Africa's 1000 top companies.AFRICAN BUSINESS' annual listing of Africa's top companies has proved hugely popular with our readers and subscribers, particularly investors, multinational agencies, global businesses, development and business researchers, university students and faculties and go-ahead entrepreneurs in the continent and outside. [ILLUSTRATION OMITTED] We have paid careful attention to your comments and requests for additional information in organising this year's listings. Most of you have pointed out that since we are dealing with companies on a continent-wide basis rather than the more usual nation-wide format, it would be appropriate if we expanded the listing, thus giving exposure to firms that are leaders within their own sub-regions but which might fall off the tables on a continental basis. We agree and have expanded the main listing to 1,000 firms, all of which are quoted on various stock exchanges. We have based the listings on the market value of companies, expressed in dollars, as at 31 December 2005. This year's listings therefore give a truer picture of the relative strengths of companies operating in Africa. In addition to the main listing, the feature begins with an overview of Africa's equities relative to the global picture and a country-by-country comparison of equity markets. We then list the top 50 companies in each of Africa's main sub-regions, North, East, West, South (excluding South Africa) and South Africa before going on to the main listing of 1,000 companies. We have made every effort to obtain correct and accurate data and would like to apologise in advance for any errors or omissions. Please let the editor know what you think of our new Top Companies format and how we can improve it in the future. We are deeply grateful to Ayo Salami, co-founder of African Business Research Limited (a research driven, information portal and consultancy specialising in Africa, www.africanfinancialmarkets.com) for the arduous legwork required in compiling the lists and for his incisive analysis of equity trends in Africa. Anver Versi, Editor, African Business Africa's top companies, Region by Region A magnificent year for African equities Ayo Salami reviews the performance of African equity markets in 2005 and explains why Africa outperformed all other regions of the world. 2005 was undoubtedly the year of African equities, with the continent outperforming other regional markets. Trading liquidity also rose to all-time highs last year. A new index--the Africa All Share index (excluding South Africa) showed gains of 56% in US dollar terms; including South Africa, equity returns in Africa last year averaged 34%. In the table that accompanies this article, we have focused on Africa excluding South Africa because of the substantial differences that exist between the economy of South Africa in comparison to the rest of the continent. Foreign investors have a misconception that the South African equity market is a reasonable proxy for the whole of Africa. However the South African market is becoming increasingly integrated with the developed economies and significantly correlated with virtually all other global markets, hence exposure to South Africa is not synonymous with exposure to the rest of Africa. In the rest of Africa, however, the correlation between equity markets in different countries is low, increasing the diversification opportunities within the region. [ILLUSTRATION OMITTED] The Africa All Share index figures compare to: 45% index gains in Latin America, 22% in Asia, 46% in Eastern Europe and 7% in G7 countries. Africa, excluding South Africa, outperformed Emerging Markets (30%) as a whole. The superb performance of African equities continues to be underpinned by a positive macroeconomic environment, in turn reflecting the benefits of the macroeconomic restructuring that occurred in the 1990s. Africa's GDP growth for 2005 is estimated to be around 4%, compared to a global average of 2.5%, with rising per capita GDP, falling budget deficits, low inflation and strong earnings in the corporate sector. More importantly, for the first time in recent memory, African currencies actually strengthened against the US dollar as the trade balance and import cover rose across the continent. The best testimony to the underlying strength of African currencies is probably their recent performance in the face of rising energy prices. Fifteen years ago, Africa would not have been able to cope with such sharp increases of energy prices, but despite a recent doubling of oil prices, few African countries have required balance of payments support from the IMF. This indicates that the continent has become less vulnerable to external shocks. While Africa as a whole delivered strong equity returns, there were substantial variations in performance, by country, sector, regions, and market capitalisation. In terms of country-based performances, the bulls were led by Egypt, up 158% (see African Business January 2006) and Zambia up 111%; losses were recorded in Ghana, down 37%; Tanzania, down 12% and Swaziland, down 11%.</p> <pre> Equity Returns to the Regional Markets -- 2005 Region % Equity Returns in US$ Africa (excluding South Africa) 56% Eastern Europe 46% Latin America 45% Emerging Markets 30% South Africa 27% Asia 24% Far East 22% World Index 8% G7 Countries 7% </pre> <pre> Returns to Equity Markets in Africa by country -- 2005 Country % Equity Returns in US$ Egypt 158% Zambia 111% Uganda 71% Kenya 44% Malawi 35% South Africa 27% Cote d'Ivoire 17% Zimbabwe 14% Morocco 8% Tunisia 5% Mauritius 4% Nigeria 0% Namibia -4% Botswana -5% Swaziland -11% Tanzania -12% Ghana -37% Mozambique n/a Algeria n/a Africa (ex-SA) 56% Total Africa (Including South Africa) 34% </pre> <p>Equities outlook for 2006 Ayo Salami says that barring unforeseen global events, the healthy appetite for African equities should continue throughout this year. Emerging market equities are now firmly back in favour as yield-starved investors in OECD countries cast the net wider in their search for higher returns. Net inflows into emerging market equities hit a record $20.3bn in 2005, five times the net inflows for 2004. In January 2006, net inflows were $11.4bn--almost half of the total inflows for the previous year achieved in a single month. In the absence of an external shock such as another terrorist attack or the escalation of the Iran nuclear programme crisis, the strong appetite for emerging market equities looks set to continue. Yet with the exception of South Africa and Egypt, few of the African markets have benefited from this resurgence in net inflows into emerging markets. Consequently, if foreign investors were to turn bearish on emerging market equities, the risk of significant capital flight out of Africa's equity markets is low. The performance of Egypt in the last three years has been outstanding and, at the very least, the market is likely to take a breather this year, if not experience a downward correction. Prices would appear to have raced ahead of corporate earnings and with the market trading on P/E of around 22x historic earnings, valuations appear stretched. Profit taking is likely to adversely affect the performance of Egyptian equities with telecom and banking stocks in Egypt at most risk. Given their stable and benevolent macroeconomic backgrounds, markets like Uganda and Zambia that earned significant returns last year are likely to continue to grow this year albeit at a reduced rate. Equity valuations in these markets are still reasonable and growth in corporate earnings is likely to underpin the performance of equity markets. Since 2006 is a pre-election year in Nigeria, there is a strong likelihood that fiscal policies will be relaxed to encourage spending thus benefiting consumer goods companies. Industrial and commercial companies may see a rebound in Nigeria as investors recover from the exhaustion of last year's capital-raising by the banks. The outlook for the banking sector is less rosy. The amount of fresh capital that has been injected into it is likely to reduce the return on equity ratio and reduce growth in bank profits. There is the prospect of some relief from high interest rates allowing banks to earn some relatively easy profits as the Central Bank battles to achieve its target of single digit inflation. However this is unlikely to be sufficient to underpin profits in the banking sector. With banks accounting for half of the market's capitalisation, the overall performance of Nigerian equities is likely to be muted, but with substantial disparities in sector performance. Botswana is expected to recover from the effects of the devaluation of the pula. Although inflation and interest rates are currently on an upward trend, both are expected to decline later in the year. This should eventually benefit banking stocks as their bad debts provisions are reduced. As banks constitute about 60% of total market capitalisation, the recovery in their profits should positively support the performance of the equity market. The decline in Ghanaian share prices in 2005 has upset a significant number of new investors who came to the market for the first time in 2004 on account of the bull phase then being experienced. Their caution is likely to hold back any immediate resurgence in the market. However the macroeconomic fundamentals are sound and corporate earnings are likely to grow this year. This may not be raging bull year in Ghana, but the omens are good for positive returns. The drought in Kenya, Tanzania and Zimbabwe represents the most obvious risk factor to equity investors in these countries. If the drought is prolonged and severe, then the macroeconomic outlook for these countries is likely to be weak with consequent negative effects on equity returns. North Africa IPOs galvanise Egypt The recent performance of the Egyptian stock markets indicates that Egyptian investors are now realising the benefits of the macroeconomic reforms begun in 2001. The main reforms included a relaxation of currency control, a new tax system and the privatisation of state enterprises--all of which contributed to a fall in inflation from 16% to 5% (See African Business, March 2006). The Egyptian market also benefited in 2005 from a number of substantial new issues--Telecom Egypt, Alexandria Mineral Oil Company, Sidi Krir Petrochemicals, Raya Holdings--as these attracted new investors into the market. While the whole market witnessed strong price performance--there were 67 equities that recorded gains in US dollar terms above 100%--banks, telecoms and real estate companies posted particularly strong performances. Given the strong performance of the Egyptian market in the last three years, the valuation of the market is now looking quite full and while the market has continued to rise this year, up 14% to date, a substantial downward correction may not be too far away. The Egyptian economy is also likely to face some turbulence in the near-to-medium term as economic clouds gather, primarily in the form of a rising budget deficit now approaching 10% of GDP. Morocco, up 8% and Tunisia, up 5%, experienced marginally positive growth. The performance of the Moroccan economy was adversely affected by poor weather conditions leading to lower agricultural production. The slow pace of economic reforms continues to affect Morocco's competitiveness in the world economy. With the slow pace of economic growth, there was a reduced appetite for equities by both local and foreign investors evidenced by the largest listed company--Telecom Maroc--which despite achieving a 12% growth in net income, recorded share price appreciation of only 1.2%.</p> <pre> TOP 50 NORTH AFRICAN COMPANIES Company Country Industry 1 ORASCOM TELECOM Egypt Telecom 2 ITISSALAT AL MAGHRIB Morocco Telecom 3 ORASCOM CONSTRUCTION Egypt Construction 4 TELECOM EGYPT Egypt Telecom 5 VODAFONE EGYPT Egypt Telecom 6 MOBINIL-EGYPTIAN MOBILE Egypt Telecom 7 ALEXANDRIA NAT. IRON AND STEEL Egypt Construction 8 ATTIJARIWAFA BANK Morocco Financial Services 9 SUEZ CEMENT Egypt Construction 10 OMNIUM NORD AFRICAIN Morocco Conglomerates 11 SIDI KERIR PETROCHEMICALS Egypt Oil and Gas 12 EFG-HERMES Egypt Financial Services 13 EGYPTIAN IRON AND STEEL Egypt Construction 14 EASTERN TOBACCO Egypt Consumer Goods 15 SOCIETE LAFARGE-CIMENTS Morocco Construction 16 COMMERCIAL INT. BANK Egypt Financial Services 17 BANQUE MAROCAINE DU COMMERCE EXT. Morocco Financial Services 18 SOCIETE LES CIMENTS DU MAROC Morocco Construction 19 ABU KIR FERTILISER/CHEMICAL Egypt Chemicals 20 ALEXANDRIA MINERAL OIL CO. Egypt Oil and Gas 21 NATIONAL SOCIETE GENERALE BANK Egypt Financial Services 22 SOC. NAT. D'INVESTISSEMENT--SNI Morocco Conglomerates 23 EGYPT ALUMINIUM Egypt Construction 24 EL EZZ STEEL REBARS Egypt Construction 25 NATIONAL CEMENT Egypt Construction 26 ASEC FOR CEMENT CO. Egypt Construction 27 SAMIR Morocco Chemicals 28 DELTA SUGAR Egypt Consumer Goods 29 ORIENTAL WEAVERS Egypt Consumer Goods 30 SOCIETE CENTRALE LAITIERE Morocco Consumer Goods 31 TOURAH PORTLAND CEMENT CO. Egypt Construction 32 EGYPTIAN AMERICAN BANK Egypt Financial Services 33 BANQUE MAROCAINE DU COMMERCE & IND. Morocco Financial Services 34 SOCIETE HOLCIM (MAROC) Morocco Construction 35 SOCIETE DES BRASSERIES DU MAROC Morocco Consumer Goods 36 ORASCOM PROJECTS Egypt Leisure 37 BANQUE CENTRALE POPULAIRE Morocco Financial Services 38 SOCIETE NATIONALE DE SIDERURGIE Morocco Construction 39 COSUMAR Morocco Consumer Goods 40 EGYPTIAN MEDIA PROD. CITY Egypt Entertainment 41 ARAB COTTON GINNING Egypt Consumer Goods 42 AMOUN Egypt Health and Pharm. 43 SODIC Egypt Real Estate 44 CREDIT DU MAROC Morocco Financial Services 45 EGYPT LEBANON CERAMICS Egypt Consumer Goods 46 MISR INTERNATIONAL BANK Egypt Financial Services 47 AMERIYAH CEMENT COMPANY Egypt Construction 48 EGYPTIAN INT. PHARM. Egypt Health and Pharm. 49 MISR CEMENT-QENA Egypt Construction 50 MISR BENI SUEF CEMENT Egypt Construction $ Equity Company US$ Market Value Turnover 1 ORASCOM TELECOM 11,466,208,165 1,574,887,898 2 ITISSALAT AL MAGHRIB 9,323,413,780 464,616,966 3 ORASCOM CONSTRUCTION 7,203,138,161 1,340,773,560 4 TELECOM EGYPT 5,668,206,928 478,373,562 5 VODAFONE EGYPT 4,189,027,753 496,303,834 6 MOBINIL-EGYPTIAN MOBILE 3,463,027,778 744,392,458 7 ALEXANDRIA NAT. IRON AND STEEL 3,114,287,223 504,150,716 8 ATTIJARIWAFA BANK 2,536,054,050 164,928,148 9 SUEZ CEMENT 1,994,095,450 219,108,841 10 OMNIUM NORD AFRICAIN 1,979,802,470 196,058,491 11 SIDI KERIR PETROCHEMICALS 1,932,701,272 670,088,135 12 EFG-HERMES 1,795,556,651 1,887,778,613 13 EGYPTIAN IRON AND STEEL 1,393,572,236 14,590,577 14 EASTERN TOBACCO 1,379,679,899 295,648,206 15 SOCIETE LAFARGE-CIMENTS 1,344,064,696 72,608,432 16 COMMERCIAL INT. BANK 1,318,560,540 405,775,793 17 BANQUE MAROCAINE DU COMMERCE EXT. 1,262,751,174 182,845,597 18 SOCIETE LES CIMENTS DU MAROC 1,208,758,619 33,052,110 19 ABU KIR FERTILISER/CHEMICAL 1,185,111,558 29,143,131 20 ALEXANDRIA MINERAL OIL CO. 1,162,306,835 219,608,022 21 NATIONAL SOCIETE GENERALE BANK 1,158,028,872 86,346,012 22 SOC. NAT. D'INVESTISSEMENT--SNI 1,144,460,145 51,619,877 23 EGYPT ALUMINIUM 1,090,157,994 5,242,512 24 EL EZZ STEEL REBARS 1,027,023,157 786,263,531 25 NATIONAL CEMENT 830,180,828 38,282,466 26 ASEC FOR CEMENT CO. 769,547,483 319,817,735 27 SAMIR 724,411,954 73,479,868 28 DELTA SUGAR 679,931,064 20,735,621 29 ORIENTAL WEAVERS 652,815,705 186,794,828 30 SOCIETE CENTRALE LAITIERE 629,405,354 23,468,098 31 TOURAH PORTLAND CEMENT CO. 626,674,374 50,915,567 32 EGYPTIAN AMERICAN BANK 621,633,777 216,258,342 33 BANQUE MAROCAINE DU COMMERCE & IND. 602,416,521 22,510,503 34 SOCIETE HOLCIM (MAROC) 560,357,001 65,444,803 35 SOCIETE DES BRASSERIES DU MAROC 516,158,048 27,259,437 36 ORASCOM PROJECTS 508,590,607 690,086,267 37 BANQUE CENTRALE POPULAIRE 472,098,194 53,270,897 38 SOCIETE NATIONALE DE SIDERURGIE 448,779,826 115,694,590 39 COSUMAR 444,490,566 18,478,226 40 EGYPTIAN MEDIA PROD. CITY 418,003,959 212,451,389 41 ARAB COTTON GINNING 414,652,171 1,089,340,410 42 AMOUN 411,103,812 12,005,424 43 SODIC 379,018,172 116,128,000 44 CREDIT DU MAROC 375,836,512 8,719,917 45 EGYPT LEBANON CERAMICS 362,982,685 1,105,895 46 MISR INTERNATIONAL BANK 351,185,738 127,799,153 47 AMERIYAH CEMENT COMPANY 322,432,336 2,855,993 48 EGYPTIAN INT. PHARM. 316,899,801 54,720,374 49 MISR CEMENT-QENA 314,705,982 79,728,362 50 MISR BENI SUEF CEMENT 313,236,775 36,364,782 </pre> <p>Eastern Africa (including Mauritius) Uganda leads, Tanzania slips Uganda was another strong performer--up 71% on the back of a benign macroeconomic environment that saw government revenues exceed targets resulting in a budget surplus. Private sector credit rose substantially as the traditional crowding out from government borrowing was eliminated. The star performing stocks were Uganda Clays, up 97%, and DFCU Group, up 19%. In Kenya, favourable world market tea prices, increased crop output and a strong shilling delivered good corporate earnings and equity returns gaining 44%. Despite having to cope with the challenges of rising fuel prices, the best performing stock was Kenya Airways (up 418%) as percentage volumes rose 17% and half-year profits to September 2005 rose by 47%. Agricultural companies also recorded strong performance--Mumias Sugar up 246% and Rea Vipingo Plantations up 121%. A vibrant building and construction industry allowed both cement manufacturers to post quite impressive share price gains with Athi River Mining and East African Portland Cement up 187% and 155% respectively. It is becoming increasingly clear that Mauritius now faces a number of structural economic difficulties. Weak public finances, high government debt, the shortage of skilled workers among its 1.2m population, the loss of key textiles revenues due to competition from China and expected cuts in sugar earnings have all combined to reduce GDP growth from historic levels of 6% to around 3%. With weak corporate earnings, the stock market could only manage return of 4%. Bellwether stocks in Mauritius like State Bank of Mauritius grew by just 0.8% off the back of a 10% growth in net profits. The larger tourism companies offered some comfort to their shareholders, with New Mauritius Hotels and Sun Resorts achieving 24% and 28% returns respectively. Tanzania, despite impressive national economic growth, was the sub-region's poorest performer, down 12%.