Weekly Market Report: 7th November - 11th November, …

1 Weekly Market report : 7th November - 11th November , 2016. Weekly Market HIGHLIGHTS. Market Highlights Economy Week Open Week Close Change TRADING HIGHLIGHTS FOR THE WEEK. INFLATION (%) CA. BOG POLICY RATE (%) Market . ISSUED YR WEEK WEEK. INTERBANK INTEREST RATE (%) STOCK CAP. YTD DIV EPS EARN. P/E. LISTED COMPANIES SHARES OPEN OPEN CLOSE P/BV. TICKER (GH CHANGE YIELD (GH ) YIELD RATIO. ( MIL) PRICE PRICE PRICE. MIL). Stock Market Week Open Week Close Change AGRO-PROCESSING. GCFM-ALL SHARE INDEX LEVEL 1, 1, Benso Oil Palm Plantation BOPP 10 GCFM-ALL SHARE INDEX YTD (%) Cocoa Processing Co. Ltd. CPC 2, -1 GCFM-INDEX DOLLAR EQUIVALENT Golden Web Ltd GWEB -1 AVERAGE GCFM-INDEX DOLLAR EQUIVALENT YTD (%) GSE-COMPOSITE INDEX LEVEL 1, 1, DISTRIBUTION & TRADING.

2 GSE-COMPOSITE INDEX LEVEL YTD (%) Mechanical Llyod Co. Ltd. MLC -4 GSE-FINANCIAL STOCKS INDEX 1, 1, Produce Buying Company Ltd. PBC -5 GSE-FINANCIAL STOCKS INDEX YTD (%) AVERAGE GSE-COMP. INDEX Market CAP.(GH Million) 51, 51, BANKING & FINANCE. GSE-COMP. INDEX Market CAP.(US$ Million) 13, 13, Cal Bank Ltd CAL 3 VOLUME TRADED 1,744,023 1,432,358 -311, Ecobank Ghana Ltd. EBG 1, 6 VALUE TRADED (GH ) 795, 428, -367, Ecobank Transnational Inc. ETI 21, 2, Enterprise Group Ltd. EGL 18 Ghana Commercial Bank Ltd. GCB 3 Market MOVERS HFC Bank (Ghana) Ltd. HFC 3 GAINERS Mega Africa Capital Ltd MAC 3. Standard Chartered Bank Gh. Ltd. SCB 1, 6 Equity Wk Open Wk Close Wk Change Wk Change % SIC Insurance Company Ltd.

3 SIC 5 Standard Chartered Bank Pref. Shares SCB PREF FML Societe Generale SOGEGH 3 Trust Bank Ltd. (The Gambia) TBL 54 Market MOVERS UT Bank Ltd UTB 1 AVERAGE 28% LOSERS. FOOD & BEVERAGES. Equity Wk Open Wk Close Wk Change Wk Change % Guinness Ghana Breweries Ltd. GGBL -13 Fan Milk Ltd. FML 1, 84 CAL ( ) AVERAGE -3% EGH ( ) ICT. EGL ( ) Clydestone (Ghana) Ltd. CLYD 14 Transaction Solutions (Ghana) Ltd. TRANSOL 4 nm GOIL ( ) AVERAGE 16% SCB ( ) MANUFACTURING. SOGEGH ( ) Aluworks Limited ALW -7 Pioneer Kitchenware Ltd. PKL -6 2010 2011 2012 2013 2014 2015 2016 PZ Cussons Ghana Ltd. PZ -22 Unilever Ghana Ltd. UNIL -31 GSE CI -10% GSE FSI MINING.

4 AngloGold Ashanti Ltd. AGA 14, -579 Fig1: YTD trends for the past six years as at April 11 every year. Some dates might not necessarily fall on AngloGold Ashanti Depository Shares AADS the 14th. In such cases, the nearest date applies Golden Star Resources Ltd. GSR 46 Tullow Oil Plc TLW 24, -107 AVERAGE 0% 14 PHARMACEUTICALS. Ayrton Drug Manufacturing Ltd. AYRTN 154 Starwin Products Ltd. SPL 5 AVERAGE 11% GSE CI GSE FSI. PRINTING & PUBLISHING. GSE FSI. African Champion Ltd ACI 0 Camelot Ghana Ltd. CMLT 12 Sam Woode Ltd. SWL 6 2010 2011 2012 2013 2014 2015 2016 AVERAGE -218% PETROLEUM. Ghana Oil Company Limited GOIL 10 Fig 2: Indicates the daily growth trend in FSI and CI from Jan 2016 Total Petroleum Ghana Ltd.

