This report is an update as of April 2015 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.
- The market capitalisation of the Top 30 companies in April 2015 was US$75.8bn, up 5.6% on the month but down 4.4% year to date. Pages 2 and 3 set out the share price performance and the latest earnings releases. See also our companion reports on December 2014 earnings releases.
- The stock market event of the month was the 7% rise of the Nigerian market following the elections which, together with oil prices rising off their lows, resulted in a stable exchange rate.
- New entrants: FNB Namibia and UBA (Nigeria).
- Departures: State Bank of Mauritius and Access Bank (Nigeria).
- Three new all time highs: Safaricom, KCB Bank in Kenya and FNB Namibia.
- Our analysis shows:
- We have included valuation graphs detailing Price/Book ratios vs ROE’s (page 8).
- We have highlighted the impact of currency movements on the region’s stock markets (page 9).
- We have included graphs of Kenyan and Nigerian inflation and interest rates (page 10). Nigeria has positive real interest rates of 2.4% and Kenya positive real rates of 2.2%.
|17 companies with a ROE > 25%.||10 companies with a historic P/E < 10.0 times.|
|6 companies with a dividend yield > 5%.||7 companies with a price/book value < 1.50 times.|