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Databank AFRICA MARKET FOCUS
Leadership
WEEKLY REPORT ON AFRICAN STOCK MARKETS
OVERVIEW AUGUST 15, 2008
Africa: Dollar Returns Recede on Markets
• Most African stock markets remained under the
weather as markets such as Zambia, Egypt, Nigeria INSIDE THIS ISSUE
Africa Overview
and Namibia declined. Africa: Dollar Returns Recede on Markets …..1
• Of the 15 markets we cover, only 3 appreciated Ghana
during the week, namely; BRVM, Ghana and EBG Trades Blocks ….3
Tunisia. Kenya
• Ghana’s market will continue to surge; both in Surprise Surge! …5
terms of market activity and price gains. BRVM Namibia
currently tops Africa as the Best Performing Market NSX Posts a 5.06% Recovery …7
(USD terms), and will remain an attractive market Nigeria
for investors in the coming week. Mobil & Chevron up - Bearish Market Persist …9
• Africa Markets are being hit hard by the Uganda
strengthening of the dollar, significantly eating into USE Returns Slipping into Negative Territory ….10
any gains made by the exchanges in the earlier part
of the year. This trend would persist in the coming
week.
PERFORMANCE OF STOCK MARKETS ACROSS AFRICA
STOCK MARKET CHANGE (%) MKT LATEST
COUNTRIES WEEKLY P/E (X) CAP INFLATION
NAME INDEX LEVEL YTD (LC) YTD (USD) (US$BN) (%)
[USD]
BRVM BRVM Comp 256.61 1.55% 28.66% 30.31% na 9.61 na
Ghana DSI 12229.52 1.26% 44.50% 28.76% 18.11 15.87 18.41
Tunisia TUNINDEX 3170.46 0.57% 21.28% 22.08% 12.20 6.27 5.3
Malawi Domestic 4469 0.00% 16.88% 16.23% 11.21 1.47 8.1
Tanzania DSEI 1078.46 -0.62% 5.47% 1.27% na 2.90 9.1
Uganda ALSI 996.53 -0.98% 0.55% 6.04% 16.59 3.76 12.4
Kenya NSE 20 4689.92 -1.23% -13.86% -17.31% 19.96 15.76 31.5
Botswana DCI 7489.79 -2.69% -11.12% -17.20% 13.10 4.24 12.1
Morocco MASI 14073.49 -3.49% 10.86% 11.09% na 86.23 3.7
South Africa JSE All Share 27181.64 -3.60% -6.13% -18.08% na na 11.7
Mauritius SEMDEX 1730.04 -3.86% -6.60% -6.88% 12.60 5.60 8.8
Namibia Overall 827.77 -3.89% -10.94% -22.38% 8.70 138.52 9.7
Nigeria All Share 47517.87 -4.31% -18.06% -18.60% na 81.51 9.7
Egypt CASE 30 8223.08 -7.88% -22.05% -19.44% 15.30 152.97 19.7
Zambia All Share 3682.07 -13.27% 4.20% 17.55% 18.46 6.79 10.9
Databank
GHANA: Inflation Now 18.3% GLOBAL COMMODITIES/METAL MARKET
Due To Base Period Effect
Commodity/Metal Year Open Week Week
Open Close
Cocoa ($, per metric tonne) 2,050.00 2801.00 2,678.00
Headline inflation for Ghana dipped marginally by 100 basis Gold ($, per ounce) 840.60 871.60 793.80
points to 18.3% (y/y) due to a base period effect. Though the Coffee (cents, per lb) 133.35 139.60 138.00
Consumer Price Index [CPI] increased from 260.5 points in June
Oil ($, per barrel) 94.21 116.38 112.37
to 263.4 points in July, the percentage increase in the
corresponding period in 2007 was relatively higher; thus leading
to a lower inflation outturn for July.
We expect the risks posed by further depreciation of the local
MUTUAL FUNDS (AS AT AUGUST 14, 2008)
currency in the coming month, as well as, increased domestic
liquidity induced by fiscal and banking sector expansion to lead Fund Name Price Weekly YTD
to a marginal increase in inflation. Though domestic petroleum Change (%) Change
prices are likely to remain unchanged during the period and food Epa¢k Investment Fund 0.9527 -1.20% 10.38%
inflation is likely to recover. We believe that the balance of risk Balanced Fund (Bid) 0.1124 -1.32%
is on the upside. Consequently, we expect inflation for August 12.40%
Balanced Fund (Offer) 0.1135 -1.30%
to increase marginally to 18.6%.
Fund Name Price Change (%) Annualized
Yield
Global Commodity Market Update and Outlook MFund (Bid) 0.1792 0.39%
14.94%
MFund (Offer) 0.1809 0.39%
The International Commodities Market saw declines in Cocoa,
Gold, Coffee and Oil. Crude oil price declined by $4.01 to
$112.37 per barrel. BOND MARKETS
Gold futures and Cocoa futures also fell by $77.8 and $123 to
close the week at $793.80 per ounce and $2,678 per metric Indicator Level Weekly Change YTD CHG.
tonne respectively. Ghana - DBI (¢) 103.44 0.00% %
Coffee also edged down by 1.60 cents to 138.00 cents per lb. Ghana - DBI ($) 0.01 0.00% %
Ghana - W. Coupon
The conflict between Russia and Georgia did not cause price 13.75 0.00 −
Yield (%)
surges in oil as most analysts anticipated. Oil prices did sway
Ghana - W. Current
through the week, but fell by the end of the week as OPEC 13.71 0.00 −
Yield (%)
predictions of falling demand made traders on the market jittery.
