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Market Review September 2017 Pent Assets

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Market Review September 2017 Pent Assets Market Review September 2017 Pent Assets Treasury Securities Month’s Highlights: September 2017 Month Chg. (bps) YTD Chg. (bps) ▪ Inflation falls to 12.2% in September from 12.3% 91-Day T-Bill 13.24% 5 -319 in August. 182-Day T-Bill 14.06% 13 -358 1-Yr Note 15.00% 0 ▪ Economy records 9% growth in Q2, highest -600 since 2014, as oil output increases. Overall, the government sold a total of approx. 3.92 ▪ Bank of Ghana maintains policy rate at 21%. billion cedis during the month compared to a ▪ Bank of Ghana triples minimum bank capital scheduled target of approx. 4.65 billion cedis. The 91- requirement to GH¢400m. day bill constituted the highest share of issued securities [with 61 percent] followed by the 3-year bond [with 23 percent] and 182-Day bill [with 6%]. Foreign Exchange Market The Ghana cedi remained largely stable in September against the US dollar and Euro. The currency gained 0.1 percent month-on-month to 4.3944 per US dollar and 0.5 percent m/m to 5.1940 per Euro. On the other hand, the currency lost 4.0 percent m/m to 5.8962 per British Pound. Year-to-date performance of the US dollar stood at 4.4 percent depreciation whereas that of the British Pound and Euro stood at 11.9 percent and 14.6 percent depreciations, respectively. Interbank Foreign Exchange September 2017 Month Chg. (%) YTD Chg. (%) USD/GHS 4.3944 0.1% -4.4% GBP/GHS 5.8962 -4.0% -11.9% EUR/GHS 5.1940 0.5% -14.6% Government Securities Market Equity Market Yields on government of Ghana short-term treasury The stock market retreated during September. The securities generally recorded marginal gains in benchmark GSE Composite Index lost 62.92 points [2.6 September. The 91-day bill gained 5 basis points (bps) percent] to close the month at 2,326.09 points, yielding to close the month at 13.24 percent per annum, a year-to-date return of 37.7 percent. Market yielding a year-to-date decline of 319 bps whereas the capitalization rose 0.6 percent to 58.38 billion cedis. 182-day bill gained 13 basis points to 14.06 percent per annum. Yield on 1-year note remained flat at 15.00 Overall, the market recorded 11 gainers and 8 losers percent. during the month. Ecobank Transnational Incorporated www.pentassets.com 050-153-0246 percent year-to-date appreciations, respectively. Major losers were Mechanical Lloyd Company Limited, Tullow Oil Plc and PBC Limited with 40.0 percent, 34.0 percent and 33.3 percent year-to-date losses, respectively. News Wrap (September): was the lead gainer with 28.6 percent month-on- month appreciation. Other major gainers were Sam Ghana's Economy Expands Most Since 2014 Woode Limited, Trust Bank Gambia Limited and HFC as Oil Industry Grows Bank Limited with 25.0 percent, 20.7 percent and 15.8 percent month-on-month appreciations, respectively. Ghana’s gross domestic product growth rose to 9.0 Top Winners (m/m) percent in the second quarter of 2017 from 6.6 percent Price Gains % Δ in the previous three months, mainly because oil Ecobank Transnational Inc. 0.18 0.04 28.6% output increased, according to the Ghana Statistics Sam Woode Ltd. 0.05 0.01 25.0% Service. The petroleum component rose 188 percent in Trust Bank Gambia Ltd 0.35 0.06 20.7% the mining and quarrying sub-sector. HFC Bank (Ghana) Ltd. 1.39 0.19 15.8% Unilever Ghana Ltd. 10.55 1.44 15.8% For years, Ghana’s economy grew around 8 percent per year, but it slowed in 2014 as prices of its commodity Major losers of the month were Standard Chartered exports fell and it suffered a fiscal crisis that forced it Bank, GCB Bank Limited and Enterprise Group Limited to secure an aid deal with the International Monetary with 25.9 percent, 21.6 percent and 19.2 percent Fund. month-on-month losses, respectively. This year’s second-quarter growth compares with 1.1 Losers (m/m) percent recorded in the same period last year. The Price Loss % Δ statistics office also revised its full-year 2016 GDP Standard Chartered Bank Gh. Ltd. 19.71 -6.89 -25.9% growth to 3.7 percent, up from 3.5 percent. GCB Bank Ltd. 4 -1.10 -21.6% Enterprise Group Ltd. 4.08 -0.97 -19.2% Bank of Ghana keeps policy rate unchanged Access Bank Ghana PLC 3.4 -0.60 -15.0% Camelot Ghana Ltd. 0.11 -0.01 -8.3% at 21%. The Bank of Ghana kept its benchmark interest rate Year-to-date Overview: The performance of the unchanged at 21 percent, citing global economic stock market in 2017 as measured by the GSE uncertainties and threats to consumer price stability. Composite Index stood at 37.7 percent at close of September, with 17 gainers and 12 losers. Top winners The hold, according to the BoG Governor, should were Benso Oil Palm Plantation Limited (BOPP), Ghana moderate price conditions toward the bank's medium- Oil Company Limited (GOIL) and HFC Bank Ghana Limited with 178.8 percent, 114.5 percent and 85.3 www.pentassets.com 050-153-0246 term inflation target of 8 percent plus or minus 2 percent in 2018. Consumer inflation rose to 12.3 percent in August from 11.9 percent in July. Fuel prices also went up nearly 8 percent in September and could post risks to inflation in the coming months. Bank of Ghana triples minimum bank capital requirement to GH¢400m. The Bank of Ghana has raised the minimum capital Sources: required for banks three-fold to 400 million cedis Bank of Ghana, Ghana Stock Exchange, Ghana Statistical Service and Reuters. ($90.2 million) as part of measures to ensure financial stability. Disclaimer: This report is for general information purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of The previous capital requirement for banks and new any security. Any person considering an investment should consider the appropriateness of the investment having regard to their objectives, entrants was 120 million cedis. According to the BoG, financial situation, or needs, and should seek independent advice on the the increases took effect from September 11 and that suitability or otherwise of a particular investment. the lenders have up to the end of 2018 to meet them. About Us: Pent Asset and Wealth Management Limited is an investment The central bank last month revoked the licenses of management and advisory firm. We are licensed and regulated as an two banks and transferred their deposits and selected investment advisor and fund manager by the Securities and Exchange Commission of Ghana. Our services broadly include asset management, assets to GCB Bank in order to protect financial corporate finance & advisory, and Research & due diligence. stability. Contact: James Adjei Barimah Research Analyst Mobile: 050 145 3564 Email: [email protected] www.pentassets.com 050-153-0246 Annex: Equities Performance Share Closing Price (GHS) Closing Price (GHS) Month/Month Year-to-Date Return Code September 30 August 31 Return (%) (September 30) AngloGold Ashanti Depository Shares AADS 0.48 0.48 0.00% -7.69% Access Bank Ghana PLC ACCESS 3.4 4 -15.00% -17.07% African Champion Ltd ACI 0.01 0.01 0.00% 0.00% Agricultural Development Bank ADB 3.83 3.83 0.00% 0.00% AngloGold Ashanti Ltd. AGA 37 37 0.00% 0.00% Aluworks Ltd. ALW 0.16 0.16 0.00% 14.29% Ayrton Drug Manufacturing Ltd. AYRTN 0.1 0.1 0.00% -16.67% Benso Oil Palm Plantation BOPP 5.8 5.32 9.02% 178.85% Cal Bank Ltd CAL 1 1 0.00% 33.33% Clydestone (Ghana) Ltd. CLYD 0.03 0.03 0.00% 0.00% Camelot Ghana Ltd. CMLT 0.11 0.12 -8.33% -8.33% Cocoa Processing Co. Ltd. CPC 0.02 0.02 0.00% 0.00% Ecobank Ghana Ltd. EGH 8.05 7 15.00% 25.78% Enterprise Group Ltd. EGL 4.08 5.05 -19.21% 70.00% Ecobank Transnational Inc. ETI 0.18 0.14 28.57% 80.00% Fan Milk Ltd. FML 19.8 18 10.00% 77.74% GCB Bank Ltd. GCB 4 5.1 -21.57% 12.36% Guinness Ghana Breweries Ltd. GGBL 1.52 1.47 3.40% -6.75% NewGold GLD 38.8 38.8 0.00% 0.00% Ghana Oil Company Ltd. GOIL 2.36 2.31 2.16% 114.55% Golden Star Resources Ltd. GSR 1.9 1.9 0.00% -2.56% Golden Web Ltd GWEB 0.01 0.01 0.00% 0.00% HFC Bank (Ghana) Ltd. HFC 1.39 1.2 15.83% 85.33% Hords Ltd HORDS 0.1 0.1 0.00% 0.00% Intravenous Infusions Ltd. IIL 0.09 0.09 0.00% 0.00% Mega African Capital Ltd MAC 6 6 0.00% 0.00% Mechanical Lloyd Co. Ltd. MLC 0.09 0.09 0.00% -40.00% Meridian Marshalls Holding Company MMH 0.11 0.11 0.00% 0.00% PBC Ltd. PBC 0.04 0.04 0.00% -33.33% Pioneer Kitchenware Ltd. PKL 0.05 0.05 0.00% 0.00% PZ Cussons Ghana Ltd. PZC 0.2 0.2 0.00% -9.09% Samba Foods Ltd. SAMBA 0.65 0.65 0.00% -9.72% Standard Chartered Bank Gh. Ltd. SCB 19.71 26.6 -25.90% 61.82% Standard Chartered Bank Pref.
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