</p> <pre> TOP 50 EAST AFRICAN COMPANIES Company Country Industry 1 EAST AFRICAN BREWERIES LTD Kenya Consumer Goods 2 BARCLAYS BANK KENYA LTD Kenya Banks and Financial 3 BAMBURI CEMENT LTD Kenya Construction 4 KENYA AIRWAYS LTD Kenya Transportation 5 STANDARD CHARTERED BANK Kenya Financial Services 6 MAURITIUS COMMERCIAL BANK Mauritius Financial Services 7 STATE BANK OF MAURITIUS LTD Mauritius Financial Services 8 NEW MAURITIUS HOTELS Mauritius Entertainment 9 BAT KENYA LTD Kenya Consumer Goods 10 KENYA COMMERCIAL BANK LTD Kenya Financial Services 11 TANZANIA BREWERIES LTD Tanzania Consumer Goods 12 MUMIAS SUGAR CO. LTD Kenya Agriculture 13 SUN RESORTS Mauritius Entertainment 14 KENYA OIL CO. LTD Kenya Oil and Gas 15 NATION MEDIA GROUP LTD Kenya Media 16 KENYA POWER & LIGHTING LTD Kenya Utilities 17 CFC BANK LTD Kenya Financial Services 18 E AFRICAN PORTLAND CEMENT LTD Kenya Construction 19 TANZANIA CIGARETTE COMPANY Tanzania Consumer Goods 20 NAIADE RESORTS LIMITED Mauritius Entertainment 21 ROGERS & COMPANY LTD Mauritius Conglomerates 22 TOTAL KENYA LTD Kenya Oil and Gas 23 MON TRESOR & MON DESERT LTD Mauritius Agriculture 24 IRELAND BLYTH LTD Mauritius Conglomerates 25 FIRESTONE EAST AFRICA LTD Kenya Transport Equipment 26 SHELL MAURITIUS LTD Mauritius Oil and Gas 27 NATIONAL BANK OF KENYA LTD Kenya Financial Services 28 PROMOTION & DEV. CO. LTD. Mauritius Real Estate 29 AIR MAURITIUS LTD Mauritius Transportation 30 UNILEVER TEA LTD Kenya Agriculture 31 NIC BANK LTD Kenya Banks and Financial 32 DIAMOND TRUST BANK KENYA LTD Kenya Banks and Financial 33 ATHI RIVER MINING Kenya Mining and Metals 34 SIMBA Tanzania Entertainment 35 I.C.D.C INVESTMENTS CO. LTD Kenya Financial Services 36 SERENA Kenya Entertainment 37 BOC KENYA LTD Kenya Chemicals 38 DFCU GROUP Uganda Financial Services 39 JUBILEE INSURANCE CO. LTD Kenya Insurance 40 EAST AFRICAN CABLES LTD Kenya Manufacturing 41 FINCORP INVESTMENTS Mauritius Financial Services 42 CMC HOLDINGS LTD Kenya Transport Equipment 43 STANDARD NEWSPAPERS GROUP Kenya Media 44 UNITED DOCKS LTD Mauritius Real Estate 45 MAURITIUS DEV. INVEST. TRUST Mauritius Financial Services 46 UNITED BASALT PRODUCTS Mauritius Construction 47 COURTS MAURITIUS LTD Mauritius Retail 48 NATIONAL INVESTMENT TRUST Mauritius Financial Services 49 HAREL FRERES LTD Mauritius Agriculture 50 CAUDAN DEVELOPMENT Mauritius Financial Services Company US$ Market Value $ Equity Turnover 1 EAST AFRICAN BREWERIES LTD 1,222,009,378 69,165,335 2 BARCLAYS BANK KENYA LTD 735,831,340 34,154,131 3 BAMBURI CEMENT LTD 697,999,826 10,373,641 4 KENYA AIRWAYS LTD 519,951,484 51,740,001 5 STANDARD CHARTERED BANK 519,279,176 11,792,887 6 MAURITIUS COMMERCIAL BANK 472,871,407 35,750,741 7 STATE BANK OF MAURITIUS LTD 378,774,360 9,481,061 8 NEW MAURITIUS HOTELS 378,133,532 22,867,890 9 BAT KENYA LTD 372,692,292 13,173,524 10 KENYA COMMERCIAL BANK LTD 309,818,668 28,858,914 11 TANZANIA BREWERIES LTD 303,268,341 6,624,532 12 MUMIAS SUGAR CO. LTD 245,192,297 83,423,973 13 SUN RESORTS 202,659,984 17,671,168 14 KENYA OIL CO. LTD 186,915,874 11,898,479 15 NATION MEDIA GROUP LTD 186,098,885 11,719,464 16 KENYA POWER & LIGHTING LTD 149,995,378 42,063,045 17 CFC BANK LTD 148,351,642 2,851,174 18 E AFRICAN PORTLAND CEMENT LTD 135,989,005 2,673,662 19 TANZANIA CIGARETTE COMPANY 128,534,704 1,371,899 20 NAIADE RESORTS LIMITED 125,744,604 499,482 21 ROGERS & COMPANY LTD 117,021,035 4,613,968 22 TOTAL KENYA LTD 98,452,544 5,553,832 23 MON TRESOR & MON DESERT LTD 97,907,735 989,560 24 IRELAND BLYTH LTD 86,050,717 2,025,600 25 FIRESTONE EAST AFRICA LTD 82,202,765 11,777,249 26 SHELL MAURITIUS LTD 79,017,758 1,622,849 27 NATIONAL BANK OF KENYA LTD 78,983,513 7,365,338 28 PROMOTION & DEV. CO. LTD. 77,272,729 3,816,234 29 AIR MAURITIUS LTD 64,771,02 3,045,468 30 UNILEVER TEA LTD 60,758,067 890,760 31 NIC BANK LTD 57,735,466 2,540,375 32 DIAMOND TRUST BANK KENYA LTD 55,028,22 3,009,824 33 ATHI RIVER MINING 50,460,162 7,316,802 34 SIMBA 46,374,892 466,720 35 I.C.D.C INVESTMENTS CO. LTD 45,847,036 1,334,741 36 SERENA 43,035,698 1,355,126 37 BOC KENYA LTD 42,913,066 969,361 38 DFCU GROUP 42,603,066 2,746,432 39 JUBILEE INSURANCE CO. LTD 41,043,950 1,214,250 40 EAST AFRICAN CABLES LTD 38,107,828 4,760,790 41 FINCORP INVESTMENTS 37,450,867 1,018,185 42 CMC HOLDINGS LTD 36,019,125 12,386,169 43 STANDARD NEWSPAPERS GROUP 35,787,558 1,030,460 44 UNITED DOCKS LTD 35,314,286 1,642,698 45 MAURITIUS DEV. INVEST. TRUST 34,652,254 2,287,400 46 UNITED BASALT PRODUCTS 30,340,227 984,840 47 COURTS MAURITIUS LTD 30,009,741 1,175,165 48 NATIONAL INVESTMENT TRUST 28,621,022 1,833,470 49 HAREL FRERES LTD 28,360,904 1,655,144 50 CAUDAN DEVELOPMENT 27,938,181 1,244,765 </pre> <p>West Africa Equities mark time Equity returns of 17% on the Bourse Regionale des Valeurs Mobilieres (BRVM) has to be regarded as highly fortuitous given the current political difficulties in Cote d'Ivoire. Societe Multinational de Bitumes recorded an 88% return while Sonatel was up 68%. However the outlook for this market remains bleak. In Nigeria it was the year of banking consolidation, however, that did not help equity investors with the stock market barely moving and posting returns of just 0.25%. Following the July 2004 edict from the Central Bank of Nigeria raising the minimum capital requirement for banks from $15m to $185m, there was a frenetic pace of mergers and capital raising by Nigerian banks. When the dust settled, the 89 banks in the country had been whittled down to 25 and the banks had raised an extra $2bn via a combination of rights issues and new listings. The fresh capital raised by the banks undermined the performance of other sectors as investors sold shares to follow their rights or participate in new issues. Nigerian Breweries--the largest company in the market--produced negative returns of minus 10% despite reporting a growth in net profits of 125%. Similar tales of high earnings growth and negative share price performance was observed with Guinness Nigeria, down 18% and Oando, down 14%, as well as other major industrial stocks. Due to the ongoing banking sector reforms and the significant amount of new monies raised by the banks, the sector now accounts for about 50% of total market capitalisation compared to 30% in 1999. Ghana was the worst performing stock market in Africa in 2005, down 35%, in sharp contrast to its position in 2004 when it was the world's best performing stock market with returns of 107%. Since corporate earnings have continued to grow, the poor performance of the market is probably due to profit-taking. The only crumbs of comfort came from some of the smaller stocks such as CFAO, up by 78%; Camelot, up by 71%; and Paterson Zochonis Ghana, up by 35%.</p> <pre> Top 50 West African companies Company Country Industry 1 NIGERIAN BREWERIES Nigeria Consumer Goods 2 FIRST BANK NIGERIA Nigeria Financial Services 3 SONATEL C. d'Ivoire Telecom 4 UNION BANK NIGERIA Nigeria Financial Services 5 GUINNESS NIGERIA Nigeria Consumer Goods 6 INTERCONTINENTAL BANK PLC Nigeria Financial Services 7 ZENITH BANK INTERNATIONAL Nigeria Financial Services 8 NESTLE NIGERIA LTD Nigeria Consumer Goods 9 UNITED BANK FOR AFRICA Nigeria Financial Services 10 NIGERIAN BOTTLING COMPANY Nigeria Consumer Goods 11 GUARANTY TRUST BANK Nigeria Financial Services 12 CADBURY NIGERIA Nigeria Consumer Goods 13 TOTAL NIGERIA Nigeria Oil and Gas 14 UNILEVER NIGERIA Nigeria Consumer Goods 15 OCEANIC BANK Nigeria Financial Services 16 OANDO PLC Nigeria Oil and Gas 17 ASHAKA CEMENT Nigeria Construction 18 WEST AFRICA PORTLAND CEMENT Nigeria Construction 19 FIRST CITY MONUMENT BANK Nigeria Financial Services 20 DIAMOND BANK Nigeria Financial Services 21 AFRIBANK NIGERIA Nigeria Financial Services 22 ACCESS BANK NIGERIA PLC Nigeria Financial Services 23 CONOIL PLC Nigeria Oil and Gas 24 MOBIL OIL NIGERIA Nigeria Oil and Gas 25 WEMA BANK Nigeria Financial Services 26 PZ INDUSTRIES Nigeria Conglomerates 27 SKYE BANK Nigeria Financial Services 28 TEXACO Nigeria Oil and Gas 29 STANDARD CHARTERED BANK Ghana Financial Services 30 FLOUR MILLS NIGERIA Nigeria Consumer Goods 31 PLATINUM BANK NIGERIA Nigeria Financial Services 32 FIDELITY BANK NIGERIA Nigeria Financial Services 33 INVESTMENT BANKING AND TRUST Nigeria Financial Services 34 SOLIBRA C. d'Ivoire Consumer Goods 35 PRODUCE BUYING COMPANY Ghana Agriculture 36 UAC NIGERIA Nigeria Conglomerates 37 EIB INTERNATIONAL BANK Nigeria Financial Services 38 AFRICAN PETROLEUM Nigeria Oil and Gas 39 SOCGEN BANQUE EN COTE D'IVOIRE C. d'Ivoire Financial Services 40 CHARTERED BANK PLC Nigeria Financial Services 41 GHANA COMMERCIAL BANK Ghana Financial Services 42 GUARDIAN EXPRESS BANK PLC Nigeria Financial Services 43 UNITY BANK PLC Nigeria Financial Services 44 UNILEVER GHANA Ghana Consumer Goods 45 FIRST ATLANTIC BANK PLC Nigeria Financial Services 46 NESTLE COTE D'IVOIRE C. d'Ivoire Consumer Goods 47 GUINNESS GHANA Ghana Consumer Goods 48 TRUST BANK (GAMBIA) Ghana Financial Services 49 NAL MERCHANT BANK Nigeria Financial Services 50 7-UP BOTTLING COMPANY Nigeria Consumer Goods Company US$ Market Value $ Equity Turnover 1 NIGERIAN BREWERIES 2,248,425,352 124,042,851 2 FIRST BANK NIGERIA 1,226,480,645 210,871,184 3 SONATEL 1,207,433,923 14,667,521 4 UNION BANK NIGERIA 1,164,829,731 148,747,972 5 GUINNESS NIGERIA 868,002,144 89,367,295 6 INTERCONTINENTAL BANK PLC 760,109,510 58,258,360 7 ZENITH BANK INTERNATIONAL 758,620,689 58,022,303 8 NESTLE NIGERIA LTD 757,224,616 52,795,846 9 UNITED BANK FOR AFRICA 703,295,019 131,858,417 10 NIGERIAN BOTTLING COMPANY 650,733,923 22,056,969 11 GUARANTY TRUST BANK 570,114,924 77,859,372 12 CADBURY NIGERIA 502,490,131 37,357,447 13 TOTAL NIGERIA 476,137,084 22,951,744 14 UNILEVER NIGERIA 475,680,655 31,933,782 15 OCEANIC BANK 463,182,346 109,302,128 16 OANDO PLC 421,091,726 110,468,632 17 ASHAKA CEMENT 383,275,870 68,332,122 18 WEST AFRICA PORTLAND CEMENT 372,648,907 52,956,397 19 FIRST CITY MONUMENT BANK 371,992,346 1,687,199 20 DIAMOND BANK 360,788,512 30,547,612 21 AFRIBANK NIGERIA 328,320,575 65,256,576 22 ACCESS BANK NIGERIA PLC 321,246,895 28,756,532 23 CONOIL PLC 311,459,770 22,877,647 24 MOBIL OIL NIGERIA 303,950,030 27,952,666 25 WEMA BANK 276,617,989 10,107,149 26 PZ INDUSTRIES 270,383,448 15,377,735 27 SKYE BANK 259,698,397 1,531,391 28 TEXACO 233,513,882 12,899,116 29 STANDARD CHARTERED BANK 226,205,169 2,955,021 30 FLOUR MILLS NIGERIA 223,141,762 16,180,797 31 PLATINUM BANK NIGERIA 218,633,848 111,537 32 FIDELITY BANK NIGERIA 211,158,141 10,535,034 33 INVESTMENT BANKING AND TRUST 191,738,935 18,220,607 34 SOLIBRA 159,583,836 332,526 35 PRODUCE BUYING COMPANY 158,185,433 11,373,686 36 UAC NIGERIA 147,957,853 18,970,332 37 EIB INTERNATIONAL BANK 142,881,560 12,334,124 38 AFRICAN PETROLEUM 142,291,860 100,694,605 39 SOCGEN BANQUE EN COTE D'IVOIRE 124,319,853 754,085 40 CHARTERED BANK PLC 119,679,190 4,136,227 41 GHANA COMMERCIAL BANK 117,271,430 3,011,485 42 GUARDIAN EXPRESS BANK PLC 113,434,527 52,474 43 UNITY BANK PLC 106,255,850 1,524 44 UNILEVER GHANA 105,528,578 565,809 45 FIRST ATLANTIC BANK PLC 104,669,723 5,925,261 46 NESTLE COTE D'IVOIRE 102,593,834 1,096,927 47 GUINNESS GHANA 99,886,982 1,432,802 48 TRUST BANK (GAMBIA) 88,979,306 95,951 49 NAL MERCHANT BANK 88,191,176 5,276,711 50 7-UP BOTTLING COMPANY 88,090,187 4,632,939 </pre> <p>Southern Africa (excluding S. Africa) Zambia scores a hat-trick Zambia posted strong equity returns for the third time in a row, up 111%. In 2004 it was up by 71% and 2003 by 32%. Equities in Zambia benefited from attractive valuations at the beginning of the year and a positive macroeconomic environment. [ILLUSTRATION OMITTED] The primary impetus to Zambia's economic resurgence has been the recent strength of copper prices and substantial debt relief. Zambia attained Highly Indebted Poor Countries (HIPC) completion point that saw external debt reduced from $7.1bn to $3.9bn with the prospect of an eventual reduction to around $1bn. Several stocks posted returns above 100% with BP Zambia leading the pack with a gain of 310%, followed by National Breweries at 219%, Zambian Breweries at 166.67% and Bata Zambia Shoe Company at 150%. Equity returns in Malawi were driven by Press Corporation, up 110% and the National Bank of Malawi (NBM), up 76%. Foreign investor interest in Press Corporation increased sharply after the company successfully won the bid to take over the sole national fixed lines telecom operator, Malawi Telecommunications Ltd. Good results by NBM, with profits up 7%, helped sustain investor interest in the stock. Equity prices in Zimbabwe continue to flourish in what is undoubtedly an asset price bubble. Despite the country's massive economic problems--inflation above 600%, negative GDP growth, food shortages, a jobless rate above 70% and shortages of foreign currency--the equity markets rose by 14% in 2005. This anomalous performance is due primarily to the artificially low levels of interest rates, which, at around 130%-150%, and with inflation at 600%, means negative real returns of about -450%. Consequently bonds are out as an investment class leaving equities as the only game in town since companies can partially offset the effects of inflation by raising their prices. Namibia has had three good years of equity returns (2002 up 12%, 2003 up 61%, 2004 up 32%) and it was probably due for a slowdown. Combined with a rising fiscal deficit, relatively high interest rates and a general slowdown in economic growth, equity returns were negative, down 4% on average. While banking stocks provided attractive returns, with FNB Namibia up 20%, the industrial sector performed badly--Namibian Breweries, down 51%; CIC Holdings, down 54%; Nictus down 47%; and Namibian Sea Products, down 50%. [ILLUSTRATION OMITTED] Equity investors in Botswana were mauled by the 12% devaluation of the Pula. While the equity markets rose 23% in the local currency, dollar returns were minus 5%. Banks were particularly badly affected, with all the banking stocks providing modest returns in local currency and negative returns in US dollar terms--Barclays Bank of Botswana, down 12%; First National Bank of Botswana, down 8%; and Standard Chartered Bank Botswana, down 6%. Industrial and commercial companies fared better with Letshego, up by 53%; African Diamonds, up by 16%; and Engen Botswana, by 24%. Swaziland, down 11%, was the sub-region's loser as poor liquidity constrained the market's performance.