Commodity prices look set for a further downward slide next Ghana - W. Yield-to-
13.63 0.00 −
week as the dollar continues to strengthen against a backdrop of Maturity (%)
receding demand figures.
Cedi Depreciation against Major Trading Currencies
4.00%
Ghana Currency Market Update 2.00%
0.00%
12/31/07
1/12/08
1/24/08
2/5/08
2/17/08
2/29/08
3/12/08
3/24/08
4/5/08
4/17/08
4/29/08
5/11/08
5/23/08
6/4/08
6/16/08
6/28/08
7/10/08
7/22/08
8/3/08
8/15/08
-2.00%
-4.00%
The cedi again recovered against the pound and euro on the -6.00%
$
Interbank Market this week, though it continued to decline -8.00%
£
EURO
against the dollar. The cedi fell by GH¢0.0048 against the dollar -10.00%
to GH¢1.0772, but strengthened against the pound and euro to -12.00%
GH¢1.9980 and GH¢1.5853 respectively. -14.00%
-16.00%
-18.00%
Databank
GHANA
EBG Trades Blocks
MARKET STATISTICS
Indicators Level Change (%) YTD (%) As trading activity picked up on the GSE this week, the number
DSI (GH ¢) 12,229.52 1.71% 44.50% of share price changes slowed down; from eight last week to six
DSI ($) 1.14 1.26% 28.77% at the end of this week. The Databank Stock Index however
GSE (GH ¢) 10,626.29 1.05% 61.01% moved up significantly from last week’s levels by 1.71% to
Mkt Cap (GH¢’bn) 17.10 0.41% 29.95% 12,229.52 points.
P/E (x) 18.11 0.15 −
Volumes traded also shot up by 964% with the rise in turnover
Dividend Yield (%) 1.32 -0.01 − going above 3,700%. This sharp rise was aided by block trades
Earnings Yield (%) 5.52 -0.04 − in Ecobank Ghana on Thursday and Friday. This resulted in the
banking stock accounting for 66% of aggregate shares traded
and 96% of market value. A total of nearly 3.6 million shares
valued at GH¢11.43 million were traded on the floor of the
SHARE PRICE MOVEMENT GSE.
Equity Ticker Price (GH¢) Change (%) YTD (%) Outlook
SPPL 1.00 ▲6.38% 91.06%
FML 2.60 ▲4.00% 100.00% Market Activity did improve this week as investors focused on
TOTAL 2.35 ▲2.17% 91.06% impressive half year results released by a number of
EBG 2.94 ▲2.08% 39.34% companies. Price earning valuations have also improved
UNIL 4.39 ▲1.15% 119.50% significantly in a number of stocks, meaning investors will be
able to pick up some fairly priced stocks on the market next
EIC 6.20 ▲0.49% 12.91%
week.
The GSE will continue to rally with EIC, EBG, UNIL & FML
still showing the way.
FIXED INCOME
Security Year Open Week Open Week Close
91 Day Bill (%) 10.62 20.79 22.06
182 Day Bill (%) 10.80 22.77 25.46 Databank Stock Index [Trend Graph]
1 Year Note (%) 12.30 19.50 20.00
2 Year Note (%) 12.80 17.50 18.00 12,000
3 Year Bond (%) - - - 11,500
11,000
CURRENCY MARKET 10,500
10,000
Currency Level Weekly YTD (%)
Change (%) 9,500
Dollar 1.0772 -0.45% -10.89% 9,000
Pound 1.9980 3.59% -4.02%
8,500
Euro 1.5853 2.64% -10.77%
8,000
3-Jan-08
18-Jan-08
2-Feb-08
17-Feb-08
3-Mar-08
18-Mar-08
2-May-08
17-May-08
1-Jun-08
16-Jun-08
1-Jul-08
16-Jul-08
31-Jul-08
2-Apr-08
17-Apr-08
15-Aug-08
RETURN ANALYSIS SHEET (GH¢)
12 Month LISTED EQUITY TICKER Week-on-Week Year-to-Date MARKET STATISTICS KEY FINANCIAL RATIOS PER SHARE DATA (GH¢) Capitalisation
High (GH¢) Low (GH¢) Year Open (GH ¢) Week Open (GH ¢) Week Close (GH ¢) Change Change Volume Turnover (GH ¢) P/E (x) P/BVS (x) Div. Yield (%) ROE (%) EPS DPS BVS (GH ¢ million)
23.03 5.95 1.38 25.84
0.70 0.34 Cal Bank CAL 0.44 0.70 0.70 0.00% 58.37% 16,894 11,300 16.76 3.57 1.50 21.31 0.04 0.01 0.20 113,872,227
4.62 1.50 Ecobank Ghana Limited EBG 2.00 4.39 4.62 5.24% 131.00% 2,386,005 10,976,609 29.09 13.53 1.46 46.51 0.16 0.07 0.34 744,859,500
2.32 0.45 Ecobank Transnational Incorporated ETI 0.26 0.45 0.45 0.00% 75.58% 13,873 6,243 25.46 6.66 0.82 26.15 0.02 0.00 0.07 4,399,799,848
