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Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana WEEKLY MARKET WATCH SIC-FSL INVESTMENT+ RESEARCH| MARKET REVIEWS|GHANA 9th October, 2014 SIC FINANCIAL SERVICES LIMITED|ADVISORY|FUND MANAGEMENT|STOCK BROKERAGE|INVESTMENT RESEARCH STOCK MARKET MARKET ACTIVITIES SHORE UP Ren ewed investors confidence in capital market investment, INDICATORS WEEK OPEN WEEK END CHANGE shore up performance on the Ghana Stock Exchange (GSE) Market Capitalization (GH¢ last week. Stocks of Aluworks Limited (ALW), PBC Limited 'million) 63,840.80 64,027.40 0.29% (PBC) and SIC Insurance Company Limited (SIC) were the most Market Capitalization (US$' million) 19,965.85 20,024.21 0.29% sought for within the week. Volume traded (shares) 1,933,674.00 5,818,767.00 200.92% Activities in the above stocks saw key market indices rallied across board, as the broader market (GSE Composite Index), Value Traded (GH¢) 3,842,401.95 7,177,990.01 86.81% GSE Financial Services (GSE-CI) and SIC-FSL Top 15 Index Value Traded (US$) 1,201,689.43 2,244,875.69 86.81% (SIC-FSL T-15) posted better returns than the week before. Table 1: Market Summary The returns on the GSE-CI was 15.53% better than the previous 3.09% on the market, hence the yield on the INDEX ANALYSIS broader market was 3.57% last Thursday. Similarly, the yields on the financial stocks (GSE FSI) and the SIC-FSL Top INDICATORS Closing Week YTD Level Change CHANGE 15 index also appreciated 3.21% and 9.91% to see both yields settled at 18.96% and 13.64% respectively. GSE Composite Index 2,221.73 0.46% 3.57% The cumulative value of the Ghanaian market also rose to SIC-FSL Top 15 Index 3,926.96 1.09% 13.64% GH¢64.03 billion from GH¢63.84 billion the week before. GSE Financial Stocks Index 2,125.33 0.49% 18.96% Table 2: Key Stock Market Indices LIQUIDITY A total of 5.82 million shares exchanged hands last week, which was 30.00% 200.92% better than the previous week’s figure of 1.93 million shares. 25.00% Value traded also increased by 86.81% compared to the previous 20.00% week’s figure of GH¢ 3.84 million and this was due to activities in 15.00% higher priced equities. 10.00% Principally, activities were centered on the financial stocks, contributing 5.00% 81.22% and 81.70% in both aggregate volume and value of shares 0.00% traded respectively. 7-Jul-14 2-Jan-14 7-Oct-14 2-Apr-14 9-Sep-14 1-Aug-14 18-Jul-14 CAL Limited (CAL) was the best active stock in the period, accounting 7-Mar-14 15-Jan-14 28-Jan-14 10-Jun-14 23-Jun-14 10-Feb-14 21-Feb-14 15-Apr-14 30-Apr-14 23-Sep-14 14-Aug-14 27-Aug-14 20-Mar-14 28-May-14 for 48.28% and 36.79% of both total shares and value that traded 14-May-14 last week respectively. GSE YTD Change GSE-FSI YTD SIC-FSL 15 YTD Change Fig 1: Year-to-date returns MARKET MOVERS Aluworks hits GH¢0.04 Aluworks Limited (ALW), the best performed stock last week, rose by STOCK Wk Open Wk End Change % TICKER change 33.33% from a week opened price of GH¢0.03 per share. The rise, according some analyst might be investment interplay by participants, ALW 0.03 0.04 0.01 33.33% maybe to tease up interest in the company’s shares on the bourse. BOPP 3.72 3.75 0.03 0.81% Though, Aluworks has not been relatively impressive on the market this CAL 0.92 0.95 0.03 3.26% year due to its negative returns to shareholders investors, the stock still appeared attractive to market participants they as they remained ETI 0.29 0.30 0.01 3.45% strongly attached to the company. This was evident in its share price appreciation on the local bourse. The stock closed as the biggest gainer PBC 0.11 0.13 0.02 18.18% over the week. PZC 0.39 0.40 0.01 2.56% PBC returns to GH¢0.13 SCB 18.25 18.27 0.02 0.11% Increased appetite for the shares of PBC Limited on the exchange last SIC 0.40 0.43 0.03 7.50% week supported its 18.18% rise in the company’s market value. PBC closed last Thursday’s trading at GH¢0.13 per share, up from the SCB PREF 0.55 0.58 0.03 5.45% GH¢0.11 the week before. Table 3: Gainers for the week Investors still believe in the company’s ability to return to profitability, regardless of increased losses