</p> <pre> TOP 50 SOUTHERN AFRICAN (EX S.A.) COMPANIES Company Country Industry 1 PRETORIA PORTLAND COMPANY Zimbabwe Construction 2 BARCLAYS BANK OF BOTSWANA Botswana Financial Services 3 FIRST NAT. BANK OF BOTSWANA Botswana Financial Services 4 STANDARD CHARTERED BANK Botswana Financial Services 5 SECHABA BREWERIES Botswana Consumer Goods s 6 DELTA CORPORATION LIMITED Zimbabwe Consumer Goods 7 MEIKLES AFRICA LIMITED Zimbabwe Entertainment 8 FNB NAMIBIA Namibia Financial Services 9 ZAMBIAN BREWERIES Zambia Consumer Goods 10 BOTSWANA INSURANCE HOLDINGS Botswana Insurance 11 INNSCOR AFRICA LIMITED Zimbabwe Conglomerates 12 ECONET WIRELESS HOLDINGS Zimbabwe Telecom 13 CHILANGA CEMENT LTD Zambia Construction 14 STANDARD CHARTERED BANK Zambia Financial Services 15 RIO TINTO ZIMBABWE LIMITED Zimbabwe Mining and Metals 16 ENGEN--BOTSWANA Botswana Oil and Gas 17 LETSHEGO Botswana Financial Services 18 COTTON COMPANY OF ZIMBABWE Zimbabwe Agriculture 19 NATIONAL BANK OF MALAWI Malawi Financial Services 20 AFRICAN DIAMONDS Botswana Mining and Metals 21 SUGAR CORPORATION OF MALAWI Malawi Agriculture 22 BP ZAMBIA Zambia Oil and Gas 23 GALLERY GOLD LTD Botswana Mining and Metals 24 NAMIBIAN BREWERIES Namibia Consumer Goods 25 FIRST MUTUAL LIFE ASSURANCE Zimbabwe Insurance 26 AFRICAN COPPER Botswana Mining and Metals 27 ZAMBEEF PRODUCTS PLC Zambia Agriculture 28 PRESS CORPORATION LTD Malawi Conglomerates 29 BAT ZIMBABWE LIMITED Zimbabwe Consumer Goods 30 BINDURA NICKEL CORPORATION Zimbabwe Mining and Metals 31 BARCLAYS BANK OF ZIMBABWE Zimbabwe Financial Services 32 ORYX PROPERTIES LIMITED Namibia Real Estate 33 CFI HOLDINGS LIMITED Zimbabwe Conglomerates 34 OK ZIMBABWE LIMITED Zimbabwe Retail 35 DAIRIBORD ZIMBABWE LIMITED Zimbabwe Agriculture 36 FIRST BANKING CORPORATION Zimbabwe Financial Services 37 TURNSTAR Botswana Real Estate 38 COMMERCIAL BANK OF ZIMBABWE Zimbabwe Financial Services 39 METAL FABRICATORS OF ZAMBIA Zambia Manufacturing 40 CERVEJAS DE MOCAMBIQUE Mozambique Consumer Goods 41 EDGARS STORES LIMITED Zimbabwe Retail 42 HIPPO VALLEY ESTATES LIMITED Zimbabwe Agriculture 43 SEED COMPANY OF ZIMBABWE Zimbabwe Agriculture 44 SEFALANA HOLDINGS Botswana Conglomerates 45 ZSR CORPORATION LIMITED Zimbabwe Consumer Goods s 46 AFRICAN DISTILLERS LIMITED Zimbabwe Consumer Goods 47 NATIONAL INSURANCE COMPANY Malawi Insurance 48 COLCOM HOLDINGS LIMITED Zimbabwe Agriculture 49 SECURICOR Botswana Services & Consulting 50 NATIONAL FOODS HOLDINGS Zimbabwe Consumer Goods Company US$ Market Value $ Equity Turnover 1 PRETORIA PORTLAND COMPANY 3,889,701,092 5,749,539 2 BARCLAYS BANK OF BOTSWANA 564,518,827 6,840,592 3 FIRST NAT. BANK OF BOTSWANA 487,227,826 5,616,194 4 STANDARD CHARTERED BANK 443,181,209 3,656,919 5 SECHABA BREWERIES 380,393,322 12,899,599 6 DELTA CORPORATION LIMITED 286,180,068 34,415,659 7 MEIKLES AFRICA LIMITED 225,808,201 9,159,573.22 8 FNB NAMIBIA 209,448,825 3,663,114 9 ZAMBIAN BREWERIES 190,775,181 96 10 BOTSWANA INSURANCE HOLDINGS 179,634,713 4,858,436 11 INNSCOR AFRICA LIMITED 160,595,643 15,421,559 12 ECONET WIRELESS HOLDINGS 125,037,272 14,127,171.28 13 CHILANGA CEMENT LTD 113,337,110 48 14 STANDARD CHARTERED BANK 111,365,439 172 15 RIO TINTO ZIMBABWE LIMITED 108,373,235 1,466,765 16 ENGEN--BOTSWANA 96,846,897 2,084,974 17 LETSHEGO 96,381,834 4,727,678 18 COTTON COMPANY OF ZIMBABWE 84,359,846 8,796,345 19 NATIONAL BANK OF MALAWI 75,456,300 1,337,802 20 AFRICAN DIAMONDS 59,448,478 358,916 21 SUGAR CORPORATION OF MALAWI 57,188,798 33,802 22 BP ZAMBIA 56,657,223 577 23 GALLERY GOLD LTD 53,292,831 214,101 24 NAMIBIAN BREWERIES 50,412,589 99,969 25 FIRST MUTUAL LIFE ASSURANCE 48,129,116 3,895,427 26 AFRICAN COPPER 46,135,243 59,415 27 ZAMBEEF PRODUCTS PLC 43,853,755 81 28 PRESS CORPORATION LTD 43,737,399 4,814,426 29 BAT ZIMBABWE LIMITED 42,979,723 1,280,059 30 BINDURA NICKEL CORPORATION 41,812,378 2,642,592 31 BARCLAYS BANK OF ZIMBABWE 40,977,298 6,755,803 32 ORYX PROPERTIES LIMITED 40,894,798 168,187 33 CFI HOLDINGS LIMITED 39,236,882 12,945,690 34 OK ZIMBABWE LIMITED 38,961,665 5,194,162 35 DAIRIBORD ZIMBABWE LIMITED 37,137,704 2,447,247 36 FIRST BANKING CORPORATION 36,037,731 3,527,905 37 TURNSTAR 31,448,533 697,019 38 COMMERCIAL BANK OF ZIMBABWE 30,868,917 8,141,983 39 METAL FABRICATORS OF ZAMBIA 29,200,410 247 40 CERVEJAS DE MOCAMBIQUE 28,693,309 149,144 41 EDGARS STORES LIMITED 28,526,899 4,848,536 42 HIPPO VALLEY ESTATES LIMITED 27,903,678 1,245,261 43 SEED COMPANY OF ZIMBABWE 27,212,594 2,739,738 44 SEFALANA HOLDINGS 26,063,820 645,643 45 ZSR CORPORATION LIMITED 23,819,690 2,449,347 46 AFRICAN DISTILLERS LIMITED 23,135,002 2,337,319 47 NATIONAL INSURANCE COMPANY 22,350,881 287,451 48 COLCOM HOLDINGS LIMITED 22,315,287 731,990 49 SECURICOR 22,154,247 680,476 50 NATIONAL FOODS HOLDINGS 21,187,812 1,866,696 </pre> <p>South Africa Commodities lead boom Coming on top of the performance in 2004, when the index rose 22%, the Johannesburg Securities Exchange (JSE) turned in its best performance since 1999 with the all share index rising 43% (equivalent to US$ returns of 27%) as the South African economy continues to benefit from a number of positive factors. The domestic economy is growing (GDP growth for 2005 is expected to reach 5%), commodity prices remain high, government finances are showing a healthy surplus, the rand has become more stable and foreign reserves are rising. While performance was strong across all sectors, resources stocks dominated as the surge in precious metals helped push up resources stocks on the JSE. Among the top 10 large company gainers, eight were natural resource stocks. The almost insatiable demand for raw materials and commodities from China and India holds out the prospect that commodity prices could remain high, with attendant benefits for the South African resource stocks. Given the strong performance of the resources sector and its relatively large weighting (ca.36%) in the JSE Index, it was inevitable that most other sectors would under-perform the index. However this underperformance belies the inherently strong returns exhibited by the non-resource stocks. Banks constitute the second largest sector on the JSE (ca.14% of the index). The banks continued to benefit from the consumer boom and the buoyant economy. Among the big banks, FirstRand (+23%) led the pack, followed by ABSA (+18%), Nedcor (+15%) and Standard Bank (+3%). The poor performance of Standard Bank's international business weighted down the group; however this is expected to pick up this year. Telecom and IT stocks had a relatively good year with MTN (+27%) and Telkom SA (+22%) being the outstanding performers. In the food and beverages sectors, the performance of the two largest stocks SAB-Miller (+10%) and Tiger Brands (+33%) pale compared to the best performing stock in the sector--Illovo Sugar with +47%. Illovo Sugar recovered from the effects of last year's strengthening rand and drought to record a 46.5% hike in group operating profit to R315.6m in the six months to September. [ILLUSTRATION OMITTED] The outlook for the JSE in 2006 is less predictable given its strong performance in the last three years. Although corporate earnings have continued to grow and are likely to remain strong (given the positive outlook for the domestic economy), valuations of South African equities are beginning to appear stretched. The market is now on a historic p/e of about 17x compared with a 10-year average of about 14x. While there is some validity to the argument that South African equities as an asset class are being re-rated, it is worth remembering that the early 1990s, with similar arguments--that pushed many shares to p/es above 20x--were followed by a long period of stagnation and negative returns. South Africa remains the most vulnerable of all the African stock markets to the flight of foreign hot capital. Additionally the burgeoning trade deficit is still capable of derailing the current positive outlook for the domestic economy if interest rates have to rise to cool growth and arrest the deteriorating current account deficit. Despite these risks, the outlook for South African equities in 2006 looks good. However, investors should keep an eagle eye on valuations and possibly follow some of the big special themes that are emerging in the market--in particular the rising infrastructure investment by the government and the construction stocks that are expected to benefit as a result.</p> <pre> TOP 50 SOUTH AFRICAN COMPANIES Company Industry 1 ANGLO AMERICAN PLC Mining and Metals 2 BHP BILLITON PLC Mining and Metals 3 SASOL LIMITED Chemicals 4 SABMILLER PLC Consumer Goods 5 MTN GROUP LIMITED Telecom 6 STANDARD BANK GROUP LTD Banks and Financial Services 7 FIRSTRAND LIMITED Banks and Financial Services 8 ANGLO AMERICAN PLATINUM Mining and Metals CORP LD 9 ANGLOGOLD ASHANTI LIMITED Mining and Metals 10 TELKOM SA LIMITED Telecom 11 OLD MUTUAL PLC Insurance 12 ABSA GROUP LIMITED Banks and Financial Services 13 IMPALA PLATINUM HOLDINGS Mining and Metals LIMITED 14 REMGRO LIMITED Diversified Conglomerates 15 GOLD FIELDS LIMITED Mining and Metals 16 SANLAM LIMITED Insurance 17 NEDCOR LIMITED Banks and Financial Services 18 NASPERS LIMITED Media 19 LIBERTY INTERNATIONAL PLC Real Estate 20 RMB HOLDINGS LIMITED Banks and Financial Services 21 KUMBA RESOURCES LIMITED Mining and Metals 22 IMPERIAL HOLDINGS LIMITED Manufacturing 23 MITTAL STEEL SOUTH AFRICA Manufacturing LIMITED 24 LONMIN PLC Mining and Metals 25 BARLOWORLD LIMITED Manufacturing 26 HARMONY GOLD MINING COMPANY Mining and Metals 27 TIGER BRANDS LIMITED Consumer Goods 28 VENFIN LIMITED Diversified Conglomerates 29 STEINHOFF INTERNATIONAL Consumer Goods--Non Food HOLDINGS LD 30 LIBERTY GROUP LIMITED Insurance 31 INVESTEC PLC Banks and Financial Services 32 EDGARS CONSOLIDATED STORES Retail and General Trading LIMITED 33 SAPPI LIMITED Manufacturing 34 PRETORIA PORTLAND CEMENT Construction and Materials COMPANY 35 PICK N PAY STORES LIMITED Retail and General Trading 36 WOOLWORTHS HOLDINGS LIMITED Retail and General Trading 37 JD GROUP LIMITED Retail and General Trading 38 ASPEN PHARMACARE HOLDINGS Health and Pharmaceuticals LIMITED 39 FOSCHINI LIMITED Retail and General Trading 40 DISCOVERY HOLDINGS LIMITED Insurance 41 NETWORK HEALTHCARE Health and Pharmaceuticals 42 INVESTEC LIMITED Banks and Financial Services 43 AFRICAN BANK INVESTMENTS Banks and Financial Services LTD 44 TRUWORTHS INTERNATIONAL Retail and General Trading LIMITED 45 REUNERT LIMITED Manufacturing 46 NAMPAK LIMITED Professional Services 47 MASSMART HOLDINGS LIMITED Retail and General Trading 48 SHOPRITE HOLDINGS LIMITED Retail and General Trading 49 ASSMANG LIMITED Mining and Metals 50 SUN INTERNATIONAL LIMITED Entertainment and Leisure Company US$ Market Value $ Equity Turnover 1 ANGLO AMERICAN PLC 49,804,856,486.33 15,662,536,661.00 2 BHP BILLITON PLC 40,297,386,862.79 10,782,813,505.38 3 SASOL LIMITED 23,878,533,343.71 15,008,013,100.00 4 SABMILLER PLC 18,504,685,030.24 7,195,627,726.25 5 MTN GROUP LIMITED 16,200,413,329.26 8,706,950,614.25 6 STANDARD BANK GROUP LTD 15,986,896,024.86 8,313,691,865.00 7 FIRSTRAND LIMITED 15,830,873,319.97 4,694,792,310.06 8 ANGLO AMERICAN PLATINUM 15,590,525,302.73 3,178,431,707.75 CORP LD 9 ANGLOGOLD ASHANTI LIMITED 13,092,285,368.37 3,166,220,660.75 10 TELKOM SA LIMITED 11,795,030,978.22 5,347,661,725.00 11 OLD MUTUAL PLC 10,821,961,255.93 4,211,308,807.25 12 ABSA GROUP LIMITED 10,333,070,913.58 5,058,270,032.00 13 IMPALA PLATINUM HOLDINGS 9,757,049,800.06 6,195,278,924.00 LIMITED 14 REMGRO LIMITED 9,326,685,122.05 3,676,344,866.17 15 GOLD FIELDS LIMITED 8,632,438,821.96 4,309,854,406.19 16 SANLAM LIMITED 6,606,125,028.68 4,082,708,859.75 17 NEDCOR LIMITED 6,147,923,681.93 2,097,099,280.75 18 NASPERS LIMITED 5,561,372,456.08 2,566,863,222.25 19 LIBERTY INTERNATIONAL PLC 5,459,370,595.54 1,170,758,725.26 20 RMB HOLDINGS LIMITED 5,207,640,068.33 884,361,417.44 21 KUMBA RESOURCES LIMITED 4,838,243,465.72 1,184,160,711.74 22 IMPERIAL HOLDINGS LIMITED 4,814,409,027.97 2,334,321,759.63 23 MITTAL STEEL SOUTH AFRICA 4,290,321,425.92 2,417,068,676.25 LIMITED 24 LONMIN PLC 3,946,395,791.87 178,236,873.14 25 BARLOWORLD LIMITED 3,844,939,765.51 2,982,960,737.09 26 HARMONY GOLD MINING COMPANY 3,830,288,762.86 2,277,373,696.78 27 TIGER BRANDS LIMITED 3,821,417,932.86 2,328,616,226.63 28 VENFIN LIMITED 3,646,581,044.57 1,355,374,459.50 29 STEINHOFF INTERNATIONAL 3,323,829,239.73 1,835,824,692.53 HOLDINGS LD 30 LIBERTY GROUP LIMITED 3,272,703,576.32 1,211,047,482.63 31 INVESTEC PLC 3,238,698,993.36 1,555,387,004.30 32 EDGARS CONSOLIDATED STORES 2,974,935,933.59 2,823,455,503.94 LIMITED 33 SAPPI LIMITED 2,724,060,473.71 2,547,054,320.69 34 PRETORIA PORTLAND CEMENT 2,590,604,650.37 450,819,825.12 COMPANY 35 PICK N PAY STORES LIMITED 2,180,310,192.48 540,142,195.47 36 WOOLWORTHS HOLDINGS LIMITED 2,117,147,885.91 979,279,764.00 37 JD GROUP LIMITED 2,035,584,712.50 1,660,786,106.56 38 ASPEN PHARMACARE HOLDINGS 1,976,956,840.06 742,462,600.37 LIMITED 39 FOSCHINI LIMITED 1,968,973,735.47 869,842,404.14 40 DISCOVERY HOLDINGS LIMITED 1,957,748,935.77 224,097,902.64 41 NETWORK HEALTHCARE 1,957,618,884.02 657,218,621.28 42 INVESTEC LIMITED 1,908,303,285.51 830,731,222.38 43 AFRICAN BANK INVESTMENTS 1,837,030,580.05 1,147,777,291.59 LTD 44 TRUWORTHS INTERNATIONAL 1,815,001,697.42 615,581,108.20 LIMITED 45 REUNERT LIMITED 1,715,011,612.58 642,719,182.65 46 NAMPAK LIMITED 1,696,135,230.41 755,583,195.25 47 MASSMART HOLDINGS LIMITED 1,616,700,967.14 1,346,257,359.88 48 SHOPRITE HOLDINGS LIMITED 1,573,978,463.87 458,450,242.60 49 ASSMANG LIMITED 1,533,316,566.36 1,246,903.59 50 SUN INTERNATIONAL LIMITED 1,518,080,846.21 420,112,725.71 </pre> <pre> SOUTH AFRICA TOP 10 SHARE PRICE GAINERS Company US$ Returns $ Market Value Kumba Resources 106.56% 4,838,243,465 Anglo American Platinum 96.72% 15,590,525,302 Impala Platinum 73.37% 9,757,049,800 Venfin 69.34% 3,646,581,044 Sasol 66.80% 23,878,533,343 Aspen Pharmacare 62.63% 1,976,956,840 Lonmin 59.76% 3,946,395,791 Highveld Steel & Vanadium 57.42% 1,307,923,139 Assmang 48.51% 1,533,316,566 Harmony Gold Mining 47.75% 3,830,288,762 </pre> <p>S Africa's black companies forge ahead A decade ago, South Africa's black majority was firmly shut out of the country's major businesses; today, thanks to the bold Black Economic Empowerment scheme, at least 30 BEE companies are listed on the JSE. Tom Nevin reports. Trying to deal with the social aspects of apartheid's hangover was in itself a massive undertaking; tackling the economic transformation is something else again. Nevertheless, significant headway is being made as a new black economic empowerment survey demonstrates. In 1994, South Africa's black majority owned less than 5% of the country's private economy. Today more than 30 black-owned or black-empowered companies are listed on the JSE. There has also been a significant increase in the number of JSE-listed companies that have black shareholders or that are in talks with potential black shareholders. The level of BEE-related disclosure provided by JSE-listed companies has increased markedly. Most encouraging is the increase in the numbers of the black middle class, by 421,000 in the past year alone. "Contrary to historical experience," says Chia-Chao Wu, executive director of Empowerdex, "South Africa is demonstrating a system where positive economic growth can be managed to provide significant improvements in transforming its socioeconomic structures. This should, in time, generate further economic growth." Empowerdex, a South African rating agency, supplied the data for the ranking of South Africa's top 200 empowerment companies in the Financial Mail's Top Empowerment Companies (TEC) annual survey. "Top Empowerment Companies' data comes from measuring all the companies on the main board of the JSE against a broad-based BEE scorecard," says Sibonelo Radebe, the TEC's editor. "Making sense of this data requires the exploration of every aspect of the empowerment paradigm. A picture emerges of a patient suffering from an elusive virus. After more than 10 years of walking the BEE path, companies in every sector still face enormous challenges." If it is not the unavailability of BEE funding that hinders implementation, it is dubious funding structures. Effective transformation is dogged by window dressing and skills shortages. Skills development initiatives are not having the impact they should, and the education system leaves much to be desired. Any attempt to beef up the legislative framework spooks the market, and in some cases there is resistance to the new order. "Debates about the measurement of BEE and what its basic principles should be are still circulating in the public arena," says Radebe. "To come up with a reliable measurement too requires a robust engagement of these debates." Radebe acknowledges that the job of compiling this year's TEC was made easier following the publication of a complete draft of the BEE codes of good practice by the Department of Trade and Industry. The codes have been released for comment and should be enacted as law later this year. "They come with a generic, broad-based scorecard which, according to the department, will be an overarching tool for the implementation of BEE in the land." The government's BEE codes draft document makes the point that transactions concluded during the first wave of BEE in the late 1990s reveal a need for the transformation of the BEE deals themselves. Radebe notes the need to address the lack of participation by black women and broad-based structures in BEE consortia. "The draft document raises a concern on the reversion of black equity into the hands of the original white owners following the collapse of BEE deals owing to onerous structuring and repayment terms. "Interestingly", he adds, "none of the groups which concluded major BEE deals last year feature on the TEC top 10 list; a first sign that BEE is not simply a financial accounting feature." An adverse feature of the South African BEE phenomenon has been the transfer of vast wealth into the hands of a few black businessmen--to the extent that they were dubbed by the minister of minerals and energy, Lindiwe Hendricks, as "the usual suspects". She applauded the De Beers Consolidated Diamond Mines' BEE deal because it sought to spread empowerment benefits amongst workers and dependants in a transaction far more broadly-based than those before it. Other businessmen worry that overenthusiastic broad-based BEE could defeat its fundamentals. Says black entrepreneur Mzi Kumalo: "BEE faces the danger of becoming a simple charity and social responsibility programme devoid of any commercial sense." Iqbal Surve, CEO of top ranked company Sekunjalo, calls for fundamental change. "Even the debate about broad-based empowerment has become sterile," he maintains. "The emphasis must be on building a new society. We need to be more inclusive. We have a lot of young people who are committed and hard-working but they don't always have the skills and experience. The emphasis should be on integrating black and white skills, and on the value system, rather than on colour." South Africa's Top 10 Black Economic Empowerment companies BEE rankings are arrived at through a complicated procedure based on 100 percentage points taking the aggregate of seven individual scores rating ownership, management, employment equity, skills development and corporate social investment.