1.38 0.70 Ghana Commercial Bank GCB 1.00 1.35 1.35 0.00% 35.68% 18,317 24,728 11.40 1.97 2.54 17.32 0.12 0.03 0.68 357,750,000
0.62 0.50 HFC Bank HFC 0.54 0.62 0.62 0.00% 14.81% 100,315 62,195 21.88 5.28 1.29 24.15 0.03 0.01 0.12 78,797,263
37.07 19.00 Standard Chartered Bank SCB 26.00 37.07 37.07 0.00% 42.58% 1,011 37,478 19.20 6.74 3.91 35.08 1.93 1.45 5.50 652,285,277
1.49 0.14 SG-SSB SG-SSB 1.25 1.35 1.35 0.00% 8.00% 289 390 17.14 3.12 3.33 18.22 0.08 0.05 0.43 192,375,000
1.33 1.33 Trust Bank Ltd (The Gambia) TBL 1.33 1.33 1.33 0.00% 0.00% 0 0 38.11 7.70 0.72 20.20 0.03 0.01 0.17 79,500,000
26.55 5.55 1.72 20.91
0.12 0.12 Accra Brewery ABL 0.12 0.12 0.12 0.00% 0.00% 160 19 39.02 2.85 0.87 7.31 0.00 0.00 0.04 28,686,750
2.35 0.97 Guinness Ghana Breweries GGBL 1.23 2.35 2.35 0.00% 91.06% 6,160 14,310 25.94 5.97 1.78 23.01 0.09 0.04 0.39 386,977,966
Consumer Goods Industry (Participants, Averages) 8.61 3.42 3.23 39.72
1.00 0.74 PZ Cussons PZ 0.83 1.00 1.00 0.00% 20.31% 8,600 8,600 8.10 1.53 1.05 18.89 0.12 0.01 0.65 28,000,000
0.08 0.02 Super Paper Products SPPC 0.03 0.06 0.08 33.33% 142.42% 629,088 44,551 -8.32 0.80 9.38 -9.58 -0.01 0.01 0.10 1,555,200
3.00 2.00 Unilever Ghana UNIL 2.11 2.94 3.00 2.04% 42.18% 23,361 79,199 8.54 4.34 3.50 50.78 0.35 0.11 0.69 187,500,000
Distribution & Trading Industry (Participants, Averages) 22.36 2.98 1.75 13.32
0.04 0.04 CFAO CFAO 0.04 0.04 0.04 0.00% 14.29% 19,190 768 6.41 2.01 1.05 31.34 0.01 0.00 0.02 9,669,968
0.21 0.21 Mechanical Lloyd MLC 0.21 0.21 0.21 0.00% 0.00% 219,497 44,810 7.05 0.84 2.86 11.91 0.03 0.01 0.25 10,520,144
7.20 5.48 Total Petroleum Gh. Ltd TOTAL 5.49 6.20 7.20 16.13% 31.12% 3,552 25,422 17.25 1.75 3.81 10.13 0.42 0.27 4.12 100,686,665
0.40 0.22 Ghana Oil Company Ltd GOIL 0.31 0.40 0.40 0.00% 29.03% 13,557 5,423 19.35 3.66 0.00 18.92 0.02 0.00 0.11 84,074,496
0.24 0.22 Produce Buying Company PBC 0.24 0.22 0.22 0.00% -8.33% 0 0 149.79 16.58 1.14 11.07 0.00 0.00 0.01 105,600,000
Food Industry (Participants, Averages) 18.59 6.55 1.00 35.21
4.60 2.11 Fan Milk FML 2.39 3.91 4.60 17.65% 92.47% 5,239 23,428 18.59 6.55 1.00 35.21 0.25 0.05 0.70 91,008,921
Manufacturing Industry (Participants, Averages) -24.86 2.11 1.39 -8.50
0.74 0.62 Aluworks ALW 0.71 0.62 0.62 0.00% -12.68% 7,550 3,441 -7.47 3.43 2.42 -45.92 -0.08 0.02 0.18 25,840,305
0.17 0.16 Camelot Ghana CMLT 0.17 0.16 0.16 0.00% -5.88% 75,380 12,061 -174.91 3.00 2.81 -1.72 0.00 0.00 0.05 1,046,752
0.05 0.05 Cocoa Processing Company CPC 0.05 0.05 0.05 0.00% 0.00% 1,964 98 153.54 1.83 0.75 1.19 0.00 0.00 0.03 58,343,791
0.08 0.07 Pioneer Kitchenware Limited PKL 0.08 0.07 0.07 0.00% -12.50% 0 0 -3.03 1.21 3.57 -39.92 -0.02 0.00 0.06 1,154,454
0.03 0.03 Sam Woode Limited SWL 0.03 0.03 0.03 0.00% 0.00% 0 0 -18.05 1.53 13.21 -8.47 0.00 0.00 0.02 578,443
Mining Industry (Participants, Averages) -13.83 2.50 0.93 -18.05
30.00 30.00 AngloGold Ashanti AGA 30.00 30.00 30.00 0.00% 0.00% 0 0 -13.73 3.58 1.01 -26.08 -2.18 0.30 8.38 8,305,296,330
0.35 0.35 AngloGold Ashanti Ghanaian Depository Shares AADs 0.35 0.35 0.35 0.00% 0.00% 377 132 -0.19 n.a 0.88 n.a. -1.79 0.00 6.87 33,770,955
3.10 3.10 Golden Star Resources GSR 3.00 3.10 3.10 0.00% 3.33% 0 0 5.8956 1.1430 0.0000 19.3876 0.53 0.00 2.71 733817371.1000
Insurance Industry (Participants, Averages) 17.19 3.15 0.85 18.35
2.63 1.20 Enterprise Insurance EIC 1.30 2.60 2.63 1.15% 102.31% 8,310 21,925 15.45 4.31 0.46 27.91 0.17 0.01 0.61 67,241,092
0.63 0.33 State Insurance Company SIC 0.30 0.63 0.63 0.00% 110.00% 17,506 11,029 18.31 2.75 1.05 15.02 0.03 0.01 0.23 123,256,350
ICT Industry (Participants, Averages) 484.01 2.96 2.97 0.61
0.08 0.08 Clydestone CLYD 0.08 0.08 0.08 0.00% 0.00% 0 0 -58.08 4.82 3.75 -8.30 0.00 0.00 0.02 2,720,000
