Quarterly Financial Markets Report

Second Quarter 2016

Global Economic Highlights Highlighted by UK’s vote to leave the EU, weak demand, high unemployment levels, financial frailties and geopolitical risks, the global economic environment continued to be plagued by weakened growth prospects in the last three months.

The late June U.K. referendum to leave the European Union sent shock waves across the globe, leaving global financial markets in turmoil. The equity markets fell sharply and the British Pound plunged 8.4% and 12.5% against the U.S. Dollar and Japanese Yen, respectively. The value of the British Pound against the US Dollar was at its lowest in the past 31 years. Reassurance on support from the central bank saw the economy enjoying some reprieve as the financial markets rebounded partially in fragments. With manufacturing growth stalling over the past year and construction figures weakening markedly in June, U.K. growth continued to be driven primarily by the services sector. The rate of Consumer Price Inflation (CPI) remained low at around 0.3% partly due to relatively subdued global demand growth. Both Standard & Poor’s, and Fitch on the back of the foregoing downgraded U.K’s credit ratings.

With a lift from the European Central Bank’s stimulus cut, low energy prices and a rebound in consumer spending, figures from the 19-nation bloc were impressive before the Brexit, with GDP rising by 0.6% in Q1 2016 despite a backdrop of the global market turmoil at the start of the year. However, questions about the EU’s stability and the potential for an economic downturn after Britain’s surprise exit from the EU dominated the centre stage in the Eurozone at the end of the second quarter.

The U.S. economy saw a modest improvement in the second quarter after the Q1 2016 lacklustre growth of 1.1%. The Purchasing Managers Index (PMI came in at 51.3, housing activity increased to 1,189,000 and retail sales showed a better growth of 0.6%, respectively. However, a string of disappointing reports on employment which grew by less than 200,000 for three consecutive months resulted in the U.S. Federal Reserve (Fed) failing to raise interest rates in June as anticipated.

The negative interest rate adopted by the Bank of Japan (BoJ) early in the year seems to be working in their favour as the Yen continued to strengthen. Reports also identified an expansion in economic growth during Q1 2016; Gross Domestic Product (GDP) grew at an annualized pace of 1.7%, up from the -1.8% annualized rate in Q4 2015. It was not all rosy for Japan as the 2.0% inflation target remained elusive.

China’s economy continues to face daunting challenges but GDP impressively rose by 6.7% in Q2 2016 from a year earlier. Improved industrial output and retail data, as well as slowed investments suggest that the economy is responding to the transition from export and investment-led to consumer-led growth.

Commodity Market Highlights A tepid global economic environment helped commodities bounce back during Q2 2016. Gold continued to increase in value, closing June at US$1,278.0 per ounce, up by 7.0% for the quarter and 24.0% since the start of the year.

Oil prices were very volatile during the quarter, falling to as low as US$37.0 per barrel, then briefly touching US$51.0 per barrel and finally settling at US$48.57 per barrel by the end of Q2 2016; this provided a much needed boost to emerging markets. Significant outages of global oil supply especially from Nigeria, US and Canada contributed to rising oil prices during the quarter.

Cocoa (ICCO) daily price averaged US$3,123.0 per tonne, up by US$49.0 compared to the average price of US$3,074.0 recorded in the previous quarter

A Licensed Dealing Member of the Stock Exchange Domestic Economic Activity Improves Marginally The domestic economy registered some gains this quarter. It has been able to weather some of the challenges posed by the upward adjustment in the ex-pump prices of petroleum products earlier in the year, and its pass- through effect on food prices, utility tariffs, and the recurring energy supply challenges. The latest update of the Bank of Ghana’s (BoG) Composite Index of Economic Activity (CIEA) reflected some modest pickup in Q2 2016, although at a slower pace than the same period last year.

