Monthly Market Report

March 2021

Cross the Last Frontier | www.african-markets.com

YTD Indices Performance Heatmap

As of 31/03/2021

AM Monthly Market Report – March 2021 2

YTD Indices Performance (Local Currency vs USD/EUR)

As of 31/03/2021

Selected Markets Index Name Index Value Local (%) USD (%) EUR (%)

Botswana BSE DCI 6,528.39 -5.10 -7.81 -3.54

BRVM BRVM-CI 140.81 -3.14 -7.02 -3.25

Egypt EGX30 10,568.37 -2.55 -2.40 1.63

Ghana GSE-CI 2,213.29 13.99 15.73 20.70

Kenya NSE ASI 158.62 4.28 4.05 8.28

Malawi MSE ASI 32,562.96 0.53 -1.34 2.72

Mauritius SEM ASI 1,610.42 -2.03 -4.20 -0.69

Morocco MASI 11,483.65 1.74 -0.26 4.09

Namibia NSX OI 1,338.31 8.61 6.68 11.13

Nigeria NGSE ASI 39,045.13 -3.04 -1.50 0.92

Rwanda RSE ASI 147.31 -0.57 0.53 3.42

South Africa JSE ASI 66,485.31 11.91 11.39 15.96

Tanzania DSE ASI 1,848.64 1.75 1.75 5.97

Tunisia TUNINDEX 7,089.37 2.97 -0.59 3.56

Uganda USE ASI 1,355.12 3.46 3.23 7.51

Zambia LuSE ASI 4,021.07 2.78 -1.45 2.66

Zimbabwe ZSE ASI 4,488.78 70.27 64.99 73.21

Note: USD and EUR returns are indicative

* Close of 28 February 2021

AM Monthly Market Report – March 2021 3

Market Capitalization of Selected Markets

As of 31/03/2021

USD million

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000

Botswana 35,067

BRVM 7,575

Egypt 41,350

Ghana 9,881

Kenya 22,287

Malawi 2,255

Mauritius 8,322

Morocco 65,637

Nigeria 53,565

Rwanda 3,513

Tanzania 6,624

Tunisia 8,631

Uganda 5,152

Zambia 2,630

Zimbabwe 6,300

AM Monthly Market Report – March 2021 4

Botswana Stock Exchange

Market Code BSE Website www.bse.co.bw 6,528.39

Inception 1994 BSE DOMESTIC COMPANIES INDEX Currency Botswana Pula (BWP) As of 31/03/2021 Trading Sessions 10:30 - 13:30 (GMT+2) Main Index BSE Domestic Companies Index

Index Performance (%) 1M 3M YTD 1Y 2Y -2.12 -5.10 -5.10 -12.81 -17.21

Market Cap. (Mln BWP)

31/12/20 31/03/21 % Change 391,222 389,961 -0.32

BWP vs USD 31/12/20 31/03/21 % Change 10.80 11.12 +2.94

Close Change Close Change

Top Gainers (BWP) (%) Top Decliners (BWP) (%) Tlou Energy Plc 0.50 +51.52 Turnstar Holdings Limited 1.98 -20.80 Lucara Diamond Corp 7.00 +36.99 Absa Bank Botswana Limited 4.39 -18.40 Seed Co International Limited 2.20 +18.92 Sechaba Brewery Holdings 17.40 -15.74 Standard Chartered Botswana 1.50 +3.45 Botswana Telecommunications 0.70 -14.63 Letlole La Rona Limited 2.31 +0.87 G4S Botswana Limited 3.00 -11.76

Market Cap 2021 listings Top 5 Market Cap (Mln BWP) none Anglo American Plc 333,883 Investec Limited 17,116 2021 de-listings First National Bank Botswana Limited 5,418 none

Botswana Holding Limited 4,941 Absa Bank Botswana Limited 3,741

AM Monthly Market Report – March 2021 5

Bourse Régionale des Valeurs Mobilières

Market Code BRVM Website www..org 140.81

Inception 1998 BRVM COMPOSITE INDEX Currency CFA Franc (XOF) As of 31/03/2021 Trading Sessions 9:00 - 15:00 (GMT) Main Index BRVM Composite Index

