african stock markets

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African Stock MarketsHandbook

United Nations Development Programme

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UNDP is the UN’s global development network, advocating forchange and connecting countries to knowledge, experienceand resources to help people build a better life.

We are on the ground in 166 countries, working with them ontheir own solutions to global and national developmentchallenges. As they develop local capacity, they draw on thepeople of UNDP and our wide range of partners.

World leaders have pledged to achieve the MillenniumDevelopment Goals, including the overarching goal of cuttingpoverty in half by 2015. UNDP's network links and coordinatesglobal and national efforts to reach these Goals. Our focus ishelping countries build and share solutions to the challenges of:

• Democratic Governance• Poverty Reduction• Crisis Prevention and Recovery• Energy and Environment• Information and Communications Technology• HIV/AIDS

UNDP helps developing countries attract and use aid effectively.In all our activities, we encourage the protection of human rightsand the empowerment of women.

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FOREWORD

The African Stock Markets Handbook, published by the United Nations Development Program (UNDP) on the occasion of the 2003

African Capital Markets Forum, provides investors with a comprehensive overview of the African stock industry. With cross-country

data, country profiles and detailed market information on all 18 African stock exchanges, it should help potential investors consider

the many investment opportunities now available through the continent’s financial markets.

During the last decade, the number of African Stock Exchanges has risen from 10 to 18. There are now stock markets in Botswana,

Côte d'Ivoire, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania,

Tunisia, Uganda, Zambia and Zimbabwe. These stock exchanges range from the larger South African and Egyptian exchanges that

were established in the 1880s to smaller exchanges in Uganda and Mozambique only in the past four years.

African equities represent a vastly underutilized option for international investors. These are growing markets that have provided

attractive returns in the last several years and can achieve the goal of portfolio diversification as they offer a superior risk/return

profile that is not affected by trends in the more developed markets. Many African equities have very attractive Price/Earnings ratios.

And as this Handbook shows, two of the top five world best performing stock exchanges were African markets; Sub Sahara Africa

indices, weighted by country market capitalisation, have outperformed most developed and emerging markets indices. The cumulative

returns in the last five years in US dollars for sub-Saharan-Africa has been 4.3% in comparison to –3.9% for the S&P 500 and –15.5%

for the UK FTSE 100.

UNDP, as the UN’s global development network, has organized the 2003 African Capital Markets Forum in collaboration with the New

York Stock Exchange and the African Stock Exchanges Association and published this Handbook to help the African countries derive

more benefits from portfolio investments and further integrate in the global economy. By mobilizing private capital, Africa can

promote the economic growth needed to reduce poverty.

Zéphirin Diabré

Associate Administrator

United Nations Development Program

Afr

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Sto

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2003

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CONTENT

ForewordAcknowledgementsAfrica’s Equity Markets - A SynopsisSub-Saharan Performance - CumulativeCapital Raising in AfricaAn Overview of Depositary ReceiptsCountry Profiles

AlgeriaBotswanaCôte d'Ivoire (West Africa Bourse)EgyptGhanaKenyaMalawiMauritiusMoroccoNamibiaNigeriaSouth AfricaSwazilandTanzaniaTunisiaUgandaZambiaZimbabwe

A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3

2

1345

1321

2328333945515762687479849196

101107112117

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2003 UNDP AFRICAN STOCK EXCHANGES HANDBOOKSahba Sobhani, Consultant, UNDP African Financial Markets Initiative

Robert Bunyi, Senior Analyst, Liquid AfricaMichael Furman, Analyst, Liquid AfricaCyrille Nkontchou, Managing Director, Liquid Africa

Kris Luckraj, Atmosphere Advertising & Design (South Africa)Maureen Lynch, Communications Office, UNDP

This Handbook could not have been prepared without the generous support and contribution of many individuals and organizations.

We are particularly grateful to Mr. Zéphirin Diabré, Associate Administrator of UNDP, for his intellectual leadership and vision.His deep commitment to the development of African financial markets has been a source of great strength to the Handbook Team.His original insights and advice on the role of capital markets in the economic development of African countries have shaped the content of this Handbook.Many other individuals consulted during the preparation of the Report provided invaluable advice, information, material, and assistance. The Handbook Teamwould specifically like to thank the following people:Sunil Benimadhu, CEO, Mauritius Stock ExchangeTony Nkrumah Brobbey, Vice President, Bank of New YorkJohn Chambers, Managing Director, Standard & Poor’sBrad Durham , Managing Director, Emerging PortfolioPeri Johnson, Office of Legal Affairs, UNDPRajeswary Iruthayanathan, Communications Office, UNDPSydney Maree, Corporate Marketing and Communications, JSE Securities Exchange South AfricaRenaud Meyer, Office of the Administrator, UNDPNicholas Okoye, Head of Strategy and Derivative Markets, Nigerian Stock ExchangeRavi Rajan, Director, Operations Support Group, UNDPWe are grateful to the following institutions for allowing us to reproduce data and material from their publications:Human Development Report Office, UNDPCIA World FactbookEmerging PortfolioLiquidAfricaStandard and Poor’sJSE Security Exchange of South AfricaStandard Chartered BankCover Shot: JSE Security Exchange of South Africa

The information in this Handbook was provided principally by Liquid Africa. The views and data in this Handbook are those of the authors and do not necessarilyrepresent those of the United Nations Development Programme. The United Nations Development Programme and Liquid Africa do not guarantee the accuracy ofthe data included in this publication and accept no responsibility whatsoever for any consequence of their use.

The material in this publication is copyrighted.

Managing Editor:

Research Team:

Cover and Design:

Acknowledgements:


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AFRICA’S EQUITY MARKETS - A SYNOPSISBY ROBERT BUNYI (SENIOR ANALYST LIQUID AFRICA)

As diverse and contrasting is the continent of Africa, so too are Africa’s capital markets. With53 countries, the African continent has over 20 active stock exchanges, including one of theonly regional stock exchanges in the world, linking eight French-speaking countries in WestAfrica. With a market capitalisation of over US$ 180 billion in South Africa, Africa hosts oneof the largest stock markets in the world. This is in stark contrast to the other African stockmarkets that have comparatively small market capitalisations.

With the exception of the South African market and to a limited extent the North Africanmarkets, African stock markets are described as “frontier markets”. These markets are typicallycharacterised by a relatively small capitalisation and liquidity levels. As a consequence, mostof these markets are excluded from the main regional equity market indices and as a resultattract little Global Emerging Markets (GEM) portfolio funds.

However, amid bearish performance of developed stock markets over the past two and ahalf years, several leading African markets such as Botswana have bucked the negative trendand recorded solid performance. Smaller African markets have proved relatively immune toglobal jitters hitting share values worldwide, due to their lack of correlation with developedmarkets. This distinct characteristic of African equity markets offers positive benefits in termsof risk diversification.

African stock exchanges face a number of challenges before they could enter a new phaseof rapid growth. The most critical issue is to eliminate existing impediments to institutionaldevelopment. These include a wider dissemination of information on these markets, theimplementation of robust electronic trading systems and the adoption of central depositorysystems. A number of countries have already begun implementing necessary changes notably inthe area of trading and settlement systems and regulatory regimes that will continue to improve.

The 1990’s witnessed a deliberate shift by a number of African governments to free marketpolicies driven by the desire to reduce the burden on government finances. This was achievedby implementing market-friendly reforms. A central component of this process was theprivatisation of State-owned companies.

A number of these privatisation were effected by listing on the local exchanges. In order tofurther stimulate the development of a local capital market, many subsidiaries of largeinternational companies were also encouraged to list their local operation. For entrepreneursas well as emerging private companies, capital raising in African equity markets is vibrantdespite the relative small size of issues.

Some African governments have taken advantage of the development of the local capitalmarkets to issue stock exchange listed treasury debt instruments. Kenya and Ghana are acase in point, where these governments have been able to issue longer-term instrumentsthus better managing local debt. The spin off of this has been improved transparency inpricing of local bank lending facilities and increased competition within local bankingindustries. We continue to witness rapid development in the debt segment of the Africancapital markets.

An increasingly encouraging trend is the development of the local pension fund industry.With the exception of South Africa and to some extent Southern Africa, private and institutionalcash flows have traditionally been invested mostly in real estate, term bank deposits andtreasury bills. A number of African countries have introduced as part of wider financial sectorreforms new laws enabling the emergence of a local fund management industry.

Looking ahead, African capital markets represent the final frontier of global capital.


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SUB-SAHARAN PERFORMANCE – CUMULATIVE (END 2002)

Market

225.5%27.0%-5.9%

-34.2%12.7%

-77.2%42.7%

-26.1%-78.1%

4.3%-0.4%

-15.5%-3.9%

BotswanaFrench West AfricaGhanaKenyaMauritiusNamibiaNigeriaZambiaZimbabweSub Sahara (indices weighted average by market cap)

South AfricaUKUSEmerging Markets

89.0%38.1%

-10.0%-10.2%

6.8%-71.9%100.5%

33.5%-78.5%15.2%

-13.0%-38.9%-37.7%

Index Weighting 2 Local Currency US Currency 2 Year 3 Year 5 Year

2002 Index Return Cumulative Return (US Currency)1

96.1%58.0%56.9%

3.9%22.5%

-44.5%38.0%

-17.1%-59.9%17.9%

5.7%-28.3%-31.6%

41.4%27.4%33.3%

7.7%30.8%

-15.8%7.6%9.9%

-52.2%-12.3%27.9%

-14.2%-22.4%

-7.5%

8.8%8.8%

55.6%6.7%

27.2%-38.8%17.1%24.9%

122.1%

-7.4%-22.5%-22.4%-12.4%

13%9%3%9%

10%2%

42%2%

11%

DCIBVRMGSENSESEMDEXNSX LocalNSELuSEZSE

JSE overallFTSE-100S&P 500MSCI EM EMEA

(1) Annual index return includes dividends. 2 years = Jan. 2001 to Dec. 2002, 3 years = Jan. 2000 to Dec. 2002, 5 years = Jan. 1998 to Dec. 2002

(2) Market capitalisation weighting of Sub Saharan countries (ex South Africa) for beginning 2002

Source: LiquidAfrica


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Official Development FinanceOfficial Development AssistanceOfficial Grants Excludes T.A.Official Concessional LoansBllatelalMultilateralOfficial Non-Concessional LoansBilateralMultilateral

Private Flows

Private LoansCommercial BanksBondsOther

Foreign Direct Investment (net)Portfolio Equity Flows

NET RESOURCE FLOWSNET TRANSFERSMemo ltermsTechnical Cooperation GrantsNet Use of IMF CreditIBRD - Net FlowsIBRD - Net TransfersIBRD - Net FlowsIDA - Net Transfers

36,50839,76629,20010,566

4,1606,406

-3,258-8,4225,164

159,970

-26,796-32,271

9,508-4,033

168,23818,527

196,47739,265

15,20012,751

2,199-5,8474,7374,119

2001

LONG-TERM AGGREGATE NET FINANCIAL RESOURCE

FLOWS TO DEVELOPING COUNTRIES

35,28738,08829,940

8,1372,3395,808

-2,800-7,5194,718

225,846

8,235-6,12416,878-2,519

166,69150,867

261,133111,464

15,545-10,979

3,394-4,8554,1753,553

2000

47,37943,59130,27113,311

6,5956,7253,788

-8,22012,008

224,492

5,636-23,30929,472

-527

184,35334,456

271,871131,876

16,628-12,566

5,091-2,6334,5103,909

1999

53,40037,89727,969

9,9282,9456,983

15,504-5,23220,736

283,252

89,40851,85840,914-3,364

178,26315,567

336,653206,412

16,28519,231

6,803-226

4,8144,260

1998

40,73433,80626,597

7,208-187

7,3966,929

-6,88313,811

300,673

98,08545,59449,605

2,886

172,49430,094

341,406221,958

15,73714,659

6,715-177

5,2874,755

1997

30,33438,78928,07910,708

2,4888,223

-8,455-12,926

4,470

276,241

96,53132,16862,287

2,076

130,78048,929

306,572195,548

18,6851,0571,362

-6,4445,7235,210

1996

54,05345,00432,77912,225

5,0077,2189,0495,2073,842

206,140

63,26230,90630,659

1,697

106,81736,060

260,193156,498

20,10416,841

1,105-7,0334,9304,426

1995

46,03646,18032,71813,462

5,7507,712-143

-2,6632,520

176,374

51,1829,327

38,1443,711

90,02735,165

222,410137,254

16,8561,569-303

-8,3035,5935,162

1994

53,35641,57128,33113,240

6,7116,529

11,7853,4318,354

167,574

50,0024,099

36,6789,225

66,55651,016

220,931149,010

18,1971,6642,764

-5,2384,4654,070

1993

54,32544,29930,48013,819

7,2716,548

10,0264,5135,513

99,360

38,16816,26911,05410,845

47,13514,057

153,68581,866

17,6921,098

120-7,6594,7884,416

1992

62,16250,77735,07415,703

9,2986,405

11,3853,9297,456

62,050

18,8324,981

10,9642,887

35,6657,552

124,21253,583

15,5593,1522,610

-5,3264,3013,952

1991

55,59243,61928,19315,426

9,4995,927

11,9722,9029,070

42,154

14,2923,210-198

11,280

24,1193,743

99,14727,044

14,09471

5,101-2,0274,0953,793

1990

41,32534,26819,19015,07810,041

5,0377,056

5376,519

38,192

11,706943

2,9747,789

23,1143,372

79,7706,867

12,214-2,3203,116

-3,2193,3863,118

1989

40,11334,00718,20115,80610,408

5,3986,106

1205,986

38,985

18,59210,013

2,6275,952

19,2931,100

79,0984,883

12,275-4,9882,933

-3,9883,6723,376

1988

41,08233,22016,83516,38510,887

5,4987,862

8087,054

24,806

10,7184,208-288

6,798

13,398690

65,889-178

10,810-5,5004,754

-1,4373,7523,476

1987

41,01729,13715,90413,233

8,6484,585

11,8803,1558,685

23,436

13,4474,5891,2337,625

9,399590

64,452103

9,084-2,8415,566

4243,0412,803

1986

36,71225,95313,57812,375

8,3264,049

10,7592,2958,464

31,542

20,5357,4175,1757,943

10,867140

68,2531,326

7,727-152

5,2081,6812,7572,569

1985TYPE OF FINANCE

Source: S&P Emerging Markets Handbook


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STOCK MARKET CAPITALIZATION, 1992 - 2002

(US$ Millions, End-of-Period Levels)

AlgeriaBotswanaCote d'IvoireEgyptGhanaKenyaMalawiMauritiusMoroccoNamibiaNigeriaSouth AfricaSwazilandTanzaniaTunisiaUgandaZambiaZimbabwe

Total Africa

All Emerging MarketsDeveloped MarketsWorld Total

Africa:Emerging MarketsAfrica:World Total

1451,7171,329

26,245382

1,676107

1,3248,319

2015,989

182,616146695

1,81052

23111,689

244,672

n.an.an.a

n.an.a

2001

1991,2691,165

24,335528

1,050152

1,0619,087

1515,404

139,750127398

2,30334

2177,972

195,202

2,572,06425,246,55427,818,618

7.6%0.7%

2000

303978

1,18528,741

5021,283

2121,335

10,899311

4,237204,952

73233

2,82837

2362,432

260,777

2,608,48629,614,26432,222,750

10.0%0.8%

1999

3061,0521,514

32,838916

1,409161

1,64313,695

6912,940

262,47895

1812,706

-280

2,514

325,419

2,948,42933,180,12636,128,555

11.0%0.9%

1998

-724

1,81824,381

1,3842,024

1481,849

15,676429

2,887170,252

85236

2,268-

3011,310

225,772

1,775,26725,148,56326,923,830

12.7%0.8%

1997

-614

1,27620,830

1,1381,824

1101,754

12,177689

3,646232,069

129-

2,321-

7051,969

281,251

2,133,16520,983,31223,116,477

13.2%1.2%

1996

-398866

8,0881,6491,886

-1,5625,951

1892,033

280,526339

-3,927

-19

2,038

309,471

1,893,62515,894,46217,788,087

16.3%1.7%

1995

-377428

4,2631,8733,082

-1,5784,376

2012,711

225,718338

-2,561

--

1,828

249,334

1,882,10313,233,21715,115,320

13.2%1.6%

1994

-261414

3,814118

1,060-

8422,651

281,029

171,942297

-956

--

1,433

184,845

1,664,04512,353,88014,017,925

11.1%1.3%

1993

-295483

3,25984

637-

4241,909

211,221

103,537111

-814

--

628

113,423

981,6179,950,909

10,932,526

11.6%1.0%

1992 2002

-326914

14,1731,4921,846

151,6938,705

4733,560

241,571471

-4,263

-195

3,635

283,317

2,223,89518,028,76220,252,657

12.7%1.4%

Note:

1. 0 Indicates value less than 0.5

2. n.a. Indicates not available

Source: LiquidAfrica, S&P Emerging Markets Handbook


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VALUE TRADED, 1992 - 2002

(US$ Millions, End-of-Period Levels)


Total Africa

All Emerging MarketsDeveloped MarketsWorld Total

Africa: Emerging MarketsAfrica: World Total

06216

7,3621136

359

922129486

76,7920

19704

12

131

85,825

n.a.n.a.n.a.

n.a.n.a.

2001

365

83,897

134021

109974

8496

69,67610

8316

053

1,530

77,228

2,400,84439,676,01842,076,862

3.2%0.2%

2000

54733

11,1201047

974

1,09422

26377,494

040

62608

279

91,171

3,956,86943,912,99947,869,868

2.3%0.2%

1999

13885

9,0382574

678

2,53022

14572,917

07

420-

12227

85,625

2,922,36827,438,06730,360,435

2.9%0.3%

1998

-7039

5,028607910

1041,390

13160

58,34700

188-3

186

65,677

2,368,35620,207,12222,575,478

2.8%0.3%

1997

-5924

5,85949

106-

1421,051

24132

44,722378

-260

-8

539

53,353

2,353,32416,138,50718,491,831

2.3%0.3%

1996

-3814

6772265

-69

2,4263

1417,048

0-

663-0

150

21,189

1,040,1969,186,521

10,226,717

2.0%0.2%

1995

-3112

7577562

-86

7881818

15,6072-

296--

176

17,928

1,654,8077,167,1248,821,931

1.1%0.2%

1994

-20

6170

514

-39

4980

1013,049

0-

46--

53

13,910

1,096,0986,098,4777,194,575

1.3%0.2%

1993

-15

4195

012

-1070

014

7,7670-

33--

20

8,140

626,2364,156,7224,782,958

1.3%0.2%

1992 2002

-3119

2,4631767

-81

4324172

27,2022-

281-3

255

30,966

1,564,66812,036,68913,601,357

2.0%0.2%

Note:

1. – Indicates no value, market not open

2. 0 Indicates value less than 0.5

3. n.a. Indicates not available



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NUMBER OF COMPANIES LISTED, 1992 - 2002

(End-of-Period Levels)


Total

31938

11512450

8405613

195472

55

463

1177

2213

2001

31638

11102255

7405513

194542

54

4629

72

2233

2000

31641

10762257

7405313

195616

64

4429

69

2273

1999

21538

10332257

6415514

194668

74

44-9

70

2279

1998

-1435

8612158

6405315

186668

52

38-9

67

2078

1997

-1235

6542158

3404913

182642

4-

34-7

64

1818

1996

-1231

7461956

-404410

181640

4-

26-2

64

1875

1995

-1127

7001756

-3551

8177640

4-

21--

64

1811

1994

-1124

6741556

-3065

4174647

4-

19--

62

1785

1993

-1127

6561557

-2262

3153683

3-

17--

62

1771

1992 2002

-1231

6492156

1404712

183626

6-

30-6

64

1784



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STOCK MARKET PRICE INDICES, 2002



73.062501.41

75.15634.70

1395.311317.45

233.43399.26

2980.4447.28

12059.219358.90

165.93151.86

1114.07103.36306.97

102228.96

Country Dec

LA All Share (Dec 2001 = 100)BSE Domestic (Jun 1989 = 100)BRVM 10 (Sep 1998=100)CMA General (Jan 1992 = 100)GSE All Share (Nov 1990 = 100)NSE 20 Share (Jan 1966=100)MSE Domestic Share (Nov 1996 = 100)SEMDEX (Jul 1989 = 100)Morocco All Share (Dec 1991 = 1000)NSX Local Companies (Jun 1995 = 100)NSE All Share (Jan 1984 = 100)JSE All ShareSSX All Share (Jul 1990 = 100)LA All Share (Dec 2001 = 100)TUNINDEX (Dec 1997 = 1000)LA All Share (Dec 2001 = 100)LuSE All Share (Jan 1997 = 100)ZSE Industrial (Dec 1966 = 100)

Index

71.562520.46

68.64630.37

1362.651161.12

231.11385.73

2951.6348.41

11622.749563.74

165.93155.73

1125.22103.36336.60

93231.87

Nov

70.202431.69

66.34629.79

1339.761116.36

246.18379.02

2890.8848.92

11451.519376.23

165.78159.35

1136.38102.29333.80

115097.30

Oct

72.672478.25

67.20631.33

1310.671043.40

251.46379.73

2941.2652.54

11811.559465.33

165.78141.65

1197.33103.59336.20

99520.98

Sep

75.912478.47

66.52630.71

1309.711043.38

278.01375.23

3058.4951.96

12327.919677.26

178.77135.05

1141.89103.54340.90

99399.74

Aug

78.522464.24

68.20628.26

1257.081097.73

282.24365.69

2989.5452.35

12458.239239.02

178.77134.12

1182.01102.23334.56

100951.31

Jul

78.522540.31

70.50627.36

1223.691086.62

284.53358.65

3135.2656.00

12440.6510657.73

178.77148.75

1193.38104.95335.08

77232.98

Jun

84.782602.01

71.94626.00

1132.681071.07

299.09354.03

3207.7256.00

11486.7011219.26

178.57149.21

1192.5995.23

323.3668261.75

May

92.342588.15

70.09621.28

1041.051129.33

300.98353.64

3293.3556.20

11399.0511029.70

178.57150.42

1191.6595.30

310.1051211.44

Apr

94.332633.85

70.11618.61

1018.021183.10

300.82373.43

3406.9557.00

11214.3810948.70

178.57137.30

1255.4596.60

315.8348090.75

Mar

98.202576.88

71.57618.04969.89

1313.57300.33372.95

3407.5958.20

10581.9810814.60

178.57126.13

1275.6195.61

321.0647788.30

Feb

101.572563.73

73.23603.58957.34

1343.41300.11373.88

3444.8558.00

10649.9610313.90

178.52118.22

1279.74100.00313.36

46149.49

Jan



10

1104_p01_90c5 4/8/03 3:37 AM Page 11

Composite

STOCK MARKET INDICES, 1992 - 2002



Country

LA All Share (Dec 2001 = 100)BSE Domestic (Jun 1989 = 100)BRVM 10 (Sep 1998=100)CMA General (Jan 1992 = 100)GSE All Share (Nov 1990 = 100)NSE 20 Share (Jan 1966=100)MSE Domestic Share (Nov 1996 = 100)SEMDEX (Jul 1989 = 100)Morocco All Share (Dec 1991 = 1000)NSX Local Companies (Jun 1995 = 100)NSE All Share (Jan 1984 = 100)JSE All ShareSSX All Share (Jul 1990 = 100)LA All Share (Dec 2001 = 100)TUNINDEX (Dec 1997 = 1000)LA All Share (Dec 2001 = 100)LuSE All Share (Jan 1997 = 100)ZSE Industrial (Dec 1966 = 100)

Index

73.062501.41

75.15491.67

1395.311317.45

233.43399.26

2980.4447.28

12059.219358.90

165.93151.86

1114.07103.36334.75

102228.96

2001

100.002455.40

77.50613.00956.00

1354.59280.15340.90

3568.6888.50

10963.1010441.70

205.72100.00

1267.02100.00303.41

46351.90

2000

-1453.50

74.80626.16858.00

1913.40270.12390.10

3995.2792.00

8111.008326.00

138.04-

1442.61-

306.2817984.30

1999

-1399.30

91.30624.51736.20

2303.20250.89435.70

4865.07157.00

5266.408543.00

147.00-

1193.00-

195.3814426.60

1998

-946.90

98.10382.77868.40

2962.10220.68465.60

5163.00106.00

5680.105430.50

130.25-

917.00-

162.766408.40

1997

-708.50

-359.85511.70

3117.50137.57391.12

4340.37164.20

6440.506202.30

118.08-

1000.00-

204.457196.40

1996

-332.80

-213.20298.10

3468.88-

344.442223.32

86.405092.106228.00

151.40----

3972.60

1995

-312.90

-238.40371.70

4559.40-

476.102118.02

-2205.005867.00

147.11----

3160.80

1994

-278.50

-135.67170.80

2513.74-

302.631504.71

-1543.804893.00

130.25----

2325.30

1993

-273.70

-108.87

79.101167.29

-183.18

1168.38-

1107.603259.00

118.08----

856.60

1992 2002

-352.81

-296.70360.80

3114.11112.50353.46

2913.99150.60

6992.106657.50

238.92----

8786.30


Note: n.a. Indicates not available


11

1104_p01_90c5 4/8/03 3:37 AM Page 12

Composite

CURRENCY EXCHANGE RATES 1US$


AlgeriaBotswanaEgyptGhanaKenyaMalawiMauritiusMoroccoNamibiaNigeriaSouth AfricaSwazilandTanzaniaTunisiaUgandaWest AfricaZambiaZimbabwe

Country

77.165.404.65

8634.9077.8387.2729.4210.42

8.73130.62

8.668.65

992.221.37

1738.00625.85

4600.0057.15

2001

73.917.024.58

7400.0078.6068.8730.2511.5212.00

120.0012.0012.20

950.141.46

1730.00736.70

4047.0055.45

2000

70.925.363.89

7275.0078.0547.4927.8210.56

7.75110.00

7.577.63

810.001.38

1760.00698.68

4150.0055.10

1999

64.854.633.42

3500.0072.8046.6625.4210.08

6.16100.05

6.166.16

802.001.26

1510.00654.42

2880.0037.95

1998

60.354.463.41

2345.2062.0545.2524.52

9.265.86

89.005.885.87

690.781.10

1362.00560.50

2426.0037.22

1997

58.413.803.40

2243.6062.2021.7622.18

9.744.87

75.724.874.86

619.601.14

1148.00578.85

1413.0018.45

1996

52.162.823.39

1455.0055.9515.3818.33

8.473.65

86.103.653.67

618.000.97

1025.00490.55975.25

9.32

1995

24.312.723.40

1051.0044.40

4.4918.84

9.104.08

22.004.083.55

522.000.99

979.4523.00696.10

8.37

1994

23.852.563.36

815.0068.31

4.5018.84

9.694.29

40.004.293.39

405.271.05

1,195.0294.78434.78

6.94

1993

21.862.233.33

520.0036.22

3.6015.40

8.894.84

21.504.844.20

297.710.96

1,133.8271.49156.25

5.48

1992 2002

56.153.663.39

1740.2055.0015.4519.91

8.764.68

78.404.684.68

615.001.00

1032.50519.98

1297.0010.82

Note:

1.The Namibian Dollar was introduced in 1993.



