Databank Weekly Market Review 9 February 2018

DATABANK RESEARCH

WEEKLY MARKET REVIEW 9 February 2018

ANALYST CERTIFICATE & REQUIRED DISCLOSURE BEGINS ON PAGE 4 GSE MARKET STATISTICS SUMMARY Current Previous % Change GSE-CI Deepens YTD Gains to 25.93%: Databank Stock Index 40,876.90 39,649.60 3.10% GSE-CI Level 3,248.57 3,147.19 3.22% The equities market indices closed the trading week on a higher level w/w, supported by price gains in 13 counters. Market Cap (GH¢ m) 64,617.77 63,166.71 2.30% The Ghana Stock Exchange’s Composite Index (GSE-CI) increased w/w by 101.38 points to ~2,351 points while the YTD Return DSI 24.31% 20.58% Databank Stock Index (DSI) soared w/w by 1,227.30 points w/w to ~40,877 points. Year-to-date, the GSE-CI and YTD Return GSE-CI 25.93% 22.00% the DSI have recorded gains of 25.93% and 24.31% respectively. Weekly Volume Traded (Shares) 1,864,703 1,415,252 31.76% Standard Chartered Bank, the best performer for the week, surged by GH¢1.88 to GH¢33.50/share while Unilever Weekly Turnover (GH¢) 6,247,953 4,090,105 52.76% Ghana followed closely advancing by GH¢1.67 to GH¢16.00/share. Access Bank gained 35Gp to GH¢3.85/share

Avg. Daily Volume Traded while SIC Insurance increased by 17Gp to 40Gp/share. The share price of Ghana Oil Company appreciated by 16Gp 322,544 312,116 3.34% (Shares) to 3.85/share. Ecobank Ghana rose by 14Gp to GH¢11.90 while Benso Oil Palm Plantation moved up by 10Gp to Avg. Daily Value Traded (GH¢) 1,517,983 1,573,898 -3.55% GH¢6.75/share. CAL Bank went up by 8Gp to GH¢1.20/share while Societe Generale gained 6Gp to GH¢1.40/share. No. of Counters Traded 24 24 Banking sector heavyweight, Ecobank Transnational edged up by 4Gp to 23Gp. Enterprise Group and Mechanical No. of Gainers 13 10 Lloyd inched up by 2Gp each to GH¢4.50/share and 7Gp/share respectively. Guinness Ghana Breweries crept up No. of Laggards 4 8 by 1Gp to GH¢2.30/share.

On the other hand, GCB Bank led the laggards chart, shaving 30Gp off its price to GH¢7.10/share. Total Petroleum KEY ECONOMIC INDICATORS lost 5Gp to GH¢5.09/share while Aluworks and HFC Bank shed 1Gp each to 15Gp and GH¢1.34/share respectively. Fixed Income Market Current Previous Change In total, 1.86 million shares valued at GH¢6.25 million exchanged hands on the bourse this week. CAL Bank and 91-Day Treasury Bill 13.32% 13.35% -3bps Ghana Oil Company emerged the most actively traded counters, accounting for ~56% of the total volumes traded. 182-Day Treasury Bill 13.89% 13.91% -2bps

1 Year T/Note 15.00% 15.00% No Change Next week’s market outlook Weekly Global Commodity Prices - As at 09-Feb-18 We project lively trading activity on the Ghana Stock Exchange as investors take position in response to the release Cocoa ($/mt) 2,060.00 2,017.00 2.13% of the financials of listed companies. Ecobank Transnational is tipped to spearhead volumes traded for the week. Brent Crude Oil ($/bl) 64.29 69.86 -7.97% We expect an upward movement in the prices of Enterprise Group, Ecobank Transnational and Societe Generale Gold ($/oz) 1,317.30 1,351.90 -2.56% to be driven by increased demand for the shares in the market. Weekly Interbank Exchange Rate - As at 09-Feb-18 Fan Milk and Total Petroleum Ghana are on the contrary, projected to shed some pesewas due to their supply USD/GHS 4.4186 4.4236 0.11% exceeding demand. GBP/GHS 6.1034 6.2527 2.45%

