.1
-2.1
-11.4
-37.4
-6.1
-5.8
-21.2
-5.1
-28.8
-8.5
-7.7
12.3
3.5
-3.5
16.8
-5.7
-17.2
3.2
-3.7
-10.3
-1.3
-21.2
2.0
-10.5
-17.1
9.2
14.3
1.1
20.3
-4.3
-23.8
1.7
-9.0
6.7
-26.1
6,215
5,542
4,705
4,413
4,265
3,792
3,512
3,202
3,003
2,850
2,340
2,278
2,254
1,974
637
568
482
452
437
388
360
328
308
292
240
233
231
202
672.6
53.2
46.3
136.8
288.8
854.5
373.2
1,205.3
183.7
695.3
11.1
262.7
247.3
84.3
Company Name
Sector
Price
MAD
Maroc Telecom
Attijariwafa Bank
BMCE Bank
BCP
Lafarge Morocco
Ciments Du Maroc
Wafa Assurance
CGI
TELE
BANK
BANK
BANK
BUIL
BUIL
INSU
BUIL
109.6
350.0
215.0
221.6
1,825
1,195
3,850
712.0
2.2
-3.6
0.2
-1.4
-2.0
2.4
0.1
Up
Flat
Down
Up
Down
Down
Up
Up
Taqa Morocco
Centrale Laitiere
Holcim (Maroc)
Douja Prom. Addoha
UTIL
AGRI
BUIL
BUIL
506.8
1,166
2,249
29.10
-0.6
6.0
-0.4
-2.3
CIH
BMCI Bank
Managem
Afriquia Gaz
BANK
BANK
RESO
UTIL
313.0
625.0
900.5
1,910
Brasseries Dumaroc
CDM
SMI
Auto Hall
Saham Assurance
Atlanta
Lydec
Label'Vie
Sonasid
Lesieur Cristal
Sothema
Delta Holding
Unimer
Eqdom
BREW
BANK
RESO
CONS
INSU
INDU
UTIL
CONS
BUIL
INDU
INDU
BUIL
INDU
BANK
2,200
535.0
2,860
91.70
1,036
63.00
439.0
1,258
770.0
103.2
1,300
26.00
197.5
1,182
Movement (% chg)
Off high
YTD 12 mths
Market cap
MAD m USD m
02 Jul 2015
6 mths
Val (000)
53
THE AFRICA WEEKLY

Bourse de Tunis (Tunisian Dinar)
Tunisia
Market Commentary
The Tunis ALSI declined 0.6% to close the week at 5,726.2 on the back of losses in Tunis Re (-9.9%), BNA
(-4.2%), and Banque de Tunisie (-3.3%). During the week, gains were recorded in SPDIT (+4.7%), Tunisie
Leasing (+3.3%), and Ciments de Bizerte (+2.1%). The top traders by value were BNA (USD 758.2k),
Attijari Bank (USD 579.0k), and Carthage Cement (USD 558.3k). Trading in these shares accounted for
27.0% of this weeks turnover of TND 13.7m (USD 7.0m). The average weekly value traded in the last six
months is TND 24.4m (USD 12.4m). The Tunis ALSI is up 12.5% ytd (+6.9% USD) and the total market

Nominal GDP (USDbn)
Company
BANQUE NATIONALE AGRICOLE
AMEN BANK
SOC IMMOBILIERE ET DE PARTIC
SOCIETE ELECTROSTAR
Reporting period
Full Year
Full Year
Full Year
Full Year

12-Jun-15
12-Jun-15
12-Jun-15
14-Jul-15
GIF FILTER
UNION BANC. COM. & INDUSTRIE
Full Year
Full Year
26-Jun-15
12-Jun-15
Dividends
Soc Tunsienne D'
Cie Intl De Leas
Soc Immobiliere
Banq Tunisie
Tunisie Leasing
2012
2013
2014
-8.2
44.5
-8.4
44.8
-7.7
50.5
2015 2016E 2017F