Over the period, inflation slipped from 19.2 % at the end of March to 18.7 % in April: however, an upsurge in fuel prices saw inflation rise by 0.2% to 18.9% in May, but has since declined to 18.4 % in June on the back of reduced prices of non-food items. Selected Economic Indicators Indicator Q2 2016 Q1 2016 2015 2014 Revenue & Grants (% of GDP) - - 22.20 24.75 Tot. Expenditures (% of GDP) - - 26.70 28.30 Total Debt Stock (% of GDP) - 65.10 71.60 70.20 GDP Growth (%) - 4.90 5.00 4.00 Budget Deficit (GHS BN) - - 128.80 10.64 B. D. (% of GDP) - - 8.00 9.40 Gross Reserves (USD BN) - - 5.95 5.46 Gross Reserves (MOI) - 3.30 3.40 3.20 BoG Policy Rate (%) 26.00 26.00 26.00 21.00 Inflation (YOY %) 18.40 19.20 17.70 17.00 GHS/USD 3.92 3.83 3.79 3.20 GHS/USD - Depreciation (YTD %) -3.28 -0.90 -15.66 -32.45 91 Day Treasury Bill 22.79 22.60 22.90 25.81 GSE CI (YTD %) -10.40 -4.16 -11.77 5.40 Ext. Debt/GDP (%) - 38.70 42.80 39.40 Cocoa-Futures (£/tonne) 2299.00 2152.67 2256.33 1908.50 Gold (USD/ounce) 1321.00 1237.00 1160.10 1266.40 Oil- Brent- Spot (USD/Brl) 50.30 40.60 38.30 62.40 Source: Bank of Ghana, Ministry of Finance, Statistical Service, Reuters

The Monetary Policy Committee (MPC) of BoG met twice over the period. At the end of its 70th and 71st meetings, the committee maintained the Policy Rate for the fourth time this year at 26.0%. Following a review of domestic and external economic developments during the first six months of the year, the MPC in arriving at its decision noted progress in inflation and other key indicators.

Economic Indicators & Treasury Rates 28.0 (June 2012 -June 2016) 26.0 24.0 22.0

20.0 18.0 16.0 14.0

Rate (%) (%) Rate 12.0 10.0 8.0

Inflation Bog Policy Rte 91-Day 182-Day

Source: UMBS Research, Statistical Service, Bank of Ghana 2

Quarterly Financial Markets Review

Second Quarter 2016

Tight policy stance and improved inflows helped the local currency register some stability on the international forex market. As at the end of June, the Cedi had depreciated by 3.28 % against the US Dollar, compared to a depreciation of 26.05% in the same period last year.

With the government aiming to sustain its fiscal consolidation through the International Monetary Fund (IMF) programme, GDP for Q1 2016 came in better at 4.9 % compared with the 4.5 % recorded the same period last year. Nevertheless, capping public debt proved difficult as the stock of public debt increased to GHS105.1 billion at the end of May 2016, representing 66.4% of GDP, as against GHS103.1 billion at the end of March 2016, representing 65.1%of GDP. The financial summary recently published by BoG also indicated a sharp swell in commercial banks’ Non-Performing Loans ratio (NPL) from 14.6% in January to 19.3% in May, and Capital Adequacy Ratio plunging to 16.6% in May from January’s 17.9%. This poses risks to banks as their exposure to credit risk weighs on their balance sheets. This effect may bear on business and reduce business and consumer confidence in the coming months.

In other news, the regime of high interest rate and power cuts resulted in a number of companies laying off workers; this was underpinned by a survey conducted by the Institute of Economic Affairs, (IEA) who identified unemployment to be the economy’s biggest challenge.

Stock Market Highlights Market Indicator Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 GSE Composite Index (CI) 1787.50 1912.02 1994.91 2,009.52 2352.23 Points Gain (Loss) -124.52 -82.89 -266.11 -342.71 -40.65 Percent Chg Y-T-D (%) -10.40 -4.16 -11.77 -11.12 -1.80 GSE Financial Index (FI) 1671.30 1823.93 1930.06 1,933.24 2222.15 FSI-Points Gain (Loss) -152.63 -106.13 -313.57 -288.91 -21.48 FSI-Percent Chg Y-T-D (%) -13.41 -5.50 -14.00 -13.83 -1.00 Volume of Trades (M) 25.22 36.76 84.75 36.63 36.03 Value of Trades (GHS MN) 75.13 42.61 77.78 49.96 54.47 Market Capitalization (GHS MN) 54,790.80 54,805.07 57,116.87 62,183.49 64,616.47 No. of advancers 3 7 9 6 9 No. of decliners 19 15 19 16 10 Source: UMBS, Gainers  (FML) was the lead gainer; up by 16%  Aluworks (ALW) shareholders may be disappointed going another year without dividends, however a hopeful investment of US$25 million from Vedanta Resources, one of the world’s largest diversified natural resources companies helped the stock; it added 13% at the end of the quarter  Attractive bargain prices compared to year open led to Ecobank Transnational Incorporated (ETI) also gaining 6% Jun-16 Mar-16 Equity Price (GHS) Gain (GHS) Change (%) Fan Milk Ltd (FML) 8.50 7.35 1.15 15.65% Aluworks Ltd (ALW) 0.09 0.08 0.01 12.50% Ecobank Transnational Inc. (ETI) 0.19 0.18 0.01 5.56%