EUR/GHS 5.4154 5.4971 1.51% The Ghana Stock Exchange’s Composite Index, the Financial Stocks Index and the Databank Stock Index are all thus,

Monthly Consumer Inflation (y/y) projected to end the week on a higher level, largely on the back of the forecast price gains in Ecobank Transnational. Headline (Dec-17) 11.80% 11.70% +10bps Food Inflation 8.00% 7.90% +10bps Non-Food Inflation 13.60% 13.60% No Change

Gainers & Laggards Top Gainers Worst Laggards Price Gains Change Price Loss Change Counters Counters (GH¢) (GH¢) (%) (GH¢) (GH¢) (%) Standard Chartered Bank 33.50 1.88 5.95% GCB Bank Ltd. 7.10 -0.30 -4.05% Unilever Ghana Ltd. 16.00 1.67 11.65% Total Petroleum Ghana Ltd. 5.09 -0.05 -0.97% Access Bank Ghana PLC 3.85 0.35 10.00% Aluworks Limited 0.15 -0.01 -6.25%

Price Price Top Traders by Value Value Traded (GH¢) Top Traders by Volume Volume Traded (GH¢) (GH¢) Standard Chartered Bank 33.50 1,887,385.92 CAL Bank Ltd 1.20 670,849 Ghana Oil Co. Ltd. 3.85 1,425,827.86 Ghana Oil Co. Ltd. 3.85 372,182 CAL Bank Ltd 1.20 804,616.95 SIC Insurance Co. Ltd. 0.40 202,019 Enterprise Group Ltd. 4.50 608,429.00 Enterprise Group Ltd. 4.50 135,188 Ecobank Ghana Ltd 11.90 557,969.48 Ecobank Transnsational Inc. 0.23 84,482 Sources: Databank Research, Ghana Stock Exchange, Bank of Ghana, Ghana Statistical Service, Bloomberg

Databank | 61 Barnes Road Adabraka | PMB MPO Accra Ghana | T: +233 (0) 302 610610 | F: +233 (0) 302 681443 | [email protected] Ghana Return Analysis Sheet: 09.02.18 Price (GHS) Day-on-Day YTD Market Statistics Key Financial Ratios Capitalisation Capitalisation Listed Equity Ticker High Low Year Open Day Open Day Close Chg. Chg. Volume Turnover (GHS) Bids Outstanding Offers Outstanding P/E (x) P/BVS (x) Div. Yield (%) ROE (%) (GHS 'm) (USD 'm)

Banking Industry (Participants, Averages) 15.95 2.53 4.38 15.86 18,341.77 4,149.63 4.10 3.40 Access Bank Ghana PLC ACCESS 4.05 3.85 3.85 0.00% -4.94% 0 0 12.97 0.97 0.00 7.52 454.66 102.86 5.95 3.83 Agricultural Development Bank ADB 5.84 5.95 5.95 0.00% 1.88% 0 0 500 nm 2.73 0.00 -4.46 1,373.97 310.85 1.20 0.49 Cal Bank CAL 1.08 1.20 1.20 0.00% 11.11% 145,700 174,840 290,600 19.98 1.07 8.08 5.38 657.91 148.85 12.00 6.80 Ecobank Ghana Limited EGH 7.60 11.90 11.90 0.00% 56.58% 100 1,190 1,300 15.32 3.84 6.89 25.09 3,489.42 789.44 0.23 0.11 Ecobank Transnational Incorporated *ETI 0.16 0.22 0.23 4.55% 43.75% 35,800 8,234 16,400 100 nm 0.77 1.72 -11.23 5,535.58 1,252.37 7.50 3.88 GCB Bank GCB 5.05 7.15 7.10 -0.70% 40.59% 1,272 9,030 1,000 11.56 1.72 5.35 14.88 1,881.50 425.67 1.39 0.48 HFC Bank HFC 1.39 1.34 1.34 0.00% -3.60% 0 0 55,400 nm 2.50 4.48 -1.73 398.54 90.17 33.66 13.27 Standard Chartered Bank SCB 25.25 33.83 33.50 -0.98% 32.67% 7,610 254,935 1,000 10 14.34 4.48 3.34 31.24 3,869.49 875.43 1.40 0.70 Société Générale Ghana Limited SOGEGH 0.82 1.38 1.40 1.45% 70.73% 20,700 28,980 87,600 6.78 1.55 2.36 22.84 600.68 135.90 0.40 0.23 Trust Bank Ltd (The Gambia) TBL 0.35 0.40 0.40 0.00% 14.29% 1,700 680 1,500 7.26 1.20 6.97 16.54 80.00 18.10