Rank Company Score
1. Sekunjalo -- health & technology 76.44%
2. The Don Group -- hotels & leisure 74.07%
3. Sun International -- hotels & leisure 70.04%
4. Enaleni Pharma -- pharmaceuticals 69.88%
5. Telkom -- telecommunications & IT 67.16%
6. Mustek -- Information technology hardware 66.84%
7. Adcorp -- Education & business training 66.49%
8. Gijima AST -- IT & business consulting 65.79%
9. Group 5 -- Construction 63.68%
10. Bytes tech. -- software & computer services 63.68%
AFRICA'S 1000 TOP COMPANIES
COMPANY Country Industry
1 ANGLO AMERICAN PLC S. Africa Mining/Metals
2 BHP BILLITON PLC S. Africa Mining/Metals
3 SASOL S. Africa Chemicals
4 SABMILLER PLC S. Africa Consumer
5 MTN GROUP S. Africa Telecom
6 STANDARD BANK S. Africa Banks/Finance
7 FIRSTRAND S. Africa Banks/Finance
8 ANGLO AM. PLATINUM S. Africa Mining/Metals
9 ANGLOGOLD ASHANTI S. Africa Mining/Metals
10 TELKOM SA S. Africa Telecom
11 ORASCOM TELECOM Egypt Telecom
12 OLD MUTUAL PLC S. Africa Insurance
13 ABSA GROUP S. Africa Banks/Finance
14 IMPALA PLATINUM S. Africa Mining/Metals
15 REMGRO S. Africa Conglomerates
16 ITISSALAT AL MAGHRIB Morocco Telecom
17 GOLD FIELDS S. Africa Mining/Metals
18 ORASCOM CONSTRUCT. Egypt Construction
19 SANLAM S. Africa Insurance
20 NEDCOR S. Africa Banks/Finance
21 TELECOM EGYPT Egypt Telecom
22 NASPERS S. Africa Media
23 LIBERTY INT. S. Africa Real Estate
24 RMB HOLDINGS S. Africa Banks/Finance
25 KUMBA RESOURCES S. Africa Mining/Metals
26 IMPERIAL HOLDINGS S. Africa Manufacturing
27 MITTAL STEEL S AFRICA S. Africa Manufacturing
28 VODAFONE EGYPT Egypt Telecom
29 LONMIN PLC S. Africa Mining/Metals
30 PRETORIA PORTLAND Zimbabwe Construction
31 BARLOWORLD S. Africa Manufacturing
32 HARMONY GOLD MINING S. Africa Mining/Metals
33 TIGER BRANDS S. Africa Consumer
34 VENFIN S. Africa Conglomerates
35 MOBINIL Egypt Telecom
36 STEINHOFF INT. S. Africa Consumer
37 LIBERTY GROUP S. Africa Insurance
38 INVESTEC PLC S. Africa Banks/Finance
39 ALEXANDRIA NATIONAL Egypt Construction
40 EDGARS CONS. STORES S. Africa Retail
41 SAPPI S. Africa Manufacturing
42 PRETORIA PORTLAND S. Africa Construction
43 ATTIJARIWAFA BANK Morocco Banks/Finance
44 NIGERIAN BREWERIES Nigeria Consumer
45 PICK N PAY STORES S. Africa Retail
46 WOOLWORTHS S. Africa Retail
47 JD GROUP S. Africa Retail
48 SUEZ CEMENT Egypt Construction
49 OMNIUM N. AFRICAIN Morocco Conglomerates
50 ASPEN PHARMACARE S. Africa Health
51 FOSCHINI S. Africa Retail
52 DISCOVERY HOLDINGS S. Africa Insurance
53 NETWORK HEALTHCARE S. Africa Health
54 SIDI KERIR PETROCHEM. Egypt Oil and Gas
55 INVESTEC S. Africa Banks/Finance
56 AFRICAN BANK S. Africa Banks/Finance
57 TRUWORTHS INTER. S. Africa Retail
58 EFG-HERMES Egypt Banks/Finance
59 REUNERT S. Africa Manufacturing
60 NAMPAK S. Africa Prof. Services
61 MASSMART HOLDINGS S. Africa Retail
62 SHOPRITE HOLDINGS S. Africa Retail
63 ASSMANG S. Africa Mining/Metals
64 SUN INTERNATIONAL S. Africa Leisure
65 LIBERTY HOLDINGS S. Africa Insurance
66 SANTAM S. Africa Insurance
67 EGYPTIAN IRON/ STEEL Egypt Construction
68 AFRICAN OXYGEN S. Africa Chemicals
69 EASTERN TOBACCO Egypt Consumer
70 SOC. LAFARGE-CIMENTS Morocco Construction
71 COM. INTER. BANK Egypt Banks/Finance
72 HIGHVELD STEEL S. Africa Manufacturing
73 TONGAAT-HULETT S. Africa Consumer
74 BMCE Morocco Banks/Finance
75 FIRST BANK NIGERIA Nigeria Banks/Finance
76 E. AFRICAN BREWERIES Kenya Consumer
77 SOCIETE LES CIMENTS Morocco Construction
78 SONATEL C. d'Ivoire Telecom
79 MUTUAL & FED. INS. S. Africa Insurance
80 ABU KIR FERTILISER Egypt Chemicals
81 UNION BANK NIGERIA Nigeria Banks/Finance
82 AMOC Egypt Oil and Gas
83 NAT. SOC. GEN. BANK Egypt Banks/Finance
84 CAXTON CTP PUBLISH. S. Africa Media
85 SNI Morocco Conglomerates
86 AVENG LTD S. Africa Construction
87 EGYPT ALUMINIUM Egypt Construction
88 PICK N PAY HOLDINGS S. Africa Retail
89 EL EZZ STEEL REBARS Egypt Construction
90 MURRAY AND ROBERTS S. Africa Construction
91 MEDI-CLINIC CORP. S. Africa Health
92 DISTELL GROUP S. Africa Consumer
93 AECI S. Africa Chemicals
94 DIMENSION DATA S. Africa I.T.
95 GRINDROD S. Africa Transportation
96 JOHNNIC COMM. S. Africa Media
97 GUINNESS NIGERIA Nigeria Consumer
98 NATIONAL CEMENT Egypt Construction
99 ALLIED TECHNOLOGIES S. Africa Finance/Services
100 ALEXANDER FORBES S. Africa Finance/Services
101 ASEC FOR CEMENT CO. Egypt Construction
102 ELLERINE HOLDINGS S. Africa Retail
103 INTERCONTINENTAL BK. Nigeria Banks/Finance
104 ZENITH BANK INT. Nigeria Banks/Finance
105 NESTLE NIGERIA LTD Nigeria Consumer
106 BARCLAYS BANK KENYA Kenya Banks/Finance
107 SAMIR Morocco Chemicals
108 AQUARIUS PLATINUM S. Africa Mining/Metals
109 UNITED BANK/AFRICA Nigeria Banks/Finance
110 BAMBURI CEMENT LTD Kenya Construction
111 NORTHAM PLATINUM S. Africa Mining/Metals
112 DELTA SUGAR Egypt Consumer
113 WESTERN AREAS S. Africa Mining/Metals
114 ILLOVO SUGAR S. Africa Consumer
115 ASSORE S. Africa Mining/Metals
116 HOSKEN CONS. INVEST. S. Africa Finance/Services
117 MR PRICE GROUP S. Africa Retail
118 ORIENTAL WEAVERS Egypt Consumer
119 NIGERIAN BOTTLING Nigeria Consumer
120 SOC. CENT. LAITIERE Morocco Consumer
121 TOURAH PORTLAND Egypt Construction
122 EGYPTIAN AMERICAN BK. Egypt Banks/Finance
123 LONRHO AFRICA PLC S. Africa Conglomerates
124 BMCI Morocco Banks/Finance
125 CONSOL S. Africa Manufacturing
126 GUARANTY TRUST BANK Nigeria Banks/Finance
127 BARCLAYS/BOTSWANA Botswana Banks/Finance
128 SOCIETE HOLCIM Morocco Construction
129 CAPITAL ALLIANCE S. Africa Insurance
130 AFROX HEALTHCARE S. Africa Health
131 MVELAPHANDA GROUP S. Africa Conglomerates
132 KENYA AIRWAYS LTD Kenya Transportation
133 STANDARD CHARTERED Kenya Banks/Finance
134 ASTRAL FOODS S. Africa Agriculture
135 SOC. DES BRASSERIES Morocco Consumer
136 ORASCOM PROJECTS Egypt Leisure
137 TRENCOR S. Africa Transportation
138 ITALTILE S. Africa Construction
139 GOLD REEF RESORTS S. Africa Leisure
140 CADBURY NIGERIA Nigeria Consumer
141 NEW CLICKS HOLDINGS S. Africa Retail
142 1st NATIONAL BANK Botswana Banks/Finance
143 TOTAL NIGERIA Nigeria Oil and Gas
144 UNILEVER NIGERIA Nigeria Consumer
145 MAURITIUS COMM.BANK Mauritius Banks/Finance
146 BANQUE CENTRALE POP. Morocco Banks/Finance
147 OCEANIC BANK Nigeria Banks/Finance
148 UNITRANS S. Africa Transportation
149 SONASID Morocco Construction
150 WESCO INVESTMENTS S. Africa Transport Equip.
151 COSUMAR Morocco Consumer
152 STANDARD CHARTERED Botswana Banks/Finance
153 DATATEC S. Africa I.T.
154 OANDO PLC Nigeria Oil and Gas
155 EGYPTIAN MEDIA CITY Egypt Leisure
156 PRIMEDIA S. Africa Media
157 ARAB COTTON GINNING Egypt Consumer
158 AMOUN Egypt Health
159 BIDBEE S. Africa Prof. Services
160 WILSON BAYLY HOLMES S. Africa Construction
161 ASHAKA CEMENT Nigeria Construction
162 SECHABA BREWERIES Botswana Consumer
163 SIX OF OCTOBER. SODIC Egypt Real Estate
164 RAINBOW CHICKEN S. Africa Agriculture
165 STATE BANK/MAURITIUS Mauritius Banks/Finance
166 NEW MAURITIUS HOTEL Mauritius Leisure
167 CREDIT DU MAROC Morocco Banks/Finance
168 BAT Kenya Consumer
169 W.A.PORTLAND CEMENT Nigeria Construction
170 1st CITY MONUMENT BK. Nigeria Banks/Finance
171 LECICO Egypt Consumer
172 DIAMOND BANK Nigeria Banks/Finance
173 ALLIED ELECTRONICS S. Africa Manufacturing
174 S.AFRICAN EAGLE INS. S. Africa Insurance
175 MISR INT. BANK Egypt Banks/Finance
176 CERAMIC INDUSTRIES S. Africa Construction
177 BARPLATS INVEST. S. Africa Mining/Metals
178 CORONATION FUND S. Africa Finance/Services
179 AFRIBANK NIGERIA. Nigeria Banks/Finance
180 AMERIYAH CEMENT Egypt Construction
181 ACCESS BANK NIGERIA Nigeria Banks/Finance
182 EGYPTIAN INT. PHARM. Egypt Health
183 SOFAC Morocco Finance/Services
184 MISR CEMENT-QENA Egypt Construction
185 JOHNNIC HOLDINGS S. Africa Media
186 MISR BENI SUEF CEMENT Egypt Construction
187 BRAIT S.A. S. Africa Finance/Services
188 CAPITEC BANK S. Africa Banks/Finance
189 CONOIL PLC Nigeria Oil and Gas
190 AFGRI S. Africa Agriculture
191 KENYA COMMERCIAL BK. Kenya Banks/Finance
192 SINAI CEMENT Egypt Construction
193 SFBT Tunisia Consumer
194 MANAGEM Morocco Mining/Metals
195 MOBIL OIL NIGERIA Nigeria Oil and Gas
196 RELYANT RETAIL S. Africa Retail
197 TANZANIA BREWERIES Tanzania Consumer
198 CANAL SHIP. SERVICES Egypt Utilities
199 PSG GROUP S. Africa Finance/Services
200 MEDINET NASR Egypt Real Estate
201 REAL AFRICA HOLDINGS S. Africa Conglomerates
202 LYDEC LYD Morocco Prof. Services
203 CITY LODGE HOTELS S. Africa Leisure
204 DELTA CORPORATION Zimbabwe Consumer
205 HELIOPOLIS HOUSING Egypt Real Estate
206 WEMA BANK Nigeria Banks/Finance
207 SOMOCER Tunisia Manufacturing
208 PZ INDUSTRIES Nigeria Conglomerates
209 OCEANA GROUP S. Africa Agriculture
210 ILIAD AFRICA S. Africa Construction
211 KAGISO MEDIA S. Africa Media
212 BYTES TECHNOLOGY S. Africa I.T.
213 CREDIT IMMO & HOTEL. Morocco Banks/Finance
214 SKYE BANK Nigeria Banks/Finance
215 PHARCO PHARM. Egypt Health
216 OMNIA HOLDINGS S. Africa Chemicals
217 SOC. LESIEUR CRISTAL Morocco Consumer
218 BANQUE DE TUNISIE Tunisia Banks/Finance
219 DELTA ELECTRICAL IND. S. Africa Manufacturing
220 EL WATANY BANK Egypt Banks/Finance
221 WAFA ASSURANCES Morocco Insurance
222 KWV S. Africa Consumer
223 COMBINED MOTOR S. Africa Transport Equip.
224 OLYMPIC GP. FIN. INV. Egypt Finance/Services
225 PEREGRINE HOLDINGS S. Africa Finance/Services
226 MUMIAS SUGAR CO. Kenya Agriculture
227 BIAT Tunisia Banks/Finance
228 GROUP FIVE S. Africa Construction
229 EQDOM Morocco Finance/Services
230 TEXACO Nigeria Oil and Gas
231 EGYPTIAN FINAN. & IND. Egypt Chemicals
232 ZAMBIA COPPER S. Africa Mining/Metals
233 STANDARD CHARTERED Ghana Banks/Finance
234 MEIKLES AFRICA Zimbabwe Leisure
235 FLOUR MILLS NIGERIA Nigeria Consumer
236 PLATINUM BANK Nigeria Banks/Finance
237 METAIR INVESTMENTS S. Africa Transport Equip.
238 DELTA INT. BANK Egypt Banks/Finance
239 CLIENTELE LIFE ASS. S. Africa Insurance
240 HUDACO INDUSTRIES S. Africa Manufacturing
241 METOREX S. Africa Mining/Metals
242 FIDELITY BANK NIGERIA Nigeria Banks/Finance
243 TIGER WHEELS S. Africa Transport Equip.
244 FNB NAMIBIA Namibia Banks/Finance
245 TRANS HEX GROUP S. Africa Mining/Metals
246 TOURISM INVEST. CORP. S. Africa Leisure
247 SUN RESORTS Mauritius Leisure
248 AFRIKANDER LEASE S. Africa Mining/Metals
249 EGYPT GAS Egypt Oil and Gas
250 DIST. WAREH. NETWORK S. Africa Construction
251 RAYA HOLDING Egypt I.T
252 ASSIUT CEMENT Egypt Construction
253 INVEST. BANK & TRUST Nigeria Banks/Finance
254 ZAMBIAN BREWERIES Zambia Consumer
255 PALABORA MINING S. Africa Mining/Metals
256 KENYA OIL CO LTD Kenya Oil and Gas
257 NATION MEDIA GROUP Kenya Media
258 ALEXANDRIA CONTAINERS Egypt Utilities
259 EGYPT SAUDI FIN. BANK Egypt Banks/Finance
260 BOTSWANA INSURANCE Botswana Insurance
261 SUEZ CANAL FOR TECH. Egypt I.T
262 DELTA INDUSTRIES Egypt Manufacturing
263 PAINTS & CHEMICAL IND. Egypt Chemicals
264 AMALGAM. APPLIANCES S. Africa Consumer
265 TRADEHOLD S. Africa Retail
266 INNSCOR AFRICA Zimbabwe Conglomerates
267 CASHBUILD S. Africa Construction
268 SOLIBRA C. d'Ivoire Consumer
269 CADIZ HOLDINGS S. Africa Finance/Services
270 PRODUCE BUYING CO. Ghana Agriculture
271 MUSTEK S. Africa I.T
272 ADCORP HOLDINGS S. Africa Finance/Services
273 EXPORT DEV. BANK Egypt Banks/Finance
274 POWER & LIGHTING LTD Kenya Utilities
275 CFC BANK LTD Kenya Banks/Finance
276 UAC NIGERIA Nigeria Conglomerates
277 SOCIETE AUTO--HALL Morocco Retail
278 INVICTA HOLDINGS S. Africa Manufacturing
279 MOBILE INDUSTRIES S. Africa Transportation
280 UBC Tunisia Banks/Finance
281 EIB INTERNATIONAL Nigeria Banks/Finance
282 AFRICAN PETROLEUM Nigeria Oil and Gas
283 SUEZ CANAL BANK Egypt Banks/Finance
284 BELL EQUIPMENT S. Africa Manufacturing
285 MESSINA S. Africa Mining/Metals
286 FRONTRANGE S. Africa I.T
287 NATGAS Egypt Oil and Gas
288 E. AFRICAN PORTLAND Kenya Construction
289 BRANDCORP HOLDINGS S. Africa Retail
290 COMM. INTER. INVEST. Egypt Banks/Finance
291 BEARING MAN S. Africa Retail
292 SPUR CORP. LTD S. Africa Leisure
293 ADVTECH S. Africa Finance/Services
294 TANZANIA CIGARETTE CO. Tanzania Consumer
295 NAIADE RESORTS Mauritius Leisure
296 ARGENT INDUSTRIAL S. Africa Manufacturing
297 ECONET WIRELESS Zimbabwe Telecom
298 SOCGEN BANQUE C.I. C. d'Ivoire Banks/Finance
299 MISR CHEMICAL IND. Egypt Chemicals
300 PRIMEDIA S. Africa Media
301 CHARTERED BANK PLC Nigeria Banks/Finance
302 COMAIR S. Africa Transportation
303 BANQUE DE L'HABITAT Tunisia Banks/Finance
304 SASFIN HOLDINGS S. Africa Banks/Finance
305 GHANA COMM. BANK Ghana Banks/Finance
306 ROGERS & COMPANY Mauritius Conglomerates
307 SCHARRIG MINING S. Africa Mining/Metals
308 EL EZZ CERAMICS Egypt Consumer
309 BANQUE DU SUD Tunisia Banks/Finance
310 GUARDIAN EXPRESS BK. Nigeria Banks/Finance
311 CHIL ANGA CEMENT LTD Zambia Construction
312 SOUTH VALLEY CEMENT Egypt Construction
313 ARCH EQUITY S. Africa Finance/Services
314 EGYPT TOURISM RESORTS Egypt Leisure
315 STANDARD CHARTERED Zambia Banks/Finance
316 SOC. METAL. D'IMITER Morocco Mining/Metals
317 ARAB POLVARA Egypt Consumer
318 RIO TINTO ZIMBABWE Zimbabwe Mining/Metals
319 SOC. L'ACCUMULATEUR Tunisia Manufacturing
320 UNITY BANK PLC Nigeria Banks/Finance
321 TUNISAIR Tunisia Transportation
322 NU-WORLD HOLDINGS S. Africa Consumer
323 UNILEVER GHANA Ghana Consumer
324 CALYON BANK EGYPT Egypt Banks/Finance
325 SOC. EAUX MIN. D'OULMES Morocco Consumer
326 GLAXOSMITHKLINE Egypt Health
327 FIRST ATLANTIC BANK Nigeria Banks/Finance
328 NESTLE COTE D'IVOIRE C. d'Ivoire Consumer
329 ALEXANDRIA CEMENT Egypt Construction
330 GUINNESS GHANA Ghana Consumer
331 DIGICORE HOLDINGS S. Africa Manufacturing
332 TOTAL KENYA LTD Kenya Oil and Gas
333 MON TRESOR & DESERT Mauritius Agriculture
334 ENGEN--BOTSWANA Botswana Oil and Gas
335 AMEN BANK Tunisia Banks/Finance
336 LETSHEGO Botswana Banks/Finance
337 ENVIROSERV HOLDINGS S. Africa Finance/Services
338 PHUMELELA GAMING S. Africa Leisure
339 MEDICAL UNION PHARM. Egypt Health
340 AMREYAH PHARM. IND. Egypt Health
341 GRINTEK S. Africa Manufacturing
342 CAIRO POULTRY Egypt Consumer
343 SEARDEL INVESTMENT S. Africa Consumer
344 STB Tunisia Banks/Finance
345 GLENRAND M.I.B. S. Africa Insurance
346 TRUST BANK (GAMBIA) Ghana Banks/Finance
347 CONNECTION GROUP S. Africa Retail
348 NAL MERCHANT BANK Nigeria Banks/Finance
349 7-UP BOTTLING COMP. Nigeria Consumer
350 SAGE GROUP S. Africa Insurance
351 VALUE GROUP S. Africa Transportation
352 BOWLER METCALF S. Africa Prof. Services
353 IRELAND BLYTH LTD Mauritius Conglomerates
354 AG INDUSTRIES S. Africa Construction
355 COTTON COMPANY Zimbabwe Agriculture
356 AUTO-NEJMA Morocco Retail
357 DATACENTRIX S. Africa I.T
358 EGYPT. COMMERCIAL BANK Egypt Banks/Finance
359 FIRESTONE E. AFRICA Kenya Tran. Equip.
360 BTEI Tunisia Banks/Finance
361 NILE COTTON GINNING Egypt Consumer
362 BICICI C. d'Ivoire Banks/Finance
363 RANDGOLD & EXPLOR. S. Africa Mining/Metals
364 ALEXAN. REAL EST. INV. Egypt Real Estate
365 ARAB TUNISIAN BANK Tunisia Banks/Finance
366 SHELL MAURITIUS LTD Mauritius Oil and Gas
367 NAT. BANK OF KENYA Kenya Banks/Finance
368 SOC. CARNAUD MAROC Morocco Manufacturing
369 PARACON HOLDINGS S. Africa I.T
370 PROMOTION & DEV. CO. Mauritius Real Estate
371 FAMILY NUTRITION Egypt Consumer
372 SOC. THERAPEUTIQUE Morocco Health
373 BARNARD JACOBS MELLET S. Africa Finance/Services
374 SOC. THERAPEUTIQUE Morocco Health
375 MOBILE INDUSTRIES S. Africa Transportation
376 NAT. BANK OF MALAWI Malawi Banks/Finance
377 GLAXO SMITHKLINE Nigeria Health
378 CHIPSY FOR FOOD IND. Egypt Consumer
379 MISR HOTELS CO Egypt Leisure
380 UACN PROPERTY DEV. Nigeria Real Estate
381 BISCO MISR Egypt Consumer
382 CONTROL INSTRUMENTS S. Africa Manufacturing
383 EGYPT REAL EST. & INV. Egypt Real Estate
384 MAROC LEASING Morocco Finance/Services
385 ALEXANDRIA SPINNING Egypt Consumer
386 UCS GROUP S. Africa I.T
387 UIB Tunisia Banks/Finance
388 EL AHLI INVEST. & DEV. Egypt Banks/Finance
389 UNITED HOUSING DEV. Egypt Real Estate
390 DORBYL S. Africa Construction
391 PRISM HOLDINGS S. Africa I.T
392 MONOPRIX Tunisia Finance/Services
393 MISR CONDITIONING Egypt Manufacturing
394 BNA Tunisia Banks/Finance
395 ENALENI PHARM. S. Africa Health
396 AIR MAURITIUS LTD Mauritius Transportation
397 AGMA-LAHLOU TAZI S.A Morocco Insurance
398 SPDIT Tunisia Finance/Services