Preference Shares SCB Preference Shares (SCB P) 0.74 0.73 0.01 1.37% Source: UMBS, Ghana Stock Exchange

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Decliners  Nine out of the twelve financial stocks lost ground o EGL, HFC, SOGEGH, EGH, SIC, SCB, GCB, UTB and CAL  Other Blue Chip stocks in the red zone included: o UNIL, GGBL, GOIL, BOPP and TOTAL  Bargain buying and selling pressure led to AYRTN, MLC, PZC, PBC and ACI clipping off some pesewas during the quarter -Jun-16 Mar-16 Equity Price (GHS) Loss (GHS) Change (%) Ltd (EGL) 2.42 2.45 -0.03 -1.22% Unilever Ghana Ltd (UNIL) 8.48 8.70 -0.22 -2.53% HFC Bank Ghana Ltd (HFC) 0.82 0.85 -0.03 -3.53% Ltd (SOGEGH) 0.77 0.81 -0.04 -4.94% Ltd (GGBL) 1.85 1.93 -0.08 -4.15% Ltd (EGH) 6.60 6.99 -0.39 -5.58% Ghana Oil Co. Ltd (GOIL) 1.36 1.45 -0.09 -6.21% Benso Oil Palm Plantation (BOPP) 2.90 3.13 -0.23 -7.35% Manuf. Ltd (AYRTN) 0.12 0.13 -0.01 -7.69% Co. Ltd (MLC) 0.18 0.20 -0.02 -10.00% SIC Insurance Co. Ltd (SIC) 0.15 0.17 -0.02 -11.76% Standard Chartered Bank Gh. Ltd (SCB) 14.24 16.15 -1.91 -11.83% PZ Cussons Ghana Ltd (PZC) 0.26 0.30 -0.04 -13.33% Ghana Commercial Bank Ltd (GCB) 3.07 3.65 -0.58 -15.89% UT Bank Ltd (UTB) 0.09 0.11 -0.02 -18.18% CAL Bank Ltd (CAL) 0.80 1.00 -0.20 -20.00% Ltd (TOTAL) 3.99 5.09 -1.10 -21.61% Ltd (PBC) 0.06 0.08 -0.02 -25.00% African Champion Industries Ltd (ACI) 0.01 0.02 -0.01 -50.00% Source: UMBS, Ghana Stock Exchange

The volume of trade dipped to 25.22 million in Q2 2016 as investors’ risk appetite reduced. Fan Milk Ltd (FML) emerged as the most traded stock.

Volume & Value of Share Traded

Q1 2014 - Q2 2016

100.00 100.00 80.00 80.00 60.00 60.00 40.00 40.00 20.00 20.00

Volumes (MN) Volumes 0.00 0.00 Value (GHS MN)(GHS Value Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16

Volume (MN) Value (GHS MN)

Source: UMBS, Ghana Stock Exchange

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Quarterly Financial Markets Review

Second Quarter 2016

The five most traded stocks by volume and value within the period under review are as follows: Top 5 Traded Stocks (Value GHS) Top 5 Traded Stocks (Volume) Q2 2016 Q2 2016 1,469,490 2,493,768 , 2% , 3%

5,085,430 6,880,587 , 20% 5,949,231 , 10% , 24% 2,270,860 10,458,55

, 9% 7 , 15% 36,973,53 5,359,965 9 , 52% , 21% 13,098,33

3,070,911 1 , 18% , 12% 3,485,759 , 14% FML EGL ETI CAL GCB Others FML EGL UNIL GCB CAL Others