-6.6
54.1
-4.6
55.3
45.2
47.0
49.1
50.0
51.5
53.3
3.7
2.3
2.8
3.7
4.5
4.5
4,198.0 4,316.8 4,466.5 4,502.7 4,585.6 4,703.9
5.9
6.0
5.5
4.5
4.0
4.0
Year
2014
2013
2014
2014
Type
Regular Cash
Regular Cash
Regular Cash
Regular Cash
2013
Regular Cash
DPS Last Cum date

02-Jun-14
1.8
30-May-13
0.8
03-Jul-14
1.5
30-Jun-14
0.2
1.0
02 Jul 2015
-5.6
55.1
19-Jun-14
54
THE AFRICA WEEKLY


Index performance *
TUNIS Index
Level
Current
This week
Prev week
MTD
YTD
5,726.2
5,762.8
5,727.4
5,718.9
5,090.0
-0.63
0.62
0.13
12.50
Total value
Net value
Upside value
Downside value
% chg
Tunisia
TND/USD
USD returns
Level
% chg
% chg
1.96
1.94
1.92
1.95
1.86
-0.96
-1.00
-0.65
-4.99
-1.59
-0.39
-0.53
6.88
Trading numbers
Stocks traded (%)
2.8 Stocks up
10.7 Stocks down
4.51%
52
90%
17
31
-14
Top 5 gainers
H: 24-Jun-15
L: 02-Oct-14
Off peak
At High
At Low
5,770.3
4,579.6
-0.8%
0/58
1/58

TNDm
24.4
USDm
12.4
Total Market cap
TNDm
15,183
USDm
7,752
Company
TND
Price
7.5
6.7
5.3
4.7
3.3
29.90
4.79
2.60
15.08
20.60
Week % chg
-9.9
-6.0
-4.6
-4.2
Price
8.10
5.17
2.90
12.50
-3.3
10.60
TND'000
1,477.8
1,128.5
1,088.2
885.9
700.4
% of total
10.79
8.24
7.95
6.47
5.12
Top 5 decliners
Company
Tunis Re
Electrostar
SOPAT
BNA
Banque de Tunisie

USD
Week % chg
ICF
Modern Leasing
SITS
SPDIT
Tunisie Leasing

40%
30%
20%
Company
BNA
Attijari Bank
Carthage Cement
SITS
SFBT
10%
0%
Market Cap (TND m) : Current vs Peak

02-Jul
-10%
24 Jun 2015
Jul-14
Oct-14
Jan-15
Apr-15
*The index is the TUNIS index, an all share index

** Value Traded numbers are given in millions of Tunisian Dinars
-20%
Jul-15
5,000
10,000
15,000
20,000
02 Jul 2015
55
THE AFRICA WEEKLY