Brewery Industry (Participants, Averages) nm 2.66 1.04 -2.65 707.47 160.06 2.30 1.40 Guinness Ghana Breweries GGBL 2.06 2.30 2.30 0.00% 11.65% 0 0 700 nm 2.66 1.04 -2.65 707.47 160.06

Consumer Goods Industry (Participants, Averages) 21.88 7.17 0.38 32.76 1,033.97 233.92 0.20 0.20 PZ Cussons PZC 0.20 0.20 0.20 0.00% 0.00% 455 91 nm 1.28 2.30 -16.36 33.60 7.60 0.01 0.01 African Champion Industries ACI 0.01 0.01 0.01 0.00% 0.00% 0 0 nm nm 0.00 nm 0.37 0.08 16.00 8.76 Unilever Ghana UNIL 12.84 16.00 16.00 0.00% 24.61% 730 11,680 13,100 19.32 8.42 0.31 43.60 1,000.00 226.24

Distribution & Trading Industry (Participants, Averages) 33.13 3.16 1.10 9.55 2,105.62 476.37 0.15 0.05 Mechanical Lloyd MLC 0.06 0.07 0.07 0.00% 16.67% 0 0 250,000 20,000 nm 0.09 14.29 -12.77 3.51 0.79 5.15 2.18 Total Petroleum Gh. Ltd TOTAL 3.53 5.10 5.09 -0.20% 44.19% 200 1,018 1,700 17.39 3.52 2.26 20.26 569.44 128.83 3.83 1.09 Ghana Oil Company Ltd GOIL 2.69 3.85 3.85 0.00% 43.12% 9,000 34,650 3,300 23.05 4.02 0.65 17.45 1,508.67 341.32 0.07 0.04 Produce Buying Company PBC 0.06 0.05 0.05 0.00% -16.67% 0 0 20,000 194,600 nm 0.26 0.00 -32.63 24.00 5.43

Food Industry (Participants, Averages) 40.76 8.66 0.63 21.25 1,917.42 433.80 20.00 11.08 Fan Milk FML 17.70 16.50 16.50 0.00% -6.78% 140 2,310 3,800 40.76 8.66 0.63 21.25 1,917.42 433.80

Manufacturing Industry (Participants, Averages) nm 0.88 0.40 -15.27 79.77 18.05 0.17 0.14 Aluworks ALW 0.16 0.15 0.15 0.00% -6.25% 0 0 25,000 nm 0.59 0.00 -30.23 35.50 8.03 13.40 0.11 Camelot Ghana CMLT 0.11 0.11 0.11 0.00% 0.00% 0 0 20,000 2.61 0.29 7.73 10.98 0.75 0.17 0.03 0.02 Cocoa Processing Company CPC 0.02 0.02 0.02 0.00% 0.00% 0 0 nm nm 0.00 nm 40.76 9.22 0.05 0.05 Pioneer Kitchenware Limited PKL 0.05 0.05 0.05 0.00% 0.00% 0 0 0.18 0.06 0.00 32.97 1.67 0.38 0.05 0.04 Sam Woode Limited SWL 0.05 0.05 0.05 0.00% 0.00% 0 0 20.21 0.74 24.00 3.67 1.09 0.25