Index Performance (%) 1M 3M YTD 1Y 2Y +1.54 -3.14 -3.14 +5.01 -19.31

Market Cap. (Mln XOF)

31/12/20 31/03/21 % Change 4,367,676 4,237,492 -2.98

XOF vs USD 31/12/20 31/03/21 % Change

536.97 559.38 +4.17

Close Change Close Change

Top Gainers (XOF) (%) Top Decliners (XOF) (%) Nestle CI 620.00 +93.75 NSIA Banque CI 3,550.00 -40.83 SAPH 2,100.00 +50.00 Alios Finance CI - SAFCA 185.00 -33.93 PALMCI 3,000.00 +33.33 Servair 905.00 -27.02 SITAB 700.00 +32.08 BICICI 5,005.00 -25.07 SMB 4,000.00 +29.87 Total CI 1,225.00 -22.96

Market Cap 2021 listings Top 5 Market Cap (Mln XOF) none SONATEL 1,290,000 Oragroup 268,983 2021 de-listings SGBCI 247,333 none

Coris Bank International 243,200 Transnational Inc. 235,093

AM Monthly Market Report – March 2021 6

Dar Es Salaam Stock Exchange

Market Code DSE Website www.dse.co.tz 1,848.64

Inception 1996 DSE ALL SHARE INDEX Currency Tanzanian Shilling (TZS) As of 31/03/2021 Trading Sessions 10:00 - 14:00 (GMT+3) Main Index DSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y +0.25 +1.75 +1.75 +5.78 -10.27

Market Cap. (Mln TZS)

31/12/20 31/03/21 % Change 15,094,730 15,358,590 +1.75

TZS vs USD 31/12/20 31/03/21 % Change

2,318.54 2,318.50 -

Close Change Close Change

Top Gainers (TZS) (%) Top Decliners (TZS) (%) Dar es Salaam Stock Exchange 1,100.00 +25.00 Jatu Plc 1,700.00 -42.95 CRDB Bank 230.00 +17.95 Tanga Cement Company 405.00 -19.00 NICOL 190.00 +2.70 - - - - -

Market Cap 2021 listings Top 5 Market Cap (Mln TZS) none Tanzania Breweries Limited 3,216,110 Vodacom Tanzania Plc 1,724,800 2021 de-listings Tanzania Cigarette Company 1,700,000 none

NMB Bank Plc 1,170,000 CRDB Bank 600,720

AM Monthly Market Report – March 2021 7

Egyptian Exchange

Market Code EGX Website www.egx.com.eg 10,568.37

Inception 1883 EGX 30 INDEX Currency Egyptian Pound (EGP) |US Dollar (USD) As of 31/03/2021 Trading Sessions 10:30 - 14:30 (GMT+2) Main Index EGX 30 Index

Index Performance (%) 1M 3M YTD 1Y 2Y -8.30 -2.55 -2.55 +10.16 -28.29

Market Cap. (Mln EGP)

31/12/20 31/03/21 % Change 650,868 649,892 -0.15

EGP vs USD 31/12/20 31/03/21 % Change

15.74 15.72 -0.15

Close Change Close Change

Top Gainers (EGP) (%) Top Decliners (EGP) (%) El Ebour Real Estate Investment 42.82 +326.07 Atlas For Land Reclamation 0.52 -92.54 El Kahera El Watania Investment 14.45 +96.87 Cairo Oils & Soap 5.15 -88.05 Arab Ceramic Co 4.36 +93.78 Arab for Asset Management 0.79 -85.21 Universal Co. for Packaging 12.74 +85.17 Electro Cable Egypt Company 0.46 -83.97 Golden Textiles & Clothes Wool 7.91 +80.59 Egyptian For Dev. Building Mat. 0.61 -81.46

Market Cap 2021 listings Top 5 Market Cap (Mln EGP) 17/02/21 : Orascom Financial Holdings Commercial International Bank - CIB 85,380 Qatar National Bank Alahly 34,930 2021 de-listings Fawry 30,041 none