12

1104_p01_90c5 4/8/03 3:37 AM Page 13

Composite

neg.neg.neg.

7neg.

na2

na3

23na

8

2822

4

3neg.neg.

6

265

4658

COUNTRY

IPO'S AND SECONDARY ISSUES

DATE COMPANY NAME SECTOR TRANSACTION DATE REASON Mkt. Cap.(US$mn)1

P/Eratio1

524242526

na242872

160121

60

231

17

164

53

6

2247

133

1015

IPOIPOSecondaryIPOIPO

SecondarySecondarySecondarySecondarySecondarySecondarySecondary

IPOIPOIPO

IPOSecondarySecondary

IPO

SecondarySecondary

SecondaryIPOIPOSecondary

Raise capitalDual ListingRaise capitalReduce cost of capitalRaise capital & divestiture

Raise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capital

DivestitureRaise capitalRaise capital

PrivatisationRaise capitalRaise capital

Divestiture

Raise capitalRaise capital

DivestitureRaise capital & divestitureDivestitureDivestiture

Hotels & TourismMining & MetalsMining & MetalsFinancialReal Estate

Real EstateAgricultural ProductsHotel & TourismBanksTelecommunicationsBanksReal Estate

Agricultural ProductsEducation & PublishingBanks

FoodFoodIT

Hotel & tourism

Real EstateInsurance

AssuranceITAuto DistributionOther Financial Services

Chobe HoldingsGallery GoldGallery GoldLetshegoTurnstar Holding

El ShamsCairo PoultryOrascom HotelExport Development BankOrascom telecomMisr Exterior BankAlexandria Real Estate Investment Company

Produce Buying CompanySam Wood LtdTrust Bank Ltd

Mumias SugarUnga Group LimitedAfrican Lakes

Sunbird Tourism

Caudan Development LimitedMauritius Union Assurance Co

Marocaine vieIB Maroc.comBerliet marocCredor

Jan-01Jan-01Jun-02Sep-02Oct-02

Jan-01Jul-02Jul-02Jul-02Aug-02Aug-02Jan-03

Jan-02Apr-02Nov-02

Jan-02Jul-02Jul-02

Jul-02

Jul-02Jul-02

Jan-01Apr-01Jul-01Jul-02

Botswana

Egypt

Ghana

Kenya

Malawi

Mauritius

Morocco



13

1104_p01_90c5 4/8/03 3:37 AM Page 14

Composite

71411

9na

310nana11

192

nana

4nana

15

9

64

na

510

2

COUNTRY DATE COMPANY NAME SECTOR TRANSACTION DATE REASON Mkt. Cap.(US$mn)1

P/Eratio1

1,150486195392

na

126

1na40

4124

nanana33

711

30

41

12747

3

123

0.2

SecondarySecondarySecondaryIPOIPO

SecondaryIPOIPOIPOSecondarySecondaryIPOIPOIPOSecondarySecondarySecondaryIPO

IPO

IPO

SecondarySecondaryIPO

SecondaryIPOSecondary

Dual ListingDual ListingDual ListingDual ListingRaise capital

Raise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capitalRaise capital

Privatisation

Raise capital

Dual ListingDual ListingDivestiture

Raise capitalRaise capitalDivestiture

BanksChemicalMining & MetalsConsumer GoodsReal Estate

PharmaceuticalsBanksInsuranceAgricultural ProductsBanksInsuranceBanksBanksAirlinesPharmaceuticalsBanksBanksBanks

Cement

Capital Goods

BreweriesAirlinesBanks

BreweriesHotel & TourismConsumer goods

InvestecAfrican OxygenTransHex Group LimitedShopriteOryx Properties Limited

Evans Medical PlcLion BankMutual Benefits AssurancePresco PlcNAL Bank PlcCornerstone Insurance PlcAfribank Nigeria PlcFirst Atlantic BankAlbarka Air PlcPharma-DekoHallmark BankAfex BankIntercontinental Bank

Tanga Cement

Somocer

East Africa BreweriesKenya AirwaysBank of Baroda Uganda

Zambia breweriesPamodzi HotelBata shoes

Jul-02Aug-02Aug-02Oct-02Dec-02

May-02May-02Jun-02Jun-02Jul-02Jul-02Jul-02Aug-02Nov-02Nov-02Nov-02Dec-02Jan-03

Aug-02

Nov-02

Oct-01Apr-02Nov-02

Jan-02Mar-02Apr-02

Namibia

Nigeria

Tanzania

Tunisia

Uganda

Zambia

IPO'S AND SECONDARY ISSUES (CONT.)



14

1104_p01_90c5 4/8/03 3:37 AM Page 15

Composite

9202921

656

COUNTRY DATE COMPANY NAME SECTOR TRANSACTION DATE REASON Mkt. Cap.(US$mn)1

P/Eratio1

811

13

291125

IPOIPOIPOIPO

SecondarySecondaryIPO

Raise capitalUnbundlingRaise capitalRaise capital

DivestitureDivestitureRaise capital

BanksRetail & DistributionInsuranceFinancial

PackagingOil & GasBanks

Trust HoldingsOKNicoz DiamondBarbican Holdings

Filtisac CIShell Côte d'IvoireBOA-BENIN

Jun-02Jul-02Aug-02Sep-02

Jul-02Oct-02Oct-02

Zimbabwe

WestAfrica

Source: LiquidAfrica Research

Notes: 1. Market capitalisation and Price Earning ratio are as of January 2003 for South Africa and Decemeber 2002 for all the others.

IPO'S AND SECONDARY ISSUES (CONT.)


15

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Composite

Dominant Sectors

African equity marketsare generally overlookedas a source of capital

Capital raising has beenbuoyant, despite smallaverage deal sizes

African equity markets are often overlooked as an avenue for capital raising. Most direct investors, private equity firms and sometime local entrepreneurs don’talways see capital market as a viable route for exiting or capital-raising. Even in South Africa, which is one of the largest emerging markets in the world, we haveseen many large companies seeking listing on international exchanges presumably to gain access to a larger pool of capital and reduce the cost of capital.

We have compiled equity transactions that have taken place in African equity markets (outside South Africa). One of our key finding is that despite the relativelysmall average transaction size, there is a vibrant capital raising activity in the African equity markets judged by the number of transactions.

Over the past 18 months, we have recorded about 71 capital raising transactions across 18 African markets, equally spread between new issues (initial publicofferings) and follow on (secondary offerings).

In terms of sector, banking and insurance dominates, accounting for 31% of transactions, especially in Nigeria, followed by Real Estate (11%), Hotel & Tourism (7%)and Mining & Metals (7%).

In terms of market, Nigeria (16 issues) was the most buoyant market, followed by South Africa (9), Egypt (7), Namibia (6), Botswana (5), Zimbabwe (4) and Morocco (4).

CAPITAL RAISING IN AFRICA

BY CYRILLE NKONTCHOU (MANAGING DIRECTOR LIQUIDAFRICA)



16

02468

1012141618

Real

Est

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Hot

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Tou

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Insu

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Agr

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irlin

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Cons

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Goo

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nanc

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Food

Phar

mac

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als

Tele

com

.A

ssur

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Aut

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ion

Capi

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Cem

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Che

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& P

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Oth

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Oth

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Bank

s

1104_p01_90c5 4/8/03 3:37 AM Page 17

Composite

High valuations drive capitalraising

Foreign institutions have beenrelatively absent

Increased regional integrationand dual-listings

The size of funds raised on African equity markets remains relatively small, ranging from a few hundred thousand US dollars (Bata Shoes in Zambia) to severalmillion US dollars (Investec in London, Namibia and South Africa).

The highest valuation achieved in public listing or secondary offering (in terms of historical earnings multiple) was achieved in Botswana, Nigeria andZimbabwe. This does not come as a surprise as these are some of the most expensive markets in terms of earning multiples. There is clearly a positivecorrelation between high average market earning multiple and number of listings, as high earning multiple attract companies to the market.

As a sign of an increased integration of African stock exchanges, we have seen over the past 18 months an increase in the number of dual listings or crosslistings in other stock exchanges, particularly in Namibia, Uganda. The vast majority of dual listings were South African or Kenyan companies seeking toheighten their profile in countries were they do significant business or seeking cheaper access to capital.

Finally, most of the capital was raised from local institutions and retail investors. International emerging market portfolios and retail investors were absent.Outside the SADC region, African cross border institutional portfolio flow is virtually nil, essentially as a result of foreign exchange controls and countrypension fund regulation.

Most Active Markets


Egypt

Ghana

Kenya

Mauritius

Morocco

Botswana

South Africa

NigeriaNamibia

Malawi

Algeria

Zimbabwe

Zambia

Uganda

Tanzania

Tunisia

West Africa


17

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Composite

LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002)

Absa Bank Limited - 144a GdrAeci Limited 144aAeci Limited Reg SAfrican Gem Resources LtdAfrikander Lease Ltd.Al Ezz Steel Rebars S.A.E. - 144aAl Ezz Steel Rebars S.A.E. - Reg SAl-Ahram Beverage Company S.A.E. - 144aAl-Ahram Beverage Company S.A.E. - Reg SAnglo American Platinum Corp. Ltd.Anglogold LimitedAnglovaal Limited 'N' 144aAnglovaal Mining LimitedAshanti Goldfields Company LimitedAshanti Goldfields Company Ltd. 144aAvgold LimitedBanque internationale arabe de tunisie - 144aBanque internationale arabe de tunisie - reg sBanque marocaine de commerce ext 144aBanque morocaine de commerce ext - reg sBarlow limitedBidvest group limitedCg smith limitedCommercial int bank (egypt) s.a.e.-144 aCommercial int bank (egypt) s.a.e.-reg sDurban roodepoort deep limitedEast rand proprietary mines limitedEfg hermes - 144aEfg hermes - regsEgoli consolidated mines limitedEnergy africa 144 aEnergy africa reg sEskom e167Eskom e168Eskom e169Eskom e170Ettington investments limitedFoschini group limited

ABSAAECIPY--AFGEYAFKDYAESRP--ALAHB--AAPTYAUAVAAYANAVYASLASHAYPAVGLYBINDQ.L--BMDC--BRRAYBDVSYCGSMYGMGJY--DROOYERNDYEFGHYP--ELCMYENAFYP--ESKAESKBESKCESKDETNVYFHNIY

226721097597107759730582831038292203102042041020430310203107102032063485510635128206351345013513430343743202437431035365110506675A10806675A20706674P10606674P20567680207888361011253941062017121062017122052665973012746772022684253032684254022823412052.93E+1112.93E+210296463102296463300296463201296463409297870107349870105

PORTALPORTAL--OTCOTCPORTAL--PORTAL--OTCNYSEPORTALOTCNYSEPORTALOTCPORTAL--PORTAL--OTCOTCOTCPORTAL--NASDAQOTCPORTAL--OTCPORTAL--OTCOTCOTCOTCOTCOTC

01:0201:0301:0301:0101:0101:0301:0301:0101:0101:0101:0101:0101:0101:0101:0101:1002:0102:0103:0103:0101:0101:0201:0101:0101:0101:0101:0101:0201:0201:0101:0501:051:100001:100001:100001:1000001:0101:02

South AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaEgyptEgyptEgyptEgyptSouth AfricaSouth AfricaSouth AfricaSouth AfricaGhanaGhanaSouth AfricaTunisiaTunisiaMoroccoMoroccoSouth AfricaSouth AfricaSouth AfricaEgyptEgyptSouth AfricaSouth AfricaEgyptEgyptSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth Africa

BanksChemicalsChemicalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsBeverageBeverageMining & MetalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsBanksBanksBanksBanksGen. Indust'l SvcsInvestment ServicesIndust'l DiversifiedBanksBanksMining & MetalsMining & MetalsDiversified Financ'lDiversified Financ'lMining & MetalsEnergyEnergyElectric UtilitiesElectric UtilitiesElectric UtilitiesElectric UtilitiesMining & MetalsRetail

AfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfricaAfrica

DBBNYBNYBNYBNYDBDBDBDBBNY, CIT, DBBNYMGTBNY, MGTBNYBNYMGTBNYBNYDBDBBNY, CIT, MGTBNYBNYBNYBNYBNYBNY, CIT, MGTBNYBNYBNY, DB, MGTBNYBNYMGTMGTMGTMGTBNY, CIT, MGTBNY

SSSSSSSSSUSSUSSSSSSSUSSSSSUSSUSSSSSSUS

22-Jul-9701-Oct-9601-Oct-9622-Mar-0211-Mar-0222-Jun-9922-Jun-9901-Feb-9701-Feb-9715-Jan-8305-Aug-9823-Jun-9415-Jan-8301-Jan-9511-Aug-9501-Jan-9710-Feb-9810-Feb-9801-Apr-9601-Apr-9615-Jan-8323-Jan-0201-Sep-9431-Jul-0131-Jul-0101-Aug-9615-Jan-8328-Jul-9828-Jul-9815-Jan-8301-Feb-9601-Feb-9601-Sep-9501-Sep-9501-Sep-9501-Sep-9515-Jan-8317-Dec-97

Issue Symbol Cusip Exch RatioADR: ORD

Country Industry Region Dep. Bank S/u Eff. Date

Source: Bank of New York


18

1104_p01_90c5 4/8/03 3:37 AM Page 19

Composite

Free state development & invest corp.Gencor ltd.Gold fields limitedHarmony gold mining companyHarmony gold mining company/warrantHighveld steel and vanadium corp.Holding comp for financial investments s.a.e laHolding comp for financial investments s.a.e laImpala platinum holdings ltdImperial holdings limitedInvestec bank ltd.Iscor limitedIscor limitedJd group limitedJohnnic communicationsJohnnic holdings limitedKolosus holdings limitedKomatsu limitedKumba resources limitedLiberty group limitedMatodzi resources limitedMetro cash & carry ltd.Metro cash & carry ltd.Mhangura copper mines limitedMiddle witwatersrand (western areas) ltdMisr int'l bankMisr int'l bank - 144aMtn group limitedNampak limitedNampak limited edrNaspers limitedNedcor limitedNedcor limited - 144aNedcor limited - reg sOcean diamond mining holdings limitedOld mutual - 144aOrascom construction industries - reg sOrascom telecom - 144aOrascom telecom - reg s

FSDIYGNCRYGFIHMYHMYWSHSVLYHCFRIP--IMPUYIHSAYIVBOYISCRYISCRYJDGRYJHNCYJNHLYKOLHYKMTUYKBREYLBYGYMTZIY--MRRCYMTDGYWWNOTCMIBZYMISRYMTNOYNMPKY--NPSNNDCRY----OCDIYOLDMYP--ORASYP--

35614640736868130038059T10641321630041321611043123220643488310443488320345255330845283310646128U10346427220246427220247214410447805P10247805810050044510150045840150125210053055R10357681310959160Y10759160Y30555376320259603420755306G20855306G10962474M108629898107S5324013163151210063975P10363975P202S5502010167476510268003110168554N10668554W10668554W205

OTCOTCNYSENYSENYSENASDAQPORTAL--OTCOTCOTCOTCOTCOTCOTCOTCOTCOTCOTCOTCOTC--OTCOTCOTCOTCPORTALOTCOTC--NASDAQOTCPORTAL--OTCPORTAL--PORTAL--

01:0101:0101:0101:0101:0101:0101:0301:0302:0101:0101:0101:0101:0101:0101:0101:0101:1001:0401:0101:0101:0101:0401:0401:0101:0302:0102:0101:0101:0101:0301:1001:0201:0101:0101:0201:1001:0202:0102:01

South AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaEgyptEgyptSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaZimbabweSouth AfricaEgyptEgyptSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaEgyptEgyptEgypt

Mining & MetalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsMining & MetalsHealthcare ProvidersHealthcare ProvidersMining & MetalsIndustrial TransportBanksMining & MetalsMining & MetalsRetailPublishingMining & MetalsTextiles & ApparelIndustrial Equip.Mining & MetalsInsuranceMining & MetalsFoodRetail&WholesaleFoodRetail&WholesaleMining & MetalsMining & MetalsBanksBanksFixed Line Comm.Containers&PackagingContainers&PackagingPublishingBanksBanksBanksMining & MetalsInsuranceHeavy ConstructionCommunications Tech.Communications Tech.


BNY, CIT, DB, MGTBNY, CIT, DB, MGTBNYBNYBNYBNY, CIT, DB, MGTBNYBNYDBBNYCITBNYBNYBNYBNYBNYCITCITBNYBNYBNYDBDBBNYBNY, CIT, MGTBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNY

UUSSSUSSSSSSSSSSSSSSUSSUUSSSSSSSSSSSSSS

15-Jan-8315-Jan-8310-May-9901-Aug-9629-Jun-0126-Oct-8128-Jul-9928-Jul-9923-Dec-0201-Jun-9612-May-9516-Sep-9416-Sep-9430-Dec-9611-Dec-0124-Jul-0104-Apr-9601-Oct-8226-Nov-0101-Nov-9415-Jan-8306-Feb-9601-Aug-9615-Jan-8301-Jan-7003-Feb-9824-Jun-9713-Dec-0101-Jan-9501-Oct-9423-Dec-0208-Feb-9908-Feb-9908-Feb-9901-May-9519-Jul-9926-Jun-0212-Jul-0012-Jul-00




LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)


19

1104_p01_90c5 4/8/03 3:37 AM Page 20

Composite

Pachin s.a.e. - reg sPepkor limitedPepkor limited 144aPress corporation limited - reg sRand mines limitedRandgold & exploration co. Ltd.Randgold & exploration company ltd. - 144aRandgold resources limitedRemgro limitedSabmiller plcSabmiller plc 144aSage group limitedSallies limitedSappi limitedSasol limitedSimmer and jack mines limitedStilfontein gold mining companyStocks & stocks limitedSub nigel gold mining co ltdSuez cement company s.a.e. - reg sSuez cement company s.a.e. 144aThe international company for food industries saeTiger brands limitedTiger brands limitedTradehold limitedTrans hex group limitedUnited bank for africa plc - 144aUnited bank for africa plc - reg sVenfin limitedWestern areas limitedWooltru limited (ords)Wooltru limited class 'n'Woolworths holdings ltd.Woolworths holdings ltd. - 144aZambia consolidated copper mines limitedZambia copper investments limitedZarara energy limited

--PKRLYPEPKYP--RADMYRANGYRDGEYAPGOLDRMGOYSBMRYSFABYPSGGEYSLYLYSPPSASOYSJACYSTILYSTKKYSUBGY--SZCCYPICFEYTIBDYTIBDYTDHDYTRHXYUBAFYP--VNFNYWARSYWLTUYWLTVYWWHZYWWHLYPZAMBYZMBAYZREGY

69578R1077133503047133502057.41E+10475222820575300930775300910975234430975956M10778572M10578572M20478663120079545M10780306920280386630082866620686067320186131310486426620086469020186469010245928M10588673M10288673M10289254M20689323410490953F10490953F20392267210095765420598086010098086020998088R20898088R10998890120398889220498912W100

--OTCPORTAL--OTCNASDAQPORTALNASDAQOTCOTCPORTALOTCOTCNYSENASDAQOTCOTCOTCOTC--PORTALOTCOTCOTCOTCOTCPORTAL--OTCOTCOTCOTCOTCPORTALOTCOTCOTC

03:0101:0201:0220:0110:0101:0301:0101:0201:0101:0101:0101:0301:0101:0101:0101:0101:0101:2501:0101:0101:0101:0101:0101:0101:3001:010.18055560.180555601:0101:0101:0101:0101:1001:1001:0101:0110:01

EgyptSouth AfricaSouth AfricaMalawiSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaEgyptEgyptEgyptSouth AfricaSouth AfricaSouth AfricaSouth AfricaNigeriaNigeriaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaZambiaZambiaSouth Africa

ChemicalsRetailRetailIndust'l DiversifiedMining & MetalsMining & MetalsMining & MetalsMining & MetalsInvestment ServicesBeverageBeverageInsuranceMining & MetalsForestProducts&PaperEnergyMining & MetalsMining & MetalsHeavy ConstructionMining & MetalsBuilding MaterialsBuilding MaterialsFoodFoodFoodRetailMining & MetalsBanksBanksInvestment ServicesMining & MetalsRetailRetailRetailRetailMining & MetalsMining & MetalsEnergy


DBBNYBNYDBBNY, CIT, DBBNYBNYBNYBNYBNYBNYDBBNYBNYBNYBNY, MGTBNY, CIT, DB, MGTBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNYBNY, CIT, DBBNYBNYBNYBNYMGTBNY, CIT, MGTBNY, CIT, MGT

SSSSUSSSSSSSUSSUUSUSSSSSSSSSSUSSSSSUU

08-Oct-9701-Dec-9401-Jun-9416-Mar-9815-Jan-8328-Feb-9703-Oct-9610-Jul-0228-Sep-0001-Oct-9404-Oct-9601-Feb-9619-Mar-0105-Nov-9801-Jul-9415-Jan-8315-Jan-8301-Dec-9415-Jan-8329-Nov-9629-Nov-9613-Apr-0101-Sep-9401-Sep-9421-Dec-0101-Mar-9508-May-9808-May-9801-Aug-9415-Jan-8301-Jul-9501-Jul-9516-Dec-9901-Jun-9801-Jan-7015-Jan-8301-Jan-70




LIST OF AFRICAN ADR’S AND GDR’S (as at December 2002 cont.)


