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Weekly Market Watch Sic-Fsl Investment Research| Market Reviews|Ghana WEEKLY MARKET WATCH SIC-FSL INVESTMENT RESEARCH| MARKET REVIEWS|GHANA 17th April, 2014 SIC FINANCIAL SERVICES LIMITED|ADVISORY|FUND MANAGEMENT|STOCK BROKERAGE|INVESTMENT RESEARCH STOCK MARKET UPSIDE RISKS DRIVE DOWN MARKET PERFORMANCE INDICATORS WEEK OPEN WEEK END CHANGE The Ghana Stock Exchange remained highly volatile last Market Capitalization (GH¢ 'million) 58,284.06 57,797.71 -0.83% week, as investors took advantage of the huge offer on the market to beat down their bids. This accounted for the Market Capitalization (US$' million) 21,483.25 20,954.11 -2.46% large presence of price-cuts we saw last week compared Volume traded (shares) 2,769,464.00 5,861,882.00 111.66% to gainers. Value Traded (GH¢) 3,802,180.37 4,990,830.77 31.26% In fact, the numerous offers on the market have become Value Traded (US$) 1,401,467.15 1,809,386.50 29.11% necessary due to “upside risk factors” like the weakening Table 1: Market Summary Cedi, increase profit-taking, unattractive interest rates and inflationary pressure in the economy. These considerations INDEX ANALYSIS made shareholders to sell-off some of their holdings in listed companies, in search of “safer investments” to INDICATORS Closing Week YTD possibly neutralise the dollar-effect. Level Change CHANGE In effect, the broader market (GSE-Composite Index) GSE Composite Index 2,272.40 -2.76% 5.93% declined 2.76%, bringing the annual yield of listed SIC-FSL Top 15 Index 3,749.98 -3.12% 8.52% companies to 5.93% from 8.94% a week earlier. GSE Financial Stocks Index 1,934.75 -4.04% 8.29% Similarly, the financial stocks (GSE-Financial Stocks Index) Table 2: Key Stock Market Indices and SIC-FSL Top 15 Index; which measures the fifteen (15) most liquid stocks on the GSE also dropped 4.04% and 3.12% of their previous levels to close at 1,934.75 points and 3,749.98 points respectively, representing a year-to- date return of 8.29% and 8.52% accordingly. LIQUIDITY Total shares traded were comparatively better than the previous 25.00% week’s figure, following a 3.5 million block trade in Sam 20.00% Woode’s shares last Tuesday. Effectively, 5.86 million shares exchanged hands, representing 111.7% increase in 15.00% performance. This was valued at GH¢4.99 million which was also 10.00% 31.26% bigger than the previous value. 5.00% 0.00% 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 Undoubtedly, Sam Woode Limited (SWL) made the biggest 14 - - - - - - - - - - - - - - - - - - - Jan Jan Jan Jan Jan contribution to shares traded over the week in one single trade, Jan Feb Feb Feb Feb Feb Apr Apr Apr - - - - - - Mar Mar Mar Mar Mar - - - - - - - - - - - - - 2 8 5 3 9 5 14 20 24 30 17 21 27 15 representing 60.49%. 11 12 18 24 28 GSE YTD Change GSE-FSI YTD SIC-FSL 15 YTD Change Fig 1: Year-to-date returns MARKET MOVERS STOCK Wk Open Wk End Change % SG-Ghana returns to GH¢0.75 TICKER change A 16.67% loss in Societe Generale Ghana Limited returned the SPL 0.03 0.04 0.01 33.33% stock’s value to its year-opening price of GH¢0.75 per share on the Table 3: Gainers for the week Ghana Stock Exchange after rising as high as GH¢1.18 per share in late February. At the current price, investors are at par with the company’s market STOCK Wk Open Wk End Change % value from the beginning of the year. TICKER change AYRTN 0.18 0.17 -0.01 -5.56% BOPP loses further steam BOPP 3.10 2.90 -0.20 -6.45% The palm oil producer; Benso Oil Palm Plantation (BOPP) saw its CAL 0.88 0.87 -0.01 -1.14% share price slip to GH¢2.90 on the GSE last week from its week open value of GH¢3.10 per share. The stock started the year at a EBG 6.50 6.20 -0.30 -4.62% quoted price of GH¢3.21 a share, which means the stock has lost 9.66% of its market value so far. EGL 2.39 2.29 -0.10 -4.18% The fall has been as a result of a combination of profit-taking and a ETI 0.23 0.22 -0.01 -4.35% gloomy economic outlook, according to most analysts. GCB 4.05 4.00 -0.05 -1.23% GGBL 5.87 5.78 -0.09 -1.53% CORPORATE NEWS SCB 19.70 18.92 -0.78 -3.96% FAN MILK LIMITED (FML) TO