in its third quarter result. PBC posted a marginal increase of 2% in revenue to settle at GH¢1.02 billion in Q3’14, however the company increased its losses by 89.0% in the STOCK Wk Open Wk End Change % Q3’14. This could not deter investors from the company, as they bid up TICKER change PBC’s value last week. SOGEGH 0.90 0.85 -0.05 -5.56% The company posted a loss of GH¢4.20 million, higher than GH¢2.22 UTB 0.27 0.26 -0.01 -3.70% million record for the same period last year. Table 4: Laggards for the week CORPORATE NEWS GOLDEN STAR RESOURCES (GSR) SECURES MEDIUM TERM LOAN FACILITY: Golden Star Resources has announced that its subsidiary Golden Star (Wassa) Limited has signed a letter of commitment with Ecobank Ghana Limited for a facility of US$25 million. The terms EGL, 1.85% PZC, 12.93% include a specific security over plant, machinery and equipment at CAL, 48.28% Wassa. GOLDEN STAR RESOURCES ANNOUNCES CFO’s RESIGNATION: GGBL, 3.88% GSR has announced that Jeff Swinoga, Executive Vice President and Chief Financial Officer has resigned from the company. The Board of Directors has appointed Andre van Niekerk, Vice President and Controller as the Company’s new Executive Vice President and Chief Financial Officer. ANGLOGOLD ASHANTI LIMITED (AGA) DELISTS FROM LONDON UTB, 1.89% STOCK EXCHANGE (LSE): AGA has confirmed the cancellation of its Others, 31.16% ordinary shares and depository interests on the London Stock Exchange (LSE) with effect from September 22, 2014. Fig 2: Top 5 most liquid equities with respect to volume traded The securities ceased to be admitted to trading on the main market of the London Stock Exchange plc. Stock Ticker Year Opening Closing Price @ YTD Gain/Loss (%) Price(GH¢) 9/10/2014 (GH¢) African Champion Industries Ltd. ACI 0.06 0.03 -50.00% AngloGold Ashanti Ltd. AGA 37.00 37.00 0.00% Aluworks Limited ALW 0.05 0.04 -20.00% Ayrton Drug Manufacturing Ltd. AYRTN 0.17 0.17 0.00% Benso Oil Palm Plantation BOPP 3.21 3.75 16.82% Cal Bank Ltd CAL 0.97 0.95 -2.06% Clydestone (Ghana) Ltd. CLYD 0.04 0.03 -25.00% Camelot Ghana Ltd. CMLT 0.16 0.12 -25.00% Cocoa Processing Co. Ltd. CPC 0.02 0.02 0.00% Ecobank Ghana Ltd. EBG 5.61 7.12 26.92% Enterprise Group Limited EGL 1.88 1.65 -12.23% Ecobank Transnational Inc. ETI 0.19 0.30 57.89% Fan Milk Ltd. FML 6.62 4.90 -25.98% Ghana Commercial Bank Ltd. GCB 4.85 5.11 5.36% Guinness Ghana Breweries Ltd. GGBL 6.20 3.12 -49.68% Ghana Oil Company Limited GOIL 0.89 0.99 11.24% Golden Star Resources Ltd. GSR 2.75 2.34 -14.91% Golden Web Ltd. GWEB 0.04 0.03 -25.00% HFC Bank (Ghana) Ltd. HFC 0.96 1.35 40.63% Mega Africa Capital Ltd MAC 3.10 3.59 15.81% Mechanical Lloyd Co. Ltd. MLC 0.38 0.26 -31.58% Pioneer Kitchenware Ltd. PKL 0.06 0.06 0.00% Produce Buying Company Ltd. PBC 0.17 0.13 -23.53% PZ Cussons Ghana Ltd. PZ 0.79 0.40 -49.37% Standard Chartered Bank (GH) Ltd.* SCB 14.94 18.27 22.29% SIC Insurance Company Ltd. SIC 0.39 0.43 10.26% Starwin Products Ltd. SPL 0.04 0.03 -25.00% Societe Generale Ghana Limited SOGEGH 0.75 0.85 13.33% Sam Woode Ltd. SWL 0.03 0.04 33.33% Trust Bank Ltd. (The Gambia) TBL 0.35 0.31 -11.43% Total Petroleum Ghana Ltd. TOTAL 5.06 6.10 20.55% Transaction Solutions (Ghana) Ltd. TRANSOL 0.03 0.03 0.00% Tullow Oil Plc TLW 34.98 36.00 2.92% Unilever Ghana Ltd. UNIL 18.31 15.74 -14.04% UT Bank UTB 0.45 0.26 -42.22% AngloGold Ashanti Depository Shares AADS 0.52 0.52 0.00% Standard Chartered Bank Preference shares SCB PREF 0.52 0.58 11.54% NewGold Exchange Traded Fund GLD 26.13 22.40 -14.27% Table 5: Performance of listed equities from year open CEDI LOSES MARGINALLY CURRENCY MARKET The Cedi was unable to maintain grounds last Thursday after sustaining a positive stance for two consecutive weeks. This follows EXCHANGE RATES BUYING SELLING YTD a poor forecast on Ghana’s outlook by the International Monetary CHANGE Fund (IMF). USDGHS 3.1962 3.1988 47.93%▼ The IMF has forecasted an end of year inflation rate of 18.5% and GBPGHS 5.1331 5.1386 43.76%▼ a 4.5% growth rate for Ghana, far different from the Government’s target of 13% and 7.1% respectively.
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