20

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Depositary Receipts (DRs), which include ADRs, GDRs, Euro DRs and NYSs, are negotiableU.S. securities that generally represent a non-U.S. company's publicly traded equity. Althoughtypically denominated in U.S. dollars, Depositary Receipts can also be denominated in Euros.Depositary Receipts can be eligible to trade on all U.S. stock exchanges as well as on manyEuropean stock exchanges.

The increasing demand for Depositary Receipts is driven by the desire of individual andinstitutional investors to diversify their portfolios, reduce risk and invest internationally inthe most efficient manner possible. While most investors recognize the benefits of globaldiversification, they also understand the challenges presented when investing directly inlocal trading markets. These obstacles can include inefficient trade settlements, uncertaincustody services and costly currency conversions. Depositary Receipts overcome many ofthe inherent operational and custodial hurdles of international investing. In fact, cost benefitsand conveniences may be realized through Depositary Receipt investing, thus allowingthose who invest internationally to achieve the benefits of global diversification withoutthe added expense and complexities of investing directly in the local trading markets.

Benefits to an InvestorIncreasingly, investors aim to diversify their portfolios internationally. However, obstaclessuch as undependable settlements, costly currency conversions, unreliable custody services,poor information flow, unfamiliar market practices, confusing tax conventions and internalinvestment policy may discourage institutions and private investors from venturing outsidetheir local market.

Depositary Receipt advantages may include:Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversificationwithout many of the obstacles that mutual funds, pension funds and other institutions mayhave in purchasing and holding securities outside of their local market. Elimination of globalcustodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to40 basis points annually. Familiar trade, clearance and settlement procedures. CompetitiveU.S. dollar/foreign exchange rate conversions for dividends and other cash distributions.Ability to acquire the underlying securities directly upon cancellation.

How Depositary Receipts TradeDescriptionA Depositary Receipt is a negotiable security, which represents the underlying securities(generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor

purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade inthe United States by reducing or eliminating settlement delays, high transaction costs, andother potential inconveniences associated with international securities trading. DepositaryReceipts are treated in the same manner as other U.S. securities for clearance, settlement,transfer, and ownership purposes. Depositary Receipts can also represent debt securities orpreferred stock.

The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York,when the underlying shares are deposited in a local custodian bank, usually by a brokerwho has purchased the shares in the open market. Once issued, these certificates may befreely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations,on a national stock exchange. When the Depositary Receipt holder sells, the DepositaryReceipt can either be sold to another U.S. investor or it can be cancelled and the underlyingshares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificatewould be surrendered and the shares held with the local custodian bank would be releasedback into the home market and sold to a broker there. Additionally, the Depositary Receiptholder would be able to request delivery of the actual shares at any time. The DepositaryReceipt certificate states the responsibilities of the depositary bank with respect to actionssuch as payment of dividends, voting at shareholder meetings, and handling of rights offerings.

Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) areused to facilitate cross-border trading and to raise capital in global equity offerings or formergers and acquisitions to U.S. and non-U.S. investors.

Demand For Depositary ReceiptsThe demand by investors for Depositary Receipts has been growing between 30 to 40 percentannually, driven in large part by the increasing desire of retail and institutional investors todiversify their portfolios globally. Many of these investors typically do not, or cannot for variousreasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as ameans to diversify their portfolios. Many investors who do have the capabilities to investoutside the U.S. may prefer to utilize Depositary Receipts because of the convenience,enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasingand safekeeping ordinary shares in the home country. In many cases, a Depositary Receiptinvestment can save an investor up to 10-40 basis points annually as compared to all of thecosts associated with trading and holding ordinary shares outside the United States.

Source, Bank of New York


21

AN OVERVIEW OF DEPOSITARY RECEIPTS

1104_p01_90c5 4/8/03 3:37 AM Page 22

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US$ mn

2.420131.860

30.0500.7102.050

20.5800.000

3,179.9400.8005.300

3,971.940

COUNTRY FLOWS - Equity Fund Net Buying /Selling By Country* January 2003

Country Mkt Value ofHoldings

Beginning of Month

%

-5.06%-1.59%-8.81%1.03%

-18.57%4.60%

-104.56%-0.32%75.06%

-17.82%-0.72%

US$ mn

0.1706.1036.4500.1440.1930.7070.005

173.5340.0120.328

116.294

US$ mn

-0.120-2.033-2.2800.006

-0.4230.873

-0.105-9.5740.338

-1.078-27.914

US$ mn

2.370127.790

25.8800.5602.280

19.0000.100

3,015.9800.4506.050

3,883.560

BotswanaEgyptGhanaKenyaMauritiusMoroccoNamibiaSouth AfricaTunisiaZimbabweAll Funds: Total Africa & Middle East

*Based on 310 funds with $113 billion in assetsSource: EmergingPortfolio.com Fund Research

IncreaseMkt Value of Holdings

during month

Net Purchases(Sales) for

the Month

Mkt Value ofHoldings

End of Month

Net Purchases(Sales) as %

of BoM Holdings


22

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ALGERIA

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDP (PPP)GDP - real growth rateGDP - per capita (PPP)Inflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange ratesTelephones - main lines in useAirports

106AlgiersArabic (official), French, Berber dialects32,277,942 (July 2002 est.)1.68%70.2461.60%34% (2001 est.)petroleum, natural gas, iron ore, phosphates, uranium, lead, zinc$177 billion3.80% $5,6003%23.556 billion kWh (2000)$20 billionItaly 23%, Spain 13%, US 13%, France 11%, Brazil 7%, (2000)$1 billionFrance 29%, US 9%, Italy 8%, Germany 6%, Spain 5% (2000)$20.3billion$18.8 billion, including capital expenditures of $5.8 billion (2001 est.)Algerian dinar (DZD)$24.7 billion (2001 est.)Algerian dinars per US dollar - 77.889 (January 2002), 77.215 (2001), 75.260 (2000), 66.574 (1999), 58.739 (1998), 57.707 (1997)2.3 million (1998)136 (2001)

Source: UNDP, CIA World Factbook

A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / A L G E R I A

23

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1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Monthly closing index values 2002 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2.41

9.372.26

2000a

3.52.65.8

74.9

2001a

34.85.5

81.85

2002e

4.14.9

5.7583.48

2003f

4.34.9

5.7585.15

2004f

3.73.3

686.86

2005fMacroeconomic Indicators (annual averages)

LA All Share Index (Dinar)LA All Share Index (US$)

Jan 02 Mar 02 May 02 Jul 02 Sep 02 Nov 02 Jan 03

120

75

60

Source: Liquid Africa

90

105

GDP %CPI Inflation %Interest Rates % T billExchange Rate v. USD

Key points• The Front de Liberation Nationale’s (FLN) resounding victory in the parliamentary elections will make it easier for the government to press ahead with reform• Fundamentalist violence still remains a significant threat, whilst endemic unemployment could be a recipe for further social unrest.• The energy sector will be Algeria's principal growth engine and should be further boosted by government reform.

Market Capitalization (US$mn)Value Traded (US$mn)LA All Share Index (Dec 2001 = 100)Number of Listed Companies

1450

73.063

1993

1003

----

----

----

----

----

----

----

3061-2

3035-3

Note: (End-of-Period Levels)




Source: Standard Chartered Bank

101.57 98.20 94.33 92.34 84.78 78.52 78.52 75.91 72.67 70.20 71.56 73.06LA All Share Index (Dec 2001 = 100)

Market Snapshot


24

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FoodPharmaceuticalsHotels & Tourism

Weighted Averages

SECTOR

1,095.00430.00240.00

Local shareprice(DA)

3.415.9

8.3

8.8

Price toearnings

(x)

21.04.78.3

13.1

Dividendyield

(%)

0.45.50.8

2.5

Price tobook

(x)

715619

145

MarketCapitalisation

(US$mn)

Eriad SetifSaidalAurassi

COMPANY

TOP LISTED COMPANIES BY MARKET CAPITALISATION (End December 2002)



25

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STOCK EXCHANGE PROFILE


26

Web SiteMarket RegulatorMonetary AuthorityGoverning LawTime ZoneClearing & SettlementSecuritiesSettlement CycleInternational CustodianForeign ParticipationMarket SegmentExchange ControlTrading SystemCentral DepositoryTrading DaysTrading HoursTax RatesReporting RequirementBrief History

www.cosob.com.dzCommission d’Organisation et de Surveillance des Opérations de Bourses (COSOB)Banque Extérieure d'Algerie (BEA)Act 93-10 (1993)GMTElectronicOrdinary shares and corporate bondsT+4 None No restrictionsOrdinary shares and corporate bonds NoneAutomated Trading System None yetMonday09:30AM - 11:10PM None on capital gains and dividendsHalf year unaudited and full year auditedThe Societe de Gestion de la Bourse des Valeurs - SGBV (The Stock Exchange Management Company) was established by the legal billnumber 93-10 (23rd of May 1993). SGBV is a limited liability company and is in charge of supervising transactions on listed shares.

Source: LiquidAfrica and Commission d’Organisation et de Surveillance des Opérations de Bourses

Bourse d’Alger (c/o Société de Gestion de la Bourse de Valeurs)

1104_p01_90c5 4/8/03 3:37 AM Page 27

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MARKET OVERVIEW

CONTACT DETAILS

Poor stock market performance The Algerian market experienced a significant downturn in 2002, posting a negative 30% return in US Dollars. The Banque d’Algérie(Algerian central bank) proceeded with a policy of gradual depreciation of the dinar to the US dollar in an attempt to make its exportsmore competitive. Growth in the important hydrocarbons sector was partially offset by increased imports from Europe. Economic tieswith Europe have been strengthened resulting in trade barriers being gradually dismantled. Looking forward, the Algerian market looksset to grow dramatically off a low base, as more private companies look at listing on the market.

STOCK EXCHANGEBourse d’Alger (c/o Société de Gestion de la Bourse de Valeurs)Address 27 Blvd Colonel AmirousheTelephone +213 21 63 4813Fax +213 21 63 4799

STOCKBROKERSErrached el Mali d'Intermédiation en Bourse (Errached el Mali spa)Address 02 Bd Hassiba ben bouali imm.BEA 2é étage- RouibaDirector Mohamed SefraouiTelephone +213 21 854 092/854 206Fax +213 21 854 092

Société Financière en Conseil et Placement (SOFICOP spa)Adresse 12, rue Ali Boumendjel2e étage AlgerDirector Sid Ali SiouaniTelephone +213 21 713 368/713 375Fax +213 21 713 376

Société de Placement de Valeurs Mobilières (BADR/CAAR SPDM B/C spa)Address 139 Ter Krim Belkacem AlgerDirector Abdennour HOUAOUITelephone +213 21 747 026Fax +213 21 716 44

UB Brokerage (UB Brokerage spa)Adresse 30, rue Djenane el malik - HydraDirector Ouzzani Karim dit HakimTelephone +213 2 591 010/11 590 331Fax +213 2 727 478


27

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BOTSWANA

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDP (PPP)GDP - real growth rateGDP - per capitalInflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange ratesTelephones - main lines in useAirports

126GaboroneEnglish (official), Setswana1,591,2320.18% (2002 est.)35.2969.80%40% (official rate is 21%) (2001 est.)Diamonds, copper, nickel, salt, soda ash, potash, coal, iron ore, silver$12.4 billion4.70% (2001 est.)$7,800 (PPP 2001 est.)6.60% (2001 est.)500 million kWh (2000)$2.5 billionEFTA 85%, Southern African Customs Union (SACU) 10%, Zimbabwe 2% (1999)$2.1 billionSouthern African Customs Union (SACU) 77%, EFTA 9%, Zimbabwe 4% (1999)$2.3billion$2.4 billion, including capital expenditures of $NA (FY01/02)pula (BWP)$325 million (2001)pulas per US dollar - 6.8353 (January 2002), 5.8412 (2001), 5.1018 (2000), 4.6244 (1999), 4.2259 (1998), 3.6508 (1997)150,000 (2000)92 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / B O T S W A N A

28

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GDP %CPI Inflation %Interest Rates (3 month BOBCs) %Exchange Rate v. USD restated

Key points• Slowdown in mining to trigger slower growth• Increasing focus on economic diversification expected• Adoption of strong pula policy buffers BWP (Botswana pula) from ZAR (South African rand) weakness• Inflation likely to be temporarily pressured by introduction of VAT (Value Added Tax)• Few signs of stabilisation in HIV infection rates• AIDS remains the country's most significant challenge

29515

273.7011

1992

26120

278.5011

1993

37731

312.9011

1994

39838

332.8012

1995

32631

352.8112

1996

61459

708.5012

1997

72470

946.9014

1998

1,05238

1399.3015

1999

97847

1453.5016

2000

1,26965

2455.4016

2001

1,71762

2501.4119

2002

2563.73

JAN

2576.88

FEB

2633.85

MAR

2588.15

APR

2602.01

MAY

2540.31

JUN

2464.24

JUL

2478.47

AUG

2478.25

SEP

2431.69

OCT

2520.46

NOV

2501.41

DEC

8.18.5

12.75.1

2000a

9.16.5

12.65.8

2001a

67.2

11.56.2

2002e

5.56.8

12.56.6

2003f

4.96

127.2

2004f

4.85.8

11.37.8

2005f

BSE Domestic Index (Pula)BSE Domestic Index (US$)


115

105

95


Monthly closing index values 2002

Macroeconomic Indicators (annual averages)

Market Capitalization (US$mn)Value Traded (US$mn)BSE Domestic Index (Jun 1989 = 100)Number of Listed Companies





BSE Domestic Index (Jun 1989 = 100)

Market Snapshot



29

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BankBankBankBeveragesInsuranceRetail & DistributionOil & GasRetail & DistributionReal EstateBank

Weighted Averages

SECTOR

14.757.505.908.302.50

16.3015.3510.40

1.101.12

Local shareprice

(P)

14.915.316.39.86.57.65.98.9-7.0

13.0

Price toearnings

(x)

6.04.45.4

10.05.89.86.59.8

-14.2

6.3

Dividendyield

(%)

6.66.47.53.34.02.82.91.21.00.7

5.6

Price tobook

(x)

466356314200128

6145312827

1,656


(US$mn)

Barclays Bank of BotswanaFirst National Bank of BotswanaStandard Chartered Bank BotswanaSechaba Brewery HoldingBotswana Insurance HoldingMetro Sefalana cash and carryEngen BotswanaSefalana Holding CompanyTurnstar HoldingsABC Holdings

COMPANY




30

1104_p01_90c5 4/8/03 3:37 AM Page 31

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www.bse.bwThe Botswana Stock Exchange CommitteeBank of BotswanaBotswana Stock Exchange Act (1994)GMT + 0Manual, transaction by transactionOrdinary shares, Mutual Funds, Treasury bondsT+5Barclays Bank Botswana Ltd and Stanbic Bank Botswana LtdNo restrictions on foreign ownership in any of the listed securities. Non-residents are not allowed to invest in government debt.Domestic companies, Foreign companiesNoneCall over with presiding officerNoneMonday - Friday9:00AM - 9:30AM & 3:00PM - 3:30PMDividends: 15%; Interest: 15%; Capital gains: 0%Half year unaudited and full year audited accounts.In November 1986 representatives of public companies met to investigate the feasibility of establishing and developing a stockexchange. In June 1989 an informal share market was formed. In 1994 a new law was enacted recognizing the Botswana Stock Exchange.Tremendous growth has since been registered fuelled in part by dual listings of South African based companies.

Source: LiquidAfrica, Botswana Stock Exchange


31

Botswana Stock Exchange

1104_p01_90c5 4/8/03 3:37 AM Page 32

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MARKET OVERVIEW

CONTACT DETAILS

The Botswana economy is arguably one of the best economic success stories in Africa driven in no small part by its diamond miningindustry. The mining sector accounts for 37% of Botswana’s GDP ensuring 25% of world diamond production in value terms. Growth indiamond production has slowed due to the over supply and recent global economic weakness.

Sound monetary and fiscal policies have underpinned economic growth over the last three decades. Average annual inflation has declinedsteadily from more than ten percent in the 1990s as credit growth and government spending declined. Over the past year, the pula hasappreciated 29% in line with the South Africa rand.

The stock exchange closed the year up 32% in 2002, the second best performance in sub-Sahara Africa, largely due to the aforementionedappreciation of the pula. In the first quarter of 2002, the domestic index rose 17% in US dollar terms on the back of encouraging end yearresults and improving exchange rate of the pula.

However the index declined thereafter in pula terms on weakness in bank stocks where it became clear earnings growth would not keeppace with previous rates. Banking stocks in particular went through a downward re-rating while other sectors maintained upwardmomentum.

Looking ahead, the Botswana economy should continue to show resilience by posting GDP growth above 5%. Current governmenteconomic policy is to diversify the economy with particular emphasis on manufacturing, tourism and financial services. Over the mediumterm, some gains in this front are expected . The market in tandem should continue to see further growth on the back of currently highvaluations, making it an attractive market to list particularly for companies from neighbouring countries.

STOCK EXCHANGEBotswana Stock ExchangeAddress: 2nd Floor U N Place Khama Crescent, GaboronePostal: P/Bag 00417, GaboroneTel: +267 30 5190/37 4078Fax: +267 37 4079E-mail: [email protected]: http://www.bse.bw/

STOCKBROKERSStockbrokers Botswana LtdAddress: Ground Floor, Barclays House

Khama CresentPostal: Private Bag 00113

GabaroneTel No: +267 39 57900Fax No: +267 39 57901

Motswedi SecuritiesAddress: 2nd Floor, United Nations BuildingPostal: P O Box 41015

GaboroneTel No.: +267 31 88627Fax: +267 31 74079

Capital Securities Pty. Ltd.Address: Ground Flr Moedi

Plot 50380 Show GroundsPostal: P/Bag 173

GaboroneTel. +267 31 88886Fax +267 31 88887

One of Africa’s best performing markets


32

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CÔTE D’IVOIRE (West African Regional Bourse)

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDPGDP - real growth rateGDP - per capitaInflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange rates

Telephones - main lines in useAirports

156YamoussoukroFrench (official), 60 native dialects with Dioula the most widely spoken16,804,7842.45% (2002 est.)44.7248.50%13% in urban areas (1998 est.)Petroleum, natural gas, diamonds, manganese, iron ore, cobalt, bauxite, copper, hydropower$25.5 billion (PPP 2001)-1% (2001 est.)$1,550 (2001 est.)2.5% (2000 est.)4.08 billion kWh (2000)$3.6 billionFrance 13%, US 8%, Netherlands 7%, Germany 7%, Italy 6% (1999)$2.4 billionFrance 26%, Nigeria 10%, China 7%, Italy 5%, Germany 4% (1999)$1.72billion$2.4 billion, including capital expenditures of $420 million (2001 est.)Communaut Financi re Africaine franc (XOF)$13.3 billion (2000 est.)Communauté Financière Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999),589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro263,700 (2000)36 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / C Ô T E D ’ I V O I R E

33

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GDP %CPI Inflation %Interest Rates %Exchange Rate v. USD

Key points• The region has been thrown into economic turmoil following a military uprising in Côte d’Ivoire in 2002.• The once stable macroeconomic environment has been disrupted as the conflict interrupted the harvesting andmarketing of the critical cocoa. This is bound to have a negative impact on the country’s balance of payments.• The prolonged conflict has led to strong inflationary pressures.

4834-

27

4146-

24

42812

-27

86614

-31

91419

-31

1,27624

-35

1,81839

98.1035

1,51485

91.3038

1,18533

74.8041

1,1658

77.5038

1,32916

75.1538

73.23 71.57 70.11 70.09 71.94 70.50 68.20 66.52 67.20 66.34 68.64 75.15

-2.32.56.5

712

-0.94.46.5

733

34

6.5700

-167

650

0.24.5

7700

12.56.5

715

BRVM 10 Index (US$) BRVM 10 Index (CFA Franc)

110

100

80

90

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2000a 2001a 2002e 2003f 2004f 2005f





Market Capitalization (US$mn)Value Traded (US$mn)BRVM 10 Index (Sep 1998=100)Number of Listed Companies





BRVM 10 Index (Sep 1998=100)

Market Snapshot

Source: Liquid Africa and Standard Chartered Bank


34

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TelecommunicationsFoodHousehold & Personal ProductsBanksBanksTobaccoTextileUtilitiesBeveragesOil & Gas

Weighted Averages

SECTOR

20,00073,50040,00030,10015,94050,00023,97013,60087,50037,500

Local shareprice(CFA)

4.211.326.316.7

8.36.9

10.39.57.26.8

9.9

Price toearnings

(x)

14.510.912.5

5.29.4

14.46.49.6

13.814.8

11.8

Dividendyield

(%)

1.13.91.71.51.23.31.81.81.60.8

1.8

Price tobook

(x)

320130103

80787268615738

1,006


(US$mn)

SonatelNestle (Côte d'Ivoire)UnileverBiciciSgbciSitabFiltisacCieSolibraTotal Fina Elf (Côte d'Ivoire)

COMPANY




35

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www.brvm.orgConseil Régional de l'Epargne Publique et des Marchés Financiers (CREPMF)Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)n.a.GMTn.a.Equities and bondsT+5 Société Générale de BourseNo restrictions Equities, bondsNoneComputerised trading systemNoneMonday, Wednesday and Friday8:30AM - 12:30PMDividends:10%; Interest: 0%; Capital gains: 0%Half year unaudited and full year audited accounts.The BRVM is the regional stock exchange in French speaking West Africa (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger,Senegal and Togo). It was created in 1998 to replace the old Ivorian Bourse des Valeurs d'Abidjan.


Source: LiquidAfrica, BRVM


36

Bourse Régionale des Valeurs Mobilières S.A. (BRVM)

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MARKET OVERVIEW

Following the military up rising in Cote d’Ivoire in September 2002, the region has been thrown into economic turmoil where some ofthe neighbouring states have had to bare significant disruptions to their economies, particularly those landlocked states that rely ontransportation links through Cote d’Ivoire.

Prior to the conflict, the prognosis for the country and the wider region were bright on account of higher commodity prices like oil, goldand cocoa. This occurred at a time when improvements in production levels had been achieved. The conflict in Cote d’Ivoire has disruptedproduction and marketing operations of cocoa.

On a macro level, the government had been prudent in its spending maintaining a healthy budgetary position and inflation outlook.The prolonged nature of the conflict has almost certainly disrupted this delicate balance and it is only a question of time before inflationarypressures are felt.

The regional exchange was expected to record significant gains in the year and a number of companies had begun to show improvementsin performance.

The toll of the war will come to bear onthe market

CONTACT DETAILS

STOCK EXCHANGEBourse Régionale des Valeurs Mobilières S.A. (BRVM)Address: 18, Rue Joseph Anoma (Rue des Banques)Abidjan - Côte d'IvoireBP: 01 BP 3802 Abidjan 01Tél: +225 20 32 6685 / 6686Fax: +225 20 32 6684Email: [email protected]

STOCKBROKERSBeninACTIBOURSEContact: GRANGE BRIGITTE (General Manager)Address: Avenue Jean-Paul IIBP: 08 B.P. 0879 CotonouTelephone: +229 31 5343 / 31 3228Fax: +229 31 7800Email: [email protected]

BIBE FINANCE & SECURITIES SAContact: M. Hospice HAZOUME (General Manager)Address: Avenue Jean-Paul IIBP: 03 B.P. : 2098 CotonouTelephone: +229 31 4465 / 31 4688

Fax: +229 31 4229Email: [email protected]

SGI BENIN SAContact: M. Anatole Georges GEORGES WILSON

(General Manager)Address: Carré n° 21 - Immeuble « FANCY PALACE

» Avenue DelormeBP: 01 B.P. : 4546 CotonouTelephone: +229 31 1541 / 31 1571Fax: +229 31 1560 / 31 3299Email: [email protected]


37

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CONTACT DETAILS cont.

