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 July 2016 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.

Key highlights:
  • The Naira floated in June falling 40% and in July fell a further 13% from ?280 to ?318 to the US$.
  • The market capitalisation of the Top 30 companies for July 2016 was US$50.8bn, down 6% on June and down 21% year to date. Nigerian banks and manufacturing companies all fell sharply (page 3).
  • In July SSA ex SA stock markets fell 5.1% in US$ terms, led by Nigeria down 13% (page 5).
  • Year to date three stock markets have positive US$ returns (page 5) and some currencies appreciated, led by the SA Rand (page 2).
  • During July oil prices fell 14% to US$43.17/barrel but gold managed a 2% gain. Year to date oil is up 18% and gold is up 27%.
  • New Entrants: National Microfinance Bank (Tanzania) and Barclays Bank Kenya.
  • Departures: Guinness Nigeria and Stanbic IBTC in Nigeria.
  • Our analysis shows:
    • 11 companies with a ROE > 25%.
    • 10 companies with a trailing P/E < 10.0 times.
    • 16 companies with a dividend yield > 5%.
    • 9 companies with a price/book value < 1.50 times.