Mining Industry (Participants, Averages) nm 1.38 1.18 -1.71 31,288.80 7,078.75 37.00 37.00 AngloGold Ashanti AGA 37.00 37.00 37.00 0.00% 0.00% 0 0 4.36 1.60 2.19 36.63 15,083.62 3,412.51 0.52 0.45 AngloGold Ashanti Ghanaian Depository Shares AADs 0.48 0.48 0.48 0.00% 0.00% 0 0 3,100 5.89 0.11 1.69 1.85 195.95 44.33 1.95 1.90 Golden Star Resources GSR 1.90 1.90 1.90 0.00% 0.00% 0 0 nm nm 0.00 nm 409.45 92.63 24.83 17.15 Tullow Oil PLC TLW 17.20 17.20 17.20 0.00% 0.00% 0 0 320 nm 1.36 0.23 -32.11 15,599.78 3,529.28

Insurance Industry (Participants, Averages) 9.35 1.56 6.00 16.63 677.21 153.21 5.60 2.38 Enterprise Group Limited EGL 3.70 4.50 4.50 0.00% 21.62% 52,300 235,352 47,900 8.81 1.76 6.21 19.93 598.95 135.51 0.35 0.09 SIC Insurance Company SIC 0.09 0.40 0.40 0.00% 344.44% 79,700 31,905 46,000 17.69 0.83 4.43 4.69 78.26 17.71

ICT Industry (Participants, Averages) nm nm 0.00 nm 3.42 0.77 0.03 0.03 Clydestone CLYD 0.03 0.03 0.03 0.00% 0.00% 0 0 nm nm 0.00 nm 1.02 0.23 0.03 0.03 Transactions Solutions Ltd TRANSOL 0.03 0.03 0.03 0.00% 0.00% 0 0 nm nm 0.00 nm 2.40 0.54

Agro-Processing Industry (Participants, Averages) 19.46 3.70 1.71 19.02 235.25 53.22 6.75 2.14 Benso Oil Palm Plantation BOPP 6.12 6.74 6.75 0.15% 10.29% 804 5,426 700 200 18.69 3.54 1.71 18.96 234.90 53.14 0.01 0.01 Golden Web Limited GWEB 0.01 0.01 0.01 0.00% 0.00% 0 0 nm nm 0.00 nm 0.35 0.08

Pharmaceuticals Industry (Participants, Averages) 5.32 0.88 0.97 16.62 26.70 6.04 0.10 0.10 Ayrton Drug Manufacturing AYRTN 0.10 0.10 0.10 0.00% 0.00% 0 0 17.97 1.16 0.00 6.45 21.50 4.86 0.05 0.02 Starwin Products SPL 0.03 0.02 0.02 0.00% -33.33% 0 0 5,000 1.36 0.45 5.00 32.82 5.20 1.18

6.00 5.98 Mega African Capital Limited MAC 5.98 5.98 5.98 0.00% 0.00% 0 0 14.58 1.00 1.00 6.85 58.06 13.13

356,211 800,321 Market with Mining nm 1.53 1.98 -0.43 56,475.45 12,776.96 Market without Mining nm 1.77 2.97 1.61 25,186.65 5,698.21 Market without ETI 79.02 1.72 2.01 1.27 50,939.87 11,524.60 Market without Mining nor ETI 19.03 2.79 3.33 5.26 19,651.07 4,445.84 Preference Shares Standard Chartered Bank Preference Shares SCB-P 1.20 1.19 1.19 0.00% -0.83% 0 0.00 2,500 700 0.20 0.03 4.77 16.44 20.80 4.71 Ghana Alternative Market (GAX) Samba Foods SAMBA 0.65 0.65 0.65 0.00% 0.00% 0 0 nm 1.13 0.00 -11.56 3.88 0.88 Meridian Marshalls Holding Company MMH 0.11 0.11 0.11 0.00% 0.00% 0 0 nm 2.51 0.00 -4.13 10.57 2.39 Hords Ltd HORDS 0.10 0.10 0.10 0.00% 0.00% 0 0 19,500 nm 3.50 0.00 1.67 11.49 2.60 Intravenous Infusion Limited IIL 0.09 0.09 0.09 0.00% 0.00% 0 0 78,200 30.44 2.83 0.00 9.31 20.40 4.61

Disclaimer: The Information has been compiled from sources we believe to be reliable but do not hold ourselves responsible for its completeness or accuracy. Databank Research