0.12 0.11 Transactions Solutions Ltd TRANSOL 0.12 0.11 0.11 0.00% -8.33% 0 0 124.59 2.65 2.73 2.12 0.00 0.00 0.04 8,800,000
Agro-Processing Industry (Participants, Averages) 16.63 2.43 1.12 14.60
1.30 0.48 Benso Oil Palm Plantation BOPP 0.49 1.30 1.30 0.00% 165.31% 9,962 12,951 15.27 2.50 1.15 16.34 0.09 0.02 0.52 45,240,000
0.06 0.05 Golden Web Limited GWEB 0.06 0.05 0.05 0.00% -9.09% 0 0 -9.88 1.34 0.00 -13.55 -0.01 0.00 0.04 1,498,315
Pharmaceuticals Industry (Participants, Averages) 19.51 4.01 1.12 20.53
0.17 0.10 Ayrton Drug Manufacturing AYRTN 0.10 0.16 0.16 0.00% 63.60% 5,070 811 18.83 4.69 1.24 24.90 0.01 0.00 0.03 34,400,000
0.06 0.05 Starwin Products SPL 0.06 0.05 0.05 0.00% -9.09% 3,900 195 29.40 1.70 0.00 5.79 0.00 0.00 0.03 3,703,866
Market with AGA 3,595,127 11,428,115 -57.70 3.33 1.17 -5.77 -0.02 0.01 0.35 17,100,227,247
Market without AGA 18.10 4.08 1.32 22.56 0.03 0.01 0.15 8,761,159,962
Preference Shares
Standard Chartered Bank Preference Shares SCB-P 0.52 0.52 0.52 0.00% 0.00% 0 0
Databank
KENYA
Surprise Surge!
MARKET STATISTICS
Indicators Week Open Week Close YTD (%) A flurry of gains on Thursday and Friday were enough to
NSE 20 (Kshs) 4676.90 4689.92 -13.86 overturn earlier losses in the week and bring the NSE 20 into the
NSE 20 ($) 68.11 67.27 -17.31 black, for this week. The market index advanced by 0.28% to
Mkt Cap (Kshs’bn) 1086.63 1098.96 29.12 4,689.92 points and recorded a year-to-date return of -13.86%.
Mkt Cap ($’bn) 15.82 15.76 23.95
Kenya Re-Insurance led the charges while Pan Africa Insurance
P/E (x) 19.43 19.96 -
Holdings was the worst loser. Market capitalisation was quoted at
Kshs 1,098.96 billion.
TOP GAINERS
Equity Ticker Price Change YTD (%) Outlook
(Kshs)
Kenya Re-Insurance 16.3 ▲9.03% -3.83 NSE 20 (Trend Graph)
Safaricom was the main reason for the recovery in the NSE 20
Unga 12.15 ▲6.58% -21.36
and could well be the reason for further upsurges in the index
Safaricom 5.9 ▲5.36% 18.00 level.
Bamburi 194 ▲4.86% -1.02
British American Tob. 160 ▲4.58% 15.11 Activity in Safaricom remains high, months after its IPO and
though it has declined after rising in the after-market, it may yet
be making a come-back.
TOP LOSERS
Equity Ticker Price Change YTD (%)
(Kshs)
Pan Africa Ins. Hold. 68 ▼8.72% -31.66
Kakuzi 35.25 ▼7.24% -2.76
Sameer Africa 7.55 ▼5.03% -37.60
AccessKenya 31 ▼4.62% 33.33
Equity Bank 273 ▼4.55% 82.00
6,000.00
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
0.00
3-Jan-08
18-Jan-08
2-Feb-08
17-Feb-08
3-Mar-08
18-Mar-08
2-May-08
17-May-08
1-Jun-08
16-Jun-08
1-Jul-08
16-Jul-08
31-Jul-08
2-Apr-08
17-Apr-08
15-Aug-08
RETURN ANALYSIS SHEET (Kshs)
Listed Equity Week Year-to Date KEY FINANCIAL RATIOS Capitalisation
Year Open (Ksh) Week Open (Ksh) Week Close (Ksh) Change Change P/E (x) P/BVS (x) Div. Yield (%) ROE (%) (Ksh)
Agricultural 40.53 1.15 0.01 2.85 6,712,940,965
Unilever Tea 65.00 45.00 45.00 0.00% -30.77% (20.93) 0.80 - (3.81) 2,199,375,000
Kakuzi 36.25 38.00 35.25 -7.24% -2.76% 3.64 nm - nm 690,899,965
Rea Vipingo 22.25 18.60 18.10 -2.69% -18.65% 9.43 nm 0.04 nm 1,086,000,000
Sasini Ltd 17.50 12.00 12.00 0.00% -31.43% (80.00) 0.89 - (1.12) 2,736,666,000
Commerc.and Allied 41.09 11.28 0.01 27.45 316,538,998,143
AccessKenya Group Ltd 23.25 32.50 31.00 -4.62% 33.33% 31.96 11.24 0.01 35.16 6,196,452,918
Car & Gen 57.00 50.50 50.00 -0.99% -12.28% 6.49 nm 0.01 nm 1,113,980,800
CMC 18.40 19.10 19.25 0.79% 4.62% 9.48 6.32 0.02 66.67 11,217,156,720
Kenya Airways Ltd 63.50 45.75 45.50 -0.55% -28.35% 5.13 1.22 0.04 23.76 21,003,504,522
Marshalls 39.00 30.00 30.50 1.67% -21.79% 10.37 nm 0.03 nm 438,989,733
Nation Media Group. 326.00 165.00 159.00 -3.64% -51.23% 20.81 6.28 0.03 30.18 22,675,072,680