Burkina FasoSGI SBIFContact: M. Alexis LOURGO (General Manager)Address: Avenue de la Résistance du 17 Mai,

Immeuble CGPBP: 01 B.P. 5394 Ouagadougou 01 -BURKINA

FASOTelephone: +226 31 1852 / 33 0491 / 33 0492Fax: +226 33 0490Email: [email protected]

Côte d'IvoireAFRICAINE DE BOURSEContact: M. Levry TOGOU (General Manager)Address: 34, Bd de la RépubliqueBP: 01 BP 1300 Abidjan 01Telephone: +225 20 219 826 / 832Fax: +225 20 219 827 / 200 119Email: [email protected]

BIAO FINANCES & ASSOCIESContact: M. Jerome KOUAKOU (General Manager)Telephone: +225 20 200 720 / 653 / 679Fax: +225 20 339 093Web Site: www.biaofi-ci.com

BICIBOURSEContact: M. KOUASSI YAO (General Manager)Address: Abidjan Plateau, Rue Gourgas - Tour BICICI

1er étageBP: 01 BP 1298 Abidjan 01 - Cote d'IvoireTelephone: +225 20 201 668 / 679 / 625Fax: +225 20 214 722 / 201 700Web Site: www.bicibourse.com

CITICORP SECURITY WEST AFRICAContact: M. Pascal DJEREKE (General Manager)Address: I mmeuble Botreau Roussel - 28, Rue

DelafosseBP: 01 BP 3698 Abidjan 01Telephone: +225 20 214 610 / 215 493Fax: +225 20 217 685 / 686

ECOBANK INVESTMENT CORPORATION BOURSEContact: M. WILSON (General Manager)Telephone: +225 20 211 041 / 219 976Fax: +225 20 218 816 / 217 675 Telephone

HUDSON & CIEContact: M. Jean Luc BEDIE (General Manager)Address: 15, Avenue Joseph Anoma - Immeuble

MACI / 10 ème étageBP: 18 BP 2294 Abidjan 18Telephone: +225 20 332 223 / 321 804Fax: +225 20 332 224Email: [email protected] Site: www.hudson-cie.com

SOGEBOURSEContact: M. Patrick BROCHET (General Manager)Telephone: +225 20 201 265 / 291 / 579Fax: +225 20 201 489 / 525Email: [email protected] Site: www.afribourse.com

MaliSGI MALIContact: M. MODIBO CISSE (General Manager)Address: Immeuble ALI BABA - boulevard Cheick

Zayed2 ème étage bureau 210 - BAMAKO

BP: 01 B.P. 5394 Ouagadougou 01 -BURKINA

FASOTelephone: +223 29 4119 / 2972Fax: (223) 29 2975Email: [email protected]

NigerSGI NIGERContact: M. Souleymane ABDALLAH (General

Manager)Address: 2, Rue du SouvenirBP: B.P. 10812 Niamey - NigerTelephone: +227 73 7817 / 7818Fax: +227 73 7816Email: [email protected]

SenegalCGF BOURSEContact: M. GABRIEL FAL (General Manager)Address: 12, rue Dr THEZE - Immeuble Coumba

Castel 3ème étage - DAKARBP: B.P. 10812 Niamey - NigerTelephone: +221 849 0399Fax: +221 823 3899Email: [email protected] Site: www.cgfbourse.sn

TogoSGI TOGOContact: M. EDOH KOSSI AMENOUNVE (General

Manager)Address: Place Van Vollenhoven - UTB Centrale - 3è

étageBP: BP 2312 Lomé TogoTelephone: +228 222 3086 / 3145Fax: +228 222 3147Email: [email protected] Site:http://www.brvm.org/en/intervenants/sgi/sgitogo.htm


38

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EGYPT

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDPGDP - real growth rateGDP - per capitalInflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange rates


115CairoArabic (official), English and French widely understood by educated classes70,712,345 (July 2002 est.)1.66% (2002 est.)64.0551.40%12% (2001 est.)Petroleum, natural gas, iron ore, phosphates, manganese, limestone, gypsum, talc, asbestos, lead, zinc$258 billion (PPP)2.50% (2001 est.)$3,700 (PPP 2001 est.)2.30% (2001 est.)69.592 billion kWh (2000)$7.1 billionEU 43% (Italy 18%, Germany 4%, UK 3.2%), US 15%, Middle East 11%, Asian countries 9%, (2000)$164 billionEU 36% (Germany 8%, Italy 8%, France 6%), US 18%, Asian countries 13%, Middle East 6% (2000)$21.5billion$26.2 billion, including capital expenditures of $5.9 billion (2001)Egyptian pound (EGP)$29 billion (2001 est.)Egyptian pounds per US dollar - market rate - 4.5000 (January 2002), 4.4900 (2001), 3.6900 (2000), 3.4050 (1999), 3.3880 (1998), 3.3880(1997)3,971,500 (December 1998)92 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / E G Y P T

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Key points• The government is committed to liberalising the economy, as is evident in the floating of the Egyptian Pound.• Regional tensions are likely to have a negative affect on economic growth with a slump in tourism in the short term.

627.36

3,259195

108.87656

1992

3,814170

135.67674

1993

4,263757

238.40700

1994

8,088677

213.20746

1995

14,1732,463

296.70649

1996

20,8305,859

359.85654

1997

24,3815,028

382.77861

1998

32,8389,038

624.511033

1999

28,74111,120626.16

1076

2000

24,3353,897

613.001110

2001

26,2457,362

491.671151

2002

603.58

JAN

618.04

FEB

618.61

MAR

621.28

APR

626.00

MAY JUN

628.26

JUL

630.71

AUG

631.33

SEP

629.79

OCT

630.37

NOV

634.70

DEC

4.12.7NANA

2000a

2.52.3

13.34.0

2001a

0.84.3

13.34.7

2002e

1.84.1

13.94.7

2003f

3.23.8

13.45.0

2004f

NANANANA

2005f

CMA General Index (Pound)CMA General Index (US$)

Jan 02 Mar 02 May 02 Jul 02 Sep 02 Nov 02 Jan 0396.0


100.0

104.0



Market Capitalization (US$mn)Value Traded (US$mn)CMA General Index (Jan 1992 = 100)Number of Listed Companies





CMA General Index (Jan 1992 = 100)

Market Snapshot



40

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TelecommunicationsCementConstructionBanksChemicalsTobaccoMediaTelecommunicationsTextilesBanks

Weighted Averages

SECTOR

30.9031.9922.7827.0132.0056.00

7.9010.4055.0024.00

Local shareprice

(LE)

9.021.3

6.54.44.45.0

47.635.9

5.75.0

17.1

Price toearnings

(x)

---

14.412.510.7

--

7.34.1

4.3

Dividendyield

(%)

2.01.71.61.11.11.30.80.51.21.3

1.4

Price tobook

(x)

665440424378316301292246160155

3,221


(US$mn)

Egyptian Company for Mobile ServicesSuez CementOrascom Construction IndustriesCommercial International Bank (Egypt)Abou Kir FertiliserssEastern TobaccoEgyptian Media Production CityOrascom Telecom HoldingOriental WeaversNational Societe General Bank

COMPANY




41

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www.egyptse.comCapital Markets AuthorityCentral Bank of EgyptCapital Market LawGMT + 3Manual, transaction by transactionOrdinary shares, Mutual Funds, Treasury bonds, DebenturesT+4HSBCNo restrictionsOfficial, Unofficial 1, Unofficial 2NoneComputer based screen trading with automated matchingEgyptian clearing and settlement Co.Sunday - Thursday11:30AM - 3:30PMDividends: 0%; Interest: 15%; Capital gains: 0%Half year unaudited and full year audited accounts. International Accounting and Auditing Standards.The Alexandria exchange was established in 1888 while the Cairo exchange was established in 1903. Both exchanges remained activethroughout the early 1900's with a noticeable decline in the late 1950's owing to central planning and socialist policies adopted then.However, the trend was reversed in the 1990's as the Government adopted free market policies.

Source: LiquidAfrica, Cairo and Alexandria Stock Exchanges


42

Cairo and Alexandira Stock Exchanges

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MARKET OVERVIEW

CONTACT DETAILS

Regional tensions hampered theEgyptian economy

The Egyptian stock exchange had a tough year in 2002 due to the tensions in the Middle East and an anaemic economy. US Dollar returnswhere marginally positive (2%). Geo-political tensions significantly affected tourism, which is the single most important industry in Egypt.The banking sector suffered particularly badly from the weak macroeconomic environment, precipitating in increased bank loan lossprovisions. This resulted in several banking stocks exhibiting negative returns. International brewer Heineken purchased the 98.5% stakein Al Ahram Beverages for approximately $290m, which should be seen as a sign of foreign investor confidence in the Egyptian economy.

A trend of significantly lower value traded on the Cairo and Alexandria Stock Exchange is emerging. Trading turnover slumped from ahigh of $11 billion in 2000 to $6.6 billion in 2002 (a 45% decline), which can be attributed to the depressed Egyptian economy. The Cairoand Alexandria Stock Exchanges have the largest number of listed companies in comparison to the other African stock exchanges,however its market capitalisation languishes far behind the South African JSE Securities Exchange.

STOCK EXCHANGECairo and Alexandira Stock ExchangesAddress: 4A, El Sherifein Street Down Town, CairoTel: +20 2 392 1447/2Fax: +20 2 392 4214Wesite: www.egyptse.com

STOCKBROKERSEgyptian Group for SecuritiesManaging Dir.: Osama Mahmoud HammadAddress: 88, Kasr El Aini St., Down TownTel.: +20 2 594 0183/1789Fax: +20 2 594 0183/1789Email: [email protected]

El Nasr Securities Brokerage Co.Managing Dir.: Gamal Abdel Alim AhmedAddress: 29, El Nasr St., New MaadiTel.: +20 2 519 2722/3990/75Fax: +20 2 519 2778Email: [email protected]

European Group for BrokerageManaging Dir.: Metwally Hassan M. ZidanAddress: 76, Gameat El dewel El Arabia

MohandessinTel.: +20 2 338 6670Fax: +20 2 338 6675Email: [email protected]

Financial Brokerage Group Member of EFG-Hermes GroupManaging Dir.: Mohamed A. HassanAddress: 58, Tahrir St., DokkiTel.: +20 2 338 8867/4Fax: +20 2 338 8633/68Email: [email protected]

Fleming Al Mansour SecuritiesManaging Dir.: Mohamed AbdallahAddress: 9, Mohamed Fahmy St., Garden CityTel.: +20 2 352 4475Fax: +20 2 352 4475/1


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Hermes Securities Brokerage (Member of EFG-Hermes)Managing Dir.: Sherif S. MassoudAddress: 58, El Tahrir St., Dokki Postal Code 12311Tel.: +20 2 336 9869/338 8864/7Fax: +20 2 338 5400/4449Email: [email protected]

HSBC SecuritiesManaging Dir.: Mahmoud AttallahAddress: 3, Aboul Feda St., ZamalekTel.: +20 2 339 1927/332 0145/6Fax: +20 2 332 0028Email: [email protected]

InterCapital SecuritiesManaging Dir.: Aly Abdel Al ZidanAddress: 9, Mohamed Fahmy St., 15th Floor Garden

CityTel.: +20 2 354 2475/1Fax: +20 2 354 1474/2Email: [email protected]

Misr International SecuritiesManaging Dir.: Mohamed Mahmoud AhmedAddress: 9, El Fawatem St., AzaretaTel.: +20 3 484 8136/8/9Fax: +20 3 484 8260Email: [email protected]

Prime Securities Stock BrokersManaging Dir.: Mohamed M. Mohamed AliAddress: 7, Midan El Thawra St., MohandessinTel.: +20 2 338 1992/1Fax: +20 2 338 1993Email: [email protected]

Sigma Securites BrokerageManaging Dir.: Ahmed MarwanAddress: 1 El Gabalaya St. Zamalik Cairo EgyptTel.: +20 2 735 6060Fax: +20 2 735 0235Email: [email protected]


44

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GHANA

COUNTRY PROFILE



129AccraEnglish (official), African languages (including Akan, Moshi-Dagomba, Ewe, and Ga)20,244,1541.70% (2002 est.)57.0664.50%20% (1997 est.)Gold, timber, industrial diamonds, bauxite, manganese, fish, rubber, hydropower$39.4 billion (PPP)3% (2001 est.)$1,980 (PPP 2001 est.)25% (2001 est.)5.92 billion kWh (2000)$1.94 billion (f.o.b., 2000)Togo, UK, Italy, Netherlands, Germany, US, France (1998)$2.83 billionUK, Nigeria, US, Germany, Italy, Spain (1998)$1.603billion$1.975 billion, including capital expenditures of $NA (2001 est.)cedi (GHC)$5.96 billion (2001 est.)cedis per US dollar - 7,195 (January 2002), 7,170.76 (2001), 5,455.06 (2000), 2,669.30 (1999), 2,314.15 (1998), 2,050.17(1997)240,000 (2001)12 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / G H A N A

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840

79.1015

1992

1185

170.8015

1993

1,87375

371.7017

1994

1,64922

298.1019

1995

1,49217

360.8021

1996

1,13849

511.7021

1997

1,38460

868.4021

1998

91625

736.2022

1999

50210

858.0022

2000

52813

956.0022

2001

38211

1395.3124

2002

957.34

JAN

969.89

FEB

1018.02

MAR

1041.05

APR

1132.68

MAY

1223.69

JUN

1257.08

JUL

1309.71

AUG

1310.67

SEP

1339.76

OCT

1362.65

NOV

1395.31

DEC

3.740.6

444,925

2000a

4.233.9

387,350

2001a

4.51523

8,000

2002e

4.91217

8,600

2003f

4.31014

9,000

2004f

4.59

139,500

2005f

GSE All Share Index (Cedi)GSE All Share Index (US$)



105

135

115

125

145



Market Capitalization (US$mn)Value Traded (US$mn)GSE All Share Index (Nov 1990 = 100)Number of Listed Companies





GSE All Share Index (Nov 1990 = 100)

Source: Liquid Africa and Standard Chartered Bank

Market Snapshot


46


Key points• Higher prices for cocoa and gold favour Ghana outlook• Non-traditional exports rise, boosted by cedi competitiveness• Surge in oil price still a risk for Ghana• Privatisation expected to accelerate• Interest rates to decline further• No significant political risks seen

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BanksBanksHousehold & Personal ProductsBanksAgricultural ProductsCapital GoodsBeveragesOil & GasTobaccoPharmaceuticals

Weighted Averages

SECTOR

3,516.0028,700.00

4,805.003,966.00

390.003,700.001,050.00

19,730.001,001.002,005.00

Local shareprice

(¢)

3.14.05.43.7

27.95.33.56.02.54.5

Price toearnings

(x)

11.414.610.7

3.8-

14.916.7

7.911.3

2.9

10.4

Dividendyield

(%)

1.72.41.11.25.31.21.71.31.51.2

1.5

Price tobook

(x)

67583531221814

987

269


(US$mn)

Ghana Commercial BankStandard ChartUnileverSSB BankProduce BuyingAluworksGuinnessMobil OilBritish American TobaccoPZ Cussons

COMPANY




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www.gse.com.ghSecurities Exchange CommissionBank of GhanaStock Exchange Act (1971)GMT + 0Manual, transaction by transactionOrdinary shares, Corporate bondsT+5Stanbic Bank Ghana Ltd and Barclays Bank Ghana LtdCap on ownership (74% in general)First tier, second tierNoneCall over with presiding officerNoneMonday, Wednesday and Friday10:00AM - 12:00PMDividends:10%; Interest: 15%; Capital gains: 0%Half year unaudited and full year audited accounts.The Ghana Stock Exchange (GSE) was incorporated in July 1989 and was officially recognised as an authorised stock exchange underthe Stock Exchange Act in October 1990. Trading on the GSE commenced on 12 November 1990. A council comprising representativesof stakeholders from the capital market govern the GSE. The Council acts as the Board of Directors with all powers and functions of aBoard under the Companies Code.

Source: LiquidAfrica, Ghana Stock Exchange


48

Ghana Stock Exchange

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MARKET OVERVIEW

CONTACT DETAILS

The Ghanaian economy shows signs ofcontinued growth

The Ghanaian economy has enjoyed a good run from the implementation of appropriate monetary policy where inflation hasdeclined from 40% to 13% over the last two years. These gains have been consistent with the improved exchange rateswhere the cedi depreciation rate has reduced.

Probably the most significant factor in Ghana’s economy is the improved production and prices of cocoa and gold. Ironically, theGhanaian economy has benefited from the tensions in neighbouring Cote d’Ivoire. Prices of cocoa have increased, thanksto the dramatic slump in exports from Cote d’Ivoire, which used to be the largest international exporter of cocoa. This shouldgo a long way to shore up the local economy; however, these high commodity prices cannot be expected to be sustainable inthe long term.

In 2002, the stock market enjoyed a rally of sorts when the local interest rates on treasury bills declined to 25% from 40%. Localinvestors seeking higher returns invested in local equities as real interest rates declined. In addition, corporates operating inGhana enjoyed a more stable macro environment as volatility in the cedi declined allowing for better long term planning.Ghanaian companies posted higher earnings in 2002 and this further encouraged investors into the equity market. Looking aheadinto 2003, this trend is expected to continue as the government consolidates its gains on the macro front.

STOCK EXCHANGEGhana Stock ExchangeAddress: 5th Floor, Cedi House, Liberia Road Accra, GhanaPostal: P. O. Box 1849 Accra, GhanaTel: +233 21 669 908/914/935Fax: +233 21 669 913E-mail: [email protected] sites: www.gsedata.com www.gse.com.gh

STOCKBROKERSCal Brokers LimitedAddress: No. 45 Independence Avenue,

Ridge, AccraPostal: P O Box 14596

AccraTel No: +233 21 231102/221056/221087Fax No: +233 21 231104

Consodiscount Asset Management Co. LimitedAddress: 3rd Floor, Tower Block

SSNIT Pension HouseAccra

Postal: P O Box 14911Accra NorthTel No: +233 21 667425/668437Fax No: +233 21 662167

Data Bank Brokerage LimitedAddress: SSNIT Tower Block, 5th Floor, AccraPostal: Private Mail Bag Ministries Post Office

AccraTel No: +233 21 665124/663763Fax No: +233 21 669100

EBG Stockbrokers LimitedAddress: No. 19, 7th Avenue, Ridge (West)

Accra

Postal: P O Box 16746,Accra-North

Tel No: +233 21 228812/231931Fax No: +233 21 231934

First Atlantic Brokers Ltd (Formerly Financial Equities GhanaLtd)Address: No. 1, 7th Avenue, Off Liberia Road

AccraPostal: P O Box 5188, Accra- NorthTel No: +233 21 667088Fax No: +233 21 775743/231399

Gold Coast Securities LimitedAddress: 350 Nima Avenue, AccraPostal: P O Box 17187,AccraTel No: +233 21 225155/226310/229892/233050Fax No: +233 21 777380/233050


49

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Merban Stockbrokers LimitedAddress: Merban House, Kwame Nkrumah AvenuePostal: P O Box 401, AccraTel No: +233 21 666331-5Fax No.: +233 21 667 305

National Trust Holding CompanyAddress: Dyson House, Adjabeng Block

Kwame Nkrumah Avenue,Postal: P O Box 9563, Airport

AccraTel No: +233 21 229664/229106/223385Fax No: +233 21 229975

New World Investments LimitedAddress: Mobil House, Liberia Road,Postal: P O Box 16452, Airport, AccraTel No: +233 21 660163Fax No: +233 21 228610

SDC Brokerage Services LimitedAddress: City Building, Off High Street

Post Office Square,Postal: P O Box 14198, AccraTel No: +233 21 662733/669372-5Fax No: +233 21 669371

Strategic African Securities LimitedAddress: 59, Ring Road Central,Postal: P O Box 16446, Airport, AccraTel No: +233 21 231386/233777Fax No: +233 21 229816

Sterling SecuritiesAddress: 2, Rangoon LinkPostal: P O Box C2932

Cantoments, AccraTel.: +233 21 764 332; 762 955Fax: +233 21 762 954


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KENYA

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDPGDP - real growth rateGDP - per capitaInflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange ratesTelephones - main lines in useAirports

134NairobiEnglish (official), Kiswahili (official), numerous indigenous languages31,138,7351.15% (2002 est.)47.0278.10%40% (2001 est.)Gold, limestone, soda ash, salt barites, rubies, fluorspar, garnets, wildlife, hydropower$31 billion (PPP)1% (2001 est.)$1,000 (PPP 2001 est.)3.30% (2001 est.)4.616 billion kWh (2000)$1.8 billionUK 13.5%, Tanzania 12.5%, Uganda 12.0%, Germany 5.5% (2000)$3.1 billionUK 12%, UAE 9.8%, Japan 6.5%, India 4.4% (2000)$2.91billion$2.97 billion, including capital expenditures of $NA (2000 est.)Kenyan shilling (KES)$8 billion (2001 est.)Kenyan shillings per US dollar - 78.597 (January 2002), 78.563 (2001), 76.176 (2000), 70.326 (1999), 60.367 (1998), 58.732 (1997)310,000 (2001)231 (2001)


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63712

1167.2957

1992

1,06014

2513.7456

1993

3,08262

4559.456

1994

1,88665

3468.8856

1995

1,84667

3114.1156

1996

1,824106

3117.558

1997

2,02479

2962.158

1998

1,40974

2303.257

1999

1,28347

1913.457

2000

1,05040

1354.5955

2001

1,67636

1317.4550

2002

1343.41

JAN

1313.57

FEB

1183.10

MAR

1129.33

APR

1071.07

MAY

1086.62

JUN

1097.73

JUL

1043.38

AUG

1043.40

SEP

1116.36

OCT

1161.12

NOV

1317.45

DEC

-0.36.212

77.9

2000a

0.80.8

12.778.4

2001a

14

1079.5

2002e

2.33

1582

2003f

3.55.21485

2004f

4.25.51287

2005f

NSE 20 Index (US$) NSE 20 Index (Shilling)



82

102

92



GDP %CPI Inflation %Interest Rates (3m T-Bill) %Exchange Rate v. USD

Key points• Kenya appears poised for recovery after a peaceful presidential election• Kenya will benefit from strong growth in East Africa• Export growth has been impressive, despite the sluggish domestic economy• Recovery to trigger slow, steady depreciation of the KES• Current low interest rates are at odds with domestic fundamentals

Market Capitalization (US$mn)Value Traded (US$mn)NSE 20 Share Index (Jan 1966=100)Number of Listed Companies





NSE 20 Share Index (Jan 1966=100)


Market Snapshot


52

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Composite

BanksCementBanksBeveragesTobaccoMediaOil & GasAirlinesAgricultural ProductsBanks

Weighted Averages

SECTOR

98.5042.5058.50

119.0054.0077.0022.00

6.2554.0017.00

Local shareprice(Ksh)

6.221.1

6.55.68.9

10.7-9.93.3

11.86.7

8.7

Price toearnings

(x)

14.22.6

14.19.7

14.63.2

-9.63.7

-

9.2

Dividendyield

(%)

1.61.52.51.31.32.01.40.40.60.4

1.6

Price tobook

(x)

234198186167

695349373433

1,061


(US$mn)

Barclays BankBamburi CementStandard Chartered Bank KenyaEast African BreweriesBAT KenyaNation Media GroupTotal KenyaKenya AirwaysBrooke BondKenya Commercial Bank

COMPANY




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www.nse.co.keCapital Markets AuthorityCentral Bank of KenyaCapital Markets Authority ActGMT + 2Manual, transaction by transactionOrdinary shares, Preference shares, Treasury bonds, DebenturesT+5Stanbic Bank Kenya Limited and Barclays Bank Kenya LimitedCap on ownership (80% in general)Main, alternative, fixed incomeNoneFloor based open outcry, continuous order driven auction.NoneMonday - Friday10:00AM - 12:00PMResidents: Dividends: 5%; Interest: 15%; Capital gains: 0% Non Residents: Dividends: 7.5%; Interest:12.5%; Capital gain: 0%Half year unaudited and full year audited accounts. International Accounting and Auditing Standards.In the early 1900's, shares were traded between individuals and by the early 1920's, various professionals began offering stockbrokingservices to the public. In 1954, the Nairobi Stock Exchange was formed as an association and Africans were allowed to trade on attainmentof independence in 1963. A new law was enacted in 1989 creating a regulator and two years later the NSE was established as a companyunder the Company's Act.