Tunisia
Weekly
Value
% chg
Move TND '000
Volume
'000
12 Month
High
Low
Movement (% chg)
Off high
YTD 12 mths
Market cap
TND m USD m
Company Name
Sector
Price
TND
SFBT
Banque de Tunisie
BIAT
Attijari Bank
Poulina Group
Amen Bank
UBCI
Arab Tunisian Bank
BREW
BANK
BANK
BANK
INVE
BANK
BANK
BANK
26.50
10.60
81.01
27.21
5.40
27.18
30.31
4.65
-1.8
-3.3
-1.3
-1.1
0.9
-0.8
0.0
-
Down
Down
Down
Down
Up
Down
Up
Flat
700
657
619
1,129
37
181
275
46
26.36
62.40
7.62
41.10
6.86
6.65
9.07
9.80
31.95
11.10
85.40
28.50
5.79
27.39
30.39
5.30
15.45
9.61
60.63
17.40
5.08
23.00
25.00
4.00
-17.1
-4.5
-5.1
-4.5
-6.7
-0.8
-0.3
-12.3
17.8
0.5
3.9
13.8
-3.9
3.8
19.3
6.4
76.7
10.4
32.4
46.3
3.8
4.5
18.9
10.7
2,120
1,590
1,377
1,082
972
664
606
465
1,082
812
703
552
496
339
310
237
3,782.3
447.6
313.7
607.2
144.1
140.4
34.1
57.5
STAR
SPDIT
BNA
Banque de l'Habitat
INSU
BANK
BANK
BANK
182.0
15.08
12.50
20.12
1.1
4.7
-4.2
-3.0
Up
Up
Down
Down
508
85
1,478
153
2.83
5.81
116.76
7.49
183.0
15.08
13.50
20.77
132.5
7.80
6.15
10.10
-0.5
0.0
-7.4
-3.1
25.3
64.1
64.5
96.3
30.0
93.3
78.6
75.0
420
405
400
362
214
207
204
185
307.7
48.9
1,076.8
93.1
Magasin Gnral
UIB
Ennakl Auto (Tunis)
Carthage Cement
CONS
BANK
CONS
BUIL
29.65
16.97
10.95
1.80
0.5
-1.1
-2.2
-2.7
Up
Down
Down
Down
11
529
290
1,088
0.38
31.16
25.51
595.99
32.98
17.70
11.50
3.47
26.00
10.29
9.42
1.80
-10.1
-4.1
-4.8
-48.1
-7.0
15.1
7.4
-25.6
-2.5
18.0
10.6
-42.3
340
333
329
310
174
170
168
158
58.4
281.8
101.5
982.6
ARTES
Monoprix
Air Liquide
Ciments de Bizerte
ASTREE
TPR
Tunisie Leasing
STB
Tunis Re
ALKIMIA
Adwya
Tunisair
SOTUVER
BTE (ADP)
CONS
CONS
CONS
BUIL
INSU
INDU
BANK
BANK
INSU
INDU
CONS
TRPT
INDU
BANK
7.22
15.99
210.0
4.95
53.32
4.38
20.60
6.11
8.10
56.90
8.11
0.92
4.70
20.21
-2.6
-0.1
-2.3
2.1
Down
Down
Down
Up
163
155
1
0
21.71
9.73
0.01
0.04
1.2
3.3
0.2
-9.9
-0.2
-0.2
-1.1
-0.1
Up
Up
Up
Down
Down
Down
Flat
Down
Down
191
87
120
393
36
68
71
437
30
43.75
4.34
19.84
47.34
0.63
8.35
77.69
92.96
1.49
8.08
23.00
289.0
7.00
57.80
4.47
22.60
7.85
10.68
60.00
8.55
1.22
5.65
27.00
6.80
15.40
203.8
4.80
50.50
4.05
18.53
4.15
7.23
55.81
6.30
0.88
4.60
19.50
-10.6
-30.5
-27.3
-29.3
-7.8
-2.0
-8.8
-22.2
-24.2
-5.2
-5.1
-24.6
-16.8
-25.1
-9.8
-27.3
-10.6
-23.3
-2.3
1.9
-5.0
22.2
-18.6
-3.6
-0.9
-18.6
-11.0
-18.8
-3.7
-30.5
-27.6
-23.8
8.7
-1.1
-3.1
19.8
-6.0
2.3
-1.8
-17.1
-18.0
-25.0
276
266
254
218
213
197
171
152
122
111
107
98
94
91
141
136
130
111
109
101
87
78
62
57
55
50
48
46
71.0
194.4
15.6
22.9
1.2
169.4
48.7
182.8
212.8
10.8
77.4
76.5
128.0
26.2
02 Jul 2015
6 mths
Val (000)
56
THE AFRICA WEEKLY

