Hartland-Peel Africa Equity Research provides one of the most comprehensive databases on African listed companies dating back to 1990. The database has been licensed to various financial institutions and institutional investors internationally.

This report is an update as of January 2016 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.

Key highlights:
  • SSA ex SA stock markets fell 10% in January 2016 as commodity prices continued to decline and currencies were weaker. The market capitalisation of the Top 30 companies as of January 2016 was US$55.8bn, down 13% on December 2015. Nigerian companies fell sharply (page 2).
  • No new all time highs (page 2) and latest earnings releases (page 3). Share prices, in aggregate, are now at their level of August 2012 in US$ terms.
  • The stock market events of the month were (i) continued weakness of Nigerian banks and manufacturing companies (page 2) and (ii) Rand weakness which impacted regional currencies in southern Africa and their markets.
  • New Entrants: Seplat Petroleum (Nigeria) and NMB Bank (Tanzania).
  • Departures: Union Bank (Nigeria) and UBA (Nigeria).
  • Our analysis shows:
    • 13 companies with a ROE > 25%.
    • 15 companies with a trailing P/E < 10.0 times.
    • 10 companies with a dividend yield > 5%.
    • 10 companies with a price/book value < 1.50 times.
  • Kenyan and Nigerian inflation and interest rates (page 10) - Kenya has positive real interest rates of 3.7% and Nigeria’s real rate is 1%.