HOLD ANNUAL GENERAL MEETING SIC 0.50 0.43 -0.07 -14.00% (AGM): Directors of FML has slated Wednesday, 7th May, 2014 as the SOGEGH 0.90 0.75 -0.15 -16.67% date to hold this year’s AGM. The venue will be the National Theatre, Accra at 11:00 am prompt. TOTAL 6.56 6.53 -0.03 -0.46% ENTERPRISE GROUP LIMITED (EGL) ANNOUNCES ANNUAL UNIL 18.09 18.08 -0.01 -0.06% GENERAL MEETING (AGM): EGL has scheduled Thursday, 22nd May, 2014 for its 4th Annual General Meeting (AGM) to be held at the UTB 0.45 0.43 -0.02 -4.44% Table 4: Laggards for the week Ghana College of Physicians and Surgeons at 10:30 am prompt. The agenda of the business will include the following: 1. Accept 2013 Financial Statements and the auditor’s report thereon. SWL, 60.49% 2. Declare Dividend for the year ended 2013 3. Authorize Directors to fix remuneration of the Auditors. 4. Approval of Directors remuneration GCB, 12.62% MAC ANNONUCES A SUCCESSFUL SHARE OFFER: Mega African Capital (MAC) has been listed on the Ghana Stock Exchange (GSE) following a successfully offer for subscription which was opened between 10 to 28 March, 2014. The company by the offer has allotted 1,333,334 ordinary shares of GH¢3.00 each prospective investors. Successful applicants will be allotted on the 22nd April, 2014 and can GOIL, 11.00% begin trading on the 23rd April, 2014. Others, 8.06% REPUBLIC BANK TO MAKE MANDATORY OFFER TO ALW, 2.53% ETI, 5.31% SHAREHOLDERS: The Republic Bank of Caribbean has announced its decision to make an offer to shareholders of HFC Bank. This will enable Fig 2: Top 5 most liquid equities with respect to volume traded the Bank to become the majority shareholder of HFC Bank and possibly take over the institution. According to the Executive Director in charge of Risk Management at Republic Bank, they have received approval from Bank of Ghana move ahead with the offer. Stock Ticker Year Opening Closing Price @ YTD Gain/Loss (%) Price(GH¢) 17/04/2014 (GH¢) African Champion Industries Ltd. ACI 0.06 0.06 0.00% AngloGold Ashanti Ltd. AGA 37.00 37.00 0.00% Aluworks Limited ALW 0.05 0.06 20.00% Ayrton Drug Manufacturing Ltd. AYRTN 0.17 0.17 0.00% Benso Oil Palm Plantation BOPP 3.21 2.90 -9.66% Cal Bank Ltd CAL 0.97 0.87 -10.31% Clydestone (Ghana) Ltd. CLYD 0.04 0.04 0.00% Camelot Ghana Ltd. CMLT 0.16 0.16 0.00% Cocoa Processing Co. Ltd. CPC 0.02 0.02 0.00% Ecobank Ghana Ltd. EBG 5.61 6.20 10.52% Enterprise Group Limited EGL 1.88 2.29 21.81% Ecobank Transnational Inc. ETI 0.19 0.22 15.79% Fan Milk Ltd. FML 6.62 7.52 13.60% Ghana Commercial Bank Ltd. GCB 4.85 4.00 -17.53% Guinness Ghana Breweries Ltd. GGBL 6.20 5.78 -6.77% Ghana Oil Company Limited GOIL 0.89 0.88 -1.12% Golden Star Resources Ltd. GSR 2.75 2.75 0.00% Golden Web Ltd. GWEB 0.04 0.04 0.00% HFC Bank (Ghana) Ltd. HFC 0.96 1.25 30.21% Mechanical Lloyd Co. Ltd. MLC 0.38 0.35 -7.89% Pioneer Kitchenware Ltd. PKL 0.06 0.06 0.00% Produce Buying Company Ltd. PBC 0.17 0.17 0.00% PZ Cussons Ghana Ltd. PZ 0.79 0.63 -20.25% Standard Chartered Bank (GH) Ltd.* SCB 14.94 18.92 26.64% SIC Insurance Company Ltd. SIC 0.39 0.43 10.26% Starwin Products Ltd. SPL 0.04 0.04 0.00% Societe Generale Ghana Limited SOGEGH 0.75 0.75 0.00% Sam Woode Ltd. SWL 0.03 0.03 0.00% Trust Bank Ltd. (The Gambia) TBL 0.35 0.25 -28.57% Total Petroleum Ghana Ltd. TOTAL 5.06 6.53 29.05% Transaction Solutions (Ghana) Ltd. TRANSOL 0.03 0.03 0.00% Tullow Oil Plc TLW 34.98 30.09 -13.98% Unilever Ghana Ltd. UNIL 18.31 18.08 -1.26% UT Bank UTB 0.45 0.43 -4.44% AngloGold Ashanti Depository Shares AADS 0.52 0.52 0.00% Standard Chartered Bank Preference shares SCB PREF 0.52 0.52 0.00% NewGold Exchange Traded Fund GLD 26.13 23.00 -11.98% CEDI UNDER PRESSURE CURRENCY MARKET The local currency was again marginalized against its major trading partners on the inter-bank market last week as it lost EXCHANGE RATES BUYING SELLING YTD 1.72% of its holistic value. The fall was as a result of the spill- CHANGE over effect from investors seeking safe haven currencies as a USDGHS 2.7570 2.7596 27.61%▼ hedge against Ghana’s current economic condition.
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