Stocks making 12 month highs

Company Name
SGB
BIHL Botswana
Namibia Breweries
NBM
Standard Bank
SPDIT
ZAMEFA
Phoenix Beverages
Turnstar
BAT (Uganda)
National Breweries
FMB Malawi
Swan Insurance
CMC Holdings
Servair Abidjan
Dale Capital (USD)
DFCU
Chobe
NBS
Precision Air
RDCP
FSG
AEL Zambia
MPICO
Trust Bank (Gambia)
NITL
Tractive Power
TOL
Cocoa Processing
Mega African Capital
Country
BRVM
Botswana
Namibia
Malawi
Malawi
Tunisia
Zambia
Mauritius
Botswana
Uganda
Zambia
Malawi
Mauritius
Kenya
BRVM
Mauritius
Uganda
Botswana
Malawi
Tanzania
Botswana
Botswana
Zambia
Malawi
Ghana
Malawi
Zimbabwe
Tanzania
Ghana
Ghana
Sector
BANK
INSU
BREW
BANK
BANK
BANK
INDU
BREW
PROP
AGRI
BREW
BANK
INSU
CONS
CONS
INVE
BANK
HOTL
BANK
TRPT
PROP
INSU
INDU
PROP
BANK
INVE
INDU
INDU
INDU
INVE
Crncy
XOF
BWp
ZAr
MWk
MWk
TND
ZMK
MUR
BWp
UGX
ZMK
MWk
MUR
KES
XOF
USD
UGX
BWp
MWk
TZS
BWp
BWp
ZMK
MWk
GHS
MWk
USD
TZS
GHS
GHS
Price
109,600
13.90
20.46
251.0
435.0
15.08
5.00
360.0
2.60
8,525
13.50
19.00
360.0
13.50
79,550
2.80
902.0
5.68
31.00
470.0
2.30
2.55
6.87
6.91
0.35
50.00
0.09
640.0
0.02
4.50
% chg
4.9
1.5
0.0
4.7
10.8
2.0
18.7
0.2
1.6
0.1
-
Move
Up
Up
Up
Flat
Flat
Up
Flat
Up
Up
Flat
Flat
Flat
Flat
Flat
Up
Flat
Flat
Up
Flat
Flat
Flat
Up
Flat
Up
Flat
Flat
Flat
Flat
Flat
Movement (% chg)
YTD 12 mths
13.2
56.6
20.8
24.1
10.5
25.3
4.1
6.4
2.4
10.1
64.1
93.3
55.8
83.4
25.0
36.8
13.6
30.9
12.5
12.5
0.2
26.7
7.5
20.2
104.5
245.9
28.7
47.9
33.0
55.6
14.8
81.4
12.2
13.9
7.6
7.6
71.9
229.0
45.8
45.8
20.5
51.1
16.4
30.6
45.2
Made
High**
0
0
0
6
27
0
8
0
6
2
9
6
0
1385
0
69
7
3
2
79
2
3
97
0
0
8
882
1
6
204
Off Low
% chg
58.8
24.2
25.3
6.4
10.1
93.3
1,983.3
83.2
39.0
31.2
12.5
369.1
20.8
-244.4
16.7
38.8
55.2
100.0
13.9
9.0
0.0
229.0
45.8
50.8
-33.3
100.0
42.9
MCap
Local m
340,978
3,907
4,226
117,199
92,800
405
1,355
5,921
1,488
418,407
851
44,389
2,979
7,867
43,402
2,550
224,238
508
22,557
91,113
407
308
140
7,940
70
6,750
14
27,182
41
39
USDm
573
392
342
263
208
207
180
168
149
126
113
100
84
79
73
72
68
51
51
46
41
31
19
18
16
15
14
14
9
9
USDm
6 mths
Val (000)
348.7
217.1
34.0
28.0
31.8
48.9
0.1
187.7
240.7
1.5
32.5
2,605.5
20.3
46.8
0.1
63.5
63.2
36.7
0.0
8.6
10.1
0.1
6.0
2.4
12.7
7.9
0.1
-
** # of days since the stock last traded at this price