Abu Qir Fertilizers 26,979 Eastern Tobacco 25,695

AM Monthly Market Report – March 2021 8

Ghana Stock Exchange

Market Code GSE Website www.gse.com.gh 2,213.29

Inception 1989 GSE-COMPOSITE INDEX Currency Cedi (GHS) As of 31/03/2021 Trading Sessions 9:30 - 15:00 (GMT+1) Main Index GSE-Composite Index

Index Performance (%) 1M 3M YTD 1Y 2Y +0.56 +13.99 +13.99 +2.49 -9.83

Market Cap. (Mln GHS)

31/12/20 31/03/21 % Change 54,375 57,159 +5.12

GHS vs USD 31/12/20 31/03/21 % Change

5.87 5.79 -1.50

Close Change Close Change

Top Gainers (GHS) (%) Top Decliners (GHS) (%) MTN Ghana 0.85 +32.81 Ghana Plc 6.06 -26.90 Societe Generale Ghana Limited 0.75 +17.19 Ecobank Transnational Inc. 0.07 -12.50 Total Petroleum Ghana Plc 3.15 +11.31 Aluworks Limited 0.10 -9.09 Standard Chartered Bank 18.15 +11.28 CalBank Plc 0.64 -7.25 Ghana Limited Access Bank Ghana Plc 4.30 -2.05

GCB Bank Limited 4.50 +11.11

Market Cap 2021 listings Top 5 Market Cap (Mln GHS) none Tullow Oil Plc 16,899 AngloGold Ashanti Limited 15,424 2021 de-listings MTN Ghana 10,447 none Standard Chartered Bank Ghana 2,446 Ecobank Ghana Limited 2,322

AM Monthly Market Report – March 2021 9

Lusaka Securities Exchange

Market Code LuSE Website www.luse.co.zm 4,021.27

Inception 1993 LuSE ALL SHARE INDEX Currency Zambian Kwacha (ZMW) As of 31/03/2021 Trading Sessions 11:00 - 14:00 (GMT+2) Main Index LuSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y +0.93 +2.78 +2.78 -5.00 -28.19

Market Cap. (Mln ZMW)

31/12/20 31/03/21 % Change 57,740 58,057 +0.55

ZMW vs USD 31/12/20 31/03/21 % Change

21.17 22.08 +4.30

Close Change Close Change

Top Gainers (ZMW) (%) Top Decliners (ZMW) (%) Zanaco Plc 0.70 +48.94 ZAFFICO Plc 1.95 -8.02 Real Estate Investments Zambia 0.54 +38.46 Standard Chartered Bank Zambia 1.35 -3.57 CEC Africa Investment Limited 0.17 +30.77 Investrust Bank Plc 15.00 +25.00 Copperbelt Energy Corporation 1.25 +13.64

Market Cap 2021 listings Top 5 Market Cap (Mln ZMW) none Shoprite Holdings Limited 34,245 ZCCM Investment Holdings Plc 6,239 2021 de-listings Zambian Breweries Plc 3,948 none Airtel Networks Zambia Plc 3,067 Standard Chartered Bank Zambia 2,250

AM Monthly Market Report – March 2021 10

Casablanca Stock Exchange

Market Code BVC Website www.casablanca-bourse.com 11,483.65

Inception 1929 MASI INDEX Currency Moroccan Dirham (MAD) As of 31/03/2021 Trading Sessions 9:00 - 15:40 (GMT) Main Index MASI - Morocco All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y +1.10 +1.74 +1.74 +18.33 +5.24

Market Cap. (Mln MAD)

31/12/20 31/03/21 % Change 584,976 595,331 +1.77

MAD vs USD 31/12/20 31/03/21 % Change

8.89 9.07 +2.00

Close Change Close Change

Top Gainers (MAD) (%) Top Decliners (MAD) (%) Sothema 3,192.00 +59.60 Lydec 313.05 -16.29 Disway 591.00 +37.12 Stroc Industrie 17.30 -15.61 M2M Group 899.00 +32.21 Alliances 31.05 -13.63 Delattre Levivier Maroc 44.50 +27.03 Oulmes 1053.00 -13.62 SNEP 575.00 +23.66 Involys 105.00 -10.94