Safaricom Limited 5.00 5.60 5.90 5.36% 18.00% nm nm nm nm 236,000,000,000
Scangroup Ltd 29.75 30.25 31.50 4.13% 5.88% 21.15 10.86 0.03 51.36 5,008,500,000
Standard Group Ltd 57.00 51.50 52.00 0.97% -8.77% 17.28 15.50 0.02 89.72 3,810,301,508
TPS Eastern Africa (Serena) Ltd 78.50 61.00 61.00 0.00% -22.29% 15.60 1.55 0.02 9.91 6,457,749,262
Uchumi Supermarkets 14.50 14.50 14.50 0.00% 0.00% 41.43 nm - nm 2,610,000,000
Finance & Invest. 16.30 5.03 0.03 30.89 406,732,118,711
Barclays Bank 79.00 63.00 63.50 0.79% -19.62% 17.64 5.42 0.03 30.72 86,225,634,000
CFC Bank 129.00 105.00 104.00 -0.95% -19.38% 4.81 2.85 0.19 59.23 28,463,157,944
Diamond Trust 94.50 87.50 88.00 0.57% -6.88% 18.64 4.66 0.02 24.97 14,347,265,504
Equity Bank Ltd 150.00 286.00 273.00 -4.55% 82.00% 40.56 26.69 0.01 65.81 101,085,812,646
Housing Finance 45.75 25.25 26.25 3.96% -42.62% 82.03 4.46 0.00 5.44 6,037,500,000
ICDC 29.75 23.25 22.75 -2.15% -23.53% 11.21 1.52 0.02 13.53 12,511,405,270
Jubilee Holdings Ltd 213.00 183.00 177.00 -3.28% -16.90% 12.91 2.91 0.02 22.57 7,965,000,000
K.C.B Bank 28.50 28.25 29.00 2.65% 1.75% 19.46 4.87 0.02 25.01 57,884,000,000
Kenya Re-Insurance Corp 16.95 14.95 16.30 9.03% -3.83% 13.47 1.52 0.02 11.31 9,780,000,000
National Bank 46.75 58.00 56.50 -2.59% 20.86% 10.09 2.62 - 25.95 11,300,000,000
National Industrial Credit 62.50 54.50 55.50 1.83% -11.20% 21.60 15.46 0.01 71.59 16,466,427,257
Pan Africa Insurance Holdings Ltd 99.50 74.50 68.00 -8.72% -31.66% 16.23 2.57 0.02 15.83 3,264,000,000
Standard Chartered Bank 206.00 193.00 189.00 -2.07% -8.25% 15.57 4.79 0.05 30.79 51,401,916,090
D.Indust. & Allied 16.56 2.77 0.04 16.73 365,952,165,211
Athi River Mining Ltd 93.00 104.00 105.00 0.96% 12.90% 24.65 6.68 0.01 27.11 9,870,000,000
BOC (K) 160.00 160.00 160.00 0.00% 0.00% 11.75 2.50 0.06 21.28 3,124,071,360
Bamburi 196.00 185.00 194.00 4.86% -1.02% 19.58 5.33 0.03 27.21 70,414,099,350
British American Tobacco 139.00 153.00 160.00 4.58% 15.11% 11.54 3.83 0.11 33.14 16,000,000,000
Carbacid 137.00 137.00 137.00 0.00% 0.00% 10.00 nm 0.07 nm 1,551,765,435
Crown Berger 50.50 35.50 35.00 -1.41% -30.69% 20.11 nm 0.03 nm 830,445,000
E.A.Cables 42.00 36.00 36.00 0.00% -14.29% 19.46 9.37 0.03 48.17 7,290,000,000
E.A.Portland 140.00 110.00 110.00 0.00% -21.43% 12.96 2.71 0.02 20.92 9,900,000,000
E.A.Breweries 168.00 183.00 185.00 1.09% 10.12% 19.87 8.59 0.04 43.25 146,293,255,860
Eveready East Africa Ltd 7.95 5.00 5.00 0.00% -37.11% 8.33 nm 0.09 nm 1,050,000,000
Kenol 115.00 89.50 89.50 0.00% -22.17% 10.24 2.77 0.02 27.09 13,172,262,740
K.Pow.& L. 217.00 185.00 190.00 2.70% -12.44% 8.75 3.25 0.02 37.21 15,034,320,000
KenGen 27.75 21.75 21.50 -1.15% -22.52% 19.37 0.72 0.04 3.70 47,264,771,304
Mumias 14.80 10.45 10.20 -2.39% -31.08% 11.21 1.82 0.05 16.25 15,606,000,000
Olympia Capital Holdings 14.55 13.75 13.40 -2.55% -7.90% 9.05 nm - nm 536,000,000
Sameer Africa Ltd 12.10 7.95 7.55 -5.03% -37.60% 17.56 1.09 - 6.22 2,101,485,067
Total 33.75 30.00 29.75 -0.83% -11.85% 9.83 1.10 0.09 11.21 5,147,136,750
Unga 15.45 11.40 12.15 6.58% -21.36% 9.27 nm - nm 766,552,345
Total Market 19.96 4.44 0.03 22.26 1,095,936,223,030
Databank
NAMIBIA
MARKET STATISTICS NSX Posts a 5.06% Recovery
Indicators Level Weekly YTD (%) The NSX made a phenomenal recovery this week greatly helped
Change (%)
by basic materials stocks in particular Anglo American and
Overall Index (N$) 853.64 5.06% -8.15% Paladin Energy. This was in spite of a net decline in the prices of
Overall Index (US$) 107.48 0.66% -19.43% gold and other metals during the week. The overall index was up
Mkt Cap (N$’bn) 1100.23 4.86% -7.24% by 5.06% to with its YTD return improving to -8.15%. The
Mkt Cap (US$’bn) 138.52 -0.18% -19.16% market recorded 14 advancers and 5 losers.