Source: UMBS, Ghana Stock Exchange

GSE Composite Index: Quarterly Return Q2 '16 -10.40 Q1 '16 -4.16 Q4 '15 -11.77 Q3 '15 -11.12

Q2 '15 4.03 Q1 '15 5.06 Q4 '14 5.40 Period Q3 '14 4.40 Q2 '14 9.66 Q1 '14 11.24 -18 -14 -10 -6 -2 2 6

Percent Return (%)

Source: UMBS, Ghana Stock Exchange

Money Market Highlights Treasury rates have remained sticky at present levels since the beginning of the year as the government strives to keep a lid on the economy. As shown in the table below, the yield on the 91-day bill rose by 13 basis points at the end of March to 22.79% at the end of June. On the other hand, the 182-day bill was down 3 basis points to 24.60%, while the 1-Year, 2-Year and 3-Year Notes remained flat at 23.00%, 24.25% and 24.50% respectively, with a stable outlook.

In all, a total of GHS15.8 billion was raised by BoG from bills and notes. Funds raised this quarter were higher when compared to the GHS13.58 billion sourced by the Central Bank to meet maturing bills of the government during Q1 2016.

Quarter Ending Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 BoG Policy Rate (%) 26.00% 26.00% 26.00% 25.00% 22.00% 91-Day Bill (%) 22.79% 22.66% 22.60% 25.23% 25.46% 182-Day Bill (%) 24.60% 24.63% 24.45% 25.85% 26.40% 1-Year Note (%) 23.00% 23.00% 23.00% 22.50% 22.50% 2-Year Note (%) 24.25% 24.25% 23.30% 23.00% 23.00% 3-Year Note (%) 24.50% 24.50% 24.50% 23.47% 25.44% Amount Raised (GHS BN) 15.43 13.88 14.77 13.16 11.76 Source: UMBS, Bank of Ghana 5

Money Market Rates June 2014 - June 2016

30.0

25.0

20.0

15.0

Rate (%) Rate 10.0

5.0

0.0 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16

Inflation Policy Rate 91-Day 182-Day 1-Year 2-Year 3-Year 5-Year

Source: UMBS, Bank of Ghana

Forex Market Highlights Cedi Depreciates Against Other Trading Currencies The Cedi was under pressure during the period under review, losing value against the major trading currencies. Though the Central Bank frequently intervened in the market to boost the performance of the local currency, the Cedi closed the quarter lower against the US Dollar, Euro, Swiss Franc and South African Rand. However, the Cedi appreciated against the British Pound as the current uncertainties and volatilities after the Brexit vote weighed on Britain’s currency.

Cedi Interbank Mid-rate & Performance Against Selected Trading Currencies Exchange Rate (GHS) Cedi Gain / Loss (%) Y-T-D (%) Currency Q2 2016 Q1 2016 Q2 2016 Q1 2016 Q4 2015 Q2 2016 Q2 2015 USD 3.92 3.83 -2.36 -0.94 -1.05 -3.28 -26.05 EUR 4.50 4.35 -3.37 -4.47 1.79 -7.69 -19.55 GBP 5.31 5.53 4.15 1.83 1.23 6.06 -27.00 CHF 4.01 3.98 -0.72 -3.57 0.86 -4.27 -30.62 ZAR 0.26 0.26 -2.62 -5.18 9.96 -7.66 -21.71 Source: UMBS, Bank of Ghana

Cedi Performance Against Selected Trading Currencies Q2 2014 - Q2 2016

40.0 30.0 20.0 10.0 0.0 -10.0 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

-20.0 Performance (%) Performance -30.0

USD EUR GBP CHF ZAR

Source: UMBS, Bank of Ghana 6

Quarterly Financial Markets Review

Second Quarter 2016

Outlook Global Economic Projections Doubts about the U.S. economic recovery has become secondary, however a whole new set of concerns are presenting additional downside scenarios to global economic growth which appears moot with the advent of the structural and political changes surrounding the Brexit and economic imbalances. The world economic growth for this year has therefore been revised downwards to 3.0% from 3.1% by OPEC. These notwithstanding, continued expansion in the U.S. and steadying trends in China give hope of stability in the global economy.