399 EL NASR CO Egypt Manufacturing
400 ORASCOM HOTELS Egypt Leisure
401 KARTHAGO AIRLINES Tunisia Transportation
402 UNILEVER TEA LTD Kenya Agriculture
403 CO. IVOIR. ELECTRICITE C. d'Ivoire Utilities
404 GENERAL SILOS Egypt Agriculture
405 AFRICAN DIAMONDS Botswana Mining/Metals
406 EL SHAMS HOUSING Egypt Real Estate
407 BRANOMA Morocco Consumer
408 SITAB C. d'Ivoire Consumer
409 EGYPT CONSTRUCTION Egypt Construction
410 NIC BANK LTD Kenya Banks/Finance
411 HOUSE OF BUSBY S. Africa Consumer
412 THE SUGAR CORP. Malawi Agriculture
413 BENI SUEF CEMENT Egypt Construction
414 COCOA PROCESSING CO. Ghana Agriculture
415 CONCOR S. Africa Construction
416 BP ZAMBIA Zambia Oil and Gas
417 CERAMICA CLEOPATRA Egypt Construction
418 BRIMSTONE INVEST. CO. S. Africa Finance/Services
419 CULLINAN HOLDINGS S. Africa Leisure
420 DIAMOND TRUST BANK Kenya Banks/Finance
421 SOTRAPIL Tunisia Transportation
422 ALCATEL/NEXANS Morocco Manufacturing
423 GIJIMA AST GROUP S. Africa I.T.
424 HOUSING & DEV. BANK Egypt Banks/Finance
425 GALLERY GOLD LTD Botswana Mining/Metals
426 EL NASR CLOTHING Egypt Consumer
427 SG-SSB BANK Ghana Banks/Finance
428 JCI S. Africa Mining/Metals
429 SOCIETE ALUMINIUM Morocco Construction
430 AFRIQUIA GAZ Morocco Oil and Gas
431 HOWDEN AFRICA S. Africa Manufacturing
432 IMB INTERNATIONAL BK. Nigeria Banks/Finance
433 ATHI RIVER MINING Kenya Mining/Metals
434 NAMIBIAN BREWERIES Namibia Consumer
435 JULIUS BERGER NIGERIA Nigeria Construction
436 NAT. BANK FOR DEV. Egypt Banks/Finance
437 AIR LIQUIDE TUNISIE Tunisia Chemicals
438 MERCANTILE LISBON S. Africa Banks/Finance
439 FIRST MUTUAL LIFE ASS. Zimbabwe Insurance
440 BANK OF AFRICA C. d'Ivoire Banks/Finance
441 DINA FOR AGRIC. INV. Egypt Agriculture
442 UNIMER Morocco Consumer
443 FERTIMA Morocco Retail
444 TOURIST COM. NIGERIA Nigeria Leisure
445 SOCIETE MAGHREBAIL Morocco Finance/Services
446 ARAB CABLES COMPANY Egypt Manufacturing
447 PYRAMISA HOTELS Egypt Leisure
448 ISISS FOR HOTELS Egypt Leisure
449 SIMBA Tanzania Leisure
450 AFRICAN COPPER Botswana Mining/Metals
451 M CUBED HOLDINGS S. Africa Finance/Services
452 I.C.D.C INVESTMENTS Kenya Finance/Services
453 PRESCO PLC Nigeria Agriculture
454 MANTRAC Egypt Retail
455 EGYPTIAN SHIPPING Egypt Utilities
456 AL AMAL CLAY BRICK Egypt Construction
457 COOPERATIVE BANK Nigeria Banks/Finance
458 ZAMBEEF PRODUCTS Zambia Agriculture
459 PRESS CORPORATION Malawi Conglomerates
460 CEMENT COM. N. NIGERIA Nigeria Construction
461 OKOMU OIL Nigeria Agriculture
462 SERENA Kenya Leisure
463 BAT ZIMBABWE Zimbabwe Consumer
464 BOC KENYA LTD Kenya Chemicals
465 SOC. CHIMIQUE ALKIMIA Tunisia Chemicals
466 ERP.COM HOLDINGS S. Africa I.T.
467 DFCU GROUP Uganda Banks/Finance
468 EGYPTIAN CHEM. (KIMA) Egypt Chemicals
469 EGYPTIAN REAL ESTATE Egypt Real Estate
470 SOVEREIGN FOOD INV. S. Africa Agriculture
471 BINDURA NICKEL CORP. Zimbabwe Mining/Metals
472 MISR AMERICA INT. BK. Egypt Banks/Finance
473 JUBILEE INSURANCE CO. Kenya Insurance
474 L A GROUP S. Africa Retail
475 NIGER INSURANCE Nigeria Insurance
476 BARCLAYS BANK OF ZIM. Zimbabwe Banks/Finance
477 REMCO Egypt Construction
478 ORYX PROPERTIES Namibia Real Estate
479 PLANTATIONS D'HEVEAS C. d'Ivoire Agriculture
480 MICROMEGA HOLDINGS S. Africa Finance/Services
481 ZELLIDJA Morocco Conglomerates
482 CROOKES BROTHERS S. Africa Agriculture
483 DELTA CONSTRUCTION Egypt Construction
484 M & W DELTA FLOUR MILLS Egypt Agriculture
485 CFI HOLDINGS Zimbabwe Conglomerates
486 N. CAIRO FLOUR MILLS Egypt Agriculture
487 UNILEVER CI C. d'Ivoire Consumer
488 EGYPT. STARCH/ GLUCOSE Egypt Consumer
489 OK ZIMBABWE Zimbabwe Retail
490 TAWANA RESOURCES NL S. Africa Mining/Metals
491 E. DELTA FLOUR MILLS Egypt Agriculture
492 ENTER. OUTSOURCING S. Africa Prof. Services
493 INLAND BANK Nigeria Banks/Finance
494 EAST AFRICAN CABLES Kenya Manufacturing
495 HALLMARK BANK PLC Nigeria Banks/Finance
496 U. EGYPT FLOUR MILLS Egypt Agriculture
497 HFC BANK Ghana Banks/Finance
498 OMEGA BANK Nigeria Banks/Finance
499 FINCORP INVESTMENTS Mauritius Finance/Services
500 MANSOUR & MAGHRABY Egypt Banks/Finance
501 DAIRIBORD ZIMBABWE Zimbabwe Agriculture
502 TRADE BANK Nigeria Banks/Finance
503 ROYAL EXCHANGE ASS. Nigeria Insurance
504 TOTALFINELF C.I. C. d'Ivoire Oil and Gas
505 FIRST BANKING CORP. Zimbabwe Banks/Finance
506 CMC HOLDINGS LTD Kenya Transport Equip.
507 ACB INTERNATIONAL Nigeria Banks/Finance
508 STANDARD NEWSPAPERS Kenya Media
509 CAIRO PHARM. Egypt Health
510 EL KAHERA HOUSING Egypt Real Estate
511 PINNACLE TECHNOLOGY S. Africa I.T.
512 PUTCO S. Africa Transportation
513 SIMMER & JACK MINES S. Africa Mining/Metals
514 UNITED DOCKS LTD Mauritius Real Estate
515 SOC. MULT. BITUMES C. d'Ivoire Manufacturing
516 MAURITIUS DEV. TRUST Mauritius Transport Equip.
517 CO. TRANSPORTS MAROC. Morocco Transportation
518 FAN MILK Ghana Consumer
519 GOODHOPE DIAMONDS S. Africa Mining/Metals
520 CAL BANK Ghana Banks/Finance
521 S. EGYPT (SEDICO) Egypt Health
522 MANNY BANK Nigeria Banks/Finance
523 CAOUCHOUCS BEREBY C. d'Ivoire Agriculture
524 NILE PHARM. Egypt Health
525 LION BANK Nigeria Banks/Finance
526 EGYPT. INTER.TOURISM Egypt Leisure
527 SETPOINT TECHNOLOGY S. Africa Manufacturing
528 SIPHAT Tunisia Health
529 L A GROUP S. Africa Retail
530 TURNSTAR Botswana Real Estate
531 ELB GROUP S. Africa Construction
532 ALBORG LABORATORY Egypt Health
533 COMMERCIAL BANK Zimbabwe Banks/Finance
534 TECHNOPACK Egypt Manufacturing
535 SOC. IV. D'EMBALLAGES C. d'Ivoire Manufacturing
536 LA MAROCAINE VIE Morocco Insurance
537 UNITED BASALT PROD. Mauritius Construction
538 CROCODILE TOURIST PROJ. Egypt Leisure
539 COURTS MAURITIUS LTD Mauritius Retail
540 M. EGYPT FLOUR MILLS Egypt Agriculture
541 BASIL READ HOLDINGS S. Africa Construction
542 LINKAGE ASSURANCE Nigeria Insurance
543 UNITED VICTORIA HOTELS Egypt Leisure
544 METAL FABRICATORS Zambia Manufacturing
545 CERVEJAS Mozam. Consumer
546 NATIONAL INVEST. TRUST Mauritius Finance/Services
547 NATIONAL HOUSING Egypt Real Estate
548 EDGARS STORES Zimbabwe Retail
549 HAREL FRERES LTD Mauritius Agriculture
550 ALEXANDRIA PHARM. Egypt Health
551 MAXIPREST LD S. Africa Transport Equip.
552 CAUDAN DEVELOPMENT Mauritius Finance/Services
553 HIPPO VALLEY ESTATES Zimbabwe Agriculture
554 GIZA CABLES Egypt Manufacturing
555 MEMPHIS PHARM. Egypt Health
556 SEED COMP. OF ZIM. Zimbabwe Agriculture
557 CRYSTAL MANUFACT. Egypt Construction
558 SOTETEL Tunisia Telecom
559 FSB INTER. BANK Nigeria Banks/Finance
560 SEKUNJALO INVEST. S. Africa Conglomerates
561 PUTCO PROPERTIES S. Africa Real Estate
562 SEFALANA HOLDINGS Botswana Conglomerates
563 FREEZING & PROCESSING Egypt Consumer
564 SWAN INSURANCE CO. Mauritius Insurance
565 SIAME Tunisia Manufacturing
566 PUTCO S. Africa Transportation
567 IDION TECHNOLOGY S. Africa I.T.
568 AFRICAN EXPRESS BANK Nigeria Banks/Finance
569 TRANSPACO S. Africa Prof. Services
570 BENUE CEMENT Nigeria Construction
571 SOCIETE EL MAZRAA Tunisia Agriculture
572 ARASIMCO Egypt Consumer
573 MAURITIUS LEASING Mauritius Finance/Services
574 JASCO ELECTRONICS S. Africa Manufacturing
575 SHARM DREAMS CO. Egypt Leisure
576 ZSR CORPORATION Zimbabwe Consumer
577 ONELOGIX GROUP S. Africa Prof. Services
578 BRIMSTONE INVEST. CO. S. Africa Finance/Services
579 VITAFOAM NIGERIA. Nigeria Manufacturing
580 AIICO INSURANCE Nigeria Insurance
581 CARGO CARRIERS S. Africa Transportation
582 YORK TIMBER ORG. S. Africa Agriculture
583 ALUWORKS GHANA Ghana Manufacturing
584 NATIONAL PAPER Egypt Manufacturing
585 CORNERSTONE INSUR. Nigeria Insurance
586 BAT GHANA Ghana Consumer
587 CAPPA AND DALBERTO Nigeria Construction
588 AFRICAN DISTILLERS Zimbabwe Consumer
589 EGYPTIAN ELEC. CABLES Egypt Manufacturing
590 MAGASIN GENERAL Tunisia Retail
591 MISR DUTY FREE SHOPS Egypt Retail
592 SOCIETE DIAC--SALAF Morocco Manufacturing
593 EL KAHERA EL WATANIA Egypt Finance/Services
594 BETA GLASS Nigeria Manufacturing
595 DELTA INSURANCE Egypt Insurance
596 NATIONAL INSUR. COMP. Malawi Insurance
597 COLCOM HOLDINGS Zimbabwe Agriculture
598 ACRED Morocco Finance/Services
599 SECURICOR Botswana Finance/Services
600 HOUSING FINANCE CO. Kenya Finance/Services
601 AMALGAMATED ELEC. S. Africa Manufacturing
602 INMINS S. Africa Retail
603 ACCRA BREWERIES Ghana Consumer
604 SEARDEL INVEST. CORP. S. Africa Consumer
605 PAPELERA DE TETUAN Morocco Manufacturing
606 NATIONAL FOODS Zimbabwe Consumer
607 BENSO OIL PALM PLANT. Ghana Agriculture
608 EXTRACTED OILS Egypt Consumer
609 RT BRISCOE Nigeria Transport Equip.
610 SASANI S. Africa Media
611 NILE AGRICULTURAL Egypt Agriculture
612 NEIMETH INTER. PHARM. Nigeria Health
613 AFRICAN BANKING CO. Botswana Consumer
614 MISR AMERICA CARPET Egypt Consumer
615 REGENT BANK Nigeria Banks/Finance
616 EXCELLERATE HOLDINGS S. Africa Prof. Services
617 WINHOLD S. Africa Retail
618 ZIM. REINSURANCE CO. Zimbabwe Insurance
619 PATERSON ZOCHONIS Ghana Consumer
620 SUB NIGEL GOLD MINING S. Africa Mining/Metals
621 ALEXANDRIA CO. & M. BK. Egypt Banks/Finance
622 BAT UGANDA Uganda Consumer
623 REX TRUEFORM CLOTH. S. Africa Retail
624 PAN AFRICA INSURANCE Kenya Insurance
625 COOP DEV. BANK Nigeria Banks/Finance
626 TREMATON CAPITAL S. Africa Finance/Services
627 MOBIL OIL GHANA Ghana Oil and Gas
628 FURNITURE MART Botswana Consumer
629 SABLE HOLDINGS S. Africa Real Estate
630 WAPIC INSURANCE Nigeria Insurance
631 DATAPRO GROUP S. Africa I.T.
632 COMP. D'ASS. & REASS. Tunisia Insurance
633 ENTER. INSURANCE CO. Ghana Insurance
634 CORPCAPITAL S. Africa Finance/Services
635 NAT. GLASS & CRYSTALS Egypt Construction
636 AFRICAN MEDIA ENTER. S. Africa Leisure
637 BANK OF BARODA Uganda Banks/Finance
638 SEFALANA CASH & CARRY Botswana Retail
639 DAHACO Tanzania Transportation
640 MATODZI RESOURCES S. Africa Mining/Metals
641 RAKTA PAPER MANU. Egypt Manufacturing
642 KAFR ELZAYAT Egypt Chemicals
643 HAREL MALLAC AND CO Mauritius Agriculture
644 BALIMA Morocco Real Estate
645 CARBACID Kenya Banks/Finance
646 SOC. DELMAS VIELJEUX C. d'Ivoire Transportation
647 STIP Tunisia Manufacturing
648 MASONITE (AFRICA) S. Africa Construction
649 PORT SAID NAT. DEV. BANK Egypt Banks/Finance
650 EGYPTIAN INVESTMENT Egypt Banks/Finance
651 TUNISIE LEASING Tunisia Finance/Services
652 REA VIPINGO PLANTS Kenya Agriculture
653 CAPE EMPOWERMENT S. Africa Finance/Services
654 MAURITIAN EAGLE INS. Mauritius Insurance
655 N. NIGERIA FLOUR MILLS Nigeria Consumer
656 UNGA GROUP LTD Kenya Agriculture
657 HWANGE COLLIERY Zimbabwe Mining/Metals
658 KAIROS INDUSTRIAL S. Africa Manufacturing
659 A. G. LEVENTIS NIGERIA Nigeria Conglomerates
660 MINAPHARM PHARM. Egypt Health
661 DUNLOP NIGERIA Nigeria Transport Equip.
662 HAPPY WORLD FOODS Mauritius Consumer
663 SPECTRUM SHIPPING S. Africa Transportation
664 ELECTROSTAR Tunisia Manufacturing
665 TANGANDA TEA CO. Zimbabwe Agriculture
666 CHROMETCO S. Africa Mining/Metals
667 SUEZ BAGS Egypt Manufacturing
668 GREAT NIGERIA INSUR. Nigeria Insurance
669 ARAB PHARM. COMPANY Egypt Health
670 UNION DICON SALT Nigeria Consumer
671 COMPU CLEARING S. Africa I.T.
672 MAGHREB OXYGENE Morocco Chemicals
673 M.G. FOR IND. & TOUR. DEV. Egypt Real Estate
674 MAURITIUS UNION ASS. Mauritius Insurance
675 LES GRANDES MARQUES Morocco Consumer
676 HUNYANI HOLDINGS Zimbabwe Manufacturing
677 MISR OILS & SOAP IND. Egypt Consumer
678 EGYPTIAN FINANCE CO. Egypt Banks/Finance
679 UTD. NIGERIA TEXTILES Nigeria Consumer
680 SABVEST S. Africa Conglomerates
681 NATIONAL NAVIGATION Egypt Utilities
682 STANBIC MALAWI Malawi Banks/Finance
683 EL ARABIA LAND Egypt Agriculture
684 SAGA-COTE D'IVOIRE C. d'Ivoire Transportation
685 NEW AFRICA INVEST. S. Africa Media
686 CFAO NIGERIA Nigeria Retail
687 MONTEAGLE S. Africa Conglomerates
688 EUREKA INDUSTRIAL S. Africa Finance/Services
689 SHELL COTE D'IVOIRE C. d'Ivoire Oil and Gas
690 LONDON FIN. & INVEST. S. Africa Finance/Services
691 SALLIES S. Africa Mining/Metals
692 COMPTOIR FRANCAIS C. d'Ivoire Retail
693 ALBARKA AIRLINES PLC Nigeria Transportation
694 LIBERTY MERCHANT BK. Nigeria Banks/Finance
695 CHOBE HOLDINGS LTD Botswana Leisure
696 SASINI TEA & COFFEE Kenya Agriculture
697 BAT INVESTMENT CO. Mauritius Finance/Services
698 ARAB TUNISIAN LEASE Tunisia Finance/Services
699 ALEXANDRIA FLOUR MILLS Egypt Agriculture
700 SITEX Tunisia Consumer
701 CHERIFIENNE D'ENGRAIS Morocco Chemicals
702 BERLIET Morocco Retail
703 MAURITIUS OIL REF. Mauritius Oil and Gas
704 UNIVERSAL TRUST BANK Nigeria Banks/Finance
705 MISR TRAVEL & TOURISM Egypt Leisure
706 PG INDUSTRIES Zimbabwe Manufacturing
707 SOC AFRICAINE REP INDU C. d'Ivoire Manufacturing
708 PETRA MINING S. Africa Mining/Metals
709 COMP. INTER. LEASING Tunisia Finance/Services
710 IND. AND ENGINEERING Egypt Construction
711 MODERN SHOROUK Egypt Manufacturing
712 MENA TOURISM Egypt Real Estate
713 SOC. IND. CHIM. FLUOR Tunisia Manufacturing
714 KAKUZI Kenya Agriculture
715 INCOLEASE Egypt Banks/Finance
716 VITRAC Egypt Consumer
717 RDC PROPERTIES LTD Botswana Real Estate
718 TRANS INTERNAT. BANK Nigeria Banks/Finance
719 PRESTIGE INSURANCE Nigeria Insurance
720 GAMMA CIVIC LTD Mauritius Construction
721 AL AHLY DEV. & INVEST. Egypt Real Estate
722 PLACEMENTS DE TUNISIE Tunisia Finance/Services
723 GEORGE WILLIAMSON Kenya Agriculture
724 CHEMICAL & ALLIED PROD. Nigeria Chemicals
725 FARITEC HOLDINGS S. Africa I.T.
726 DARI COUSPATE Morocco Consumer
727 ABC HOLDINGS Zimbabwe Banks/Finance
728 JAPUAL OIL & MARINE Nigeria Transportation
729 FARAGALLAH Egypt Consumer
730 POLICY LTD. Mauritius Finance/Services
731 AFRICAN & OVERSEAS ENT. S. Africa Retail
732 MOHANDES INSURANCE Egypt Banks/Finance
733 UCHUMI SUPERMARKET Kenya Retail
734 SPESCOM S. Africa I.T.
735 CHAMPION BREWERIES Nigeria Consumer
736 EL GOUNA DISTILLATION Egypt Consumer
737 PALMCI C. d'Ivoire Agriculture
738 EL NASR CIVIL WORKS Egypt Construction
739 SODECI C. d'Ivoire Utilities
740 CROWN BERGER LTD Kenya Construction
741 ENTERPRISE RISK MGMT. S. Africa Finance/Services
742 EL WADI FOR EXPORT Egypt Agriculture
743 ART Zimbabwe Manufacturing
744 MON DESERT ALMA LTD Mauritius Agriculture
745 EL SHAMEDAN FOOD IND. Egypt Consumer
746 MECHANICAL LLOYD Ghana Retail
747 IMR INVESTMENTS S. Africa Finance/Services
748 MISR FERTILIZERS Egypt Chemicals
749 CAIRO OILS AND SOAPS Egypt Consumer
750 MIGOP Egypt Consumer
751 CARTE Tunisia Insurance
752 DAWN PROPERTIES Zimbabwe Real Estate
753 ETERNA OIL AND GAS Nigeria Oil and Gas
754 EGYPTIAN TRANSPORT Egypt Utilities
755 GENCOR S. Africa Finance/Services
756 S. CAIRO & GIZA MILLS Egypt Agriculture
757 MODERN WATERPROOF. CO Egypt Construction
758 AL YAMAMA HOUSING Egypt Real Estate
759 STANDARD ALLIANCE Nigeria Insurance
760 GIZA TEXTILES Egypt Consumer
761 EVANS MEDICAL Nigeria Health
762 PEYRISSAC C. d'Ivoire Retail
763 UNIWAX C. d'Ivoire Consumer
764 TRUWORTHS Zimbabwe Retail
765 AVASA HOLDINGS S. Africa Finance/Services
766 EL SAFWA CONST. & DEV. Egypt Construction
767 LASHEEN PLASTIC Egypt Manufacturing
768 LASHEEN PLASTIC IND. Egypt Manufacturing
769 WANKIE COLLIERY S. Africa Mining/Metals
770 ENERGIZER EGYPT Egypt Chemicals
771 EGYCAP INVESTMENT Egypt Banks/Finance
772 FAISAL ISLAMIC BANK Egypt Banks/Finance
773 DEV. AND ENG. CONSULT. Egypt Construction
774 XANTIUM TECHNOLOGY S. Africa I.T.
775 BOC GASES Nigeria Chemicals
776 DON GROUP, THE S. Africa Leisure
777 AFRICAN GEM RESOURCES S. Africa Mining/Metals
778 CIRCLE CEMENT Zimbabwe Construction
779 JOHN DANIEL HOLDINGS S. Africa Transportation
780 CAIRO SEAS CONSTRUCT. Egypt Construction
781 PALM BEACH HOTELS Tunisia Leisure
782 INDUSTRIAL GASES Egypt Oil and Gas
783 SOTUMAG Tunisia Retail
784 BUILDMAX S. Africa Construction
785 MAY AND BAKER Nigeria Health
786 CIC HOLDINGS Namibia Retail
787 EL ALAMEYA FURNITURE Egypt Consumer
788 TURNALL HOLDINGS Zimbabwe Conglomerates
789 HWANGE COLLIERY S. Africa Mining/Metals
790 WOOLTRU S. Africa Retail
791 CLEOPATRA AGROINDUS Egypt Consumer
792 ZIMBABWE FINANCIAL Zimbabwe Banks/Finance
793 KINGDOM FINANCIAL Zimbabwe Banks/Finance
794 MISR FINANCIAL INVEST. Egypt Banks/Finance
795 PHARAOH CERAMICS Egypt Consumer
796 ACROW MISR Egypt Construction
797 SABVEST S. Africa Conglomerates
798 IB MAROC.COM Morocco I.T.
799 MURRAY & ROBERTS Zimbabwe Construction