5 TOTAL 7 AVERAGE 12% EXCHANGE TRADED FUNDS. NewGold ETF GLD na AVERAGE CI YTD ECONOMY. ELI. STED COMPANIES. FSI YTD. Inflation falls to in October, the lowest in 2016. Inflation for the month of October 2016 has seen a sharp decline from the recorded in September to The rate decreased by from the in September 2016. The monthly change rate for October 2016 was while that for September 2016 was The consumer price index measures the change over time in the general price levels of goods and services that households require for the purpose of consumption. The year - on - year food inflation rate for October 2016 was GCFM-STOCK INDEX YTD RETURNS , compared with recorded in September 2016.

6 Meanwhile the year - on - year inflation rate in October 2016 for imported items ( ) was percent points higher than that of locally produced items ( ). According to the Ghana Statistical Service, elements of the non-food group inflation namely;. transport, housing, water, electricity, education and recreation among others accounted for the increase. The food and non- alcoholic beverages group recorded a year-on-year inflation rate of This represented a point lower than the rate recorded in September 2016. The non-food group on the other hand recorded a year-on-year inflation rate of in October 2016. Transport recorded the highest inflation rate of percent, followed by Education percent, recreation & culture with percent and House, Water, Electricity, Gas and other fuels with percent.

7 At the regional level, the year-on-year inflation rate ranged from percent in the Central region to percent in the Greater GH Index US$ Index Accra region. Two regions; Greater Accra and Ashanti recorded inflation rates above the national average of percent. Average Exchange rates MAR. Currency Market Week Open Week Close Change CURRENCY PERFORMANCE. GCS-CEDI INDEX LEVEL The Cedi lost marginally to the US Dollar and British Pound but gained to the Euro at week close. The local currency exchanged USDGHS GBPGHS at a mid-rate of GHS to the USD, GHS to the GBP and GHS to the EURO as at week close. GN Market EURGHS - Analysts posit that, the Cedi is poised to exhibit some stability on the forex Market in the short-term.

8 GHSXOF The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank Market now records a year-to-date depreciation of gaining at an average daily rate of percent for the week under review. Market NEWS. ADB allocates shares to big' investors, ahead of official IPO re-launch The Board of adb Bank has given its seal of approval for the bank to allocate majority of its shares to institutional investors' in a move that is expected to guarantee a successful re-launch of its IPO after the initial setback. Seven institutional investors have been allocated close to 98 per cent of adb shares ahead of the re-launch of the bank's Initial Public Offer (IPO) in mid- November and this tweak to the share offer is anticipated to help stabilize the bank's stock once trading begins.

9 According to the memo signed by the board Fig 4: The level of the GC-Cedi Index from Jan 2, 2015 to September 4, 2015. The GC CEDI INDEX is secretary of adb bank, James K. Agbedor, retail investors will be offered only two percent of the shares, which could be seen as calculated as a geometric weighted average of changes in the four currency rates against the cedi at the Inter- an attempt to deny the entire investor community access to adb shares. This comes after adb earlier this year failed to complete its bank Market , relative to a base of 100, set on 26th July 2007, when the Bank of Ghana redenominated the national currency. The GC-Cedi Index is an inverted index which means a positive YTD change indicates earlier IPO process because the bank could not raise the minimum amount of GHC400 million as the bank's board rejected all depreciation whiles a negative YTD change signifies an appreciation by the cedi.

10 Offers made at the price of GHC2 per share, instead of contained in the prospectus. When successful this time, adb will become the second bank after Access Bank Ghana to trade its shares on the Ghana Stock Exchange this year. Information available indicates that the board of adb in a meeting on October 25, 2016 on the IPO agreed on a new structure Prev. Wk which will see the government cede 20 percent of the company's shares to an American-based financial firm, Belstar Capital Currency Buying Selling Midrate Midrate Change YTD. Limited, while the government retains majority stake of some percent of the bank's shares. The board said the new structure USDGHS is in line with conditions for government's approval of the listing on the Ghana Stock Exchange.