P/E (x) 8.70 0.40 -
Paladin Energy and Anglo American were the week’s firsts while
Data as August, 14 2008
Mutual & Federal Insurance and Trusco Group Holdings were the
TOP GAINERS worst laggards.
Weekly Market capitalization improved by 4.86% to N$1,100.23 billion.
Equity Ticker Price (N$) Change (%) YTD (%)
PDN 37.24 13.85% 21.70%
ANM 429.25 7.85% 3.15%
VKN 9.90 5.88% -6.34%
TRW 31.00 5.08% 14.81%
AOX 25.00 4.60% -22.38%
TOP LOSERS
Equity Ticker Price (N$) Weekly YTD (%)
Change (%) OVERALL INDEX MOVEMENT
MTF 16.40 -3.53% -35.69%
TSO 3.70 -2.89% 5.71% 1,050.00
FST 15.65 -1.88% -22.91% 1,000.00
BWL 62.90 -0.94% -41.60%
950.00
900.00
TOP 5 TRADES 850.00
800.00
Equity [Ticker] Price (N$) Volume Traded
750.00
OLM 14.26 3,059,705
2-Jan-08
17-Jan-08
1-Feb-08
16-Feb-08
2-Mar-08
17-Mar-08
1-May-08
16-May-08
31-May-08
15-Jun-08
30-Jun-08
15-Jul-08
30-Jul-08
1-Apr-08
16-Apr-08
14-Aug-08
TRW 31.00 1,982,741
TSO 3.70 1,065,420
FST 15.65 1,028,740
SLA 18.20 963,900
CURRENCY MARKET
Currency Level Weekly YTD (%)
Change (%)
Dollar 7.94 -4.81% -12.8%
Pound 14.85 -0.83% -6.9%
Euro 11.82 -1.43% -13.7%
RETURN ANALYSIS SHEET (N$)
Listed Equity Ticker Equity Prices Weekly YTD YTD Liquidity Statistics KEY FINANCIAL RATIOS Per Share Data Market Cap Market Cap
Year Open (N$) Week Open (N$) Week Close (N$) Change Chg (N$) Chg (US$) Volume Turnover (N$) P/E (x) P/BVS (x) Div. Yield (%) ROE (%) EPS (N$) DPS (N$) BVS (N$) (N$ million) (US$ million)
Financial Industry 6.84 1.23 7.70 18.01
Banking 9.53 1.98 10.41 20.79
FirstRand FST 20.30 15.95 15.65 -1.88% -22.91% -32.81% 1,028,740 16,492,238 9.43 1.88 28.20 19.91 1.66 4.41 8.34 88,232.04 11,108.71
FNB Namibia Holdings FNB 9.30 10.11 10.11 0.00% 8.71% -5.26% 0 0 8.90 2.18 2.57 24.51 1.14 0.26 4.64 2,705.37 340.61
Nedbank Group Ltd NBK 136.00 105.80 108.00 2.08% -20.59% -30.79% 0 0 7.41 1.40 3.24 18.91 14.57 3.50 77.05 50,454.28 6,352.36
Standard Bank Group SNB 101.00 88.00 89.99 2.26% -10.90% -22.35% 35,600 3,218,952 10.73 2.43 1.79 22.64 8.38 1.61 37.03 137,491.11 17,310.59
Nonlife Insurance 7.43 1.79 2.96 24.08
Mut & Fed Insurance MTF 25.50 17.00 16.40 -3.53% -35.69% -43.95% 0 0 6.28 1.39 2.56 22.13 2.61 0.42 11.81 5,127.71 645.60
Santam Limited SNM 104.00 73.96 76.50 3.43% -26.44% -35.89% 0 0 8.28 2.13 3.19 25.75 9.24 2.44 35.88 9,130.00 1,149.50
Life Insurance 4.92 0.74 3.05 15.09
Metropolitan Holdings Limited MTD 14.95 12.10 12.40 2.48% -17.06% -27.71% 48,200 589,004 4.26 0.94 2.90 22.01 2.91 0.36 13.21 6,677.71 840.75
Old Mutual Plc OLM 22.96 14.15 14.26 0.78% -37.89% -45.87% 3,059,705 44,888,508 4.56 0.59 2.38 12.98 3.12 0.34 24.06 78,638.31 9,900.83
Sanlam Limited SLA 22.60 17.60 18.20 3.41% -19.47% -29.82% 963,900 17,374,356 5.96 1.36 4.35 22.77 3.06 0.79 13.42 40,769.97 5,133.08
Real Estate 9.39 3.48 0.65 37.07
Oryx Properties Limited ORY 12.15 12.50 12.50 0.00% 2.88% -10.34% 0 0 12.31 3.79 3.44 30.78 1.02 0.43 3.30 688.02 86.62
Vukile Property Fund Limited VKN 10.57 9.35 9.90 5.88% -6.34% -18.37% 0 0 8.90 3.42 0.00 38.41 1.11 0.00 2.90 2,925.95 368.39