800 SAVANNAH SUGAR EST. Mauritius Agriculture
801 MAURITIUS CHEM. & FERT. Mauritius Chemicals
802 KAPCHORUA TEA CO LTD Kenya Agriculture
803 FAMILY COSMETICS Egypt Health
804 TANZANIA OXYGEN Tanzania Chemicals
805 D. N. MEYER Nigeria Manufacturing
806 CAIRNS HOLDINGS Zimbabwe Agriculture
807 DIAMOND CORE S. Africa Mining/Metals
808 STAR Tunisia Insurance
809 UNIC INSURANCE Nigeria Insurance
810 UTC NIGERIA Nigeria Conglomerates
811 UNIVERSAL BUTAGAS Egypt Consumer
812 GULF BANK Nigeria Banks/Finance
813 COVERTINA Egypt Consumer
814 SIMPAR Tunisia Real Estate
815 MOUNT SUGAR ESTATE Mauritius Agriculture
816 TASLIF Morocco Finance/Services
817 MAURITIUS STATIONARY Mauritius Consumer
818 BELLE MARE HOLDINGS Mauritius Finance/Services
819 ARAB CONTRACTORS INV. Egypt Banks/Finance
820 TAWAKOL ELECTRICAL Egypt Manufacturing
821 ARAB MISR INSURANCE Egypt Insurance
822 STEQ Tunisia Retail
823 INFOWAVE HOLDINGS S. Africa I.T.
824 CAR & GENERAL (K) LTD Kenya Transport Equip.
825 NEW VISION PRINTING Uganda Media
826 ARAB ALUMINIUM Egypt Construction
827 ALEX WHITE HOLDINGS S. Africa Finance/Services
828 MUTUAL BENEFITS ASS. Nigeria Insurance
829 ELF Egypt Manufacturing
830 BERGER PAINTS Nigeria Chemicals
831 LAW UNION AND ROCK Nigeria Insurance
832 PRIMESERV GROUP S. Africa Finance/Services
833 DIAMONEX Botswana Mining/Metals
834 CLEOPATRA AGRIC. DEV. Egypt Agriculture
835 SOCIETE REBAB Morocco Mining/Metals
836 SIVOA C. d'Ivoire Chemicals
837 EL NOURAN DIV. TRADE. Egypt Retail
838 CUTIX Nigeria Manufacturing
839 WOOLTRU S. Africa Retail
840 MM GROUP Egypt Retail
841 TA HOLDINGS Zimbabwe Conglomerates
842 GENERAL LEASING Tunisia Finance/Services
843 SUEZ SHIPPING Egypt Utilities
844 BANK OF AFRICA-NIGER C. d'Ivoire Banks/Finance
845 DELTA ACADEMY Egypt Finance/Services
846 EXPRESS (KENYA) LTD Kenya Transportation
847 GENERAL INVEST DEV. CO. Mauritius Finance/Services
848 TSL Zimbabwe Conglomerates
849 VAN LEER CONTAINERS Nigeria Manufacturing
850 EGYPTIANS HOUSING Egypt Real Estate
851 ARISTON HOLDINGS Zimbabwe Agriculture
852 SOC. AFRIC. CREDIT AUTO. C. d'Ivoire Finance/Services
853 AL BADAR PACKING Egypt Manufacturing
854 EL ESLAMYAH PACKING Egypt Manufacturing
855 SCOA NIGERIA Nigeria Finance/Services
856 ASTRA INDUSTRIES Zimbabwe Conglomerates
857 SOTUVER Tunisia Manufacturing
858 CAPS HOLDINGS Zimbabwe Health
859 AMIGO REAL ESTATE INT. Egypt Real Estate
860 TENTH OF RAMADAN Egypt Consumer
861 AMEN LEASE Tunisia Finance/Services
862 C & I LEASING Nigeria Finance/Services
863 MISR HOUSING Egypt Real Estate
864 MISR CO. TRAILERS Egypt Utilities
865 MAGRABI OPTICAL Egypt Health
866 TENTH OF RAMADAN Egypt Construction
867 INT. AGRICULTURAL Egypt Agriculture
868 MULTI M GROUP Egypt Manufacturing
869 EL MASREYAH Egypt Agriculture
870 TANZANIA TEA PACKERS Tanzania Agriculture
871 EGYPT POULTRY (EGYPCO) Egypt Consumer
872 MARSHALLS S. Africa Real Estate
873 GHANA BREWERIES Ghana Consumer
874 NIGERIA GERMAN CHEM. Nigeria Chemicals
875 ATELIERS MEC. SAHEL Tunisia Manufacturing
876 JOS INTERNATIONAL Nigeria Consumer
877 INTERFRESH Zimbabwe Agriculture
878 MARSHALLS (E.AFRICA) Kenya Transport Equip.
879 EL MASRIA TEXTILES Egypt Consumer
880 ABCO UTD PLASTICS Egypt Chemicals
881 BERNABE C. d'Ivoire Retail
882 ZAMALEK TOURISM Egypt Leisure
883 CRUSADER INSURANCE Nigeria Insurance
884 ABSOLUTE HOLDINGS S. Africa Real Estate
885 AMEL HURGHADA Egypt Leisure
886 LABAT AFRICA S. Africa Finance/Services
887 UGANDA CLAYS Uganda Manufacturing
888 HWANGE COLLIERY Zimbabwe Mining/Metals
889 DECILLION S. Africa Finance/Services
890 MISR EXCHANGE Egypt Banks/Finance
891 NATIONAL TYRE SERVICES Zimbabwe Transport Equip.
892 ALL JOY FOODS S. Africa Consumer
893 PASDEC RESOURCES SA S. Africa Manufacturing
894 JOHN HOLT Nigeria Conglomerates
895 MORIBO LEISURE S. Africa Leisure
896 BICC CAFCA S. Africa Manufacturing
897 AUTOMATICS SYSTEMS Mauritius Leisure
898 AFRICA SILOS & STORAGE Egypt Agriculture
899 UNIGRAIN Egypt Agriculture
900 AVON CROWNCAPS Nigeria Manufacturing
901 EGAT Egypt Manufacturing
902 LIBERTY INVEST TRUST Mauritius Finance/Services
903 GILBOA PROPERTIES S. Africa Real Estate
904 PAMODZI HOTEL PLC Zambia Leisure
905 FARMERS HOUSE Zambia Real Estate
906 AFRICAN DAWN CAPITAL S. Africa Finance/Services
907 NILE PROJECTS & TRADE Egypt Retail
908 INT. EDUCATION SYS. Egypt Finance/Services
909 MONEY WEB HOLDINGS S. Africa Media
910 STRATCORP S. Africa Finance/Services
911 SITGOR C. d'Ivoire Agriculture
912 ENGINEERING IND. Egypt Manufacturing
913 BEGET HOLDINGS S. Africa Finance/Services
914 UTD DEV. ENTERPRISES Egypt Construction
915 TISEC S. Africa Finance/Services
916 VONO PRODUCTS Nigeria Manufacturing
917 WELLCO HEALTH S. Africa Health
918 ARAB CONTRACTORS Egypt Health
919 TUNINVEST (SICAV) Tunisia Finance/Services
920 NOZHA INT. HOSPITAL Egypt Health
921 MATHOMO GROUP S. Africa Retail
922 MRI MEDRESCUE Botswana Health
923 UNITED ARAB SHIPPING Egypt Utilities
924 INTERTRADING S. Africa Agriculture
925 MISR CAFE Egypt Consumer
926 GIZA FOR CONTRACTING Egypt Construction
927 FILTISAC C. d'Ivoire Manufacturing
928 Y3K GROUP S. Africa I.T.
929 ZIMBABWE SUN Zimbabwe Leisure
930 SOUHAG NAT. FOOD IND. Egypt Consumer
931 EGYPT SANITARY WARES Egypt Construction
932 SUNBIRD TOURISM Malawi Leisure
933 STEELNET ZIMBABWE Zimbabwe Manufacturing
934 INS. OUTSOURCING S. Africa Finance/Services
935 EGYPTIAN ENGINEERS Egypt Leisure
936 POLYSERVE Egypt Chemicals
937 EGYP. IT. SP. SANITARY Egypt Construction
938 ALKAN PHARMA Egypt Health
939 SAKKARA TOURISM Egypt Leisure
940 LONGMAN NIGERIA Nigeria Media
941 NMBZ HOLDINGS Zimbabwe Banks/Finance
942 CHEMCO HOLDINGS Zimbabwe Chemicals
943 NILE METALLURGICAL Egypt Construction
944 RUBEX PLASTICS Egypt Manufacturing
945 FALCON INVESTMENTS Zimbabwe Mining/Metals
946 ARAB MEDICAL PACKING Egypt Manufacturing
947 NEW DELTA PLASTIC CO. Egypt Manufacturing
948 REX TRUEFORM CLOTH. S. Africa Retail
949 TAKI VITA Egypt Consumer
950 NOVA EDUCATION S. Africa Finance/Services
951 ALLIANCE DATA S. Africa I.T.
952 CITY TRUST LTD Kenya Finance/Services
953 NIGERIAN ROPES Nigeria Manufacturing
954 GOLDEN TEXTILES Egypt Consumer
955 PHARMA DEKO Nigeria Health
956 BON APPETIT RESTAUR. Egypt Leisure
957 NAMIBIAN HARVEST Namibia Finance/Services
958 ASEK COMPANY Egypt Mining/Metals
959 KELGRAN S. Africa Mining/Metals
960 VENTER LEISURE S. Africa Consumer
961 POWERSPEED ELEC. Zimbabwe Manufacturing
962 CAIRO MEDICAL CENTER Egypt Health
963 MANSOURAH POULTRY Egypt Consumer
964 LOTUS CONTRACTING Egypt Real Estate
965 NICOZ DIAMOND INS. Zimbabwe Insurance
966 INCAR NIGERIA Nigeria Transport Equip.
967 ISMAILIA MISR POULTRY Egypt Consumer
968 BAICO INSURANCE Nigeria Insurance
969 W B HOLDINGS S. Africa Agriculture
970 NICTUS BEPERK S. Africa Retail
971 GOLDEN TEX SPINNING Egypt Consumer
972 LIMURU TEA CO. LTD Kenya Agriculture
973 EL ARABIA PROD. & REC. Egypt Construction
974 INTERCONNECTIVE SOL. S. Africa I.T.
975 BRYANT TECHNOLOGY S. Africa I.T.
976 AFRICAN LIFE ASS. CO. S. Africa Insurance
977 AIRCOOL AIR CONDITION. Egypt Manufacturing
978 KING CONSOLIDATED S. Africa Leisure
979 INTER. BREWERIES Nigeria Consumer
980 QUYN HOLDINGS S. Africa Finance/Services
981 SOC. INV. COCO RAPPE C. d'Ivoire Consumer
982 NAMPAK NIGERIA Nigeria Manufacturing
983 SPANJAARD S. Africa Chemicals
984 FALCON GOLD Zimbabwe Mining/Metals
985 BEIGE HOLDINGS S. Africa Chemicals
986 EL HANDASSEYAH Egypt Construction
987 SCHREDER EGYPT Egypt Manufacturing
988 ARABIAN FOOD IND. Egypt Consumer
989 ALAA REAL ESTATE DEV. Egypt Real Estate
990 ZIMPLOW Zimbabwe Manufacturing
991 ZIM. NEWSPAPERS (1980) Zimbabwe Media
992 SADEC C. d'Ivoire Chemicals
993 CFAO GHANA Ghana Consumer
994 EGYPTIAN SPONGE Egypt Construction
995 STELLA VISTA TECH. S. Africa I.T.
996 EL RASHEEDY MEZAN Egypt Consumer
997 TRACTIVE POWER Zimbabwe Conglomerates
998 CAIRO INV. & R. EST. DEV. Egypt Real Estate
999 AQUILA GROWTH S. Africa Finance/Services
1000 EL DELTA SWEETS Egypt Consumer
COMPANY US$ Market Value $ Equity Turnover
1 ANGLO AMERICAN PLC 49,804,856,486 15,662,536,661
2 BHP BILLITON PLC 40,297,386,863 10,782,813,505
3 SASOL 23,878,533,344 15,008,013,100
4 SABMILLER PLC 18,504,685,030 7,195,627,726
5 MTN GROUP 16,200,413,329 8,706,950,614
6 STANDARD BANK 15,986,896,025 8,313,691,865
7 FIRSTRAND 15,830,873,320 4,694,792,310
8 ANGLO AM. PLATINUM 15,590,525,303 3,178,431,708
9 ANGLOGOLD ASHANTI 13,092,285,368 3,166,220,661
10 TELKOM SA 11,795,030,978 5,347,661,725
11 ORASCOM TELECOM 11,466,208,165 1,574,887,899
12 OLD MUTUAL PLC 10,821,961,256 4,211,308,807
13 ABSA GROUP 10,333,070,914 5,058,270,032
14 IMPALA PLATINUM 9,757,049,800 6,195,278,924
15 REMGRO 9,326,685,122 3,676,344,866
16 ITISSALAT AL MAGHRIB 9,323,413,780 464,616,967
17 GOLD FIELDS 8,632,438,822 4,309,854,406
18 ORASCOM CONSTRUCT. 7,203,138,162 1,340,773,560
19 SANLAM 6,606,125,029 4,082,708,860
20 NEDCOR 6,147,923,682 2,097,099,281
21 TELECOM EGYPT 5,668,206,928 478,373,563
22 NASPERS 5,561,372,456 2,566,863,222
23 LIBERTY INT. 5,459,370,596 1,170,758,725
24 RMB HOLDINGS 5,207,640,068 884,361,417
25 KUMBA RESOURCES 4,838,243,466 1,184,160,712
26 IMPERIAL HOLDINGS 4,814,409,028 2,334,321,760
27 MITTAL STEEL S AFRICA 4,290,321,426 2,417,068,676
28 VODAFONE EGYPT 4,189,027,754 496,303,834
29 LONMIN PLC 3,946,395,792 178,236,873
30 PRETORIA PORTLAND 3,889,701,093 5,749,540
31 BARLOWORLD 3,844,939,766 2,982,960,737
32 HARMONY GOLD MINING 3,830,288,763 2,277,373,697
33 TIGER BRANDS 3,821,417,933 2,328,616,227
34 VENFIN 3,646,581,045 1,355,374,460
35 MOBINIL 3,463,027,778 744,392,458
36 STEINHOFF INT. 3,323,829,240 1,835,824,693
37 LIBERTY GROUP 3,272,703,576 1,211,047,483
38 INVESTEC PLC 3,238,698,993 1,555,387,004
39 ALEXANDRIA NATIONAL 3,114,287,224 504,150,717
40 EDGARS CONS. STORES 2,974,935,934 2,823,455,504
41 SAPPI 2,724,060,474 2,547,054,321
42 PRETORIA PORTLAND 2,590,604,650 450,819,825
43 ATTIJARIWAFA BANK 2,536,054,051 164,928,148
44 NIGERIAN BREWERIES 2,248,425,353 124,042,852
45 PICK N PAY STORES 2,180,310,193 540,142,196
46 WOOLWORTHS 2,117,147,886 979,279,764
47 JD GROUP 2,035,584,713 1,660,786,107
48 SUEZ CEMENT 1,994,095,451 219,108,841
49 OMNIUM N. AFRICAIN 1,979,802,471 196,058,491
50 ASPEN PHARMACARE 1,976,956,840 742,462,600
51 FOSCHINI 1,968,973,736 869,842,404
52 DISCOVERY HOLDINGS 1,957,748,936 224,097,903
53 NETWORK HEALTHCARE 1,957,618,884 657,218,621
54 SIDI KERIR PETROCHEM. 1,932,701,273 670,088,136
55 INVESTEC 1,908,303,286 830,731,222
56 AFRICAN BANK 1,837,030,580 1,147,777,292
57 TRUWORTHS INTER. 1,815,001,697 615,581,108
58 EFG-HERMES 1,795,556,652 1,887,778,614
59 REUNERT 1,715,011,613 642,719,183
60 NAMPAK 1,696,135,230 755,583,195
61 MASSMART HOLDINGS 1,616,700,967 1,346,257,360
62 SHOPRITE HOLDINGS 1,573,978,464 458,450,243
63 ASSMANG 1,533,316,566 1,246,904
64 SUN INTERNATIONAL 1,518,080,846 420,112,726
65 LIBERTY HOLDINGS 1,465,420,580 214,771,814
66 SANTAM 1,452,790,264 232,824,257
67 EGYPTIAN IRON/ STEEL 1,393,572,237 14,590,578
68 AFRICAN OXYGEN 1,390,010,438 217,409,785
69 EASTERN TOBACCO 1,379,679,899 295,648,206
70 SOC. LAFARGE-CIMENTS 1,344,064,696 72,608,432
71 COM. INTER. BANK 1,318,560,541 405,775,794
72 HIGHVELD STEEL 1,307,923,140 446,150,942
73 TONGAAT-HULETT 1,299,881,756 288,036,716
74 BMCE 1,262,751,174 182,845,598
75 FIRST BANK NIGERIA 1,226,480,646 210,871,185
76 E. AFRICAN BREWERIES 1,222,009,379 69,165,335
77 SOCIETE LES CIMENTS 1,208,758,620 33,052,111
78 SONATEL 1,207,433,924 14,667,521
79 MUTUAL & FED. INS. 1,194,890,669 24,948,791
80 ABU KIR FERTILISER 1,185,111,559 29,143,132
81 UNION BANK NIGERIA 1,164,829,732 148,747,972
82 AMOC 1,162,306,836 219,608,022
83 NAT. SOC. GEN. BANK 1,158,028,873 86,346,012
84 CAXTON CTP PUBLISH. 1,153,650,674 42,152,006
85 SNI 1,144,460,146 51,619,877
86 AVENG LTD 1,119,893,284 608,638,260
87 EGYPT ALUMINIUM 1,090,157,995 5,242,512
88 PICK N PAY HOLDINGS 1,072,941,151 59,845,805
89 EL EZZ STEEL REBARS 1,027,023,157 786,263,532
90 MURRAY AND ROBERTS 1,022,219,078 775,262,577
91 MEDI-CLINIC CORP. 990,176,775 284,459,384
92 DISTELL GROUP 987,383,509 15,502,507
93 AECI 978,978,132 359,279,514
94 DIMENSION DATA 951,371,159 479,918,840
95 GRINDROD 923,455,403 363,600,982
96 JOHNNIC COMM. 884,111,921 147,031,335
97 GUINNESS NIGERIA 868,002,144 89,367,295
98 NATIONAL CEMENT 830,180,829 38,282,467
99 ALLIED TECHNOLOGIES 826,747,894 170,819,774
100 ALEXANDER FORBES 806,426,403 409,135,383
101 ASEC FOR CEMENT CO. 769,547,484 319,817,735
102 ELLERINE HOLDINGS 763,996,476 568,585,231
103 INTERCONTINENTAL BK. 760,109,510 58,258,360
104 ZENITH BANK INT. 758,620,690 58,022,303
105 NESTLE NIGERIA LTD 757,224,617 52,795,846
106 BARCLAYS BANK KENYA 735,831,340 34,154,131
107 SAMIR 724,411,955 73,479,869
108 AQUARIUS PLATINUM 711,971,911 10,000,584
109 UNITED BANK/AFRICA 703,295,019 131,858,417
110 BAMBURI CEMENT LTD 697,999,827 10,373,641
111 NORTHAM PLATINUM 691,315,832 120,955,906
112 DELTA SUGAR 679,931,064 20,735,621
113 WESTERN AREAS 678,917,906 151,762,643
114 ILLOVO SUGAR 671,389,456 246,167,444
115 ASSORE 659,993,409 23,043,186
116 HOSKEN CONS. INVEST. 655,619,709 12,655,983
117 MR PRICE GROUP 654,640,951 178,579,807
118 ORIENTAL WEAVERS 652,815,706 186,794,829
119 NIGERIAN BOTTLING 650,733,923 22,056,969
120 SOC. CENT. LAITIERE 629,405,355 23,468,098
121 TOURAH PORTLAND 626,674,375 50,915,567
122 EGYPTIAN AMERICAN BK. 621,633,777 216,258,343
123 LONRHO AFRICA PLC 619,027,021 17,879
124 BMCI 602,416,522 22,510,503
125 CONSOL 592,244,793 424,032,334
126 GUARANTY TRUST BANK 570,114,925 77,859,373
127 BARCLAYS/BOTSWANA 564,518,827 6,840,592
128 SOCIETE HOLCIM 560,357,002 65,444,804
129 CAPITAL ALLIANCE 553,720,279 165,346,492
130 AFROX HEALTHCARE 530,605,204 10,798,918
131 MVELAPHANDA GROUP 520,724,545 135,190,118
132 KENYA AIRWAYS LTD 519,951,485 51,740,002
133 STANDARD CHARTERED 519,279,177 11,792,888
134 ASTRAL FOODS 518,682,858 183,942,833
135 SOC. DES BRASSERIES 516,158,048 27,259,437
136 ORASCOM PROJECTS 508,590,607 690,086,267
137 TRENCOR 507,005,591 74,927,417
138 ITALTILE 504,815,236 10,499,968
139 GOLD REEF RESORTS 503,251,935 80,893,507
140 CADBURY NIGERIA 502,490,131 37,357,448
141 NEW CLICKS HOLDINGS 491,149,949 148,507,578
142 1st NATIONAL BANK 487,227,827 5,616,195
143 TOTAL NIGERIA 476,137,085 22,951,744
144 UNILEVER NIGERIA 475,680,656 31,933,782
145 MAURITIUS COMM.BANK 472,871,408 35,750,741
146 BANQUE CENTRALE POP. 472,098,195 53,270,898
147 OCEANIC BANK 463,182,347 109,302,129
148 UNITRANS 449,339,491 72,796,708
149 SONASID 448,779,826 115,694,591
150 WESCO INVESTMENTS 444,674,599 63,680,570
151 COSUMAR 444,490,567 18,478,227
152 STANDARD CHARTERED 443,181,209 3,656,919
153 DATATEC 433,714,059 140,097,959
154 OANDO PLC 421,091,727 110,468,632
155 EGYPTIAN MEDIA CITY 418,003,960 212,451,390
156 PRIMEDIA 416,819,562 158,203,183
157 ARAB COTTON GINNING 414,652,172 1,089,340,410
158 AMOUN 411,103,813 12,005,425
159 BIDBEE 391,980,564 209,244,110
160 WILSON BAYLY HOLMES 383,673,340 65,699,807
161 ASHAKA CEMENT 383,275,871 68,332,123
162 SECHABA BREWERIES 380,393,322 12,899,600
163 SIX OF OCTOBER. SODIC 379,018,172 116,128,001
164 RAINBOW CHICKEN 378,865,356 47,337,819
165 STATE BANK/MAURITIUS 378,774,360 9,481,062
166 NEW MAURITIUS HOTEL 378,133,533 22,867,890
167 CREDIT DU MAROC 375,836,512 8,719,917
168 BAT 372,692,292 13,173,524
169 W.A.PORTLAND CEMENT 372,648,907 52,956,398
170 1st CITY MONUMENT BK. 371,992,347 1,687,199
171 LECICO 362,982,686 1,105,895
172 DIAMOND BANK 360,788,513 30,547,612
173 ALLIED ELECTRONICS 358,846,541 61,250,452
174 S.AFRICAN EAGLE INS. 354,071,928 3,036,540
175 MISR INT. BANK 351,185,738 127,799,154
176 CERAMIC INDUSTRIES 350,134,714 23,498,819
177 BARPLATS INVEST. 332,217,625 6,301,626
178 CORONATION FUND 330,391,462 38,936,061
179 AFRIBANK NIGERIA. 328,320,576 65,256,577
180 AMERIYAH CEMENT 322,432,336 2,855,993
181 ACCESS BANK NIGERIA 321,246,896 28,756,532
182 EGYPTIAN INT. PHARM. 316,899,802 54,720,374
183 SOFAC 316,301,480 402,740
184 MISR CEMENT-QENA 314,705,982 79,728,362
185 JOHNNIC HOLDINGS 313,912,473 237,033,307
186 MISR BENI SUEF CEMENT 313,236,775 36,364,782
187 BRAIT S.A. 313,176,960 93,436,224
188 CAPITEC BANK 312,616,328 20,947,286
189 CONOIL PLC 311,459,770 22,877,647
190 AFGRI 310,155,616 111,921,806