Market Cap 2021 listings Top 5 Market Cap (Mln MAD) none Maroc Telecom - IAM 122,370 Attijariwafa Bank 88,424 2021 de-listings Banque Centrale Populaire 51,170 none LafargeHolcim Maroc 37,724 Bank of Africa (BMCE) 32,260

AM Monthly Market Report – March 2021 11

Malawi Stock

Exchange

Market Code MSE Website www.mse.co.mw 32,562.93

Inception 1994 MSE ALL SHARE INDEX Currency Malawian Kwacha (MWK) As of 31/03/2021 Trading Sessions 9:00 - 15:00 (GMT+2) Main Index MSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y -1.35 +0.53 +0.53 +11.61 +19.26

Market Cap. (Mln MWK)

31/12/20 31/03/21 % Change 1,759,857 1,770,108 +0.58

MWK vs USD 31/12/20 31/03/21 % Change

770.41 785.00 +1.89

Close Change Close Change

Top Gainers (MWK) (%) Top Decliners (MWK) (%) FMB Capital Holdings Plc 27.12 +23.05 Telekom Networks Malawi Plc 16.39 -18.34 Standard Bank Malawi Plc 1200.12 +14.69 Blantyre Hotels Plc 11.00 -14.99 FDH Bank Plc 16.49 +14.12 Sunbird Plc 90.00 -14.29 NBS Bank Plc 23.00 +6.48 Press Corporation Plc 1199.94 -8.36 National Bank Of Malawi Plc 650.05 +0.01 ICON Properties Plc 12.18 -0.73

Market Cap 2021 listings Top 5 Market Cap (Mln MWK) none Airtel Malawi Plc 307,450 National Bank Of Malawi Plc 303,529 2021 de-listings Standard Bank Malawi Plc 281,630 none Telekom Networks Malawi Plc 164,563 Press Corporation Plc 144,300

AM Monthly Market Report – March 2021 12

Nigerian Stock Exchange

Market Code NGSE Website www.nse.com.ng 39,045.13

Inception 1960 NGSE ALL SHARE INDEX Currency Naira (NGN) As of 31/03/2021 Trading Sessions 9:30 - 14:30 (GMT+1) Main Index NGSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y -1.90 -3.04 -3.04 +83.31 +25.78

Market Cap. (Mln NGN)

31/12/20 31/03/21 % Change 21,063,171 20,434,943 -2.98

NGN vs USD 31/12/20 31/03/21 % Change

387.57 381.50 -1.57

Close Change Close Change

Top Gainers (NGN) (%) Top Decliners (NGN) (%) Lasaco Assurance Plc 1.29 +268.57 SUNU Assurances Nigeria Plc 0.66 -34.00 Champion Breweries Plc 2.25 +161.63 Japaul Gold and Ventures Plc 0.41 -33.87 Guinness Nigeria Plc 33.90 +78.42 FTN Cocoa Processors Plc 0.46 -30.30 Morison Industries Plc 0.86 +75.51 Daar Communications Plc 0.21 -30.00 Mutual Benefits Assurance Plc 0.46 +70.37 ABC Transport Plc 0.30 -21.05

Market Cap 2021 listings Top 5 Market Cap (Mln NGN) 05/02/21 : Briclinks Africa Plc Dangote Cement Plc 3,663,709 Airtel Africa Plc 3,495,081 2021 de-listings MTN Nigeria Communications Plc 3,260,793 none BUA Cement Plc 2,489,030 Nestle Nigeria Plc 1,089,902

AM Monthly Market Report – March 2021 13

Nairobi Securities Exchange

Market Code NSE Website www.nse.co.ke 158.62

Inception 1954 NSE ALL SHARE INDEX Currency Kenya Shilling (KES) As of 31/03/2021 Trading Sessions 9:00 - 15:00 (GMT+3) Main Index NSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y -4.09 +4.28 +4.28 +20.24 +0.61