02 Jul 2015
54
THE AFRICA WEEKLY

Stocks making 12 month lows

Company Name
Delta Corp Zimbabwe
Lafarge Zambia
El Ezz Steel
Bralirwa
BA Investment
ZCCM
Delta Holding
Zambia Sugar
Eqdom
KenGen
Maridive & Oil (USD)
Total Petroleum
Golden Star
SAPH
Gamma Civic
Vivo Energy
Unilever CI
Housing Finance
INNODIS
First Banking Corp
Precision Air
Harel Mallac
Tullow Oil
UT Bank
Kingdom Meikles Africa
Ayrton Drug
Investrust Bank
Uganda Clays
NIC
Country
Zimbabwe
Zambia
Egypt
Rwanda
Kenya
Zambia
Morocco
Zambia
Morocco
Kenya
Egypt
Ghana
Ghana
BRVM
Mauritius
Mauritius
Mauritius
BRVM
Kenya
Mauritius
Zimbabwe
Tanzania
Mauritius
Ghana
Ghana
Zimbabwe
Ghana
Zambia
Uganda
Uganda
Sector
BREW
BUIL
BUIL
BREW
INVE
INVE
BUIL
AGRI
BANK
UTIL
OILG
OILG
RESO
AGRI
BUIL
OILG
HOTL
INDU
BANK
CONS
BANK
TRPT
INVE
OILG
BANK
BANK
PHAR
INVE
BUIL
INSU
Crncy
USD
ZMK
EGP
RWF
KES
ZMK
MAD
ZMK
MAD
KES
USD
GHS
GHS
XOF
MUR
MUR
MUR
XOF
KES
MUR
USD
TZS
MUR
GHS
GHS
USD
GHS
ZMK
UGX
UGX
Price
1.00
24.00
8.43
349.0
20.25
40.00
26.00
5.00
1,182
9.00
0.43
5.30
1.99
13,000
27.00
121.0
20.00
27,745
27.00
50.00
0.07
470.0
101.0
33.00
0.17
0.07
0.17
13.50
18.00
15.00
% chg
-1.0
-0.8
-2.4
-4.8
-0.6
-4.5
-3.4
-13.3
-1.8
-0.5
-5.6
-
Move
Down
Flat
Down
Flat
Down
Flat
Down
Flat
Flat
Down
Flat
Flat
Flat
Flat
Flat
Down
Down
Down
Down
Flat
Flat
Flat
Down
Flat
Down
Flat
Flat
-11.8
Flat
Down
Movement (% chg)
YTD 12 mths
-2.0
-23.1
-7.7
-7.7
-39.7
-49.0
-8.2
-23.3
-31.9
-3.6
-11.1
-10.3
-9.0
-24.2
-26.8
-21.2
-26.1
-12.6
-12.6
-23.2
-58.7
-13.1
-18.7
-15.0
-27.6
-26.0
-27.8
-34.1
-44.8
-12.9
-7.1
-74.9
-77.1
-25.0
-25.1
-41.0
-42.6
-10.7
-13.0
-12.5
-39.1
-7.8
-16.0
-5.7
-4.3
-32.0
-57.5
-54.8
-65.0
-5.6
-10.0
-10.0
-25.0
-40.0
Made
Low**
0
0
0
14
0
13
0
6
7
0
0
0
23
0
0
0
0
1
0
0
0
79
0
8
0
8
3
183
2
0
Off High
% chg
-28.6
-11.1
-56.0
-24.9
-45.3
-11.1
-21.2
-26.8
-28.8
-30.8
-60.6
-19.0
-15.0
-31.6
-47.6
-16.6
-77.5
-32.3
-46.3
-19.4
-42.9
-16.0
-8.3
-57.5
-63.2
-5.6
-10.0
-40.0
MCap
Local m
1,235
4,801
4,580
358,971
38,302
2,153
2,278
1,583
1,974
19,785
1,190
593
508
66,451
3,598
3,548
3,228
44,686
6,365
1,837
47
91,113
1,137
117
78
17
37
63
16,200
6,058
USDm
1,235
636
593
499
384
285
233
210
202
199
154
136
117
112
102
100
91
75
64
52
47
46
32
27
18
17
8
8
5
2
USDm
6 mths
Val (000)
1,488.6
135.1
6,209.2
367.3
619.8
3,232.3
262.7
16.4
84.3
233.2
643.0
45.5
0.2
87.0
1,234.7
27.1
968.3
4.6
262.3
51.4
19.7
0.0
0.5
0.0
11.6
14.9
0.0
0.8
15.6
** # of days since the stock last traded at this price