The impact of Brexit is projected to be muted for the United States. The economy’s rebound in the second quarter is expected to continue for the remainder of the year with a strong US Dollar and strong macroeconomics. The continued strength of other labour market indicators suggests that employment growth will recover. In the absence of the Brexit event, we could have comfortably expected a rate hike by the Feds to occur as soon as September 2016; however, it will most likely be deferred to later in the year or early 2017.

Fragility and market jitters in the U.K. and the Eurozone were on full display in the days leading up to and immediately following the Brexit vote. The steep drop in the British Pound is likely to spur inflation. We also expect a modest negative impact on growth and job creation in Britain. In light of the forgoing and UK’s reliance on Europe as an export market, the economy may be headed for recession. The IMF’s recent World Economic Outlook (WEO) also revised U.K.’s growth downwards by about 0.2 % for 2016 and by close to 1.0% in 2017. The political uncertainty is likely to weigh heavily on business sentiments and provide a stiff headwind for investments in the Eurozone. The euro area’s expansion is threatened but we expect the household sectors to support their activities.

The near-term outlook of China has improved due to recent policy support as infrastructure spending picked up and credit growth accelerated. The direct impact of the U.K. referendum will likely be limited, in light of China’s low trade and financial exposure to U.K. These factors among others are expected to ensure Gold and Cocoa prices rallying in the months ahead despite the recent increase in prices.

U.S Energy Information Administration (EIA) expects upward price pressures in the coming months to be limited as a result of slowing global oil inventory growth. Brent prices are expected to average US$42 per barrel in Q3 2016, before rising to US$44 per barrel in Q4 2016.

Domestic Economy: Expected Consolidation of Gains The domestic economy is expected to witness more improvements during the third quarter as we do not foresee any major threatening developments.

Inflation is projected to ease in the coming three months with a boost from bumper harvest usually in July, August and September which will slow food price increases. Additionally, falling fuel prices on the world market and the relative stability in the local currency will also ensure weaker headline month-on-month inflation gains. The Institute for Energy Security has also recently projected a drop in prices of fuel on the local market in July. The recurring energy supply challenges may however present risks to inflation.

The tight policy stance, additional oil and gas production from the TEN oil fields projected to start in August 2016, inflows from the US$2.0 billion cocoa syndicate facility and expected issuance of the Eurobond in Q4 2016 will also boost reserves, improve liquidity on the foreign exchange market and provide support for the country. The uncertainties in the global economy and gloomy global sentiments have lifted the outlook for commodity prices; the continuous uptick of cocoa and demand for gold will also boost the nation’s earnings.

On the back of the foregoing, there is the likelihood that the easing cycle will start in the third quarter at the MPC’s meeting in September.

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The major concerns to the growth outlook would be power supply shortfalls which are putting a strain on business and consumer budgets, continued fiscal tightness and tight credit conditions. Britain’s exit from the European Union (EU) could also negatively impact the country’s trade sector, Foreign Direct Investments (FDI) and the Cedi. With Ghana currently being U.K.’s fifth largest trade partner in Sub-Saharan Africa, we foresee some loses in budgetary support.

With BoG subject to a zero deficit financing rule, we expect some upward pressure on rates as government borrows more from the domestic market to meet its financing needs. Much deviation is however not anticipated on the money market, as macro-economic conditions have not changed.

As against some analyst views, we do not anticipate significant impact of the December general elections on the domestic economy. Stock Market Outlook The tough economic environment has had adverse effects on the bourse as the benchmark Composite Index continues to be in the negative territory. We do not foresee a recovery in the coming quarter and the remainder of the year.

With inflation and MPC rate still high, investors will still seek higher premiums on money market rates and other fixed income investments. The resultant effects will see shareholders exiting their positions in shares. High interest rates will also clip profits of most companies especially the financial sector. On the back of these, we do not anticipate significant changes in the half year earnings results; selling pressure will thus be seen in a number of blue chip equities and heavily capitalized stocks. The increase in the Non-Performing Loans ratio and decrease in Capital Adequacy Ratio may hamper the performance of financial stocks on the bourse and weigh on investors’ confidence; the GSE-FI is therefore not expected to recover by the close of the year, but relatively better than last year’s -14.0%. Reduced disposable income will also lead to less activity on the market.