Dividend Announcement Upcoming Events Dividend Ex-Dividend Qualifying Payment Ticker per Share Ticker Event Venue Date/Time Date Date Date (GHS) Osu Ebenezer SCB Pref. Presbyterian 21.02.2018 0.0442 21/02/18 23/02/18 30/03/18 AYRTN AGM Shares Church Hall, Osu- 10:00 am Accra

AFRICA: DAILY MARKET PERFORMANCE YTD YTD YTD Policy Exchange Index Year Current (USD) Inflation Change Country Return Rate Rate/US Name Open Level Return Rate% Exchang % % D % e Rate % 3.20% Botswana BSE-DCI 8,860.13 8,719.68 -1.59% 0.06% 5.00 9.69 1.88% (Dec-2017) Cote 1.10% BRVM CI 243.06 230.69 -5.09% N/A 4.50 534.25 2.76% d’Ivoire (Dec-2017) 17.10% Egypt EGX 30 15,019.14 14,921.29 -0.65% -0.15% 18.75 17.66 0.68% (Jan-2018) 11.80% Ghana GSE-CI 2,579.72 3,248.57 25.93% 27.67% 20.00 4.42 -0.07% (Dec-2017) 4.83% Kenya NSE ASI 171.20 179.96 5.12% 7.60% 10.00 100.80 2.42% (Jan-2018) 7.10% Malawi MASI 21,598.07 22,514.84 4.24% N/A 16.00 725.48 0.01% (Dec-2017) 6.20% Mauritius SEMDEX 2,202.14 2,255.80 2.44% 4.59% 3.50 32.89 2.25% (Jan-2018) 1.90% Morocco MASI 12,388.82 13,096.31 5.71% 6.65% 2.25 9.25 0.63% (Dec-2017) 5.20% Namibia NSX 01 1,299.67 1,325.24 1.97% 4.87% 6.75 12.12 2.21% (Dec-2017) 15.37% Nigeria NGSE ASI 38,243.19 43,127.92 12.77% 12.71% 14.00 305.35 0.05% (Dec-2017) 4.70% South Africa JSE ASI 59,504.67 55,902.62 -6.05% -3.36% 6.75 12.08 1.74% (Dec-2017) 4.00% Tanzania DSE ASI 2,396.23 2,336.14 -2.51% -3.08% 12.00 2241.08 -0.49% (Jan-2018) 6.90% Tunisia TUNINDEX 6,281.83 6,515.87 3.73% 5.49% 5.00 2.43 2.36% (Jan-2018) 3.00% Uganda USE ASI 2,001.01 2,078.04 3.85% N/A 9.50 3635.13 0.06% (Jan-2018) 6.20% Zambia LUSE ASI 5,327.57 5,590.03 4.93% 8.67% 10.25 9752.80 2.46% (Jan-2018)

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Alex Boahen Head Office: [email protected] 61 Barnes Road Adabraka, 0302-610610 Ext 1601 PMB MPO, Accra, Ghana Tel : (+233 -302) 61 0610 Afua Dankwa Mensa-Bonsu Fax : +233 (0) 30 268 1443 [email protected] Email: [email protected] 0302-610610 Ext 1602 Kumasi Office: Lawrencia Ama Asante Databank Brokerage Ltd, [email protected] Retail Services Division 0302-610610 Ext 1601 House of Excellence- Adum PMB Central Post Office- Adum Kumasi Jesse Opoku-Asiedu Tel: (+233-3220) 81483, 80077 [email protected] Email: [email protected] 0302-610610 Ext 1601 Tema Office: Michael Asafo-Boakye Jnr. Meridian Plaza, Room 201 & 202, [email protected] 2nd Floor, Community 1, Tema 0302-610610 Ext 1604 Tel: (+233- 303) 213240, 210050 Fax: (233-303) 203438 Courage Kingsley Martey Email: [email protected] [email protected] 0302-610610 Ext 1605 Takoradi Office: SSNIT Office Complex, Courage Kwesi Boti 1 Floor, Room 208 Tel: (+233- 3120) 23628,25465 [email protected] Fax: (233-3120) 21653, 25075 0302-610610 Ext 1603 Email: [email protected]

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