Source: LiquidAfrica, Nairobi Stock Exchange


54

Nairobi Stock Exchange

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Composite

MARKET OVERVIEW

CONTACT DETAILS

A peaceful and democratic general electionbodes well for 2003

For most of 2002 the Kenyan market was dominated by speculation over the presidential election that was held right at the end of theyear. For most part of 2002 the market registered declines but in the last quarter recovered as it became clearer the presidential andlegislative elections would be orderly and probably be declared free and fair.

The economy was starved of donor funding in late 2000 owing to concerns over corruption and governance issues. Following the outcomeof the election, it is widely expected that the funding will be resumed. In the interim, the government plugged the hole in its financesby borrowing from the local market. Interest rate levels remain low as a result of weak domestic demand undermining economic activity.In 2002, the Central Bank achieved some success in lengthening the maturity profile of its local debt portfolio. It aims to achieve a ratioof 70:30 (long term to short term debt) having attained a 56:44 ratio at the end of 2002.

El Niño associated rainfall in November 2002 should improve harvests, with a beneficial short-term impact on inflation. This is in contrastto other Southern African countries that are suffering from food shortages associated with El Niño drought.

The local stock market should perform well in 2003 as it is coming of a low base. A key driver could be the implementation of the incominggovernment’s pledge to privatise state corporations. Upcoming full year results for 2002 should reflect the poor economic tradingenvironment that persisted. Banks in particular should report weaker earnings as a result of lower average interest rates available through2002 and limited lending opportunities.

The outlook for 2003 shall be guided by quick resumption of donor funding, increased investment in infrastructure, which could induceprivate investment. The improved business confidence and the upbeat social climate should filter through the economy boosting corporateearnings.

STOCK EXCHANGENairobi Stock ExchangeAddress: Nation Centre 1st Floor Kimathi Street, NairobiPostal: P.O. Box 43633Tel: +254 2 230 692Fax: +254 2 224 200E-Mail: [email protected]: www.nse.co.ke

STOCKBROKERSFrancis Drummond & Co LtdAddress: Queensway House, 3rd Floor

Kaunda StreetPostal: P O Box 45465

NairobiTel No: +254 2 334533Fax No: +254 2 223061

Dyer & Blair LtdAddress: Reinsuarance Plaza, 9th Floor

Taifa RoadPostal: P O Box 45396

Nairobi

Tel No: +254 2 227803Fax No: +254 2 218633

Francis Thuo & Partners LtdAddress: International House, 13th FloorPostal: P O Box 46524

NairobiTel No: +254 2 226531Fax No: +254 2 228498


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Ngenye Kariuki & Co LtdAddress: Travel (UTC) HousePostal: P O Box 12185

NairobiTel No +254 2 224333/220052Fax No: +254 2 217199

Nyaga Stockbrokers LtdAddress: IPS Building, 10th Floor

Kimathi StreetPostal: P O Box 41868

NairobiTel No: +254 2 332783/4Fax No: +254 2 332785

CFC Financial Services LtdAddress: Queensway House, 3rd FloorPostal: P O Box 47198

Nairobi 00100Tel No: +254 2 375 3726Fax No: +254 2 375 2951

Suntra Stocks Ltd.Address: Commonwealth House, 2nd Floor

Moi AvePostal: P O Box 74016, NairobiTel: +254 2 337220/223294Fax: +254 2 224327

Standard Stocks LtdAddress: Rehani House, 3rd FloorPostal: P O Box 73687, NairobiTel No: +254 2 220225/227004/240296Fax No: +254 2 240297

Ashbhu Securities Ltd.Address: Capital Hill Towers, 3rd Floor

Cathedral RoadPostal: P O Box 41684

NairobiTel.: +254 2 715411Fax: +254 2 715423

Reliable Securities Ltd.Address: Sonalux House, 4th Floor

Moi AvenuePostal: P O Box 67188

NairobiTel.: +254 2 211271Fax: +254 2 225439

Sterling Securities Ltd.Address: Finance House, 10th FloorPostal: P O Box 45213

NairobiTel.: +254 2 213914Fax: +254 2 218261

Kenya Wide Securities LtdAddress: Kimathi House, 2nd Floor

Keah & CompanyPostal: P O Box 43858, NairobiTel.: +254 2 221378/226373Fax: +254 2 246197

Solid Investment Securities Ltd.Address: Jubilee Insurance House

4th Floor, Room 420ANairobi

Tel.: +254 2 214887

Kestrel Capital (EA) Ltd c/o Shapley Barret & CompanyAddress: Lonrho BuildingPostal: P O Box 40005

NairobiTel.: +254 2 251815/251893Fax: +254 2 243264

Hak Securities Ltd.Address: Rehani House, 4th FloorPostal: P O Box 67815

NairobiTel.: +254 2 331891/220517Fax: +254 2 215554

Discount SecuritiesAddress: Phoenix HousePostal: P O Box 57746

NairobiTel.: +254 2 219538/219538/244468Fax: +254 2 336553

Faida SecuritiesAddress: Union Towers, 5th Floor

Moi AvenuePostal: P O Box 40100

NairobiTel.: +254 2 243811/2/3Fax: +254 2 243814


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MALAWI

COUNTRY PROFILE



163LilongweEnglish (official), Chichewa (official), other languages important regionally10,701,8241.39% (2002 est.)36.5958.00%NALimestone, arable land, hydropower, unexploited deposits of uranium, coal, and bauxite$7 billion (PPP)1.70% (2001 est.)$660 (PPP 2001 est.)28.60% (2001 est.)825 million kWh (2000)$415.5 millionSouth Africa 18%, Germany 13%, US 13%, UK 10%, Japan 7%, Netherlands 3% (2000)$463.6 millionSouth Africa 40%, UK 11%, Zimbabwe 7%, Japan 5%, Germany 2%, US 1.8%, Zambia (2000)$490million$523 million, including capital expenditures of $NA (FY99/00 est.)Malawian kwacha (MWK)$2.8 billion (2001 est.)Malawian kwachas per US dollar - 67.3111 (December 2001), 72.1973 (2001), 59.5438 (2000), 44.0881 (1999), 31.0727 (1998), 16.4442(1997)38,000 (1999)44 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / M A L A W I

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58

----

1992

----

1993

----

1994

----

1995

150

112.501

1996

1100

137.573

1997

14810

220.686

1998

1616

250.896

1999

2129

270.127

2000

15221

280.157

2001

1073

233.438

2002

300.11

JAN

300.33

FEB

300.82

MAR

300.98

APR

284.53

MAY

282.24

JUN

278.01

JUL

251.46

AUG

246.18

SEP

231.11

OCT NOV

233.43

DEC

3.429.6

4055

2000a

1.527.5

4775

2001a

2194190

2002e

32355

130

2003f

4.11740

115

2004f

4.51430

125

2005f

MSE Domestic Share Index (US$) MSE Domestic Share Index (Kwacha)



90

130

110

299.09


Macroeconomic Indicators (Annual Averages)


Key points• Drought, famine and lack of donor funding to pressure economy in near term• Outlook for tobacco is more favourable• Tourism is also picking up• Real interest rates in excess of 20% to help reduce inflation• But Zimbabwe devaluation would be a big risk for the MWK

Market Capitalization (US$mn)Value Traded (US$mn)MSE Domestic Share Index (Nov 1996 =100)Number of Listed Companies





MSE Domestic Share Index (Jun 1996 = 100)


Market Snapshot

1104_p01_90c5 4/8/03 3:37 AM Page 59

Composite

BanksSugarIndustrial ConglomeratesBanksHotels & TourismInsuranceHotels & TourismPackaging

Weighted Averages

SECTOR

6.303.90

13.006.401.852.504.451.90

Local shareprice(Mk)

5.04.62.63.65.81.55.51.9

4.2

Price toearnings

(x)

10.06.2

14.512.520.724.0

9.017.9

11.0

Dividendyield

(%)

1.41.20.40.90.50.70.90.5

1.0

Price tobook

(x)

33301615

6321

105


(US$mn)

National BankSugar CorporationPress CorporationCommercial BankSunbird TourismNational InsuranceBlantyre HotelsPacking Industries

COMPANY




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www.mse.co.mwThe Stock Exchange CommitteeReserve Bank of MalawiCapital Market Development ActGMT + 2Transaction by transactionOrdinary shares, Preference shares, Corporate bonds, Treasury bonds.T+7NoneCap on ownership (49% in general)Domestic, ForeignNoneCall over, floor based.NoneMonday - Friday9:00AM - 12:00PMResidents: Dividends: Nil; Interest: 20%; Capital gains: 35% Non Residents: Dividends: Nil; Interest: 15%; Capital gains:35%Half year and full audited annual accounts. International Accounting and Auditing Standards.The Malawi Stock Exchange was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, underthe aegis of the Reserve Bank of Malawi, with 2300 Malawian citizens buying shares in the first company to be listed, Malawi's largestinsurance firm, the National Insurance Company. International Finance Corporation, a World Bank affiliate, and the FinancieringsMaatschappij Ontwikkelingslanden, a Dutch development bank with close ties to the Dutch Ministry for Development Co-operation,provided 40% of the $500,000 required for establishing the stock market in Blantyre, and the European Union sponsors seminars andpublicity campaigns. The Exchange has a modest market listing. More stringent listing rules are currently being prepared. Membershipof the Exchange is corporate and individual. It has a supervisory committee, which comprises representatives of the central bank, thegovernment and the private sector.

Source: LiquidAfrica, Malawi Stock Exchange


60

Malawi Stock Exchange

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MARKET OVERVIEW

CONTACT DETAILS

The Malawi economy posted another poorperformance

Malawi has been languishing from the El Niño associated drought. The severe drought has resulted in considerable social and economicproblems, namely a food crisis and an estimated economic loss of US$150 to US$180 million. Relations with donors become strained asgovernment has failed to bring the fiscal deficit in check. Higher food prices resulted in demand push inflation coupled with negativeeconomic growth and a depreciation of the Kwacha to the US$ was felt in the stock market. The market dropped 36% in US$ terms, withmost stock prices falling on the back of deteriorating economic fundamentals. Resumption of IMF funding and better weather conditionsshould bode well for the Malawi stock market in the future.

STOCK EXCHANGEMalawi Stock ExchangeAddress: Old Reserve Bank Building, Victoria AvenuePostal: P/Bag 270, Blantyre, MalawiTel: +265 1 624 233Fax: +265 1 623 636E-mail: [email protected]: www.mse.co.mw

STOCKBROKERSStockbrokers Malawi LimitedAddress: Ground Floor, Able House

Cnr. Hannover Ave./Chilembwe RdPostal: P O Box 31180

Chichiri, BlantyreTel: +265 622 803Fax: +265 624 353

NICORP Securities LimitedAddress: 14 Victoria Avenue,Postal: P.O. Box 2364, Blantyre, MalawiTel: +265 1 621 422Fax: +265 1 624 494E-mail: [email protected]: www.nicorpsec.com


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MAURITIUS

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resourcesGDP (PPP)GDP - real growth rate (%) (2001 est.)GDP - per capita (PPP 2001 est.)Inflation rate (consumer prices) (%) (2001 est.)Electricity - production ( kWh)Exports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange ratesTelephones - main lines in useAirports

67Port LouisEnglish, French, Creole, Hindi, Urdu, Hakka, Bhojpuri1,200,2060.86%71.5382.90%8.6%Arable land, fish$12.9 billion5.20%$10,8004.20%1.285 billion kWh$1.6 billionUK 25.8%, France 20.8%, US 16.0%, South Africa 10.9%, Germany, Italy$2 billionSouth Africa 20.0%, France 19.0%, India 9.0%, Hong Kong 5.2%, UK$1.1billion$1.2 billion, including capital expenditures of $NAMauritian rupee (MUR)$2.3 billionMauritian rupees per US dollar - 30.345 (January 2002), 29.129 (2001), 26.250 (2000), 25.186 (1999), 22.993 (1998), 21.057 (1997)245,0005


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / M A U R I T I U S

62

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42410

183.1822

1992

84239

302.6330

1993

1,57886

476.1035

1994

1,56269

344.4440

1995

1,69381

353.4640

1996

1,754142

391.1240

1997

1,849104

465.6040

1998

1,64378

435.7041

1999

1,33574

390.1040

2000

1,061109

340.9040

2001 2002

373.88

JAN

372.95

FEB

373.43

MAR

353.64

APR

358.65

MAY

365.69

JUN

375.23

JUL

379.73

AUG

379.02

SEP

385.73

OCT NOV

399.26

DEC

8.94.47.726

2000a

5.86.2

929

2001a

4.66.510

30.75

2002e

65.4

932

2003f

5.259

33

2004f

4.95.81036

2005f

SEMDEX Index (US$) SEMDEX Index (Rupee)



110

120

354.03

1,32459

399.2640




Key points

• Heavy investment in IT and infrastructure will lead to economic recovery• Longer-term challenges remain in place• Liberalisation of international trade in textiles threatens• Other sugar producers lobby against preferences• Fiscal problems cast doubt on sustainability of offshore sector• EUR strength to provide some respite for MUR

Market Capitalization (US$mn)Value Traded (US$mn)SEMDEX Index (Jul 1989 = 100)Number of Listed Companies





SEMDEX Index (Jul 1989 = 100)


Market Snapshot


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Hotels & TourismBanksBanksHotels & TourismSugarRetail & DistributionOil & GasAirlinesRetail & DistributionRetail & Distribution

Weighted Averages

SECTOR

37.0091.0011.6045.5045.0081.0045.0012.6017.0017.90

Local shareprice

(R)

8.84.64.47.52.35.97.72.58.56.9

6.0

Price toearnings

(x)

6.86.58.69.6

34.67.4

11.611.9

9.76.7

10.8

Dividendyield

(%)

1.10.71.11.01.40.9

14.80.20.61.0

1.6

Price tobook

(x)

203180151146103

6945444122

1,004


(US$mn)

New Mauritius Hotels Ltd.The Mauritius Commercial Bank Ltd.State Bank Of Mauritius LtdSun Resorts Ltd.Mon Tresor & Mon Desert LtdRogers And Co. LtdShell Mauritius Ltd.Air Mauritius Ltd.Ireland Blyth Ltd.Happy World Foods Ltd.

COMPANY




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www.semdex.comFinancial Services CommissionBank of MauritiusThe Stock Exchange Act (1988)GMT + 4Automated, Strict Delivery versus PaymentOrdinary shares, Preferred shares, Corporate bondsRolling T+3HSBCNo restrictionsOfficial list, Over-the-Counter marketNoneScreen based automated trading systemCentral Depository and Settlement Co Ltd.Monday - Friday09:00AM - 11:30AMDividends: 0%; Interest: 0%; Capital gains: 0%Half year and full audited annual accounts. International Accounting and Auditing StandardsThe Stock Exchange of Mauritius (SEM) was incorporated in 1989 as a private limited company and operates two markets: the OfficialMarket started its operations in 1989 and the Over-The-Counter (OTC) Market open to locals only. The stock market was opened toforeign investors following the lifting of exchange control in 1994. A major development has been the successful implementation of aCentral Depository System (CDS), in January 1997. Trading in securities is conducted through dedicated trading workstations locatedat stock broking firms and linked by communication lines to the SEM trading engine.

Source: LiquidAfrica, Stock Exchange of Mauritius


65

Stock Exchange of Mauritius

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Composite

MARKET OVERVIEW

CONTACT DETAILS

Lower GDP growth estimates trigger a smalldecline in the market

Weak US and Euro zone markets have hurt the Export Processing Zone (EPZ) sector and local private consumption. A number of Mauritiancompanies had shifted their EPZ facilities to Madagascar which offers lower labour costs. Unfortunately Political upheaval in Madagascardisrupted operations and left a number of banks uneasy over lendings routed to those operations. However, it is now emerging that theimpact on the banking sector may not be as bad as initially feared.

In 2002, the local stock market performed very well on the back of weaker economic fundamentals locally and globally registering areturn of 21% in US dollar terms (17% local).Towards the end of 2002, it became apparent that the sugar sector would have a weakerrecovery than earlier expected following cyclone Dina.

However, tourism has displayed resilience in the wake of the US attacks and bombings of tourist spots in Bali and Kenya. Siginificant newinvestments have delivered additional capacity particularly in the high end of the market, while tourist arrivals have remained strongincreasing 3% over the previous year.

The outlook for the rest of the year remains positive supported by a set of excellent economic fundamentals. Mauritius has managed todiversify its economy over the past few years enabling it to better absorb external economic shocks.

STOCK EXCHANGEStock Exchange of MauritiusContact: Mr. Sunil Benimadhu (Chief Executive)Address: 2nd. Floor, Les Cascades Building 33, Edith Cavell Street Port Louis Republic of MauritiusTel: +230 212 9541Fax: +230 208 8409E-mail: [email protected]: www.semdex.com

STOCKBROKERSAsmo Securities & Investments Ltd.Address: 43, Sir William Newton Street

Port LouisTel.: +230 212 1269/0697Fax: +230 208 8508E-mail: [email protected]

Associated Brokers Ltd.Address: 10, Sir William Newton Street

Port LouisTel.: +230 212 3038Fax.: +230 212 6690E-mail: [email protected]

Capital Markets Brokers Ltd.Address: 3rd Floor, Moorgate House

29, Sir William Newton StreetPort Louis

Tel.: +230 212 1336Fax: +230 212 8238E-mail: [email protected]

Campagnie des Agents de Change LteeAddress: 9th Floor, Stratton Court

Poudriere StreetPort Louis

Tel.: +230 212 2578/0454Fax: +230 208 3455E-mail: [email protected]

First Brokers Ltd.Address: 4th Floor, Li Wan Po Building

12, Remy Ollier StreetPort Louis

Tel.: +230 211 0582/228 0583Fax: +230 211 0584E-mail: [email protected]

General Brokerage Ltd.Address: 8th Floor, Les Cascade Building

33, Bis Edith Cavell StreetPort Louis

Tel.: +230 212 9863/9864Fax: +230 212 9867E-mail: [email protected],mu


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MCB Stockbrokers Ltd.Address: Raymond Lamusse Building

11 – 13 Sir William Newton StreetPort Louis

Tel.: +230 202 5245/5247Fax: +230 208 9210Email: [email protected]

Ramet & Associes LteeAddress: 16 Queen Street

Port LouisTel.: +230 212 3535/2661Fax: +230 208 6294

SBM ABN AMRO Asia Securities Ltd.Address: Level 6, State Bank Tower

1, Queen Elizabeth II AvenuePort Louis

Tel.: +230 202 1437/1438Fax: +230 212 1710E-mail: [email protected]

Newton Securities Ltd.Address: Level 8, Happy World House

22, Sir William Newton StreetPort Louis

Tel: +230 208 8626/212 6768Fax: +230 208 8749E-mail: [email protected]

Cavell Securities Ltd.Address: 18, Edith Cavell Street

Port LouisTel: +230 208 0808/0809Fax: +230 208 8798E-mail: [email protected]


67

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MOROCCO

COUNTRY PROFILE


123RabatArabic (official), Berber dialects, French often the language of business, government, and diplomacy31,167,783 (July 2002 est.)1.68% (2002 est.)69.7343.70%23% (1999 est.)Phosphates, iron ore, manganese, lead, zinc, fish, salt$112 billion (PPP)5% (2001 est.)$3,700 (PPP 2001 est.)1% (2001 est.)14.243 billion kWh (2000)$8.2 billionFrance 26%, Spain 10%, UK 8%, Italy 6%, Germany 5%, India 5%, US 5% (2000)$12.4 billionFrance 25%, Spain 11%, Germany 6%, Italy 6%, UK 5%, US 5% (2000)$13.8billion$14.6 billion, including capital expenditures of $2.1 billion (2001 est.)Moroccan dirham (MAD)$19 billion (2001 est.)Moroccan dirhams per US dollar - 11.584 (January 2002), 11.303 (2001), 10.626 (2000), 9.804 (1999), 9.604 (1998), 9.527 (1997)1.391 million (1998)67 (2001)


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68

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1,90970

1168.3862

1992

2,651498

1504.7165

1993

4,376788

2118.0251

1994

5,9512,426

2223.3244

1995

8,705432

2913.9947

1996

12,1771,051

4340.3749

1997

15,6761,390

5163.0053

1998

13,6952,530

4865.0755

1999

10,8991,094

3995.2753

2000

9,087974

3568.6855

2001 2002

3444.85

JAN

3407.59

FEB

3406.95

MAR

3293.35

APR

3135.26

MAY

2989.54

JUN

3058.49

JUL

2941.26

AUG

2890.88

SEP

2951.63

OCT NOV

2980.44

DEC

2.41.95.5

10.6

2000a

6.30.55.8

11.3

2001a

4.52.5

4.7510.8

2002e

5.525

10.7

2003f

52.5

510.9

2004f

52.75.5

11.2

2005f

MASI (US$) MASI (Dirham)



90

100

3207.72

8,319922

2980.4456

Morocco All Share Index (Dec 1991 = 1000)



Key points• Prospects for growth in the medium term are promising although there is lack of progress on privatisation• The dirham has strengthened sharply against the euro due to its significant euro weighting, prompting concerns of adrop in competitiveness.

Market Capitalization (US$mn)Value Traded (US$mn)Morocco All Share Index (Dec 1991 = 1000)Number of Listed Companies






Market Snapshot

Monthly Closing index Values 2002


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Other Financial ServicesBanksOther Financial ServicesIndustrial ConglomeratesIndustrial ConglomeratesBanksIndustrial ConglomeratesBanksBanksIndustrial Conglomerates

Weighted Averages

SECTOR

740.00685.00620.00380.00788.00

1,140.00615.00497.00369.00910.00

Local shareprice(DH)

7.512.111.6

5.724.219.511.720.2-6.09.5

11.7

Price toearnings

(x)

2.73.93.53.92.94.43.33.02.75.5

3.5

Dividendyield

(%)

1.11.51.41.22.82.31.11.92.01.9

1.6

Price tobook

(x)

1,240871649579546521381364295247

5,694


(US$mn)

OnaBCMSNILafarge CimentsSamirBMCECiment Du MarocWafabankCredit Du MarocBrasseries Du Maroc

COMPANY




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www.casablanca-bourse.comConseil Deontologique des Valeurs Mobilieres. (CDVM)Bank Al-MaghribNAGMTManual, transaction by transactionStocks, government bonds and other securitiesT+3 BMCE Bank, ABN Amro, Citibank, HSBC,No restrictionsFirst market, new marketNoneAutomated trading systemMaroclearMonday to Friday8:30 to 12:30Dividends: 0%; Interest: 10%; Capital gains: 0%Half year and full audited annual accounts. International Accounting and Auditing StandardsThe Casablanca Stock Exchange was founded in 1929 by several banks. Recent developments include the privatisation of the exchangein 1995 and the introduction of computerised trading in 1998.

Source: LiquidAfrica and Bourse de Casablanca


71

Bourse de Casablanca

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MARKET OVERVIEW

CONTACT DETAILS

The Moroccan stock market posted negativereturns in 2002

The Moroccan economy relies heavily on trade with Europe. The important tourism sector was negatively affected by the tensions in theMiddle East, frustrating the government’s ambitions to use tourism as a catalyst for economic growth. The heavy weighting of the euroin the local unit (dirham) resulted in the appreciation of the dirham significantly to the US$ thanks to the euro’s rally.

Agricultural output increased in 2002 as weather conditions improved, boosting exports in a period of economic slowdown. Negativeequity market returns of –14% in local currency terms and –5% in US$ terms where posted in 2002.The Moroccan stock market isconsolidating after its heady performance seen in the late 1990’s. Government’s plans for economic reform and improved global economicgrowth should augur well for the Moroccan economy.