This notwithstanding, demand in Fan Milk (FML) is likely to continue on the back of strong financials and positive projected earnings. News about a strategic investor taking over Aluworks (ALW) has lead to a rise in its share price since the beginning of June 2016 although its financial performance is poor and earnings outlook also presents a weak picture. We therefore project a short term uptick in price.

However, GCB Bank (GCB), CAL Bank (CAL), Fan Milk (FML) and Ghana Oil (GOIL) have positive prospects and are trading at bargain prices. Thus, we ncourage investors to increase their positions in these equities on the back of anticipated capital gains in the months ahead.

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Quarterly Financial Markets Review

Second Quarter 2016

Stock Market Data: 30th June, 2016 Price Close 52 Week Volume DPS LFY Market Cap Industry/Equities Ticker GHS USD High Low Traded Value Traded P/E Ratio E/Y (%) Div Yield (%) P/B Ratio (GHS) GHS MN USD MN Agro Processing Benso Oil Palm Plantation BOPP 2.80 0.71 5.00 -0.10 - - 11.07 9.03 2.52 1.41 0.07 97.44 24.72 CPC 0.01 0.00 0.02 - 48,300.00 - n.m. n.m. n.m. 1.98 - 11.01 2.79 Ltd GWEB 0.01 0.00 0.02 - - - n.m. n.m. n.m. (0.13) - 0.35 0.09 Banking CAL Bank Ltd CAL 0.84 0.21 1.10 -0.08 10,688.00 6,931.40 2.77 36.10 6.31 0.84 0.05 460.54 116.85 Ecobank Ghana Ltd EGH 6.70 1.70 8.79 -0.54 148,237.00 992,092.13 6.41 15.59 11.79 2.06 0.79 1,964.64 498.49 Ecobank Transnational Incorporated ETI 0.19 0.05 0.38 0.01 27,949.00 4,582.40 n.m. 9.75 5.26 1.65 0.01 4,049.65 1,027.52 Ghana Commercial Bank Ltd GCB 3.17 0.80 4.80 -0.01 58,106.00 180,805.09 3.21 31.16 10.09 0.92 0.32 840.05 213.15 HFC Bank Ghana Ltd HFC 0.80 0.20 1.60 - 715.00 12.00 (4.92) (20.32) 7.50 1.27 0.06 237.09 60.16 Societe Generale Ghana Ltd SOGEGH 0.80 0.20 0.92 - 5,931.00 2,694.00 6.23 16.06 9.50 1.18 0.08 293.83 74.55 Standard Chartered Bank Ghana Ltd SCB 14.23 3.61 19.94 -0.71 30,230.00 830,192.43 16.03 6.24 2.60 2.63 0.37 1,643.71 417.06 Standard Chartered Preference Shares SCB-P 0.52 0.13 0.52 0.52 - - N/A - N/A - 0.08 9.09 2.31 Trust Bank Ltd (The Gambia) TBL 0.30 0.08 0.37 - 100.00 30.00 0.19 540.34 13.33 0.04 60.00 15.22 UT Bank Ltd UT 0.08 0.02 0.18 -0.01 18,000.00 1,500.00 6.85 14.60 - 0.33 - 24.16 6.13 FMCG African Champion Industries Ltd ACI 0.01 0.00 0.02 - - - n.m. n.m. n.m. -0.48 - 0.32 0.08 Fan Milk Ltd FML 8.51 2.16 8.52 0.01 50,176.00 409,122.00 18.44 5.42 1.06 7.27 0.09 988.95 250.93 Guinness Ghana Breweries Ltd GGBL 1.82 0.46 3.15 -0.02 1,249.00 2,196.74 nm 0.94 - 4.42 - 384.64 97.59 PZ Cussons Ghana Ltd PZC 0.22 0.06 0.36 -0.01 1,811.00 320.00 n.m. n.m. - 1.23 - 36.96 9.38 Unilever Ghana Ltd UNIL 8.48 2.15 8.70 -0.02 60,051.00 632,209.44 15.71 6.36 4.72 6.80 0.40 530.00 134.48 Insurance Enterprise Group Ltd EGL 2.41 0.61 2.45 - 32,700.00 78,807.00 6.63 15.08 1.04 