191 KENYA COMMERCIAL BK. 309,818,668 28,858,915
192 SINAI CEMENT 309,442,749 75,483,857
193 SFBT 304,864,262 24,424,709
194 MANAGEM 304,075,984 48,701,423
195 MOBIL OIL NIGERIA 303,950,030 27,952,666
196 RELYANT RETAIL 303,712,506 1,057,881
197 TANZANIA BREWERIES 303,268,342 6,624,533
198 CANAL SHIP. SERVICES 302,139,866 54,521,331
199 PSG GROUP 298,175,594 22,368,425
200 MEDINET NASR 297,300,105 59,227,433
201 REAL AFRICA HOLDINGS 295,013,295 76,282,178
202 LYDEC LYD 288,474,803 44,778,827
203 CITY LODGE HOTELS 287,761,920 97,287,337
204 DELTA CORPORATION 286,180,068 34,415,660
205 HELIOPOLIS HOUSING 284,511,308 11,584,600
206 WEMA BANK 276,617,989 10,107,150
207 SOMOCER 273,514,291 16,407,804
208 PZ INDUSTRIES 270,383,448 15,377,736
209 OCEANA GROUP 268,186,376 58,603,105
210 ILIAD AFRICA 266,605,604 82,969,292
211 KAGISO MEDIA 266,066,220 47,076,729
212 BYTES TECHNOLOGY 264,910,874 63,714,879
213 CREDIT IMMO & HOTEL. 264,349,223 81,410,229
214 SKYE BANK 259,698,397 1,531,391
215 PHARCO PHARM. 259,446,200 329,108
216 OMNIA HOLDINGS 254,102,612 112,092,468
217 SOC. LESIEUR CRISTAL 252,024,088 15,241,404
218 BANQUE DE TUNISIE 251,342,613 11,627,701
219 DELTA ELECTRICAL IND. 251,092,995 93,789,110
220 EL WATANY BANK 250,717,329 186,818,888
221 WAFA ASSURANCES 250,559,456 49,538,968
222 KWV 249,477,504 25,300,613
223 COMBINED MOTOR 249,013,093 20,589,723
224 OLYMPIC GP. FIN. INV. 247,828,717 114,675,599
225 PEREGRINE HOLDINGS 246,513,960 36,526,196
226 MUMIAS SUGAR CO. 245,192,297 83,423,973
227 BIAT 243,580,337 57,408,703
228 GROUP FIVE 243,366,611 111,166,119
229 EQDOM 235,598,273 18,235,557
230 TEXACO 233,513,883 12,899,117
231 EGYPTIAN FINAN. & IND. 233,382,727 62,736,590
232 ZAMBIA COPPER 232,020,543 9,865,902
233 STANDARD CHARTERED 226,205,170 2,955,022
234 MEIKLES AFRICA 225,808,201 9,159,573
235 FLOUR MILLS NIGERIA 223,141,762 16,180,797
236 PLATINUM BANK 218,633,848 111,537
237 METAIR INVESTMENTS 215,008,457 18,549,282
238 DELTA INT. BANK 214,885,750 1,537,882
239 CLIENTELE LIFE ASS. 214,778,748 4,161,695
240 HUDACO INDUSTRIES 212,507,870 54,955,772
241 METOREX 211,368,784 51,316,069
242 FIDELITY BANK NIGERIA 211,158,142 10,535,035
243 TIGER WHEELS 209,651,796 97,969,663
244 FNB NAMIBIA 209,448,825 3,663,114
245 TRANS HEX GROUP 204,954,346 60,000,755
246 TOURISM INVEST. CORP. 203,552,406 37,465,587
247 SUN RESORTS 202,659,984 17,671,168
248 AFRIKANDER LEASE 199,376,846 228,766,498
249 EGYPT GAS 198,893,769 5,783,912
250 DIST. WAREH. NETWORK 198,561,953 36,284,871
251 RAYA HOLDING 198,134,717 212,907,575
252 ASSIUT CEMENT 196,553,545 427
253 INVEST. BANK & TRUST 191,738,935 18,220,608
254 ZAMBIAN BREWERIES 190,775,182 n/a
255 PALABORA MINING 189,105,201 10,094,224
256 KENYA OIL CO LTD 186,915,874 11,898,479
257 NATION MEDIA GROUP 186,098,885 11,719,464
258 ALEXANDRIA CONTAINERS 181,776,544 396,562
259 EGYPT SAUDI FIN. BANK 181,034,526 6,710,470
260 BOTSWANA INSURANCE 179,634,713 4,858,437
261 SUEZ CANAL FOR TECH. 176,759,604 7,473,555
262 DELTA INDUSTRIES 174,110,601 20,019,959
263 PAINTS & CHEMICAL IND. 170,498,152 30,663,414
264 AMALGAM. APPLIANCES 170,053,178 251,584,575
265 TRADEHOLD 163,739,858 17,832,535
266 INNSCOR AFRICA 160,595,643 15,421,560
267 CASHBUILD 159,851,638 39,253,467
268 SOLIBRA 159,583,836 332,526
269 CADIZ HOLDINGS 158,649,547 24,859,415
270 PRODUCE BUYING CO. 158,185,433 11,373,687
271 MUSTEK 158,171,439 85,648,194
272 ADCORP HOLDINGS 151,984,704 51,656,872
273 EXPORT DEV. BANK 150,378,541 20,675,109
274 POWER & LIGHTING LTD 149,995,378 42,063,045
275 CFC BANK LTD 148,351,642 2,851,174
276 UAC NIGERIA 147,957,854 18,970,332
277 SOCIETE AUTO--HALL 147,673,645 11,235,637
278 INVICTA HOLDINGS 147,525,243 34,206,231
279 MOBILE INDUSTRIES 145,495,316 20,055,563
280 UBC 145,135,727 8,003,804
281 EIB INTERNATIONAL 142,881,560 12,334,124
282 AFRICAN PETROLEUM 142,291,861 100,694,606
283 SUEZ CANAL BANK 141,390,404 14,563,624
284 BELL EQUIPMENT 140,675,749 21,431,768
285 MESSINA 140,342,836 1,973,069
286 FRONTRANGE 138,933,316 59,691,607
287 NATGAS 136,550,630 21,656,820
288 E. AFRICAN PORTLAND 135,989,005 2,673,662
289 BRANDCORP HOLDINGS 135,714,824 31,786,681
290 COMM. INTER. INVEST. 132,755,454 705,765
291 BEARING MAN 132,649,169 6,256,830
292 SPUR CORP. LTD 130,254,843 21,876,851
293 ADVTECH 129,908,109 14,004,154
294 TANZANIA CIGARETTE CO. 128,534,704 1,371,899
295 NAIADE RESORTS 125,744,605 499,482
296 ARGENT INDUSTRIAL 125,667,996 62,593,629
297 ECONET WIRELESS 125,037,273 14,127,171
298 SOCGEN BANQUE C.I. 124,319,854 754,085
299 MISR CHEMICAL IND. 123,621,534 113,291,637
300 PRIMEDIA 122,539,578 42,665,755
301 CHARTERED BANK PLC 119,679,191 4,136,228
302 COMAIR 119,458,803 6,109,051
303 BANQUE DE L'HABITAT 119,295,670 6,250,437
304 SASFIN HOLDINGS 118,831,634 10,556,871
305 GHANA COMM. BANK 117,271,430 3,011,486
306 ROGERS & COMPANY 117,021,035 4,613,968
307 SCHARRIG MINING 114,852,118 59,763,740
308 EL EZZ CERAMICS 114,818,340 218,198,305
309 BANQUE DU SUD 114,453,411 53,811,618
310 GUARDIAN EXPRESS BK. 113,434,527 52,474
311 CHILANGA CEMENT LTD 113,337,111 n/a
312 SOUTH VALLEY CEMENT 113,137,442 32,627,024
313 ARCH EQUITY 112,849,838 4,982,997
314 EGYPT TOURISM RESORTS 112,161,649 14,148,715
315 STANDARD CHARTERED 111,365,439 n/a
316 SOC. METAL. D'IMITER 110,964,934 10,116,885
317 ARAB POLVARA 108,659,182 197,942,698
318 RIO TINTO ZIMBABWE 108,373,236 1,466,766
319 SOC. L'ACCUMULATEUR 107,110,786 12,157,854
320 UNITY BANK PLC 106,255,851 1,525
321 TUNISAIR 105,778,268 19,898,376
322 NU-WORLD HOLDINGS 105,686,853 41,261,521
323 UNILEVER GHANA 105,528,578 565,809
324 CALYON BANK EGYPT 105,498,417 660,667
325 SOC. EAUX MIN. D'OULMES 105,054,675 535,269
326 GLAXOSMITHKLINE 104,977,008 22,466
327 FIRST ATLANTIC BANK 104,669,724 5,925,262
328 NESTLE COTE D'IVOIRE 102,593,835 1,096,928
329 ALEXANDRIA CEMENT 100,846,959 584,321
330 GUINNESS GHANA 99,886,983 1,432,803
331 DIGICORE HOLDINGS 99,256,120 23,695,839
332 TOTAL KENYA LTD 98,452,545 5,553,832
333 MON TRESOR & DESERT 97,907,736 989,561
334 ENGEN--BOTSWANA 96,846,898 2,084,974
335 AMEN BANK 96,551,718 1,778,292
336 LETSHEGO 96,381,834 4,727,679
337 ENVIROSERV HOLDINGS 95,830,674 13,125,387
338 PHUMELELA GAMING 94,599,445 9,626,631
339 MEDICAL UNION PHARM. 93,386,500 768,854
340 AMREYAH PHARM. IND. 93,338,405 46,338
341 GRINTEK 92,531,812 11,561,769
342 CAIRO POULTRY 91,384,519 3,747,335
343 SEARDEL INVESTMENT 90,643,591 10,941,813
344 STB 89,736,756 3,135,722
345 GLENRAND M.I.B. 89,383,106 25,299,743
346 TRUST BANK (GAMBIA) 88,979,306 95,951
347 CONNECTION GROUP 88,903,509 23,806,680
348 NAL MERCHANT BANK 88,191,177 5,276,711
349 7-UP BOTTLING COMP. 88,090,188 4,632,939
350 SAGE GROUP 86,526,568 7,133,688
351 VALUE GROUP 86,123,088 12,985,980
352 BOWLER METCALF 86,057,929 8,321,465
353 IRELAND BLYTH LTD 86,050,718 2,025,600
354 AG INDUSTRIES 85,395,096 18,686,158
355 COTTON COMPANY 84,359,847 8,796,346
356 AUTO-NEJMA 83,941,841 3,423,713
357 DATACENTRIX 83,227,694 8,824,186
358 EGYPT. COMMERCIAL BANK 83,082,296 3,505,341
359 FIRESTONE E. AFRICA 82,202,766 11,777,249
360 BTEI 81,878,205 4,082,121
361 NILE COTTON GINNING 81,337,327 129,664,105
362 BICICI 81,078,173 313,791
363 RANDGOLD & EXPLOR. 80,499,265 41,769,542
364 ALEXAN. REAL EST. INV. 80,059,272 3,671,998
365 ARAB TUNISIAN BANK 79,449,743 4,261,202
366 SHELL MAURITIUS LTD 79,017,759 1,622,849
367 NAT. BANK OF KENYA 78,983,513 7,365,338
368 SOC. CARNAUD MAROC 78,817,987 338,585
369 PARACON HOLDINGS 78,000,295 5,030,808
370 PROMOTION & DEV. CO. 77,272,729 3,816,235
371 FAMILY NUTRITION 77,161,945 9,246
372 SOC. THERAPEUTIQUE 76,891,262 45,569,728
373 BARNARD JACOBS MELLET 76,799,121 25,192,477
374 SOC. THERAPEUTIQUE 75,830,693 6,380,965
375 MOBILE INDUSTRIES 75,513,976 10,870,158
376 NAT. BANK OF MALAWI 75,456,300 1,337,803
377 GLAXO SMITHKLINE 75,143,197 6,830,101
378 CHIPSY FOR FOOD IND. 74,544,740 840
379 MISR HOTELS CO 74,152,177 4,115,585
380 UACN PROPERTY DEV. 73,754,789 5,717,338
381 BISCO MISR 73,527,332 11,417,103
382 CONTROL INSTRUMENTS 72,831,269 9,617,199
383 EGYPT REAL EST. & INV. 72,596,537 480
384 MAROC LEASING 69,353,744 19,978,103
385 ALEXANDRIA SPINNING 68,436,919 2,247,450
386 UCS GROUP 68,296,588 9,713,088
387 UIB 68,202,491 4,130,305
388 EL AHLI INVEST. & DEV. 67,696,273 57,903,518
389 UNITED HOUSING DEV. 67,203,292 37,665,763
390 DORBYL 66,437,276 190,736,117
391 PRISM HOLDINGS 66,070,913 12,935,972
392 MONOPRIX 65,794,038 3,818,676
393 MISR CONDITIONING 65,472,475 1,578,401
394 BNA 65,297,134 2,215,525
395 ENALENI PHARM. 65,125,533 21,749,851
396 AIR MAURITIUS LTD 64,771,024 3,045,469
397 AGMA-LAHLOU TAZI S.A 64,058,375 8,880,150
398 SPDIT 64,044,605 4,033,740
399 EL NASR CO 63,686,109 334,220
400 ORASCOM HOTELS 61,485,426 6,648,403
401 KARTHAGO AIRLINES 60,895,084 30,537,587
402 UNILEVER TEA LTD 60,758,068 890,760
403 CO. IVOIR. ELECTRICITE 60,538,357 365,500
404 GENERAL SILOS 60,531,685 15,446,638
405 AFRICAN DIAMONDS 59,448,478 358,917
406 EL SHAMS HOUSING 58,851,595 12,926,298
407 BRANOMA 58,808,558 2,648,355
408 SITAB 58,230,332 543,210
409 EGYPT CONSTRUCTION 57,828,326 273,675
410 NIC BANK LTD 57,735,466 2,540,376
411 HOUSE OF BUSBY 57,396,857 12,205,902
412 THE SUGAR CORP. 57,188,799 33,803
413 BENI SUEF CEMENT 57,040,136 2,837,440
414 COCOA PROCESSING CO. 56,780,332 405,247
415 CONCOR 56,757,215 16,472,345
416 BP ZAMBIA 56,657,224 n/a
417 CERAMICA CLEOPATRA 56,054,299 1,305
418 BRIMSTONE INVEST. CO. 55,471,451 8,680,276
419 CULLINAN HOLDINGS 55,292,266 6,764,395
420 DIAMOND TRUST BANK 55,028,221 3,009,824
421 SOTRAPIL 54,975,787 38,564,193
422 ALCATEL/NEXANS 54,797,768 2,575,144
423 GIJIMA AST GROUP 54,627,179 16,551,077
424 HOUSING & DEV. BANK 53,968,266 9,203,268
425 GALLERY GOLD LTD 53,292,831 214,101
426 EL NASR CLOTHING 53,267,999 50,720,490
427 SG-SSB BANK 52,966,020 3,361,583
428 JCI 52,857,391 11,433,908
429 SOCIETE ALUMINIUM 52,778,042 9,901,255
430 AFRIQUIA GAZ 51,732,574 9,837,611
431 HOWDEN AFRICA 50,610,910 7,431,943
432 IMB INTERNATIONAL BK. 50,494,774 7,752,874
433 ATHI RIVER MINING 50,460,163 7,316,802
434 NAMIBIAN BREWERIES 50,412,590 99,969
435 JULIUS BERGER NIGERIA 49,977,011 5,145,167
436 NAT. BANK FOR DEV. 49,831,404 12,409,460
437 AIR LIQUIDE TUNISIE 48,751,419 8,713,681
438 MERCANTILE LISBON 48,401,195 6,347,549
439 FIRST MUTUAL LIFE ASS. 48,129,116 3,895,428
440 BANK OF AFRICA 47,926,199 1,089,772
441 DINA FOR AGRIC. INV. 47,533,447 5,741,821
442 UNIMER 46,956,698 5,155,326
443 FERTIMA 46,956,698 747,531
444 TOURIST COM. NIGERIA 46,935,153 6,488
445 SOCIETE MAGHREBAIL 46,759,178 1,257,510
446 ARAB CABLES COMPANY 46,718,983 6,960,968
447 PYRAMISA HOTELS 46,604,484 2,197,800
448 ISISS FOR HOTELS 46,454,362 1,713,455
449 SIMBA 46,374,893 466,720
450 AFRICAN COPPER 46,135,243 59,415
451 M CUBED HOLDINGS 45,963,825 20,183,685
452 I.C.D.C INVESTMENTS 45,847,036 1,334,742
453 PRESCO PLC 45,210,729 4,643,036
454 MANTRAC 44,940,714 850
455 EGYPTIAN SHIPPING 44,940,714 31,357,004
456 AL AMAL CLAY BRICK 44,154,250 26,009,003
457 COOPERATIVE BANK 44,137,930 609,409
458 ZAMBEEF PRODUCTS 43,853,756 n/a
459 PRESS CORPORATION 43,737,399 4,814,427
460 CEMENT COM. N. NIGERIA 43,461,002 4,584,072
461 OKOMU OIL 43,370,619 2,273,145
462 SERENA 43,035,699 1,355,127
463 BAT ZIMBABWE 42,979,723 1,280,059
464 BOC KENYA LTD 42,913,066 969,361
465 SOC. CHIMIQUE ALKIMIA 42,911,518 795,898
466 ERP.COM HOLDINGS 42,713,476 16,172,643
467 DFCU GROUP 42,603,067 2,746,433
468 EGYPTIAN CHEM. (KIMA) 42,188,959 480,951
469 EGYPTIAN REAL ESTATE 41,884,099 2,176,726
470 SOVEREIGN FOOD INV. 41,846,874 25,194,910
471 BINDURA NICKEL CORP. 41,812,378 2,642,593
472 MISR AMERICA INT. BK. 41,397,311 41,031,462
473 JUBILEE INSURANCE CO. 41,043,954 1,214,251
474 L A GROUP 41,040,908 4,833,804
475 NIGER INSURANCE 41,034,482 3,006,742
476 BARCLAYS BANK OF ZIM. 40,977,299 6,755,804
477 REMCO 40,947,905 455,090
478 ORYX PROPERTIES 40,894,799 168,187
479 PLANTATIONS D'HEVEAS 40,547,040 2,118,100
480 MICROMEGA HOLDINGS 40,482,544 1,641,204
481 ZELLIDJA 40,341,052 3,274,628
482 CROOKES BROTHERS 40,196,899 2,247,434
483 DELTA CONSTRUCTION 39,975,972 587,820
484 M & W DELTA FLOUR MILLS 39,642,895 21,253,449
485 CFI HOLDINGS 39,236,882 12,945,691
486 N. CAIRO FLOUR MILLS 39,181,387 19,281,223
487 UNILEVER CI 39,175,344 138,775
488 EGYPT. STARCH/ GLUCOSE 39,039,651 346,658
489 OK ZIMBABWE 38,961,666 5,194,162
490 TAWANA RESOURCES NL 38,414,846 25,424
491 E. DELTA FLOUR MILLS 38,382,825 19,900,228
492 ENTER. OUTSOURCING 38,217,283 14,215,873
493 INLAND BANK 38,141,761 4,332,078
494 EAST AFRICAN CABLES 38,107,828 4,760,790
495 HALLMARK BANK PLC 38,009,999 3,082,011
496 U. EGYPT FLOUR MILLS 37,883,292 23,775,300
497 HFC BANK 37,572,995 480,643
498 OMEGA BANK 37,518,654 4,708,417
499 FINCORP INVESTMENTS 37,450,868 1,018,186
500 MANSOUR & MAGHRABY 37,421,786 4,443,706
501 DAIRIBORD ZIMBABWE 37,137,705 2,447,248
502 TRADE BANK 36,879,300 2,457,019
503 ROYAL EXCHANGE ASS. 36,823,141 1,327,246
504 TOTALFINELF C.I. 36,232,396 234,514
505 FIRST BANKING CORP. 36,037,731 3,527,905
506 CMC HOLDINGS LTD 36,019,126 12,386,169
507 ACB INTERNATIONAL 36,015,326 191,100
508 STANDARD NEWSPAPERS 35,787,558 1,030,460
509 CAIRO PHARM. 35,703,495 3,007,289
510 EL KAHERA HOUSING 35,645,487 77,743,916
511 PINNACLE TECHNOLOGY 35,602,890 13,179,310
512 PUTCO 35,503,521 1,087,480
513 SIMMER & JACK MINES 35,329,092 20,882,417
514 UNITED DOCKS LTD 35,314,287 1,642,699
515 SOC. MULT. BITUMES 35,112,247 2,647,524
516 MAURITIUS DEV. TRUST 34,652,254 2,287,400
517 CO. TRANSPORTS MAROC. 34,443,209 3,446,485
518 FAN MILK 34,339,751 1,677,804
519 GOODHOPE DIAMONDS 34,316,514 9,809
520 CAL BANK 34,074,191 3,444,305
521 S. EGYPT (SEDICO) 34,036,687 757
522 MANNY BANK 33,926,019 3,420,684
523 CAOUCHOUCS BEREBY 33,471,914 481,171
524 NILE PHARM. 33,254,398 1,627,307
525 LION BANK 32,934,865 1,106,085
526 EGYPT. INTER.TOURISM 32,772,152 14,066,296
527 SETPOINT TECHNOLOGY 32,389,431 2,372,199
528 SIPHAT 32,064,564 11,967,391
529 L A GROUP 31,756,353 929,928
530 TURNSTAR 31,448,533 697,019
531 ELB GROUP 31,392,744 7,113,853
532 ALBORG LABORATORY 30,944,274 3,106,646
533 COMMERCIAL BANK 30,868,918 8,141,983
534 TECHNOPACK 30,801,674 11,726
535 SOC. IV. D'EMBALLAGES 30,617,815 60,361
536 LA MAROCAINE VIE 30,479,166 5,556,210
537 UNITED BASALT PROD. 30,340,227 984,841
538 CROCODILE TOURIST PROJ. 30,248,557 25,928,648
539 COURTS MAURITIUS LTD 30,009,741 1,175,166
540 M. EGYPT FLOUR MILLS 29,801,571 8,019,630
541 BASIL READ HOLDINGS 29,438,850 4,363,378
542 LINKAGE ASSURANCE 29,333,231 152,995
543 UNITED VICTORIA HOTELS 29,213,628 19,431,832
544 METAL FABRICATORS 29,200,411 n/a
545 CERVEJAS 28,693,309 149,144
546 NATIONAL INVEST. TRUST 28,621,022 1,833,471
547 NATIONAL HOUSING 28,596,122 6,065
548 EDGARS STORES 28,526,900 4,848,536
549 HAREL FRERES LTD 28,360,905 1,655,145
550 ALEXANDRIA PHARM. 28,164,000 6,379,952
551 MAXIPREST LD 28,091,519 2,072,644
552 CAUDAN DEVELOPMENT 27,938,181 1,244,765
553 HIPPO VALLEY ESTATES 27,903,679 1,245,261
554 GIZA CABLES 27,526,647 449,843
555 MEMPHIS PHARM. 27,439,763 786,796
556 SEED COMP. OF ZIM. 27,212,594 2,739,739
557 CRYSTAL MANUFACT. 26,897,887 245
558 SOTETEL 26,726,339 15,566,744
559 FSB INTER. BANK 26,576,784 2,772,680
560 SEKUNJALO INVEST. 26,265,106 10,071,556
561 PUTCO PROPERTIES 26,242,466 822,879
562 SEFALANA HOLDINGS 26,063,820 645,644
563 FREEZING & PROCESSING 25,927,335 6,893
564 SWAN INSURANCE CO. 25,611,951 215,146
565 SIAME 25,137,930 7,108,839
566 PUTCO 24,985,465 242,623
567 IDION TECHNOLOGY 24,941,244 335,670
568 AFRICAN EXPRESS BANK 24,827,587 875
569 TRANSPACO 24,694,004 9,745,946
570 BENUE CEMENT 24,655,172 10,180,518
571 SOCIETE EL MAZRAA 24,574,468 3,316,029
572 ARASIMCO 24,410,585 393,487
573 MAURITIUS LEASING 24,350,650 1,444,427
574 JASCO ELECTRONICS 24,325,943 3,973,968
575 SHARM DREAMS CO. 24,039,825 1,987,493
576 ZSR CORPORATION 23,819,691 2,449,347
577 ONELOGIX GROUP 23,791,551 1,943,129
578 BRIMSTONE INVEST. CO. 23,766,016 933,471
579 VITAFOAM NIGERIA. 23,747,862 2,722,225
580 AIICO INSURANCE 23,601,533 1,248,359
581 CARGO CARRIERS 23,571,193 370,014
582 YORK TIMBER ORG. 23,421,392 429,557
583 ALUWORKS GHANA 23,364,487 2,185,063