STOCK EXCHANGEBourse de CasablancaAddress: Angle Avenue des Forces Armées Royales

et Rue Arrachid Mohamed, Casablanca, MAROCTél: +212 22 452 626/27Fax: +212 22 452 625E-mail: [email protected]: www.casablanca-bourse.com

STOCKBROKERSATTIJARI INTERMEDIATIONContact: M. Nour-Eddine JarmouniAddress: 15 bis bd Moulay Youssef

Casablanca - MarocTél: +212 22 491 485 / 293 991Fax: +212 22 202 515 / 476 432Website: www.bcm.co.ma

BMCI BOURSEContact: M.Yahia El HalfaAddress: 47, angle Rues Allal Benabdellah et

Mohamed Fakir 3ème étageCasablanca - Maroc

Tél: +212 22 203 751 / 202 412Fax: +212 22 202 891Website: www.bmcinet.com

CFG MARCHESContact: Mr. Hicham BoutalebAddress: 5-7 rue Ibn Toufaïl, Quartier Palmier

Casablanca - MarocTél: +212 22 250 101Fax: +212 22 981 112Website: www.cfgmorocco.com

CREDIT DU MAROC CAPITALContact: M. Rachid EllakhdiAddress: 8, rue Ibnou Hilal

Casablanca - MarocTél: +212 22 940 744Fax: +212 22 940 766Website: www.cdmcnet.co.ma

EUROBOURSEContact: M. Nabil AhabchaneAddress: Avenue des FAR, Complexe commercial

des Habous 5ème étage.Casablanca - Maroc

Tél: +212 22 541 554Fax: +212 22 541 446E-mail: [email protected]: www.eurobourse.ma


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ICF AL WASSITContact: Mr. Soulaiman HarichiAddress: Espace Porte d'Anfa. 29 rue

Bab El Mansour, CasablancaTél: +212 22 369 384 / 389Fax: +212 22 391 090E-mail: [email protected]

MAGHREB FINANCEContact: Mr. Simohamed BaayouAddress: 3ème étage Immeuble Saturne

201, Bd Zerktouni - CasablancaTél: +212 22 959 900Fax: +212 22 362 369Website: www.magfin.com

BMCE CAPITAL BOURSEContact: Mr. Majid BenjellounAddress: BMCE Siège, Tour BEMCOM

Rond-point Hassan II, 8ème ét. CasablancaTél: +212 22 481 001Fax: +212 22 480 952 / 481 068

MAROC SERVICE INTERMEDIATIONContact: Mrs. Imane CHAKIRAddress: Immeuble Zénith, lotissement Tawfiq

Municipalité de Sidi Maârouf. CasablancaTél: +212 22 974 961 / 965 / 967 / 972Fax: +212 22 974 973 / 974E.mail: [email protected]

SAFABOURSEContact: Mrs. Saloua LAASSEL HAJJIAddress: 181, Bd Massira Al Khadra,

Casablanca - MarocTél: +212 22 235 924Fax: +212 22 235 950 / 250 578E-mail: [email protected]

SOGEBOURSEContact: Mr. Abdelouahed OussousAddress: 55 Boulevard Abdelmoumen

CasablancaTél: +212 22 439 840Fax: +212 22 268 018E-mail: [email protected]

SOMACOVAMContact: Mr. Hachem BouhamidiAddress: 60 rue d'Alger, Casablanca

Casablanca - MarocTél: +212 22 484 307 / 288Fax: +212 22 484 308

UPLINE SECURITIESContact: Mrs. Sanaa BennounaAddress: 41/43 Ange Bd d'Anfa et

Rue de Nièvre CasablancaTél: +212 22 475 124 / 221Fax: +212 22 474 603/614Website: www.upline.co.ma

WAFABOURSEContact: Mr. Idriss BajeddoubAddress: 416, Rue Mustapha El Maani

Casablanca - MarocTél: +212 22 545 050 / 209 524Fax: +212 22 209 525


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NAMIBIA

COUNTRY PROFILE



122WindhoekEnglish 7% (official)1,820,9161.19% (2002 est.)38.9738%30% to 40%, including underemployment (1997 est.)Diamonds, copper, uranium, gold, lead, tin, lithium, cadmium, zinc, salt, vanadium, natural gas, hydropower, fish $8.1 billion (PPP)4% (2001 est.)$4,500 (PPP 2001 est.)8.80% (2001 est.)30 million kWh (2000)$1.58 billionUK 43%, South Africa 26%, Spain 14%, France 8%, Japan (1998 est.)$1.71 billionSouth Africa 81%, US 4%, Germany 2% (1997 est.)$883million$950 million, including capital expenditures of $NA (1998)Namibian dollar (NAD); South African rand (ZAR)$217 million (2000 est.)Namibian dollars per US dollar - 11.58786 (January 2002), 8.60918 (2001), 6.93983 (2000), 6.10948 (1999), 5.52828 (1998), 4.60796(1997)110,200 (2000)137 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / N A M I B I A

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210-3

1992

280-4

1993

20118

-8

1994

1893

86.4010

1995

47341

150.6012

1996

68924

164.2013

1997

42913

106.0015

1998

69122

157.0014

1999

31122

92.0013

2000

1518

88.5013

2001 2002

58.00

JAN

58.20

FEB

57.00

MAR

56.20

APR

56.00

MAY

52.35

JUN

51.96

JUL

52.54

AUG

48.92

SEP

48.41

OCT NOV

47.28

DEC

3.39.3NANA

2000a

2.09.3

14.58.61

2001a 2002e

3.28.9

16.210.64

2003f

5.08.5

14.710

2004f

NANA13

10.6

NSX Local Index (US$) NSX Local Index (N$)



90

110

56.00

201129

47.2813

100




Key points• Inflation will remain relatively high in the short term and as a result the bank rate is expected to remain comparatively high.

Market Capitalization (US$mn)Value Traded (US$mn)NSX Local Companies Index (Jun 1995 = 100)Number of Listed Companies





NSX Local Companies Index (Jun 1995 = 100)


Market Snapshot


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BanksBeveragesRetail & DistributionMining & MetalsOther Financial ServicesFoodAgricultural ProductsRetail & Distribution

Weighted Averages

SECTOR

4.201.790.350.530.110.060.120.12

Local shareprice(N$)

5.46.13.8

-0.113.8-0.830.013.3

5.4

Price toearnings

(x)

11.06.45.1

-----

8.6

Dividendyield

(%)

1.41.10.60.30.50.30.40.1

1.2

Price tobook

(x)

9642

86322-

159


(US$mn)

First National Bank of NamibiaNamibia BreweriesCIC HoldingsNamibian Mineral CorporationNamibian Harvest InvestmentsGendorNamibian Sea ProductsPEP Namibia

COMPANY




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www.nsx.com.naNABank of NamibiaStock Exchanges Control ActGMT+2Manual, transaction by transactionEquities, preference shares and bondsT+5 rollingStandard Bank of Namibia LtdNo restrictions, however, not allowed to take over a bank without central bank approvalLocal, foreignNoneAutomated trading systemNoneMonday to Friday9am to 5pm in summer and 8am to 4pm in winterDividends: 0%; Interest: 10%; Capital gains: 0% Half yearly income statements and audited balance sheetsThe first Namibian Stock Exchange was founded at the start of the century, and closed down a few years later. A new exchange wasformed in 1992

Source: LiquidAfrica, Namibian Stock Exchange


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MARKET OVERVIEW

CONTACT DETAILS

Positive US$ returns due to a weak dollar The Namibian stock market posted positive returns in US$ terms of 11% in 2002 thanks to an appreciation of the local currency. TheNamibian dollar is pegged to the South African rand, which posted a dramatic turn around in late 2002. Returns in local terms werenegative (-19%). Oryx Properties and dual listed Shoprite Holdings (a South African retailer agressively expanding into Africa) were listedin 2002. This demonstrates the increasing vivacity of the Namibian Stock Exchange. The Skorpion Zinc project and a new textile factoryis expected to bolster economic growth and bring in foreign exchange in the future. The Namibian economy is heavily reliant ongovernment expenditures which contributes approximately 20% of GDP.

STOCK EXCHANGENamibian Stock ExchangeContact: John Mandy (General Manager)Address: Shop 8, Kaiserkrone Centre, Post Street Mall, WindhoekPostal: PO Box 2401, Windhoek.Tel: +264 61 227 647Fax: +264 61 248 531E-mail: [email protected]: www.nsx.com.na

STOCKBROKERSHSBC Securities Namibia (Pty.) Ltd.Address: 100 Robert Mugabe AvenuePostal: P O Box 1272, WindhoekTel.: +264 61 273 200Fax: +264 61 232 513E-mail: [email protected]

Irwin, Jacobs, Greene (Pty.) Ltd.Address: 11th Floor, Sanlam Centre

Independence AvenuePostal: P O Box 186, WindhoekTel.: +264 61 238 899Fax: +264 61 238 936E-mail: [email protected]

Simons Storm SecuritiesAddress: 152 Robert Mugabe Avenue,Postal: P O Box 3970, WindhoekTel No: +264 61 254 194Fax No: +264 61 254 193E-mail: [email protected]

Nedcor Securities Namibia (Pty.) Ltd.Address: 1st Floor, City Centre Building (West Wing)

Levinson Arcade

Postal: P O Box 27, WindhoekTel.: +264 61 256 666Fax: +264 61 256 789E-mail: [email protected]

Investment House Namibia (Pty.) Ltd.Address: 8th Floor, Southern Life Building

Post Street MallPostal: P O Box 196, WindhoekTel. +264 61 237 477Fax: +264 61 227 321E-mail: [email protected]


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NIGERIA

COUNTRY PROFILE


148AbujaEnglish (official), Hausa, Yoruba, Igbo (Ibo), Fulani129,934,9112.54% (2002 est.)50.5957.10%28% (1992 est.)Natural gas, petroleum, tin, columbite, iron ore, coal, limestone, lead, zinc, arable land$105.9 billion (PPP)3.50% (2001 est.)$840 (PPP 2001 est.)14.90% (2001 est.)15.9 billion kWh (2000)$20.3 billionUS 46%, Spain 11%, India 6%, France 5%, Brazil (2000)$13.7 billionUK 11%, US 9%, France 9%, Germany 7%, China (2000)$3.4billion$3.6 billion, including capital expenditures of $NA (2000 est.)naira (NGN)$32 billion (2000 est.)nairas per US dollar - 115 (January 2002), 101.697 (2000), 92.338 (1999), 21.886 (1998), 21.886 (1997)500,000 (2000)70 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / N I G E R I A

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1,22114

1107.60153

1992

1,02910

1543.80174

1993

2,71118

2205.00177

1994

2,03314

5092.10181

1995

3,56072

6992.10183

1996

3,646132

6440.50182

1997

2,887160

5680.10186

1998

2,940145

5266.40194

1999

4,237263

8111.00195

2000

5,404496

10963.10194

2001 2002

10649.96

JAN

10581.98

FEB

11214.38

MAR

11399.05

APR

12440.65

MAY

12458.23

JUN

12327.91

JUL

11811.55

AUG

11451.51

SEP

11622.74

OCT NOV

12059.21

DEC

3.886.916

103

2000a

4.2119.417.4112

2001a 2002e

3.82022

130

2003f

4.22224

140

2004f

4.51719

145

NSE All Share Index (US$) NSE All Share Index (Naira)



100

120

11486.70

5,989486

12059.21195

110

2005f

3.614.5

16150




Key points• Longer term, Nigeria remains vulnerable to fluctuations in oil prices• Steady depreciation of the naira is foreseen• Loan rates are capped for now, but tight monetary policy will be re-introduced

Market Capitalization (US$mn)Value Traded (US$mn)NSE All Share Index (Jan 1984 = 100)Number of Listed Companies





NSE All Share Index (Jan 1984 = 100)


Market Snapshot


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BeveragesBanksBanksFoodBeveragesBeveragesFoodCementOil & GasBanks

Weighted Averages

SECTOR

30.9921.7921.5087.0044.0031.2034.5013.8569.00

6.98

Local shareprice

(N)

22.19.68.2

12.77.57.9

16.224.310.8

8.6

14.3

Price toearnings

(x)

7.36.05.86.3

10.83.23.53.68.72.1

6.2

Dividendyield

(%)

4.72.91.7

24.62.52.58.32.28.43.2

5.7

Price tobook

(x)

897424414282238233211182157118

3,155


(US$mn)

Nigerian BreweriesFirst Bank Of NigeriaUnion Bank NigeriaNestle NigeriaGuinness NigeriaNigeria Bottling CompanyCadbury NigeriaW A Portland Company PlcTotal NigeriaAfrican Express Bank

COMPANY




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Web SiteMarket RegulatorMonetary AuthorityGoverning LawTime ZoneClearing & SettlementSecuritiesSettlement CycleInternational CustodianForeign ParticipationMarket SegmentExchange ControlTrading SystemCentral DepositoryTrading DaysTrading HoursTax RatesReporting Requirement

Brief History


www.thenigerianstockexchange.comSecurities and Exchange CommissionCentral Bank of NigeriaLagos Stock Exchange ActGMT + 1Settlement via 4 settlement banks using Delivery Versus Payment netting off process.Ordinary shares, Preference shares, Corporate bonds, Treasury bondsT+3Stanbic Nigeria LtdNo restrictionsFirst tier securities market, second tier securities marketNoneScreen based automated auction systemCentral Securities Clearing System Ltd.Monday - Friday11:00AM - 1:00PMDividends - 10%; Interest - 10%; Capital gains - 0%1st tier company's: Quarterly unaudited and full year audited. 2nd tier company's: Half year unaudited and full audited annual accounts.International Accounting and Auditing Standards.The stock exchange was established in 1960 and a second tier market was created in 1985 designed to enable small companies to raisecapital from the capital market. The exchange is now owned by the private sector and subscribes to International Accounting Standards.

Source: LiquidAfrica, Nigerian Stock Exchange


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MARKET OVERVIEW

CONTACT DETAILS

Up coming elections critical to marketprospects

The country’s economy has suffered from difficult implementation of government policy following disagreements between the executiveand the legislature arms of government.

Following the disagreement with the IMF, the government has been unable to confine spending within the limits of the budget. UpcomingApril elections could conspire to keep inflation high probably above an annual 20% rate.

The outlook for economic growth is positive supported by higher production levels and prices of crude oil and more significantly naturalgas, which is not subject to OPEC quotas.

On the back of strong crude prices in early 2002, the market was buoyant and experienced a rally which was later punctured mid yearfollowing fears of economic weakness in world markets. This was further complicated by uncertainties associated with presidentialelections slated for April 2003.

The market has enjoyed a good run since the democratic election of President Obasanjo, with market valuations now at the top endamongst African exchanges. This has heralded a listing boom with a number of capital raisings in 2002 estimated at US$300 million,particularly in the banking sector as banks seek to shore up their capital bases and modernise IT systems.

Looking ahead into 2003, the key factor will be the presidential elections. The domestic economy is anticipated to be active as newcapacity comes on-stream and corporate earnings increase from this year. This in balance should give the stock market upward momentum.

STOCK EXCHANGENigerian Stock ExchangeAddress: 8th, 9th, & 11th Floors, Stock Exchange

House 2/4 Customs Street,Postal: P.O. Box 2457, Lagos, NigeriaTel: +234 1 266 0287/0305/0335Fax: +234 1 266 8724/8281Email: [email protected]: www.nigerianstockexchange.com

STOCKBROKERSSecurities Transactions and Trust Co. (Nig) Ltd.Address: Foreshore Towers, 8th Floor

2A Osborne RoadPostal: P O Box 51045

Falomo, Ikoyi, LagosTel No: +234 1 269 3826/0861/4005Fax No: +243 1 68 9038

Magnartis Finance & Investment LtdAddress: 16 Boyle Street, OnikanPostal: P O Box 54720

Falomo, Ikoyi, LagosTel No: +234 1 263 7452/7349Fax No: +234 1 263 7460

Benham Management LtdAddress: 16 Boyle Street

Onikan, LagosTel No: +234 1 263 7349Fax No: +234 1 263 7460

Denham Management LimitedAddress: New Africa House,

31 Marina, Lagos, NigeriaTel: +234 1 264 4641/266 4445Fax: +234 1 266 1763Email: [email protected]


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SOUTH AFRICA

COUNTRY PROFILE

UNDP Human Development Index RankingCapitalLanguagesPopulationPopulation growth rateLife expectancy at birth (years- total population)Literacy rate: total populationUnemployment rateNatural resources

GDPGDP - real growth rateGDP - per capitaInflation rate (consumer prices)Electricity - productionExports (f.o.b., 2001 est.)Exports - partnersImports (f.o.b., 2001 est.)Imports - partnersGovernment RevenuesGovernment ExpendituresCurrencyDebt - externalExchange ratesTelephones - main lines in useAirports

107Pretoria; Cape Town is the legislative center and Bloemfontein the judicial centerAfrikaans, English, Ndebele, Pedi, Sotho, Swazi, Tsonga, Tswana, Venda, Xhosa, Zulu (all official)43,647,6580.02% (2002 est.)45.4385%37% (2001 est.)Gold, chromium, antimony, coal, iron ore, manganese, nickel, phosphates, tin, uranium, gem diamonds, platinum, copper, vanadium,salt, natural gas$412 billion (PPP)2.60% (2001 est.)$9,400 (PPP 2001 est.)5.80% (2001 est.)194.383 billion kWh (2000)$32.3 billionEU 33%, US 20%, Japan 6%, Mozambique 2.5% (2001 est.)$28.1 billionEU 41%, US 11.4%, Saudi Arabia 7.3%, Japan 7% (2001 est.)$22.6billion$24.7 billion, including capital expenditures of $NA billion (FY02/03)rand (ZAR)$25.5 billion (2001 est.)rand per US dollar - 11.58786 (January 2002), 8.60918 (2001), 6.93983 (2000), 6.10948 (1999), 5.52828 (1998), 4.60796 (1997)more than 5 million (2001)740 (2001)


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103,5377,767

3259.00683

1992

171,94213,049

4893.00647

1993

225,71815,607

5867.00640

1994

280,52617,048

6228.00640

1995

241,57127,202

6657.50626

1996

232,06944,722

6202.30642

1997

170,25258,347

5430.50668

1998

262,47872,917

8543.00668

1999

204,95277,494

8326.00616

2000

139,75069,676

10441.70542

2001 2002

10313.90

JAN

10814.60

FEB

10948.70

MAR

11029.70

APR

10657.73

MAY

9239.02

JUN

9677.26

JUL

9465.33

AUG

9376.23

SEP

9563.74

OCT NOV

9358.90

DEC

3.45.3

11.757.02

2000a

2.25

118.09

2001a 2002e

2.38.8

12.510.6

2003f

3.56

11.511.2

2004f

3.84.910

11.8

JSE All Share Index (US$) JSE All Share Index (Rand)



100

11219.26

182,61676,792

9358.90472

120

2005f

4.24

8.512



GDP %CPI Inflation %Interest Rates (Repo) %Exchange Rate v. USD

Key points• Annual growth to pick-up, but it will remain short of the 6%• Predictions of El Nino weather pose a near term risk• The rand will remain vulnerable to emerging market crises in the near term• Longer term, progress in privatisation and higher reserves will make the currency more stable

Market Capitalization (US$mn)Value Traded (US$mn)JSE All Share IndexNumber of Listed Companies





JSE All Share Index


Market Snapshot


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Mining FinanceOther Mineral Extractors & MinesHousehold Appliances & HousewaresOil & Gas - Exploration & ProductionPlatinumBeverages - BrewersGold MiningLife AssuranceBanksBanks

Weighted Averages

SECTOR

128.2145.5916.15

105.00316.82

60.63120.30

12.0730.15

7.33

Local shareprice

(R)

6.218.111.6

9.48.6

15.616.6

9.68.7

11.1

11.2

Price toearnings

(x)

4.13.11.74.37.94.42.66.73.63.9

4.0

Dividendyield

(%)

1.51.01.13.25.43.08.01.41.52.4

2.5

Price tobook

(x)

21,75112,996

9,7368,1017,8606,9946,5235,2734,6314,610

88,474


(US$mn)

Anglo American PlcBHP Billiton PlcCompagnie Financiere Richemont AGSasolAnglo American Platinum CorporationSABMiller PlcGold FieldsOld Mutual PlcStandard Bank GroupFirstrand

COMPANY




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www.jse.co.zaFinancial Services BoardSouth African Reserve BankStock Exchanges Control Act (1985)GMT + 2Electronic- STRATEEquities, preference shares, corporate debentures and traditional options on equitiesRolling T+5Most large international custodiansNo restrictionsMain board, development capital market, venture capital marketNoneElectronic trading system- JETElectronic central scrip depository- STRATEMonday - Friday09:30AM - 4:00PMBased on marginal tax rateHalf yearly income statements and balance sheetsThe JSE Securities Exchange (JSE) was founded in November 1887. Following the closure of the open outcry trading floor on 7 June1996, an order driven centralised automated trading system known as the JSE Equities Trading (JET) system was introduced togetherwith dual trading and negotiated brokerage. JSE has formed technical alliance with the London Stock Exchange, whereby SA companiescan have primary listings in both Johannesburg and London. However, this cannot occur unless the South African Government endsforeign exchange controls. The JSE has adopted the London Stock Exchange’s SETS System, and the JSE now uses the FTSE rules toclassify it’s companies.

Source: LiquidAfrica, JSE Securities Exchange


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MARKET OVERVIEW

CONTACT DETAILS

Resilient stock market performance The South African rand posted a significant turnaround towards the end of 2002, resulting in the rand going from one of the worst to one ofthe best performing currencies in the world. The South African Reserve Bank (SARB) tightened its monetary policy in an attempt to maintaininflation at its 3-6% target range (which had no significant impact on economic growth). In 2002, the rand’s appreciation was partially responsiblefor the 10% decline in the equity market in local currency terms and a 24% increase in US dollar terms. Unlike most other African equities, manySouth African blue chips have a strong positive correlation with global equity markets. As a result of South African blue chip companiesintegration with the global economy, their earnings were negatively affected by the global economic downturn.

Banking stocks did not live up to expectations as the higher interest rate environment slowed credit growth. Sentiment towards smaller banksturned negative as they suffered a confidence crisis following the failure of Saambou Bank and a run on deposits. In the case of BOE Bank thegovernment took the unusual step of guaranteeing deposits in a move seen as placating nervous depositors. BOE was later bought by Nedcorin a merger that created South Africa’s largest banking group. A number of other smaller banks gave up their banking licences and exited theindustry. This extended the consolidation process of the banking industry around four large banking groups.

South Africa’s international debt rating was upgraded by Standard & Poor’s towards the end of 2002, which should be seen as an approval ofgovernment’s fiscal and monetary policies. South Africa is seen as one of the best run emerging economies, together with efficiently managedworld-class companies. As a result, one could anticipate that foreign direct investors and portfolio investors may use South Africa as a springboardinto Africa. In 2002, GDP growth was unexpectedly strong but fell short of the levels necessary to alleviate poverty. Greater economic growthlevels will be necessary for government to achieve its goals of poverty eradication and improved income distribution.