1.15 0.03 320.77 81.39 SIC Insurance Company Ltd SIC 0.15 0.04 0.20 -0.01 5,700.00 855.00 3.08 32.47 - 0.36 - 29.35 7.45 Investments Mega African Capital Ltd MAC 6.00 1.52 - - 4.99 20.06 0.83 0.95 0.05 51.84 0.53 IT Solutions Ltd CLYD 0.03 0.01 0.03 - - - 5.62 17.78 - 3.61 - 1.02 0.26 Transaction Solution Ltd TRANSOL 0.03 0.01 0.03 - - - n.m. n.m - -0.89 - 2.40 0.61 Manufacturing Aluworks Ltd ALW 0.14 0.04 0.14 - 300.00 1,481.00 n.m. n.m. n.a 0.70 - 33.14 8.41 Ltd PKL 0.05 0.01 0.05 - - - n.m. n.m. n.a n.m. - 1.67 0.42 Mining AngloGold Ashanti AGA 37.00 9.39 37.00 - 43.00 1,591.00 n.m. n.m. - - - 14,187.28 3,599.74 AngloGold Ashanti Ghanaian Dep. Shares AADs 0.52 0.13 0.52 - 6,705.00 1,673.88 n.m. n.m. - - - 0.51 0.13 Golden Star Resources GSR 1.99 0.50 1.99 - - - n.m. n.m. - - - 508.31 128.97 Oil Exploration Tullow Oil Plc TLW 27.88 7.07 33.00 - - - 871.25 0.00 0.00 4.36 0.13 25,199.34 6,393.82 Oil Marketing Ltd GOIL 1.35 0.34 1.90 -0.14 114,507.00 39,096.00 8.10 12.35 1.48 3.25 0.02 340.50 86.39 Total Petroleum Ghana Ltd TOTAL 3.89 0.99 5.46 -0.82 12,523.00 48,633.00 11.52 8.68 2.96 2.90 0.12 435.17 110.42 Printing & Publishing Ltd CMLT 0.12 0.03 0.12 - - - 1.86 53.63 6.25 0.35 0.01 0.78 0.20 Sam-Woode Ltd SWL 0.04 0.01 0.04 - - - 0.80 125.24 n.m. 0.57 0.00 0.87 0.22 Pharmaceutical Ayrton Drug Manufacturing Ltd AYRTN 0.12 0.03 0.18 - - - 9.23 10.83 - 1.69 - 25.80 6.55 Ltd SPL 0.02 0.01 0.04 - 12,400.00 248.00 n.m. 5.50 - 0.61 - 5.20 1.32 Trading Mechanical Lloyd Company Ltd MLC 0.18 0.05 0.21 0.01 100.00 18.00 n.m n.m 5.56 0.21 0.01 9.02 2.29 Produce Buying Company Ltd PBC 0.05 0.01 0.12 0.01 - 4,849.00 1.06 0.94 0.18 0.69 0.01 24.00 6.09 Ghana Alternative Market (GAX) Agro Processing Samba Foods SAMBA 0.73 0.19 0.73 - - - n.m. n.m. n.m. 2.02 - 4.37 1.11 Education Meridian-Marshalls Holdings MMH 0.11 0.03 0.11 - - - 1,065.24 0.27 - 10.79 2.74 Source: UMBS, Ghana Stock Exchange

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Kofi Kyei [email protected]

Yaw Saifah [email protected]

Ellen Abena Addo [email protected]

Wilfred Agyei [email protected]

UMB Stockbrokers Ltd Dr. Isert Street, North Ridge P. O. Box GP401 , Ghana

Tel: +233(0) 302 251 137/8

Fax: +233(0) 302 251 1378

[email protected] www.umbcapital.com

Disclaimer This document is not intended to be an offer, or a solicitation of an offer for the sale or purchase of any security. The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. Whilst care has been taken in preparing this document, no representation is given and no responsibility or liability is accepted by UMB Stockbrokers, any member of UMB Stockbrokers or UMB Capital as to the accuracy of the information contained herein. All opinions and estimates contained in this report may be changed after publication at any time without notice.

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