General Financial 2.24 0.43 2.77 19.05
Investec Limited IVD 65.25 54.25 56.20 3.59% -13.87% -24.94% 5,100 279,531 2.17 0.41 2.82 19.03 25.89 1.59 136.08 14,757.58 1,858.03
Namibia Asset Management Limited NAM 0.25 0.25 0.25 0.00% 0.00% -12.85% 0 0 10.45 3.04 8.00 29.10 0.02 0.02 0.08 50.00 6.30
Trustco Group Holdings Limited TSO 3.50 3.81 3.70 -2.89% 5.71% -7.87% 1,065,420 3,942,097 16.45 3.81 0.64 23.18 0.22 0.02 0.97 518.10 65.23
Consumer Services 16.60 6.10 2.23 36.76
General Retailers 12.56 6.13 3.33 48.81
Nictus NCT 0.80 0.95 0.95 0.00% 18.75% 3.49% 0 0 8.24 0.76 4.00 9.18 0.12 0.04 1.26 50.77 6.39
Truworths TRW 27.00 29.50 31.00 5.08% 14.81% 0.06% 1,982,741 63,454,808 12.58 6.29 3.33 50.00 2.46 1.03 4.93 14,042.86 1,768.04
Food & Drug Retailers 20.68 6.09 1.56 29.43
Shoprite Holdings SRH 43.00 41.00 42.30 3.17% -1.63% -14.27% 0 0 20.68 6.09 1.56 29.43 2.05 0.66 6.95 22,989.18 2,894.42
Consumer Goods 10.98 2.43 3.98 22.13
Breweries 9.37 2.49 2.73 26.54
Namibia Breweries NBS 4.52 5.50 5.50 0.00% 21.68% 6.05% 0 0 9.37 2.49 2.73 26.54 0.59 0.15 2.21 1,135.91 143.01
Food Producers 12.04 2.40 4.62 19.93
Oceana Group Limited OCG 20.00 18.75 18.73 -0.11% -6.35% -18.38% 0 0 12.04 2.40 4.62 19.93 1.56 0.87 7.80 2,205.82 277.72
Industrials 4.92 1.12 3.16 22.81
General Industrials
Barloworld Limited BWL 107.70 63.50 62.90 -0.94% -41.60% -49.10% 0 0 4.92 1.12 3.16 22.81 12.78 1.99 56.03 12,892.42 1,623.20
Basic Materials 10.64 3.55 9.40 33.32
Industrial Metals/Mining 10.60 3.54 9.43 33.41
Anglo-American plc ANM 416.16 398.00 429.25 7.85% 3.15% -10.11% 141,298 56,666,859 10.19 3.42 9.81 33.59 42.12 42.12 125.41 576,447.00 72,576.61
Trans Hex Group THX 10.00 8.51 8.70 2.23% -13.00% -24.18% 21.58 0.89 4.63 4.13 0.40 0.40 9.75 922.65 116.16
Paladin Energy Limited PDN 30.60 32.71 37.24 13.85% 21.70% 6.06% 0 0 22,828.39 2,874.17
Chemicals 14.42 3.87 6.94 26.85
Afrox AOX 32.21 23.90 25.00 4.60% -22.38% -32.36% 375,200 9,185,031 14.42 3.87 6.94 26.85 1.79 1.79 6.66 8,838.75 1,112.83
Market with ANM 8,330,704 206,906,353 8.70 2.01 8.45 23.05 5.77 4.24 25.04 1,100,519.91 138,559.15
Market without ANM 7.50 1.38 6.94 18.38 3.40 1.77 18.48 524,072.91 65,982.54
Preference Shares
Stimulus Investments Limited - Pref SMSP 104.99 105.00 105.00 0.00% 0.01% -12.84% 0 0 129.86 16.35
NB: All Earnings figures have been converted to N$ using OANDA
All P/E multiples based on full year earnings
Databank
NIGERIA
Mobil & Chevron up - Bearish Market Persist
MARKET STATISTICS
Indicators Week Open Week Close YTD (%) Fortunes on the NSE worsened this week with the index level
NSE (N, points) 49,703.56 47,517.87 -18.06% down by 4.40% to 47,517.87 points. This was despite
Mkt Cap (N’bn) 10,125 9,689 - significant rallies in Mobil and Chevron throughout the week,
Volume (bn shares)* 0.39 0.49 - as year-to-date return declined further to -18.06%.
Value (N’bn)* 4.80 4.16 -
*Volume and Value figures for Friday 8th August and 15th August, 2008
Market Capitalisation lost N436 billion to N9,689 billion.