02 Jul 2015
55
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

African Alliance Botswana Securities
African Alliance Securities Ghana
African Alliance Kenya Investment Bank
Exchange House, Plot 64511
2nd Floor, Heritage Tower
1st Floor, Transnational House
Fairgrounds Office Park
6th Avenue, Ridge Ambassadorial Enclave
Mama Ngina Street
Gaborone, Botswana
Accra, Ghana
Nairobi, Kenya
Telephone: +267 318 8958
Telephone: +233 30 267 9761-2
Telephone: +254 20 276 2000
African Alliance Lesotho
African Alliance Securities (Malawi)
African Alliance Rwanda
Suite 4, Metropolitan Building
4th Floor, Livingstone Towers
1st Floor, Kigali City Tower
214 Moshoeshoe Road
Glyn Jones Road
Avenue du Commerce
Maseru, Lesotho
Blantyre, Malawi
Kigali, Rwanda
Telephone: +266 22 312 673
Telephone: +265 183 1995
Telephone: +250 785 694 490
African Alliance Stockbrokers
African Alliance Stockbroking Holdings
African Alliance Swaziland Securities
Wing 4, First Floor, Kaita Gardens,
1st Floor, Ebene Heights
2nd Floor, Nedbank Centre
Plot 1676, Oladele, Olashore Street,
32 Ebene Cybercity
Cnr Sishayi and Sozisa Roads
Victoria Island, Lagos, Nigeria
Ebene, Mauritius
Mbabane, Swaziland
Telephone: +234 1 460 5065
Telephone: +230 404 7400
Telephone: +268 2 404 2002
African Alliance Securities Trading
African Alliance Uganda
African Alliance Securities Zambia
4th Floor, 23 Melrose Boulevard
1st Floor, Workers House
The Colosseum, Block A, Ground Floor
Melrose Arch 2196
1 Pilkington Road
Bwinjimfumu Road
Johannesburg, South Africa
Kampala, Uganda
Lusaka, Zambia
Telephone: +27 11 214 8300
Telephone: +256 417 777700
Telephone: +260 211 840 512
This document is confidential and issued for the information of internal and external clients of African Alliance Ltd (Reg no 79171C, Isle of Man) and its subsidiaries (African Alliance). It is
subject to copyright and may not be reproduced in whole or in part without written permission from the author. The information, opinions and recommendations contained herein are and must
be construed solely as statements of opinion and not statements of fact. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any
particular purpose of any such recommendation or information is given or made by African Alliance in any form or manner whatsoever. Each recommendation or opinion must be weighed
solely as one factor in any investment or other decision made by or on behalf of any user of the information contained herein and such user must accordingly make its own study and evaluation
of each strategy / security that it may consider purchasing, holding or selling and should appoint its own investment or financial or other advisors to assist the user in reaching any decision.
African Alliance will accept no responsibility of whatsoever nature in respect of any statement, opinion, recommendation or information contained in this document. African Alliance is an
investment bank, and provides a full range of investment banking services. It and its affiliate companies conduct investment banking business that relates to companies covered in its research,
including market making, proprietary trading, fund management and providing investment services. African Alliance has a policy in place to avoid or manage conflicts of interest that may arise
due to its diverse activities. Our traders or other professional staff may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to
the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the
recommendations or views expressed in this research.

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The Africa Weekly

Equity Research | Pan-Africa | News & Analysis

THE AFRICA WEEKLY

Dollar Return (% chg)

1 year price charts

AA Indes (1.5; -0.1% w/w)

MSCI WORLD (1,747.3; -1.9% w/w)

Crude Oil (62.1; -1.8% w/w)

MSCI EM (971.5; -1.7% w/w)

S&P 500 (2,076.8; -1.2% w/w)

Copper (5,778.0; +0.4% w/w)

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

1 month price charts

Uganda: -1.36% Kenya

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Inflation and Interest Rate Summary

Bond Rate (%) Maturity Date

Maturity Prime (%)

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira)

Current account balance (% GDP)

Expected reporting date

WAPIC INSURANCE PLC

2015 2016E 2017F

DPS Last Cum date

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira)

Avg weekly value traded

May & Baker Nigeria

Rebased Index Performance

Top 5 (value) traders

Market Cap (NGN bn) : Current vs Peak

*The index is the NSE ALSI, an all share index

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Nigerian Stock Exchange (Nigerian Naira)

Stanbic IBTC Holdings

Union Bank Nig.

7-Up Bottling Comp.

-28.1 2,939,488 14,779

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi)

Current account balance (% GDP)

Expected reporting date

2015 2016E 2017F

DPS Last Cum date

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi)

Avg weekly value traded

Rebased Index Performance

Top 5 (value) traders

Market Cap (GHS m) : Current vs Peak

*The index is the GSE ALSI, an all share index

African Alliance Pan-African Securities Research

THE AFRICA WEEKLY

Ghana Stock Exchange (Ghana Cedi)

African Alliance Pan-African Securities Research