Market Cap. (Mln KES)

31/12/20 31/03/21 % Change 2,336,697 2,437,044 +4.29

KES vs USD 31/12/20 31/03/21 % Change

109.11 109.35 +0.22

Close Change Close Change

Top Gainers (KES) (%) Top Decliners (KES) (%) British American Tobacco Kenya 475.00 +31.58 East African Portland Cement Plc 8.52 -22.55 HF Group Plc 4.01 +20.78 Kenya Power & Lighting Company 1.35 -21.05 ILAM Fahari I-REIT 6.76 +19.86 TransCentury Plc 1.19 -17.93 Eaagads Limited 14.30 +14.40 Uchumi Supermarkets Limited 0.23 -17.86 Williamson Tea Kenya Plc 147.00 +12.86 Longhorn Publishers Limited 4.06 -16.80

Market Cap 2021 listings Top 5 Market Cap (Mln KES) none Safaricom Plc 1,452,372 Equity Group Holdings Plc 143,211 2021 de-listings KCB Group Plc 126,628 none East African Breweries Limited 124,942 Co-operative Bank of Kenya Limited 77,447

AM Monthly Market Report – March 2021 14

Rwanda Stock Exchange

Market Code RSE Website www.rse.rw 147.31

Inception 2005 RSE ALL SHARE INDEX Currency Rwandan Franc (RWF) As of 31/03/2021 Trading Sessions 9:00 - 12:00 (GMT+2) Main Index RSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y -0.30 -0.57 -0.57 -1.92 +8.47

Market Cap. (Mln RWF)

31/12/20 31/03/21 % Change 3,462,232 3,442,399 -0.57

RWF vs USD 31/12/20 31/03/21 % Change

990.81 980.00 -1.09

Close Change Close Change

Top Gainers (RWF) (%) Top Decliners (RWF) (%) Crystal Telecom Limited 86.00 +14.67 Bralirwa Limited 100.00 -17.36 - I&M Bank Rwanda Limited 44.00 -2.22 ------

Market Cap 2021 listings Top 5 Market Cap (Mln RWF) none

2021 de-listings none

AM Monthly Market Report – March 2021 15

Stock Exchange of Mauritius

Market Code SEM Website www.stockexchangeofmauritius.com 1,610.42

Inception 1989 SEM ALL SHARE INDEX Currency Mauritian Rupee (MUR) | USD | GBP As of 31/03/2021 Trading Sessions 9:00 - 14:30 (GMT+4) Main Index SEM All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y +0.33 -2.03 -2.03 +0.88 -18.85

Market Cap. (Mln MUR) (Offical Market + DEM)

31/12/20 31/03/21 % Change 339,668 337,868 -0.53

MUR vs USD 31/12/20 31/03/21 % Change

39.70 40.60 +2.27

Close Change Close Change

Top Gainers (MUR) (%) Top Decliners (MUR) (%) C-Care (Mauritius) Limited 10.25 +34.16 Livestock Feed Limited 17.20 -66.60 United Investments Ltd 6.00 +33.33 Les Moulins de la Concorde Ltee 169.00 -37.41 Ascencia Limited 21.25 +22.83 Mauritius Chemical & Fertilizer Ind. 10.50 -18.92 Gamma Civic Ltd 35.00 +20.90 Lavastone Ltd 1.31 -16.03 Mauritius Secondary Industries 36.00 +20.00 New Mauritius Hotels Ltd 4.60 -15.75

Market Cap 2021 listings Top 5 Market Cap (Mln MUR) none MCB Group Limited 52,556 Ireland Blyth Ltd 30,270 2021 de-listings SBM Holdings Ltd 10,631 none Ascencia Limited 10,355 Phoenix Beverages Ltd 9,819