TOP GAINERS*
Equity Ticker Price (N) Change (N)
MOBIL 315.00 ▲15.00
CHEVRON 286.44 ▲13.64
FLOURMILL 63.53 ▲3.02
CADBURY 31.47 ▲1.49
*Gainers for Friday, 15th August, 2008
TOP LOSERS*
Equity Ticker Price (N) Change (N)
TOTAL 206.21 ▼10.85
TOP 5 TRADES*
OANDO 149.15 ▼7.85
NESTLE 197.00 ▼2.50 Equity Ticker Volume Value (N’bn)
WAPCO 40.00 ▼2.00 IAINSURE 200,962,525 0.15
*Losers for Friday, 15th August, 2008
STARCOMMS 29,743,565 0.32
FCMB 16,676,597 0.24
FIXED INCOME FIDELITYBK 16,241,772 0.13
Security 12-May-08 30-June-08 Top trades for Friday, 15th August, 2008
91 Day 8.70 9.25
182 Day 9.10 9.54
364 day 7.99 -
NSE Trend Graph
70,000.00
60,000.00
50,000.00
40,000.00
30,000.00
20,000.00
10,000.00
-
3-Jan-08
18-Jan-08
1-Jun-08
16-Jun-08
1-Jul-08
16-Jul-08
31-Jul-08
2-Feb-08
17-Feb-08
3-Mar-08
18-Mar-08
2-Apr-08
17-Apr-08
2-May-08
17-May-08
15-Aug-08
Databank
UGANDA
USE Returns Slipping into Negative Territory
MARKET STATISTICS
Indicators Week Open Week Close YTD (%) The ALSI is on the threshold of wiping out all its gains this
ALSI (Ushs) 1,013.87 996.53 0.55 year. Year-to-date return is now 0.55% at a level of 996.53
ALSI ($) 0.63 0.62 6.04 points. Declines in 5 stocks as against 2 laggards kept the USE
Mkt Cap (Ushs ’bn) 6,156.90 6,051.60 1.79 in bearish territory.
Mkt Cap ($’bn) 3.80 3.76 7.36
Market Capitalisation is Ushs6,051.60 billion.
P/E (x) 16.87 16.59 -
GAINER
Outlook
Equity Ticker Price Change YTD (%) The laggards continue to multiply on the USE and will need a
Bank of Baroda 4,615 ▲2.90% 103.75 change in fortunes on the cross-listed market to pull back up.
Uganda Clays 11,390 ▲0.22% 111.91
The ball still lies in the hands of stocks such as Kenya Airways,
Jubilee Holding and East African Breweries. These will dictate
the trend of the market next week.
LOSERS
Equity Ticker Price Change YTD (%)
Jubilee Holding 4,254 ▼4.28% -25.34
Kenya Airways 1,081 ▼3.74% -32.31
DFCU 735 ▼3.29% 5.00 ALSI (Trend Graph)
British American Tob. 1,160 ▼2.52% 48.72
East African Breweries 4,398 ▼2.11% 1.24 1,200.00
1,150.00
1,100.00
FIXED INCOME 1,050.00
Security Year Open Week Open Week Close 1,000.00
91 Day Bill (%) 8.03% 8.35% 8.57% 950.00
182 Day Bill (%) - 13.16% 12.80% 900.00
1 Year Note (%) - 12.97% 12.71% 850.00
2 Year Bond (%) - 14.78% 14.78% 800.00
2-Jan-08
17-Jan-08
1-Feb-08
16-Feb-08
2-Mar-08
17-Mar-08
1-May-08
16-May-08
31-May-08
15-Jun-08
30-Jun-08
15-Jul-08
30-Jul-08
3 Year Bond (%) - 13.32% 13.32%
1-Apr-08
16-Apr-08
14-Aug-08
5 Year Bond (%) - 14.07% 14.07%
CURRENCY MARKET
Currency Week Open Week Close YTD (%)
Dollar 1,622 1,610 -
Pound 3,146 3,101 -
Euro 2,501 2,428 -
RETURN ANALYSIS SHEET (Ushs)
Listed Equity Ticker Week Year-to Date KEY FINANCIAL RATIOS Capitalisation
Year Open (Ushs) Week Open (Ushs) Week Close (Ushs) Change Change P/E (x) P/BVS (x) Div. Yield (%) ROE (%) (Ushs)
Local 37.22 8.67 2.04 23.31 1,883,302,508,502
British America Tobbacco BATU 780 1,190 1,160 -2.52% 48.72% 9.28 (374.19) - (4,032.26) 56,932,800,000
Uganda Clays Limited UCL 5,375 11,365 11,390 0.22% 111.91% 48.67 9.58 0.19 19.68 102,510,000,000
Bank of Baroda BOBU 2,265 4,485 4,615 2.90% 103.75% 17.09 4.86 1.54 28.45 184,600,000,000
DFCU Limited DFCU 700 760 735 -3.29% 5.00% 21.45 3.49 1.81 16.25 182,721,635,702
New Vision Limited NVL 1,150 2,510 2,510 0.00% 118.26% 38.61 7.57 0.80 19.60 128,010,000,000
Stanbic Bank Uganda SBU 230 240 240 0.00% 4.35% 23.17 12.38 2.53 53.42 1,228,528,072,800
Cross Listed 13.24 3.64 4.49 27.46 4,134,377,562,252
East African Breweries Limited EABL 4,344 4,493 4,398 -2.11% 1.24% 18.09 6.86 4.65 37.96 3,482,227,224,048
Kenya Airways KA 1,597 1,123 1,081 -3.74% -32.31% 4.69 0.89 4.21 18.89 499,006,338,204
Jubilee Holding Limited JHL 5,698 4,444 4,254 -4.28% -25.34% 11.67 2.33 1.89 20.00 153,144,000,000
Total Market 16.59 4.44 3.73 26.80 6,017,680,070,754
Databank
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Analyst Visit the Databank Group Website for information on other
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