STOCK EXCHANGEJSE Securities ExchangeAddress: One Exchange Square, Gwen Lane, Sandown, 2196Postal: Private Bag X991174, Sandton, 2146, Republic of South AfricaTel: +27 11 520 7777Email: [email protected]: www.jse.co.za

STOCKBROKERSAfrican Harvest Securities (Pty) LtdAddress: African Harvest House

Freestone Park 135 Patricia RoadSandown 2196

Postal: P O Box 653225BENMORE 2010

Tel: +27 11 263 9500Fax: +27 11 784 2550

Barnard Jacobs Mellet Securities (Pty) LtdAddress: Barnard Mellet House 2nd Floor

5 Sturdee AvenueROSEBANK 2196

Postal P O Box 62200MARSHALLTOWN 2107

Tel: +27 11 283 0300Fax: +27 11 283 0303

Brait Securities (Pty) LtdAddress: 9 Fricker Road

ILLOVO JOHANNESBURG 2196 Postal: Private Bag X1

NORTHLANDS 2116Tel: +27 11 507 1930Fax: +27 11 268 5478

Cadiz Stock Broking (Pty) LtdAddress: 31 West Street

LOWER HOUGHTONJOHANNESBURG 2198

Postal: Postnet Suite 164Private Bag X2600HOUGHTON 2041

Tel: +27 11 483 0855Fax: +27 11 483 0867

Cazenove South Africa (Pty) LtdAddress: 1st Floor Moorgate,

Dunkeld Park 6 North RoadDUNKELD WEST 2196

Postal: P O Box 412468CRAIGHALL 2024

Tel: +27 11 280 7900Fax: +27 11 325 8040

Corpcapital Securities (Pty) LimitedAddress: 2 Arnold RaodROSEBANK 2196


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Corpcapital Securities (Pty) LimitedAddress: 2 Arnold Raod

ROSEBANK 2196Postal: PO Box 471917

PARKLANDS 2121Tel: +27 11 283 0000Fax: +27 11 283 0088

Credit Suisse First Boston SA Securities (Pty) LtdAddress: Rosebank Office Park Block E 181

Jan Smuts AvenueParktown North 2193

Postal: P O Box 1773PARKLANDS 2121

Tel: +27 11 343 2200Fax: +27 11 343 2233

Deutsche Securities (Pty) LtdAddress: 3 Exchange Square

87 Maude StreetSANDOWN 2196

Postal: Private Bag X9933SANDTON 2146

Tel: +27 11 775 7000Fax: +27 11 775 7673

Gensec Trading (Pty) LtdAddress: 3A Summit Road

DUNKELD WESTJOHANNESBURG 2196

Postal: P O Box 411420CRAIGHALL 2024

Tel: +27 11 778 6000Fax: +27 11 778 6946

HSBC Securities (South Africa) (Pty) LtdAddress: HSBC Place 6-9

Riviera RoadKillarney 2198

Postal Private Bag X951Houghton 2041

Tel: +27 11 481 4200Fax: +27 11 646 8388

Investec Securities LimitedAddress: 3rd Floor, Zone 3

100 Grayston DriveSANDOWN SANDTON 2196

Postal: P O Box 78055SANDTON 2146

Tel: +27 11 286 4500Fax: +27 11 286 9923

JP Morgan Equities LimitedAddress: 1 Fricker Road

Illovo 2196Postal: Private Bag X9936

SANDTON 2146Tel: +27 11 507 0300Fax: +27 11 507 0351

Legae Securities (Pty) LtdAddress: 61 Central Avenue

Houghton 2001Postal: Postnet Suite 104

Private Bag 2600HOUGHTON 2041

Tel: +27 11 715 3700Fax: +27 11 715 3701

Mazwai & Company Securities (Pty) LtdAddress: 3rd Floor Rosebank Terrace

33 Bath AvenueROSEBANK

Postal: Postnet Suite 127Private Bag X31

SAXONWOLD 2132Tel: +27 11 537 2700Fax: +27 11 537 2706

Merrill Lynch South Africa (Pty) LtdAddress: 138 West Street

Sandown SANDTON 2196Postal: P O Box 651987

Benmore 2010Tel: +27 11 305 5555Fax: +27 11 305 5600

Nedcor Securities LimitedAddress: 187 Rivonia Road

MORNINGSIDE 2057Postal: P O Box 785442

SANDTON 2146Tel: +27 11 302 1111Fax: +27 11 302 1126

Rice Rinaldi Securities (Pty) LtdAddress: 17 Diagonal Street

JOHANNESBURG 2001Postal: P O Box 61757

MARSHALLTOWN 2107Tel: +27 11 836 2441Fax: +27 11 838 2919


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RMB Securities (Pty) LtdAddress: 1 Merchant Place

Cnr Fredman Drive & Rivonia RoadSANDTON 2196

Postal: P O Box 786273SANDTON 2146

Tel: +27 11 269 9260Fax: +27 11 269 9598

SchroderSalomonSmithBarneyAddress: Citibank Plaza

145 West StreetSANDOWN 2196

Postal: P O Box 1800SAXONWOLD 2132

Tel: +27 11 944 1000Fax: +27 11 944 1010

SCMB Securities (Pty) LtdAddress: Entrance No. 4, 5th Floor 3

Simmonds StreetJOHANNESBURG 2001

Postal: P O Box 61309MARSHALLTOWN 2107

Tel: +27 11 636 0100Fax: +27 11 636 0512

UBS Warburg Securities (South Africa) (Pty) LtdAddress: 64 Wierda Road East

Wierda ValleySANDTON 2196

Postal: P O Box 652863BENMORE 2010

Tel: +27 11 322 7000Fax: +27 11 322 7381


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SWAZILAND

COUNTRY PROFILE



125Mbabane; Lobamba is the royal and legislative capitalEnglish (official, government business conducted in English), siSwati (official)1,123,6051.63% (2002 est.)3778.30%34% (2000 est.)Asbestos, coal, clay, cassiterite, hydropower, forests, small gold and diamond deposits, quarry stone, and talc$4.6 billion (PPP)2.50% (2001 est.)$4,200 (PPP 2001 est.)7.50% (2001 est.)362 million kWh (2000)$702 millionSouth Africa 72%, EU 12%, UK 6%, Mozambique 4%, US 4% (1999)$850 millionSouth Africa 89%, EU 5%, Japan 2%, Singapore 2% (2000)$448million$506.9 million, including capital expenditures of $147 million (FY01/02)lilangeni (SZL)$336 million (2001 est.)emalangeni per US dollar - 11.5808 (January 2002), 8.4933 (2001), 6.9056 (2000), 6.1087 (1999), 5.4807 (1998), 4.6032 (1997); note - theSwazi lilangeni is at par with the South African rand; emalangeni is the plural form of lilangeni38,500 (2001)18 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / S W A Z I L A N D

91

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80

90

100

110

120

Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03

1110

118.083

1992

2970

130.254

1993

3382

147.114

1994

3390

151.404

1995

4712

238.926

1996

129378

118.084

1997

850

130.255

1998

950

147.007

1999

730

138.046

2000

12710

205.725

2001

1460

165.935

2002

178.52

JAN

178.57

FEB

178.57

MAR

178.57

APR

178.77

MAY

178.77

JUN

178.77

JUL

165.78

AUG

165.78

SEP

165.93

OCT NOV

165.93

DEC

2.57.3

8.717.0

2000a

2.07.5

6.308.7

2001a

1.810.0

10.1410.3

2002e

2.68.2NA8.5

2003f

NANANANA

2004f

NANANANA

2005f

SSX All Share Index (US$) SSX All Share Index (Lilangeni)


178.57

Monthly Closing Index Values 2002


Market Capitalization (US$mn)Value Traded (US$mn)SSX All Share Index (Jul 1990 = 100)Number of Listed Companies





SSX All Share Index (Jul 1990 = 100)


Market Snapshot

GDP %CPI Inflation %Interest Rates % (TBill Yields)Exchange Rate v. USD

Key points• Swaziland has benefited from the US African Growth and Opportunity Act (AGOA), with increased exports especially in textiles.• Agriculture is the mainstay of the economy and recent harvests have been poor due to erratic weather conditions• High rate of unemployment and HIV Aids will place a strain on future economic growth.


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SugarReal EstateBanksHotels & TourismOther Financial Services

Weighted Averages

SECTOR

11.002.731.854.501.47

Local shareprice

(L)

57.98.29.71.9

21.0

51.2

Price toearnings

(x)

1.712.1

2.731.8

-

3.0

Dividendyield

(%)

6.01.22

-0.71.4

4.7

Price tobook

(x)

1237544

142


(US$mn)

Royal Swaziland SugarSwaziland PropertyNedbankSwazispa HoldingsNewera Partners

COMPANY




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www.ssx.org.szCapital Markets Development UnitCentral Bank of SwazilandFinancial institutions order (1975)GMT + 2Transaction by transactionEquities, government and government guaranteed bonds and debenturesT+5Standard Bank SwazilandNo restrictionsOrdinary sharesPrior permission is needed from the central bankCall over, floor based.NoneMonday - Friday10:00AM - 12:00PMDividends: 15%; Interest: 10%; Capital gains: 0%Half year and full audited annual accounts. International Accounting and Auditing Standards.The Swaziland Stock Market was established in July 1990. There is a handful of listed public companies, as well as some listed governmentstock options, listed debentures, government guaranteed stock and non trading mutual funds. Exchange Control approval is requiredfor foreigners wishing to invest on the stock market.

Source: LiquidAfrica, Swaziland Stock Exchange


94

Swaziland Stock Exchange

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MARKET OVERVIEW

CONTACT DETAILS

Positive lilangeni performance on the back ofa weak dollar

A 12% return in US$ terms was solely due to appreciation of the rand to the dollar, as the lilangeni is pegged to the South African rand.Ignoring the benefits of the currency appreciation, the market was rather uninspiring, posting negative returns of 19% in local currencyterms. The medium term downward trend in economic growth is partially due to the loss of foreign investment to South Africa, the highprevalence of HIV/AIDS, unemployment and adverse weather conditions hampering the agricultural sector (which accountsfor approximately 9% of GDP).

Exports of apparel and textiles to the US have grown dramatically under the African Growth and Opportunity Act (AGOA) bringing inmuch needed foreign exchange into the country. AGOA provides preferential trade access to the United States for African products.Swaziland is highly dependant on exports to South Africa and future growth is dependant on the economic well being of South Africa.

STOCK EXCHANGESwaziland Stock ExchangeAddress: c/o Capital Markets Development Unit 1st Floor Imfumbe Building, Central Bank

of Swaziland Warner Street, MbabanePostal: P.O. Box 546 Mbabane, Swaziland.Tel: +268 404 9491/6748/9492/3221Fax: +268 404 9493E-mail: [email protected]

STOCKBROKERSSwaziland Stockbrokers LtdAddress: Suite 205, Dhlanubeka House

Walker StreetPostal: P O Box 2818

MbabaneTel No: +268 404 6163Fax No: +268 404 4132

African AllianceAddress: 1st Floor, Asakhe House

Cnr. Alister Miller & Walker StreetsMbabane

Tel.: +268 404 8735Fax: + 268 404 8747


95

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TANZANIA

COUNTRY PROFILE


151Dar es SalaamKiswahili or Swahili (official), English (official, primary language)37,187,9392.60% (2002 est.)51.767.80%NAHydropower, tin, phosphates, iron ore, coal, diamonds, gemstones, gold, natural gas, nickel$22.1 billion (PPP)5% (2001 est.)$610 (PPP 2001 est.)5% (2001 est.)2.765 billion kWh (2000)$827 millionUK 22.0%, India 14.8%, Germany 9.9%, Netherlands 6.9% (2000)$1.55 billionSouth Africa 11.5%, Japan 9.3%, UK 7.0%, Australia 6.2% (2000)$1.01billion$1.38 billion, including capital expenditures of $NA (FY00/01 est.)Tanzanian shilling (TZS)$6.8 billion (2000 est.)Tanzanian shillings per US dollar - 924.70 (January 2002), 876.41 (2001), 800.41 (2000), 744.76 (1999), 664.67 (1998), 612.12 (1997)127,000 (1998)125 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / T A N Z A N I A

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----

1992

----

1993

----

1994

----

1995 1996 1997

2360-2

1998

1817-4

1999

23340

-4

2000

3988

1004

2001

69519

151.865

2002

118.22

JAN

126.13

FEB

137.30

MAR

150.42

APR

148.75

MAY

134.12

JUN

135.05

JUL

141.65

AUG

159.35

SEP

155.73

OCT NOV

151.86

DEC

4.95.99.1798

2000a

5.65.34.2890

2001a

5.55.53.8985

2002e

6.3541,020

2003f

65.171,070

2004f

5.94.981,115

2005f

LA All Share Index (US$) LA All Share Index (Shilling)



120

160

140

149.21

----

----




Key points• High rates of growth predicted as Tanzania sees gains in mining and tourism• But soft commodity prices are vulnerable• More progress expected with privatisation and the establishment of an export processing zone• Inflation will remain low in the coming years• The Tanzanian shilling (TZS) will continue to depreciate• With the peace deal in Zanzibar, Tanzania's political environment has improved

Market Capitalization (US$mn)Value Traded (US$mn)LA All Share Index (Dec 2001 = 100)Number of Listed Companies





LA All Share Index (Dec 2001 = 100)


Market Snapshot


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BeveragesTobaccoCementFoodChemicals

Weighted Averages

SECTOR

1,600.001,725.00

450.00600.00250.00

Local shareprice(Tsh)

14.57.8

14.615.0-2.8

12.4

Price toearnings

(x)

7.213.2

3.07.0

-

8.6

Dividendyield

(%)

4.74.11.81.6

117.4

5.8

Price tobook

(x)

380174

2998

600


(US$mn)

Tanzania BreweriesTanzania CigaretteTanga Cement CompanyTanzania Tea PackersTanzania Oxygen

COMPANY




98

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www.darstock.comDar-es-Salam Stock ExchangeCentral Bank of TanzaniaCapital Markets and Securities Act (1994) Amended 1997GMT + 2Electronic, transaction-by-transactionListed Equities, Treasury bonds and Corporate bondsT+5NoneRestrictedOrdinary sharesNoneOpen outcry auctionElectronicTuesday, Wednesday and Thursday10:00AM - 10:30AMDividends: 5%; Interest: 5%; Capital gains: 0%Half year and full audited annual accounts. International Accounting and Auditing Standards.Although the Exchange was incorporated in 1996, it only began its first day of trading in April 1998, when the first company TOL Ltdwas listed. Foreign investors are restricted from participating in the secondary market. Thus, the DSE is not open to foreign investors.

Source: LiquidAfrica, Dar-es-Salam Stock Exchange


99

Dar-es-Salaam Stock Exchange

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MARKET OVERVIEW

CONTACT DETAILS

Stellar stock market performance Spectacular returns in both US dollar terms (40%) and local currency terms (52%) has made the Tanzanian stock market the best performingmarket in Africa. It is difficult to find a share performing poorly in the Dar es Salam Stock Exchange. Such significant returns are due tothe generally high GDP growth rates since 1998, decreasing inflation (from approximately 20% in the mid 90’s to an estimated 5.5% in2002) and decreasing interest rates. Government’s observance of the IMF’s restructuring plan has resulted in more sensible monetaryand fiscal policies. Unfortunately, the Tanzanian stock exchange is currently restricted to local investor participation. Looking forward,the government should look towards diversifying the economy away from its reliance on agriculture (almost 50% of GDP) and speedingup economic growth to alleviate poverty.

STOCK EXCHANGEDar-es-Salaam Stock ExchangeAddress: Twiga Building, 4th Floor Samora AvenuePostal: P.O. Box 70081 Dar-es-Salaam, TanzaniaTel: +255 21 213 5779Fax: +255 21 213 3849E-Mail: [email protected]: http://www.darstockexchange.com

STOCKBROKERSTanzania Securities Limited,Contact: Mr. L.T. UrasaAddress: NIC Life House Building, 6th Floor,

Ohio Street, Dar es SalaamPostal: P.O. Box 2130, Dar-es-Salaam.Tel: +255 21 211 2807Fax: +255 21 211 2809/0398E-mail: [email protected]

Rasilimali LimitedContacts: Mr. Gabinus Maganga, Mr. Arphaxad MasambuAddress: NBC Investment House, Samora Avenue.Postal: P.O. Box 9373 Dar-es-Salaam.Tel: +255 21 211 1708/13Fax: +255 21 212 2883E-mail: [email protected]

Solomon & Co. Limited,Contact: Mr. Jeremiah SolomonAddress: Extelcoms House, Samora Avenue.Postal: P.O. Box 75777, Dar-es-Salaam.Tel: +255 21 211 2874 / 213 1969 / 2124495Fax: +255 21 213 1969E-mail: [email protected]

Orbit Securities Co. LimitedContacts: Mr. Laurean R. Malauri, Mr. Gration

KamugishaAddress: 3rd Floor, Twiga House, Samora Avenue.Postal: P.O. Box 31831 Dar-es-Salaam.Tel: +255 21 211 1758Fax: +255 21 211 3067E-mail: [email protected]

Core Securities Limited,Contacts: Mr. George Fumbuka, Mr. Charles BupambaAddress: Ground Floor, Twiga House, Samora

AvenuePostal: P.O. Box 23227, Dar-es-Salaam.Tel: +255 21 212 3103Fax: +255 21 212 2562E-mail: [email protected]

Vertex International Securities LimitedContact: Mr. Nazir KaramagiAddress: Annex Building - Zambia High

Commission, Sokoine Drive/Ohio StreetPostal: P.O. Box 13412, Dar es Salaam.Tel: +255 21 211 6383Fax: +255 21 211 0387E-mail: [email protected]


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TUNISIA

COUNTRY PROFILE


97TunisArabic (official and one of the languages of commerce), French (commerce)9,815,644 (July 2002 est.)1.12% (2002 est.)74.1666.70%15.6% (2000 est.)Petroleum, phosphates, iron ore, lead, zinc, salt$64.5 billion (PPP)4.80% (2001 est.)$6,600 (PPP 2001 est.)2.70% (2001 est.)10.3 billion kWh (2000)$6.6 billionFrance 28%, Italy 21%, Germany 14%, Belgium 6%, Libya (2000)$8.9 billionFrance 30%, Italy 21%, Germany 11%, Spain 4%, Belgium (2000)$5.7billion$6.3 billion, including capital expenditures of $1.5 billion (2001 est.)Tunisian dinar (TND)$11.5 billion (2001 est.)Tunisian dinars per US dollar - 1.44 (January 2002), 1.3753 (2001), 1.3707 (2000), 1.1862 (1999), 1.1387 (1998), 1.1059 (1997)654,000 (1997)30 (2001)


A f r i c a n S t o c k M a r k e t s H a n d b o o k - 2 0 0 3 / T U N I S I A

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81433

-17

1992

95646

-19

1993

2,561296

-21

1994

3,927663

-26

1995

4,263281

-30

1996

2,321260

1000.0034

1997

2,268188

917.0038

1998

2,706420

1193.0044

1999

2,828626

1442.6144

2000

2,303316

1267.0246

2001

1,810704

1114.0746

2002

1279.74

JAN

1275.61

FEB

1255.45

MAR

1191.65

APR

1193.38

MAY

1182.01

JUN

1141.89

JUL

1197.33

AUG

1136.38

SEP

1125.22

OCT NOV

1114.07

DEC

4.73

5.91.37

2000a

51.9

61.44

2001a

53

5.81.37

2002e

63.26.5

1.36

2003f

537

1.38

2004f

537

1.4

2005f

TUNINDEX Index (US$) TUNINDEX Index (Dinar)



100

93

1192.59




Key points• Despite government optimism on the prospects for the economy, lagging tourism will dent growth.• Inflation will remain relatively subdued as money supply growth is largely in line with nominal GDP growth

Market Capitalization (US$mn)Value Traded (US$mn)TUNINDEX Index (Dec 1997 = 1000)Number of Listed Companies





TUNINDEX Index (Dec 1997 = 1000)


Market Snapshot


102

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BeveragesBanksBanksBanksBanksBanksBanksBanksBanksBanks

Weighted Averages

SECTOR

40.088.89

20.0051.00

8.6618.0019.78

7.9611.6414.00

Local shareprice(TD)

17.54.86.07.1

10.76.95.15.65.06.5

8.3

Price toearnings

(x)

3.17.37.54.75.85.06.67.58.65.7

6.0

Dividendyield

(%)

4.10.50.81.11.10.90.90.70.30.9

1.4

Price tobook

(x)

200161146130126

9288878571

1,186


(US$mn)

Societe Frigorifique et Brasserie de TunisSociete Tunisienne de BanqueBanque Internationale Arabe de TunisieBanque de TunisieBanque Du SudUnion Bancaire Pour le Commerce et l'IndustrieBanque Nationale AgricoleBanque de l'HabitatAmen BankUnion Internationale de Banques

COMPANY




103

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www.bvmt.com.tnConseil du Marché FinancierBanque Centrale de TunisieNaGMT + 1AutomaticallyBanque Centrale de TunisieT+5NACap on ownership (49.9% in general)Ordinary Shares, Unit Trusts, Corporate Bonds , Government BondsExchange control is the responsibilityof the central bankFully electronic on a continuous or fixed quoting system depending on company sizeSticodevam LtdMonday - Friday10:30AM - 12:30PMDividends: 0%; Interest: 0%; Capital gains: 0%Annual and semi-annual audited financial resultsThe exchange was established in 1969 and consequently privatised in 1994. An electronic trading system was adopted in 1996.

Source: LiquidAfrica, Bourse de Tunis


104

Bourse de Tunis

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MARKET OVERVIEW


105

CONTACT DETAILS

STOCK EXCHANGEBourse de TunisAddress: Centre Babel, Escalier E Montplaisir Tunis, Belvedere 1002 TunisiaTel: +216 71 786 912Fax: +216 71 789 189E-Mail: [email protected]: www.bvmt.com.tn

STOCKBROKERSAbdallah DAYAddress: Centre Babel bloc C 1er Etage,

MontPlaisir - 1002 TunisTél: +216 71 845 931 / 841 709Fax: +216 71 843 613

Arab Financial ConsultantsAddress: 4.Rue 7036 Menzah IVTél: +216 71 238 019 / 231 938 / 754 720Fax: +216 71 234 672

Amen InvestAddress: 150, Av, de la Liberté - 1002 TunisTél: +216 71 795 215/ 790 512Fax: +216 71 786 663

BDET-CAPITALISAddress: 34, Rue Hédi KARRAY - 1004 El Menzeh IVTél: +216 71 717 510 / 719 999 / 718 000Fax: +216 71 718 450

Best InvestAddress: 88, Av Hédi CHAKER 1er Etage - 1002 TunisTél: +216 71 845 766Fax: +216 71 847 561

BNA-CapitauxAddress: 12 Bis, Rue Kheireddine Pacha -1002 TunisTél: +216 71 841 966Fax: +216 71 842 885Website: www.bnacapitaux.com.tn

COFIB Capital FINANCEAddress: 51, Avenue Jugurtha Mutuelleville - 1002

TunisTél: +216 71 846 225 / 840 253Fax: +216 71 848 517 / 843 778Website: www.capfinance.com.tn

Compagnie Gestin et FinanceAddress: Centre Babel bloc E 1er Etage, MontPlaisir

- 1002 TunisTél: +216 71 788 870 / 280 / 782 606Fax: +216 71 798 314

Companie Générale d'InvestissementAddress: 16 Avenue Jean Jaurès - 1000 -TunisTél: +216 71 252 024Fax: +216 71 252 044

Financière de Placement et de GestionAddress: 70/72, Av Habib Bourguiba - 1000 TunisTél: +216 71 351 398Fax: +216 71 240 736

Poor stock market performance in 2002 The Tunisian stock market experienced a bad year in 2002, continuing the negative trend since 2001. The TUNINDEX showed adisappointing 12% decline in 2002 (in local currency terms) and a 7% decline in US $. The economic downturn in the EuropeanUnion (EU) had a detrimental effect on the Tunisian economy given its increasing reliance on trade with the EU.

The banking sector was affected by the economic slump, which resulted in lower credit extension and a number of high profile defaultson loans. The Tunisian economy was also hampered by the repercussions of 11 September 2001 events, which weighed down on thetourism sector. The downstream effects of this where felt in Société Frigorifique et Brasserie (the markets largest stock by capitalisation)due to reduced tourist alcoholic consumption. TunisAir was also affected by the reduction in tourist arrivals, which resulted in reducedearnings. The Tunisian economy was also hindered by the drought, forcing government to import basic produce. Looking ahead, theTunisian economy is well poised to capitalise from increased trade with the EU, which will bolster earnings of listed companies.