584 NATIONAL PAPER 23,334,601 23,443,604
585 CORNERSTONE INSUR. 23,326,896 2,040,599
586 BAT GHANA 23,162,368 324,745
587 CAPPA AND DALBERTO 23,157,328 168,275
588 AFRICAN DISTILLERS 23,135,003 2,337,319
589 EGYPTIAN ELEC. CABLES 23,024,252 66,771,248
590 MAGASIN GENERAL 22,764,930 5,579,829
591 MISR DUTY FREE SHOPS 22,686,418 1,241,948
592 SOCIETE DIAC--SALAF 22,684,904 14,670,501
593 EL KAHERA EL WATANIA 22,668,268 215
594 BETA GLASS 22,638,927 867,040
595 DELTA INSURANCE 22,517,891 2,949,544
596 NATIONAL INSUR. COMP. 22,350,881 287,451
597 COLCOM HOLDINGS 22,315,288 731,990
598 ACRED 22,271,952 143,483
599 SECURICOR 22,154,248 680,477
600 HOUSING FINANCE CO. 22,036,400 3,824,473
601 AMALGAMATED ELEC. 21,621,246 45,696
602 INMINS 21,536,185 795,343
603 ACCRA BREWERIES 21,373,604 6,717
604 SEARDEL INVEST. CORP. 21,290,871 2,133,964
605 PAPELERA DE TETUAN 21,241,874 1,742,468
606 NATIONAL FOODS 21,187,812 1,866,697
607 BENSO OIL PALM PLANT. 21,025,481 749,733
608 EXTRACTED OILS 21,021,951 15,627,905
609 RT BRISCOE 20,977,012 796,813
610 SASANI 20,878,814 1,491,572
611 NILE AGRICULTURAL 20,741,868 1,165,301
612 NEIMETH INTER. PHARM. 20,640,001 548,984
613 AFRICAN BANKING CO. 20,534,259 92,345
614 MISR AMERICA CARPET 20,480,089 8,401
615 REGENT BANK 20,466,590 11,478
616 EXCELLERATE HOLDINGS 20,323,630 2,535,292
617 WINHOLD 20,131,109 6,674,729
618 ZIM. REINSURANCE CO. 20,073,682 2,646,596
619 PATERSON ZOCHONIS 19,992,881 146,788
620 SUB NIGEL GOLD MINING 19,953,775 8,648,050
621 ALEXANDRIA CO. & M. BK. 19,848,516 7,035,240
622 BAT UGANDA 19,811,083 988
623 REX TRUEFORM CLOTH. 19,788,500 937,734
624 PAN AFRICA INSURANCE 19,780,219 3,186,012
625 COOP DEV. BANK 19,773,793 1,719,415
626 TREMATON CAPITAL 19,733,803 2,803,960
627 MOBIL OIL GHANA 19,723,746 280,132
628 FURNITURE MART 19,605,056 201,001
629 SABLE HOLDINGS 19,185,380 545,754
630 WAPIC INSURANCE 19,080,459 1,471,987
631 DATAPRO GROUP 19,070,540 6,643,105
632 COMP. D'ASS. & REASS. 18,852,530 26,676,095
633 ENTER. INSURANCE CO. 18,828,461 1,922,131
634 CORPCAPITAL 18,776,245 5,836,866
635 NAT. GLASS & CRYSTALS 18,693,608 30,672
636 AFRICAN MEDIA ENTER. 18,683,229 2,035,558
637 BANK OF BARODA 18,671,060 319,604
638 SEFALANA CASH & CARRY 18,634,120 328,843
639 DAHACO 18,508,997 886,725
640 MATODZI RESOURCES 18,473,374 13,168,522
641 RAKTA PAPER MANU. 18,371,706 438,864
642 KAFR ELZAYAT 18,294,327 206,633
643 HAREL MALLAC AND CO 17,912,663 337,657
644 BALIMA 17,811,962 12,295
645 CARBACID 17,762,883 772,759
646 SOC. DELMAS VIELJEUX 17,729,812 55,143
647 STIP 17,596,913 895,830
648 MASONITE (AFRICA) 17,544,042 495,289
649 PORT SAID NAT. DEV. BANK 17,285,236 17,224,410
650 EGYPTIAN INVESTMENT 17,284,958 976
651 TUNISIE LEASING 17,241,378 5,331,164
652 REA VIPINGO PLANTS 17,101,648 3,326,574
653 CAPE EMPOWERMENT 16,862,859 4,081,261
654 MAURITIAN EAGLE INS. 16,796,533 900,204
655 N. NIGERIA FLOUR MILLS 16,511,380 1,211,811
656 UNGA GROUP LTD 16,465,567 2,455,604
657 HWANGE COLLIERY 16,417,746 995,398
658 KAIROS INDUSTRIAL 16,241,340 1,327,757
659 A. G. LEVENTIS NIGERIA 16,236,266 222,440
660 MINAPHARM PHARM. 16,187,443 47,671
661 DUNLOP NIGERIA 16,162,758 1,799,739
662 HAPPY WORLD FOODS 16,099,305 397,149
663 SPECTRUM SHIPPING 16,028,411 1,247,929
664 ELECTROSTAR 15,984,959 11,343,323
665 TANGANDA TEA CO. 15,911,926 756,386
666 CHROMETCO 15,888,439 104,389
667 SUEZ BAGS 15,875,308 357,193
668 GREAT NIGERIA INSUR. 15,862,069 370
669 ARAB PHARM. COMPANY 15,803,230 415,939
670 UNION DICON SALT 15,779,310 20,628
671 COMPU CLEARING 15,729,232 83,647
672 MAGHREB OXYGENE 15,683,166 687,998
673 M.G. FOR IND. & TOUR. DEV. 15,565,219 22,850
674 MAURITIUS UNION ASS. 15,225,195 595,746
675 LES GRANDES MARQUES 15,205,425 198,418
676 HUNYANI HOLDINGS 15,146,126 931,963
677 MISR OILS & SOAP IND. 15,037,854 41,108
678 EGYPTIAN FINANCE CO. 14,908,218 9,848
679 UTD. NIGERIA TEXTILES 14,862,477 359,076
680 SABVEST 14,800,276 342,330
681 NATIONAL NAVIGATION 14,700,799 19,900
682 STANBIC MALAWI 14,682,540 435,528
683 EL ARABIA LAND 14,538,320 4,419
684 SAGA-COTE D'IVOIRE 14,479,735 99,340
685 NEW AFRICA INVEST. 14,448,166 2,094
686 CFAO NIGERIA 14,440,460 663,640
687 MONTEAGLE 14,354,857 91,103
688 EUREKA INDUSTRIAL 14,312,429 135,997
689 SHELL COTE D'IVOIRE 14,276,242 73,246
690 LONDON FIN. & INVEST. 14,230,549 388,923
691 SALLIES 14,135,348 3,253,127
692 COMPTOIR FRANCAIS 14,034,708 14,759
693 ALBARKA AIRLINES PLC 14,022,989 5,892
694 LIBERTY MERCHANT BK. 13,990,804 140,025
695 CHOBE HOLDINGS LTD 13,973,542 257,823
696 SASINI TEA & COFFEE 13,966,310 2,522,212
697 BAT INVESTMENT CO. 13,890,638 337,968
698 ARAB TUNISIAN LEASE 13,881,144 1,747,967
699 ALEXANDRIA FLOUR MILLS 13,876,309 6,247,066
700 SITEX 13,746,331 164,771
701 CHERIFIENNE D'ENGRAIS 13,664,122 2,274,488
702 BERLIET 13,522,256 8,819,807
703 MAURITIUS OIL REF. 13,506,598 1,238,585
704 UNIVERSAL TRUST BANK 13,443,218 1,711,152
705 MISR TRAVEL & TOURISM 13,378,505 66
706 PG INDUSTRIES 13,316,928 1,724,943
707 SOC AFRICAINE REP INDU 13,278,080 21,356
708 PETRA MINING 13,261,153 3,931,605
709 COMP. INTER. LEASING 13,198,826 3,906,329
710 IND. AND ENGINEERING 13,181,457 10,818,210
711 MODERN SHOROUK 13,180,738 2,441,405
712 MENA TOURISM 13,070,687 4,236,061
713 SOC. IND. CHIM. FLUOR 13,021,276 510,323
714 KAKUZI 12,990,383 1,215,433
715 INCOLEASE 12,963,667 2,569
716 VITRAC 12,867,399 6,125
717 RDC PROPERTIES LTD 12,864,259 113,579
718 TRANS INTERNAT. BANK 12,665,321 691,039
719 PRESTIGE INSURANCE 12,657,121 780,523
720 GAMMA CIVIC LTD 12,646,104 378,049
721 AL AHLY DEV. & INVEST. 12,642,661 136,935
722 PLACEMENTS DE TUNISIE 12,641,232 603,589
723 GEORGE WILLIAMSON 12,629,307 821,191
724 CHEMICAL & ALLIED PROD. 12,615,577 564,641
725 FARITEC HOLDINGS 12,472,747 1,715,023
726 DARI COUSPATE 12,456,517 5,156,468
727 ABC HOLDINGS 12,453,168 777,273
728 JAPUAL OIL & MARINE 12,153,462 957,192
729 FARAGALLAH 12,099,423 6,893
730 POLICY LTD. 12,090,910 1,742,064
731 AFRICAN & OVERSEAS ENT. 11,947,579 647,990
732 MOHANDES INSURANCE 11,802,123 1,585,383
733 UCHUMI SUPERMARKET 11,744,505 12,028,557
734 SPESCOM 11,737,095 3,315,332
735 CHAMPION BREWERIES 11,724,138 2,172,088
736 EL GOUNA DISTILLATION 11,672,486 11,618
737 PALMCI 11,531,116 16,705
738 EL NASR CIVIL WORKS 11,497,908 98,045
739 SODECI 11,459,046 61,322
740 CROWN BERGER LTD 11,407,211 1,368,899
741 ENTERPRISE RISK MGMT. 11,281,373 6,655,371
742 EL WADI FOR EXPORT 11,166,039 18,510
743 ART 11,142,402 2,686,816
744 MON DESERT ALMA LTD 11,098,826 308,018
745 EL SHAMEDAN FOOD IND. 11,096,899 408,980
746 MECHANICAL LLOYD 11,006,246 113,697
747 IMR INVESTMENTS 10,883,037 866,821
748 MISR FERTILIZERS 10,796,557 7,766,967
749 CAIRO OILS AND SOAPS 10,682,062 22,965
750 MIGOP 10,669,098 34,525
751 CARTE 10,645,635 45,668
752 DAWN PROPERTIES 10,489,337 2,185,922
753 ETERNA OIL AND GAS 10,482,759 1,435,144
754 EGYPTIAN TRANSPORT 10,435,753 2,682
755 GENCOR 10,407,805 1,599,176
756 S. CAIRO & GIZA MILLS 10,396,861 2,740,015
757 MODERN WATERPROOF. CO 10,370,934 5,300,629
758 AL YAMAMA HOUSING 10,370,934 6,859
759 STANDARD ALLIANCE 10,363,218 444,122
760 GIZA TEXTILES 10,140,426 724
761 EVANS MEDICAL 10,132,754 1,195,858
762 PEYRISSAC 10,089,726 146,510
763 UNIWAX 10,086,573 730
764 TRUWORTHS 10,044,782 2,613,610
765 AVASA HOLDINGS 10,038,578 2,767,636
766 EL SAFWA CONST. & DEV. 9,982,024 14,459
767 LASHEEN PLASTIC 9,873,129 34,830
768 LASHEEN PLASTIC IND. 9,696,823 20,102
769 WANKIE COLLIERY 9,554,249 5,575
770 ENERGIZER EGYPT 9,549,514 8,513
771 EGYCAP INVESTMENT 9,528,296 194,229
772 FAISAL ISLAMIC BANK 9,504,588 131,586
773 DEV. AND ENG. CONSULT. 9,426,947 817,474
774 XANTIUM TECHNOLOGY 9,397,049 4,165,697
775 BOC GASES 9,288,276 236,604
776 DON GROUP, THE 9,255,160 1,358,885
777 AFRICAN GEM RESOURCES 9,181,378 6,083,080
778 CIRCLE CEMENT 9,167,451 1,820,099
779 JOHN DANIEL HOLDINGS 9,117,300 583,958
780 CAIRO SEAS CONSTRUCT. 9,074,567 448,964
781 PALM BEACH HOTELS 9,066,479 6,841
782 INDUSTRIAL GASES 9,046,911 900
783 SOTUMAG 9,046,221 1,543,542
784 BUILDMAX 9,000,066 1,796,274
785 MAY AND BAKER 8,920,226 1,026,909
786 CIC HOLDINGS 8,915,380 60,821
787 EL ALAMEYA FURNITURE 8,786,394 4,369,395
788 TURNALL HOLDINGS 8,777,004 2,414,385
789 HWANGE COLLIERY 8,758,061 40,618
790 WOOLTRU 8,677,112 7,804,994
791 CLEOPATRA AGROINDUS 8,642,445 18,723
792 ZIMBABWE FINANCIAL 8,629,406 4,126,528
793 KINGDOM FINANCIAL 8,582,254 991,471
794 MISR FINANCIAL INVEST. 8,556,135 1,449
795 PHARAOH CERAMICS 8,497,252 6,148,358
796 ACROW MISR 8,479,276 57,230
797 SABVEST 8,440,420 22,959
798 IB MAROC.COM 8,412,683 7,684,193
799 MURRAY & ROBERTS 8,407,517 1,340,204
800 SAVANNAH SUGAR EST. 8,331,859 121,846
801 MAURITIUS CHEM. & FERT. 8,288,132 4,864,226
802 KAPCHORUA TEA CO LTD 8,275,384 86,659
803 FAMILY COSMETICS 8,102,292 2,553,200
804 TANZANIA OXYGEN 8,088,194 10,393
805 D. N. MEYER 8,059,713 1,120,363
806 CAIRNS HOLDINGS 8,023,872 1,543,285
807 DIAMOND CORE 7,968,367 2,506,982
808 STAR 7,967,718 390,533
809 UNIC INSURANCE 7,921,532 1,358,245
810 UTC NIGERIA 7,904,594 195,328
811 UNIVERSAL BUTAGAS 7,778,200 2,800,420
812 GULF BANK 7,655,173 1,445,769
813 COVERTINA 7,500,856 405,626
814 SIMPAR 7,479,090 989,005
815 MOUNT SUGAR ESTATE 7,478,335 153,035
816 TASLIF 7,352,449 143,391
817 MAURITIUS STATIONARY 7,350,857 234,401
818 BELLE MARE HOLDINGS 7,342,180 100,422
819 ARAB CONTRACTORS INV. 7,280,396 3,027
820 TAWAKOL ELECTRICAL 7,273,093 2,025
821 ARAB MISR INSURANCE 7,259,654 24,074
822 STEQ 7,190,022 7,753,849
823 INFOWAVE HOLDINGS 7,118,920 331,019
824 CAR & GENERAL (K) LTD 7,038,872 59,918
825 NEW VISION PRINTING 7,004,449 44,434
826 ARAB ALUMINIUM 6,931,806 4,175
827 ALEX WHITE HOLDINGS 6,835,501 138,498
828 MUTUAL BENEFITS ASS. 6,763,934 222,368
829 ELF 6,757,701 942,392
830 BERGER PAINTS 6,712,578 763,798
831 LAW UNION AND ROCK 6,704,981 551,835
832 PRIMESERV GROUP 6,640,803 1,344,588
833 DIAMONEX 6,636,541 416,683
834 CLEOPATRA AGRIC. DEV. 6,611,470 1,965
835 SOCIETE REBAB 6,610,447 47,454
836 SIVOA 6,609,275 28,616
837 EL NOURAN DIV. TRADE. 6,526,774 1,961
838 CUTIX 6,478,426 191,598
839 WOOLTRU 6,427,255 4,685,439
840 MM GROUP 6,378,124 264,378
841 TA HOLDINGS 6,288,359 1,507,547
842 GENERAL LEASING 6,236,243 1,366,545
843 SUEZ SHIPPING 6,222,560 3,841
844 BANK OF AFRICA-NIGER 6,215,992 38,808
845 DELTA ACADEMY 6,196,917 615,032
846 EXPRESS (KENYA) LTD 6,101,053 2,497,812
847 GENERAL INVEST DEV. CO. 5,859,612 190,540
848 TSL 5,855,595 1,969,907
849 VAN LEER CONTAINERS 5,851,997 4,907
850 EGYPTIANS HOUSING 5,847,243 34,896
851 ARISTON HOLDINGS 5,803,072 3,772,321
852 SOC. AFRIC. CREDIT AUTO. 5,765,558 2,427,196
853 AL BADAR PACKING 5,736,034 5,001
854 EL ESLAMYAH PACKING 5,704,014 143
855 SCOA NIGERIA 5,682,820 39,069
856 ASTRA INDUSTRIES 5,657,282 753,155
857 SOTUVER 5,637,885 1,419,350
858 CAPS HOLDINGS 5,491,424 4,798,000
859 AMIGO REAL ESTATE INT. 5,358,316 854
860 TENTH OF RAMADAN 5,309,918 6,098
861 AMEN LEASE 5,304,475 202,707
862 C & I LEASING 5,241,379 416,148
863 MISR HOUSING 5,185,467 4,193,118
864 MISR CO. TRAILERS 5,185,467 3,019
865 MAGRABI OPTICAL 5,185,467 68,787
866 TENTH OF RAMADAN 5,185,467 856
867 INT. AGRICULTURAL 5,185,467 164,101
868 MULTI M GROUP 5,185,467 92,469
869 EL MASREYAH 5,172,503 1,494,170
870 TANZANIA TEA PACKERS 5,137,481 93
871 EGYPT POULTRY (EGYPCO) 5,135,859 3,331,982
872 MARSHALLS 5,125,777 349,736
873 GHANA BREWERIES 5,082,674 73,233
874 NIGERIA GERMAN CHEM. 5,015,326 300,395
875 ATELIERS MEC. SAHEL 4,922,593 4,854
876 JOS INTERNATIONAL 4,906,513 1,245,409
877 INTERFRESH 4,893,106 2,101,165
878 MARSHALLS (E.AFRICA) 4,843,834 130,694
879 EL MASRIA TEXTILES 4,840,184 4,172
880 ABCO UTD PLASTICS 4,805,906 4,454
881 BERNABE 4,773,882 55,429
882 ZAMALEK TOURISM 4,745,999 18,090
883 CRUSADER INSURANCE 4,668,825 334,358
884 ABSOLUTE HOLDINGS 4,649,548 1,724,349
885 AMEL HURGHADA 4,644,104 172
886 LABAT AFRICA 4,636,662 476,398
887 UGANDA CLAYS 4,557,935 182,497
888 HWANGE COLLIERY 4,529,423 86,514
889 DECILLION 4,481,333 669,912
890 MISR EXCHANGE 4,424,932 176
891 NATIONAL TYRE SERVICES 4,416,968 985,100
892 ALL JOY FOODS 4,407,813 417,065
893 PASDEC RESOURCES SA 4,397,124 275,064
894 JOHN HOLT 4,383,545 227,019
895 MORIBO LEISURE 4,339,473 1,072,546
896 BICC CAFCA 4,327,671 209
897 AUTOMATICS SYSTEMS 4,326,932 162,609
898 AFRICA SILOS & STORAGE 4,321,223 740,016
899 UNIGRAIN 4,321,223 51,284
900 AVON CROWNCAPS 4,280,301 32,350
901 EGAT 4,262,454 573
902 LIBERTY INVEST TRUST 4,261,364 140,316
903 GILBOA PROPERTIES 4,259,659 237,595
904 PAMODZI HOTEL PLC 4,249,292 n/a
905 FARMERS HOUSE 4,206,799 n/a
906 AFRICAN DAWN CAPITAL 4,205,868 1,037,797
907 NILE PROJECTS & TRADE 4,148,374 173,203
908 INT. EDUCATION SYS. 4,148,374 61,699
909 MONEY WEB HOLDINGS 4,140,673 1,121,411
910 STRATCORP 4,129,092 77,049
911 SITGOR 4,122,374 8,684
912 ENGINEERING IND. 4,096,623 883,315
913 BEGET HOLDINGS 4,073,698 624,336
914 UTD DEV. ENTERPRISES 4,070,488 1,801
915 TISEC 4,026,804 527,325
916 VONO PRODUCTS 4,022,989 930,954
917 WELLCO HEALTH 4,018,500 1,276,809
918 ARAB CONTRACTORS 3,992,810 1,404
919 TUNINVEST (SICAV) 3,961,849 337,574
920 NOZHA INT. HOSPITAL 3,939,918 12,942
921 MATHOMO GROUP 3,929,315 24,486
922 MRI MEDRESCUE 3,928,035 193,951
923 UNITED ARAB SHIPPING 3,902,385 1,118,300
924 INTERTRADING 3,849,962 487,471
925 MISR CAFE 3,845,888 14,794
926 GIZA FOR CONTRACTING 3,833,097 5,274,329
927 FILTISAC 3,806,918 1,540,502
928 Y3K GROUP 3,777,135 380,480
929 ZIMBABWE SUN 3,776,652 792,915
930 SOUHAG NAT. FOOD IND. 3,754,693 92
931 EGYPT SANITARY WARES 3,743,907 45,286
932 SUNBIRD TOURISM 3,736,894 50
933 STEELNET ZIMBABWE 3,700,424 440,749
934 INS. OUTSOURCING 3,665,988 121,236
935 EGYPTIAN ENGINEERS 3,629,827 368,751
936 POLYSERVE 3,500,190 680,242
937 EGYP. IT. SP. SANITARY 3,456,978 2,451,075
938 ALKAN PHARMA 3,456,978 461,491
939 SAKKARA TOURISM 3,456,978 3,212,157
940 LONGMAN NIGERIA 3,424,368 92,065
941 NMBZ HOLDINGS 3,424,294 1,713,177
942 CHEMCO HOLDINGS 3,403,146 75,863
943 NILE METALLURGICAL 3,402,963 6,695,909
944 RUBEX PLASTICS 3,381,040 1,725
945 FALCON INVESTMENTS 3,372,704 65,494
946 ARAB MEDICAL PACKING 3,327,341 476
947 NEW DELTA PLASTIC CO. 3,294,406 142
948 REX TRUEFORM CLOTH. 3,287,678 68,233
949 TAKI VITA 3,284,129 57,084
950 NOVA EDUCATION 3,234,491 66,767
951 ALLIANCE DATA 3,217,468 142,366
952 CITY TRUST LTD 3,204,651 843,091
953 NIGERIAN ROPES 3,193,047 1,622
954 GOLDEN TEXTILES 3,173,189 1,335,844
955 PHARMA DEKO 3,172,414 948,442
956 BON APPETIT RESTAUR. 3,150,361 30,984
957 NAMIBIAN HARVEST 3,149,606 34,788
958 ASEK COMPANY 3,145,850 31,994
959 KELGRAN 3,103,097 60,912
960 VENTER LEISURE 3,094,597 36,877
961 POWERSPEED ELEC. 3,074,860 299,886
962 CAIRO MEDICAL CENTER 3,049,055 597,293
963 MANSOURAH POULTRY 3,039,980 49,279
964 LOTUS CONTRACTING 3,033,498 202
965 NICOZ DIAMOND INS. 3,019,357 735,265
966 INCAR NIGERIA 3,009,195 166,712
967 ISMAILIA MISR POULTRY 2,994,607 88,940
968 BAICO INSURANCE 2,973,180 12,258
969 W B HOLDINGS 2,954,256 87,593
970 NICTUS BEPERK 2,939,363 8,798
971 GOLDEN TEX SPINNING 2,863,244 1,039,801
972 LIMURU TEA CO. LTD 2,859,890 386,776
973 EL ARABIA PROD. & REC. 2,810,782 5,595
974 INTERCONNECTIVE SOL. 2,793,092 30,058
975 BRYANT TECHNOLOGY 2,771,972 180,823
976 AFRICAN LIFE ASS. CO. 2,768,602 219,699,321
977 AIRCOOL AIR CONDITION. 2,765,582 8,561
978 KING CONSOLIDATED 2,761,385 360,562
979 INTER. BREWERIES 2,752,765 7,858
980 QUYN HOLDINGS 2,750,265 49,958
981 SOC. INV. COCO RAPPE 2,699,903 5,256,449
982 NAMPAK NIGERIA 2,690,400 33,448
983 SPANJAARD 2,687,116 26,403
984 FALCON GOLD 2,681,844 70,579
985 BEIGE HOLDINGS 2,659,763 1,395,861
986 EL HANDASSEYAH 2,649,774 65,709
987 SCHREDER EGYPT 2,606,384 1,892
988 ARABIAN FOOD IND. 2,592,734 1,499
989 ALAA REAL ESTATE DEV. 2,583,101 17,662
990 ZIMPLOW 2,564,544 480,843
991 ZIM. NEWSPAPERS (1980) 2,536,006 2,956,806
992 SADEC 2,532,719 55
993 CFAO GHANA 2,460,662 160,380
994 EGYPTIAN SPONGE 2,423,342 19,585
995 STELLA VISTA TECH. 2,419,976 123,598
996 EL RASHEEDY MEZAN 2,408,042 949
997 TRACTIVE POWER 2,407,164 760,274
998 CAIRO INV. & R. EST. DEV. 2,395,686 6,159
999 AQUILA GROWTH 2,391,790 15,713
1000 EL DELTA SWEETS 2,360,891 56,440
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