AM Monthly Market Report – March 2021 16

Tunis Stock Exchange

Market Code BVMT Website www.bvmt.com.tn 7,089.37

Inception 1969 TUNINDEX Currency Tunisian Dinar (TND) As of 31/03/2021 Trading Sessions 9:00 - 14:10 (GMT+1) Main Index TUNINDEX

Index Performance (%) 1M 3M YTD 1Y 2Y +6.17 +2.97 +2.97 +9.35 +3.32

Market Cap. (Mln TND)

31/12/20 31/03/21 % Change 23,092 24,089 +4.32

TND vs USD 31/12/20 31/03/21 % Change

2.69 2.79 +3.58

Close Change Close Change

Top Gainers (TND) (%) Top Decliners (TND) (%) Air Liquide Tunisie 103.81 +33.35 Gif Filter 0.75 -45.26 Land'Or 8.43 +19.24 Les Ciments de Bizerte 1.27 -33.16 Poulina Group Holding 12.15 +16.94 SOTETEL 3.70 -24.18 Attijari Bank 32.39 +16.51 Sotipapier 3.70 -19.57 ADWYA 5.15 +15.21 Electrostar 1.00 -19.35

Market Cap 2021 listings Top 5 Market Cap (Mln TND) none

2021 de-listings none

AM Monthly Market Report – March 2021 17

Zimbabwe Stock

Exchange

Market Code ZSE Website www.zse.co.zw 4,488.78

Inception 1896 ZSE ALL SHARE INDEX Currency RTGS $ (ZWL$) As of 31/03/2021 Trading Sessions 9:00 - 15:30 (GMT+2) Main Index ZSE All Share Index

Index Performance (%) 1M 3M YTD 1Y 2Y +8.05 +70.27 +70.27 +883.93 +3589.61

Market Cap. (Mln ZWL$)

31/12/20 31/03/21 % Change 317,879 531,743 +67.28

ZWL$ vs USD 31/12/20 31/03/21 % Change

16.77 84.40 +3.20

Close Change Close Change

Top Gainers (ZWL$) (%) Top Decliners (ZWL$) (%) Unifreight Africa Limited 15.00 +7964.52 Dawn Properties Limited 0.40 -44.44 National Tyre Services Limited 10.00 +3542.99 Zimre Holdings Limited 2.07 -34.04 Lafarge Cement Zimbabwe 50.00 +525.00 CBZ Holdings Limited 70.00 -17.65 National Holdings Limited 316.00 +425.79 Seed Co Limited 21.61 -13.76 Willdale Limited 1.00 +270.81 Rainbow Tourism Group Limited 1.90 -0.91

Market Cap 2021 listings Top 5 Market Cap (Mln ZWL$) none Delta Corporation Limited 59,369 Econet Wireless Zimbabwe Limited 59,063 2021 de-listings CBZ Holdings Limited 48,106 none Innscor Africa Limited 40,728 Cassava SmarTech Zimbabwe 35,545

AM Monthly Market Report – March 2021 18

About us

african markets is a provider of financial market data, news, analysis and research with a focus on Africa.

The platform is entirely dedicated to African stock markets with the added functionality of access to historical data that include share price, market performances, trade volume and daily news, company profiles, annual reports & financial statements. We carry out our research in order to provide in-depth and independent analysis with an insight into the issues that African markets are facing today.

We are a team of finance professionals, passionate about African financial markets and with a strong understanding of the politics, economics, companies and industries on the continent. In addition, we have associated ourselves with business leaders, managers and experts who regularly contribute in our columns.

Contact us

[email protected]

Find us

africanmarkets

african-markets

african_markets

african_markets

Disclaimer

This report is based upon information from various sources that we believe are reliable. However, no representation is made that it is accurate or complete. This report is not an offer to buy or sell, nor a solicitation to buy or sell the securities mentioned therein. It is provided for the information of Investors who are expected to make their own investment decisions without sole reliance on this report.

African markets accepts no liability for any direct or consequential loss arising from any use of this report or its contents. Investments can fluctuate in price and value and the investor may get back less than was originally invested. Changes in rates of exchange may have an adverse effect on the value of the AM Monthly Market Report – March 2021 19 investment.