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106

Intermédiaire InternationalAddress: 1, Rue Kamel Attaturk 3ème étage - 1001

TunisTél: +216 71 349 710 / 346 571Fax: +216 71 333 754

Mohamed Abdelwaheb ChérifAddress: 5 Rue 8010 Immeuble n°5, Montplaisir ,

1002 TunisTél: +216 71 843 822 / 845 384Fax: +216 71 840 160

Société Maxula BourseAddress: Centre Nawres Bureau B.22 Berges du Lac

- 2045 TunisTél: +216 71 960 292 / 391Fax: +216 71 960 565

Société de Bourse de TunisAddress: Place de 7 Novembre - 1001 TunisTél: +216 71 332 188Fax: +216 71 349 312 / 345 879

Société de Conseil et d'Intermédiation FinancièreAddress: 11, Av Abderrahmane Azzam Complexe

Kheireddine Pacha,Bloc A, Appt A 11 - 1002 Tunis

Tél: +216 71 843 655/ 845 927Fax: +216 71 849 417

Société d'Intermédiation et de Conseil FinancierAddress: Centre Urbain Nord - Building Ennour -

Cité Mahrajène -1082 TunisTél: +216 71 704 730 (Lignes groupées)Fax: +216 71 704 696

SIFIB-BHAddress: 1, Rue 8000, Angle 11 Avenue Kheireddine

Pacha - 1002 TunisTél: +216 71 848 429 / 842 160Fax: +216 71 841 635

SUD InvestAddress: 116, Av. de la Liberté - 1002 TunisTél: +216 71 849 400 / 841 034Fax: +216 71 781 529 / 847 366Website: www.sudinvest.com.tn

Société Financière de GestionAddress: 12, Rue d'Athènes - 1000 TunisTél: +216 71 259 310Fax: +216 71 259 221

Tuniso-Saoudienne d'IntermédiationAddress: 32, Rue Hédi KARRAY- ELMENZAH IV - 1004

TunisTél: +216 71 718 223Fax: +216 71 719 912

Tunisie ValeursAddress: 17, Rue de Jérusalem - 1002 TunisTél: +216 71 799 676 / 802 192 / 794 822Fax: +216 71 789 355 / 795 641Website: www.tunisievaleurs.com

Universelle de BourseAddress: 17, Rue Félicien Chaley- 1002 TunisTél: +216 71 789 054 / 849 239Fax: +216 71 787 832

Union FinancièreAddress: Boulevard 7 Novembre, Immeuble

Maghrébia Tour A,4ème étage 1080 Tunis cedex

Tél: +216 71 941 385 / 940 533Fax: +216 71 940 528

Union de Gestion FinancièreAddress: 3, rue Jenner, Place d'Afrique (ancienne

Place Jeanne d'Arc) - 1002 Tunis BelvédèreTél: +216 71 843 988 / 848 230Fax: +216 71 782 406

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UGANDA

COUNTRY PROFILE


150KampalaEnglish (official national language)24,699,0732.94% (2002 est.)43.8162.70%NACopper, cobalt, hydropower, limestone, salt, arable land$29 billion (PPP)5.10% (2001 est.)$1,200 (PPP 2001 est.)3.50% (2001 est.)1.599 billion kWh (2000)$367 millionGermany 12.0%, Netherlands 10.2%, US 8.7%, Spain 8.0%, Belgium 7.1% (2000)$1.26 billionKenya 43.1%, US 7.0%, India 6.8%, South Africa 6.1%, Japan 3.4% (2000)$959million$1.04 billion, including capital expenditures of $NA (FY98/99 est.)Ugandan shilling (UGX)$3.4 billion (2001 est.)Ugandan shillings per US dollar - 1,738.7 (January 2002), 1,755.7 (2001), 1,644.5 (2000), 1,454.8 (1999), 1,240.2 (1998), 1,083.0 (1997)50,074; however, 80,868 main lines have been installed (1998)27 (2001)


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1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

52.213

1,565

2000a

5.43.8

11.141,789

2001a

5.63

4.151,800

2002e

5.55

5.51,860

2003f

6.657

1,920

2004f

65

6.82,000

2005f

LA Domestic Share (US$) LA Domestic Share (Shilling)



97

103

100

370-2

340

1002

521

103.363




Key points• Growth to stay high, despite slump in coffee• New commodity crops will be looked to for diversification• However, falling demand is a problem• Progress on privatisation expected• Exchange rate to remain stable• Low interest rate environment will persist• Hopes for peace in the Democratic Republic of Congo are positive

Market Capitalization (US$mn)Value Traded (US$mn)LA Domestic Share Index (Dec 2001 = 100)Number of Listed Companies





LA Domestic Share Index (Dec 2001 = 100)


-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Market Snapshot


108

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Composite

TobaccoBanksCapital Goods

Weighted Averages

SECTOR

1,200.00715.00

5,030.00

Local shareprice

(Ush.)

15.07.2

20.0

15.2

Price toearnings

(x)

15.07.0

11.9

14.9

Dividendyield

(%)

2.22.10.8

2.2

Price tobook

(x)

3416

1

35


(US$mn)

British American Tobacco (Uganda)Bank of BarodaUganda Clays

COMPANY




109

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www.ugandacapitalmarkets.co.ugCapital Markets Authority (CMA)Central Bank of UgandaNAGMT + 2Transaction by transactionCorporate Bonds, Ordinary Shares, Treasury Bills, Commercial Paper and Government BondsT+5NoneNo restrictionsOrdinary sharesNoneCall over, floor based.NoneTuesday and Thursday10:00AM - 12:00PMDividends:15%; Interest: 15%; Capital gains: 0%Half year and full audited annual accounts. International Accounting and Auditing Standards.The Uganda Securities Exchange (USE) was licensed to operate as an approved Stock Exchange in June 1997 by the Capital MarketsAuthority (CMA). The USE became operational in January 1998 with the listing of the East African Development Bank 4 year bond.

Source: LiquidAfrica, Uganda Securities Exchange


110

Uganda Securities Exchange Ltd

1104_p91_122c3 4/8/03 3:38 Page 21

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MARKET OVERVIEW

CONTACT DETAILS

Uganda’s stock market showed marginal positive returns in local (3%) and US$ (2%) terms. Uganda’s economy has enjoyed amongst thehighest growth rates in Africa over the past decade and there is no reason why this growth should abate in the short term. Such growthcan be attributed to the low base and large IMF donor funding. Uganda’s stock market is the smallest in Africa (measured by marketcapitalisation), with only a total of five listed companies and two of these are Kenyan dual listed stocks. Bank of Baroda listed in 2002,and has shown impressive performance up to date. The economy’s heavy dependence on agriculture (approximately 50% of GDP) leavesit susceptible to swings in commodity prices and diversification will be necessary in order to create sustainable development. Positivedevelopments have been made in this front, with tourism becoming a crucial foreign currency earner.

STOCK EXCHANGEUganda Securities Exchange LtdContact: Mr. Simon Rutega (Chief Executive

Officer)Address: Plot 4, Nile Avenue EADB Building, Ground FloorPostal: P.O. Box 23552, Kampala, UgandaTel.: +256 41 343 297/342 818Fax: +256 41 342 841Email: [email protected]: www.ugandacapitalmarkets.co.ug

STOCKBROKERSBaroda Capital Markets (U) Ltd.Postal address: P.O. Box 78197

Kampala - UgandaTel: +256 41 233 680/3Fax: +256 41 258 263E-mail: [email protected]: Mr. Bhutani

Crane Bank Financial Services (U) Ltd.Address: Plot 20/38 Kampala RoadPostal: P.O. Box 22572

Kampala - UgandaTel: +256 41 341 414/ 345 345Fax: +256 41 231 578

Contact: Mr. Francis KakurugusiEquity Stock Brokers (U) Ltd.Address: Plot 10 Kampala RoadPostal: P.O. Box 3072

Kampala - UgandaTel: +256 41 236 012Fax: +256 41 236 066E-mail: [email protected]: Mr. Sateesh Babu

Geoffrey Onegi-Obel & Co. Ltd.Address: Suite 8, Give & Take House, Nkrumah RoadPostal: P.O. Box 1610

Kampala - UgandaTel: +256 41 231 813Contact: Mr. Geoffrey Onegi-Obel

MBEA Brokerage Services (U) Ltd.Address: Pan Africa House, 4th floor,Office 3

Kimathi AvenuePostal: P.O. Box 24613

Kampala - RoadTel: +256 77 741 448 / +256 41 341 448Fax: +256 41 342 045E-mail: [email protected]: www.mbea.netContact: Mr. Andrew Owiny

Trans Africa Finance & Securities Exchange Ltd.Address: Udyam House, Jinja RoadPostal: P.O. Box 22789

Kampala - UgandaTel: +256 41 234 554/ 564 / 796Fax: +256 41 234 575Contact: Mr. Royonga

Uganda Commercial Bank Ltd.Address: 12 Kampala RoadPostal: P.O. Box 973

Kampala - UgandaTel: +256 41 234 710 / 670Fax: +256 41 343 469E-mail: [email protected]: Mr. Ezra Mutabazi


111

Uganda’s economy has enjoyed amongstthe highest growth rates in Africa overthe decade

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ZAMBIA

COUNTRY PROFILE


153LusakaEnglish (official9,959,0371.90% (2002 est.)37.3578.90%50% (2000 est.)Copper, cobalt, zinc, lead, coal, emeralds, gold, silver, uranium, hydropower$8.5 billion (PPP)3.90% (2001 est.)$870 (PPP 2001 est.)21.50% (2001 est.)7.822 billion kWh (2000)$876 millionUK 25.2%, South Africa 24.5%, Switzerland 9.4%, Malawi 7.5% (2000)$12.05 billionSouth Africa 67.1%, UK 9.8%, Zimbabwe 7.5%, US 5.9% (2000)$1.2billion$1.25 billion, including capital expenditures of $NA (2001 est.)Zambian kwacha (ZMK)$5.8 billion (2001)Zambian kwacha per US dollar - 3,848.65 (January 2002), 3,610.94 (2001), 3,110.84 (2000), 2,388.02 (1999), 1,862.07 (1998), 1,314.50 (1997)130,000 (including more than 40,000 fixed telephones in wireless local loop connections) (1997)111 (2001)


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112

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----

1992

----

1993

----

1994

190-2

1995

1953-6

1996

7058

204.457

1997

3013

162.769

1998

28012

195.389

1999

2368

306.289

2000

21753

303.419

2001

2312

334.7511

2002

313.36

JAN

321.06

FEB

315.83

MAR

310.10

APR

335.08

MAY

334.56

JUN

340.90

JUL

336.20

AUG

333.80

SEP

336.60

OCT NOV

306.97

DEC

3.626.1

343035

2000a

5.221.6

453480

2001a

417.7

304600

2002e

3.81527

5000

2003f

4.91634

5500

2004f

5.21217

5300

2005f

LuSE All Share Index (US$) LuSE All Share Index (Kwacha)



95

115

105

323.36




Key points• Withdrawal of Anglo American from Zambia is a challenge, but the copper mines will not be closed• Zambia's copper output due to increase• Tourism and agriculture will also contribute to growth• Healthy levels of donor funding promised, and Zambia could reach HIPC completion soon• An end to conflict in Angola and the DRC will be positive for the region as a whole

Market Capitalization (US$mn)Value Traded (US$mn)LuSE All Share Index (Jan 1997 = 100)Number of Listed Companies





LuSE All Share Index (Jan 1997 = 100)


Market Snapshot


113

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Composite

BanksSugarIndustrial ConglomeratesCementBeveragesTobaccoHotels & TourismBeveragesReal EstateConsumer Goods

Weighted Averages

SECTOR

54.0025.10

450.00299.00430.00145.00150.00200.00610.00

3.75

Local shareprice

(Zk)

6.04.27.76.15.13.19.92.54.31.7

5.8

Price toearnings

(x)

10.29.84.74.3

10.38.71.7

23.64.4

13.3

8.6

Dividendyield

(%)

2.81.31.91.41.11.21.21.10.40.3

1.9

Price tobook

(x)

4830251312

5331

0.2

140


(US$mn)

Standard Chartered BankZambia SugarTrans-Zambezi IndustriesChilanga CementZambia BreweriesBritish American Tobacco (Zambia)National BreweriesFarmers HouseFarmers HouseZambia Bata

COMPANY




114

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www.luse.co.zmThe Securities and Exchange Commission (SEC)Bank of ZambiaThe Securities Act (1993)GMT+ 2AutomatedEquities and government debt instrumentsT+3Stanbic Bank Zambia Ltd and Barclays Bank Zambia LtdNo restrictionsListed and QuotedNoneSingle price auction, order matchingCentral Shares Depository (CSD)Monday to Friday.10am to11am and the second session is between noon and 1pm.Dividends:15%; Interest: 15%; Capital gains: 0%Half year and full audited annual accountsThe Lusaka Stock Exchange (LuSE) is the only exchange in Zambia. The Securities Act was passed on 17 December 1993 and the LuSEcommenced business on 21 February 1994.

Source: LiquidAfrica, Lusaka Stock Exchange


115

Lusaka Stock Exchange

1104_p91_122c3 4/8/03 3:38 Page 26

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MARKET OVERVIEW

CONTACT DETAILS

The Zambian economy is heavily reliant on the price of copper. Lower prices for copper in 2002 resulted in Anglo American withdrawingfrom its investment in the Konkola Copper Mines. This was a major setback for the economy as Anglo was the largest foreign directinvestor. Agricultural output was hampered due to the regional drought, which weighed down the economy, as agriculture accounts forapproximately 17% of GDP.

The Zambian Kwacha depreciated (by -15.5%) to the US dollar in 2002 due to decreased foreign exchange earnings in line with lowercopper prices and increased import costs for food supplies. Impressive returns in local currency terms (24%) where tarnished whentranslated into US$ terms (5%) due to the depreciation of the Kwacha. Nonetheless, two new companies where listed in 2002, which isimpressive for a relatively small market. Diversification away from agriculture and mining bode well for the future.

STOCK EXCHANGELusaka Stock ExchangeContact: Dr Lloyd Chingambo (General Manager)Addess: 3rd Floor Central, Stand 2713 Famers House Building, Cnr Cairo Road & Church Roads, Lusaka.Postal: PO Box 34523, Lusaka, ZambiaTel: +260 1 22 8391/8537/8594Fax: +260 1 22 5969E-mail: [email protected]: www.luse.co.zm

STOCKBROKERSPangaea EMI Securities Zambia LtdAddress: Farmers House

Central Park, Cairo RoadPostal: P O Box 30163, LusakaTel: +260 1 238 709/10Fax: +260 1 220 925

Cavmont Securities LtdAddress: 2nd Floor, Mukuba Pension House

Dedan Kimathi RoadPostal: P O Box 35476, LusakaTel: +260 1 227 763/224 585/6Fax: +260 1 224 304/316

Inter-market Securities Zambia Ltd. Farmers HouseAddress: Central Park, Cairo RoadPostal: P O Box 35832, LusakaTel: +260 1 227227/8Fax: +260 1 227274


116

Diversification away from agriculture andmining bode well for the future

1104_p91_122c3 4/8/03 3:38 Page 27

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ZIMBABWE

COUNTRY PROFILE


128HarareEnglish (official)11,376,6760.05% (2002 est.)36.585%60% (2001 est.)Coal, chromium ore, asbestos, gold, nickel, copper, iron ore, vanadium, lithium, tin, platinum group metals$28 billion (PPP)-6.50% (2001 est.)$2,450 (PPP 2001 est.)100% (2001 est.)6.425 billion kWh (2000)$2.1 billionSouth Africa 12.1%, UK 8.5%, Japan 7.7%, Germany 6.1%, China 5.4% (2000)$1.5 billionSouth Africa 46.3%, UK 7.2%, Germany 2.5%, US 2.8%, Japan 2.5% (2000 est.)$2.5billion$2.6 billion, including capital expenditures of $NA (2000 est.)Zimbabwean dollar (ZWD)$5 billion (2001 est.)Zimbabwean dollars per US dollar - 54.9451 (December 2001), 54.9451 (2001), 43.2900 (2000), 38.3142 (1999), 21.4133 (1998), 11.8906 (1997)212,000 (in addition, there are about 20,000 fixed telephones in wireless local loop connections) (1997)454 (2001)


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117

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62820

856.662

1992

1,43353

2325.362

1993

1,828176

3160.864

1994

2,038150

3972.664

1995

3,635255

8786.364

1996

1,969539

7196.464

1997

1,310186

6408.467

1998

2,514227

14426.670

1999

2,432279

17984.369

2000

7,9721,530

46351.972

2001

11,689131

10222977

2002

46 149.49

JAN

47 788.30

FEB

48 090.75

MAR

51 211.44

APR

77 232.98

MAY

100 951.31

JUN

99 399.74

JUL

99 520.98

AUG

115 097.30

SEP

93 231.87

OCT NOV

102 228.96

DEC

-6.1566038

2000a

-7.3743055

2001a

-12150

3390

2002e

-189040

180

2003f

3.54560

230

2004f

92734

300

2005f

ZSE Industrial Index (US$) ZSE Industrial Index (Z$)



125

275

200

68261.75



GDP %CPI Inflation %Interest Rates (3m T-Bill) %Official Exchange Rate v. USD

Key points• Economy to contract further in the near term• Zimbabwe faces a food emergency as a result of the drought• Inflation to be pressured until monetary policy is tightened• Over the forecast horizon, recovery - led by mining- is predicted• With recovery, double digit growth is possible• Political situation hampers economic development

Market Capitalization (US$mn)Value Traded (US$mn)ZSE Industrial Index (1985 = 100)Number of Listed Companies





ZSE All Share Index (1985 = 100)


Market Snapshot


118

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Industrial ConglomeratesHotels & TourismHotels & TourismBanksTobaccoAgricultural ProductsAgricultural ProductsFoodCapital GoodsCapital Goods

Weighted Averages

SECTOR

146.10755.00

76.0021.00

1,450.00160.00

22.00180.00

33.0097.00

Local shareprice

(Z$)

19.478.3

143.413.540.029.115.6

-10.931.3

47.1

Price toearnings

(x)

2.20.3

-7.52.30.72.7

-5.40.6

1.8

Dividendyield

(%)

1.6--

6.510.416.0

5.6-

4.46.9

2.9

Price tobook

(x)

988927231914131211

9

315


(US$mn)

DeltaMeiklesInnscorBarclaysBritish American TobaccoTanganda Tea CompanyCottcoAfdisTHZ ZimbabweAstra

COMPANY




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Web SiteMarket RegulatorMonetary AuthorityGoverning LawTime ZoneClearing & SettlementSecuritiesSettlement CycleInternational CustodianForeign ParticipationMarket SegmentExchange Control

Trading SystemCentral DepositoryTrading DaysTrading HoursTax RatesReporting RequirementBrief History


www.zse.co.zwZSE CommitteeReserve Bank of ZimbabweZimbabwe Stock Exchange Act (1973)GMT + 2Transaction by transactionOrdinary shares, Preference shares, Corporate bonds, Treasury bonds, Warrants.T+7Stanbic Bank Zimbabwe LtdCap on ownership (40% in general)Ordinary shares, preference sharesDisinvestment proceeds will be freely remitted, with the proviso that the shares were originally purchased with foreign currency onthe ZSE.Call over, floor based.NoneMonday - Friday9:00AM - 9:30AM & 11:45AM - 12:15AMDividends: 15%; Interest: 10%; Capital gains: 10%Half year and full audited annual accounts. International Accounting and Auditing Standards.Zimbabwe’s first stock exchange opened in 1896 in Bulawayo. It operated for six years. When it closed, efforts were made to reactivatethe stock exchange but without success. The present Zimbabwe Stock Exchange was founded in 1946 in Bulawayo. In December 1951,a second floor was opened in Harare. In January 1974, the Zimbabwe Stock Exchange Act was promulgated as Act 27 of 1973 (chapter198) which formalised the establishment of the present Zimbabwe Stock Exchange (ZSE) with its head office in Harare. Thus, the ZSE,as it exists now dates from 18 January 1974. A revised ZSE Act was published in 1996 as Chapter 24.18

Source: LiquidAfrica, Zimbabwe Stock Exchange


120

Zimbabwe Stock Exchange

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MARKET OVERVIEW

CONTACT DETAILS

At first glance, the performance of the Zimbabwe Stock Exchange (ZSE) in 2002 may seem to be a stark contradiction of economic theory.Paradoxically the country is facing worsening economic fundaments, due to the current political situation and on the other hand thelocal stock market is booming. However, in a situation where negative real interest rates, high inflation and a fixed exchange rate regimepertain, investors have little option but to seek routes where they can preserve capital.

As a result, funds have flowed from interest bearing investments to real estate and listed equities. Given Zimbabwe’s political situationwhere property rights have been compromised, investors would prefer to invest in the stock market. However, this capital preservationstrategy is only effective in the short to medium term, thereafter the cumulative effect on the economy has a bearing on all asset classes.Zimbabwe’s productive capacity has been severely diminished and the long-term impact to key sectors such as agriculture, mining andmanufacturing will take a long time to unravel. Some estimates are that Zimbabwe’s GDP has declined by 25%. The immediate outlookis for a continued decline in GDP unless the government obtains support to rectify the damage, which is highly unlikely without a politicalsettlement.

The most vulnerable sector would probably be the banking sector where the effect of negative real interest rates would be felt most.This coupled with an environment where property rights are difficult to enforce any bank’s ability to effect loan recoveries would bedifficult to achieve.

The ZSE has the highest valuations in Africa and this has stimulated a number of capital raisings. In addition, a number of conglomerateshave undergone unbundling processes largely driven by management buyouts. We expect this trend to continue as companies starvedof cash raise capital on the exchange. Unexpectedly, this de-coupling process may have injected some efficiency into the corporate sectorof Zimbabwe placing them on better footing for the future – as long as the economy is turned around.

Badly needs a political settlement to pull out ofthe current malaise

STOCK EXCHANGEZimbabwe Stock ExchangeContact: Mr Emmanuel Munyukwi (CEO)Addess: 8th Floor, Southampton House, Union

Avenue, HARARE, ZimbabwePostal: P O Box U.A. 234 HARARE, ZimbabweTel: +263 4 736 861Fax: +263 4 791045/708368E-mail: [email protected]: www.zse.co.zw

STOCKBROKERSFleming Martin Edwards SecuritiesAddress: Club Chambers, Baker Ave, Third StreetPostal: P O Box 1475, HarareTel: +263 4 727 907; 708 368Fax: +263 4 707932; 729 588E-mail: [email protected]

Sagit Stockbrokers (Private) LimitedAddress: Southampton Life Centre

2nd Street/Jason Moyo AvenuePostal: P O Box 21, Harare

Tel: +263 4 735 488Fax: +263 4 750 564E-mail: [email protected]

Trust Corporation Securities (Pvt.) LtdAddress: 6th Floor, Livingston House

Samora Machel AvenuePostal: P O Box 7245, HarareTel: +263 4 728 251 / 702 005Fax: +263 4 702 007E-mail: [email protected]


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BARD Stockbrokers (Pvt.) Ltd.Address: 3rd Floor, BARD House

69 Samora Machel AvenuePostal: P O Box 3321, HarareTel: +263 4 752 756 / 383 / 735 919Fax: +263 4 781 837E-mail: [email protected]

Remo Investment Brokers (Pvt.) LtdAddress: 3rd Floor, Royal Mutual House

45 Nelson Mandela AvenuePostal: P O Box BE 271 Belvedere

and 3573 HarareTel: +263 4 750 717/8; 757 949Fax: +263 4 749 804E-mail: [email protected]

Continental Securities Trading (Pvt.) Ltd.Address: 2nd Floor, Globe House

51 Jason Moyo AvePostal: P O Box CY 255

Causeway, HarareTel: +263 4 772 615; 757 671Fax: +263 4 757 679E-mail: [email protected]

Kingdom Securities (Pvt) LtdAddress: 2nd Floor, Karigamombe Centre

53 Samora Machel AvenuePostal: P O Box CY 3205

Causeway, HarareTel: +263 4 758 857/9; 467/71Fax: +263 4 758 228E-mail: [email protected]

Intermarket Stockbrokers (Pvt.) Ltd.Address: 5th Floor, UDC Centre

Cnr. First Street/Union AvenuePostal: P O Box 425, HarareTel: +263 4 750 915/7; 722Fax: +263 4 759 369E-mail: [email protected]

Msasa Stock Brokers (Pvt.) Ltd.Address: 27 New Africa House

40 Union AvenuePostal: P O Box UA 202, HarareTel: +263 4 738 450 / 396Fax: +263 4 738 437E-mail: [email protected]

Momentum Stockbrokers (Pvt.) Ltd.Address: 8th Floor, Pegasus House

52 Samora Machel AvenuePostal: P O Box CY 1015, HarareTel: +263 4 708 048 / 703 037Fax: +263 4 706 508E-mail: [email protected]

UKI Securities (Pvt.) Ltd.Address: 13th Floor, Social Security Centre

76 Park LanePostal: P O Box 4761, HarareTel: +263 4 794 522Fax: +263 4 795 241 / 794 577E-mail: [email protected]

Barnfords SecuritiesAddress: 2nd Floor, Social Security Centre

Park LanePostal: P O Box 1244, HarareTel: +263 4 250 980/1Fax: +263 4 736 043; 795 277E-mail: [email protected]


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