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Market Review August 2017 Pent Assets

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Market Review August 2017 Pent Assets Market Review August 2017 Pent Assets cedis during the month compared to a scheduled Month’s Highlights: target of 5.73 billion cedis. The 91-day bill constituted ▪ IMF Approves One-Year Extension to Ghana’s the highest share of issued securities [with 54 percent] Credit Program. followed by the 5-year bond [with 29 percent] and 10- ▪ Bank of Ghana shuts two banks to protect year bond [with 10 percent]. financial stability. ▪ Ghana Stock Exchange suspends listing status of UT Bank Ltd indefinitely. ▪ Foreign Exchange Market The Ghana cedi remained largely stable in August. The currency weakened 0.6 percent month-on-month to 4.3994 per US dollar, yielding a year-to-date depreciation of 4.5 percent. The currency also lost 1.2 percent against the Euro but however gained 1.8 percent against the British Pound. Interbank Foreign Exchange August 2017 Month Chg. (%) YTD Chg. (%) USD/GHS 4.3994 -0.57% -4.53% GBP/GHS 5.6629 1.76% -8.24% EUR/GHS 5.2215 -1.23% -15.03% Equity Market Government Securities Market Ghana’s stock market remained optimistic in August. The benchmark GSE Composite Index gained 132.23 Yields on government of Ghana short-term treasury points [5.9 percent] to close the month at 2,389.01 securities generally made gains during August. The 91- points, extending year-to-date return to 41.4 percent. day bill gained 65 basis points (bps) to close the month at 13.19 percent, yielding a year-to-date decline of 324 bps whereas the 182-day bill gained 95 basis points to 13.93 percent. The yield on 1-year note remained flat at 15.00 percent. Treasury Securities August 2017 Month Chg. (bps) YTD Chg. (bps) 91-Day T-Bill 13.19% 65 -324 182-Day T-Bill 13.93% 95 -371 1-Yr Note 15.00% 0 -600 Overall, the government sold a total of 4.71 billion www.pentassets.com 050-153-0246 Market capitalization rose 1.5 percent to 58.06 billion cedis. Overall, the market recorded 13 gainers and 3 losers during the month. Enterprise Group Limited was the lead gainer with 105.3 percent month-on-month appreciation. Other major gainers were HFC Bank News Wrap (August): Limited, Trust Bank Gambia Limited and Standard Chartered Bank Pref. Shares with 64.4 percent, 16.0 IMF Approves 1-Year Extension to Ghana’s percent and 15.4 percent month-on-month Credit Program appreciations, respectively. The International Monetary Fund approved a one-year Top Winners (m/m) extension of its credit-facility program with Ghana, Price Gains % Δ lengthening the lender’s economic oversight of the Enterprise Group Ltd. 5.05 2.59 105.3% country which is battling to keep spending under HFC Bank (Ghana) Ltd. 1.20 0.47 64.4% control. Trust Bank Gambia Ltd 0.29 0.04 16.0% The extension follows after the IMF completed a fourth Standard Chartered 1.20 0.16 15.4% review of an almost $1 billion assistance program with Bank Pref. Shares Ghana agreed upon in April 2015, when chronic Fan Milk Ltd. 18.00 2.00 12.5% overspending and power cuts drained public finances and caused inflation to soar. Ghana’s budget deficit for The losers of the month were Starwin Products Limited, 2016 was 9.3 percent of gross domestic product Mechanical Lloyd Company Limited and GCB Bank compared with an initial target of 5.3 percent under Limited with 25.0 percent, 10.0 percent and 1.0 percent the IMF program while debt soared to 73.3 percent of month-on-month losses, respectively. gross domestic product. The budget shortfall is forecast to narrow to 6.3 percent this year. Losers (m/m) Price Loss % Δ Bank of Ghana shuts two banks to protect Starwin Products Ltd. 0.03 -0.01 -25.0% financial stability (August 14) Mechanical Lloyd Co. Ltd. 0.09 -0.01 -10.0% GCB Bank Ltd. 5.1 -0.05 -1.0% The Bank of Ghana revoked the licenses of two banks and transferred their deposits and selected assets to Year-to-date Overview: The performance of the state-owned GCB Bank in order to protect financial stock market in 2017 as measured by the GSE stability. Composite Index stood at 41.4 percent at close of August, with 16 gainers and 10 losers. Depositors at UT Bank and Capital Bank needed to be protected due to the “severe impairment” of their Top winners were Benso Oil Palm Plantation Limited capital, the central bank said on Monday following the (BOPP), Standard Chartered Bank Ghana Limited and moves. Enterprise Group Limited with 155.8 percent, 118.4 percent and 110.4 percent year-to-date appreciations, “UT Bank and Capital Bank were heavily deficient in respectively. Top losers were Mechanical Lloyd capital and liquidity and their continuous operation Company Limited, Tullow Oil Plc and PBC Limited with could have jeopardized not only their depositor’s 40.0 percent, 33.8 percent and with 33.3 percent, funds, but also posed a threat to the stability of the respectively. www.pentassets.com 050-153-0246 financial system,” Bank of Ghana governor Ernest Addison told reporters in Accra. The regulator will punish directors and managers if they are found to have contributed to the impairment of the two banks, Addison said. Ghana Stock Exchange suspends listing status of UT Bank indefinitely (August 14) The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status Sources: of UT Bank Limited indefinitely. Bank of Ghana, Ghana Stock Exchange, Ghana Statistical Service and Reuters. A statement released by the GSE Monday said UT Bank Disclaimer: breached the GSE’s Listing Rules by failing to publish 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 its financial results since the end of its financial year any security. Any person considering an investment should consider the December 31, 2015. appropriateness of the investment having regard to their objectives, financial situation, or needs, and should seek independent advice on the suitability or otherwise of a particular investment. “The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE About Us: has collaborated closely with Bank of Ghana (BoG), the Pent Asset and Wealth Management Limited is an investment management and advisory firm. We are licensed and regulated as an regulator for banks on this matter,” the statement said. investment advisor and fund manager by the Securities and Exchange Commission of Ghana. Our services broadly include asset management, corporate finance & advisory, and Research & due diligence. It added that the suspension was also necessary following the revocation of the licence of UT Bank by Contact: James Adjei Barimah the Bank of Ghana (BoG) on Monday, August 14, 2017. Research Analyst Mobile: 050 145 3564 Email: [email protected] Ghana inflation falls to four-year low of 11.9 percent in July Ghana’s annual consumer price inflation fell a third consecutive time this year to 11.9 percent in July from 12.1 percent the previous month as the local cedi currency stabilized, the statistics office said on Wednesday. Ghana is aiming to narrow inflation to 11.2 percent by the end of the year to restore economic stability under a three-year assistance programme with the International Monetary Fund. www.pentassets.com 050-153-0246 Annex: Equities Performance Share Closing Price (GHS) Closing Price (GHS) Month/Month Year-to-Date Return Code August 31 July 31 Return (%) (August 31) AngloGold Ashanti Depository Shares AADS 0.48 0.48 0.00% -7.69% Access Bank Ghana PLC ACCESS 4 4 0.00% -2.44% 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 5.32 5.03 5.77% 155.77% Cal Bank Ltd CAL 1 0.9 11.11% 33.33% Clydestone (Ghana) Ltd. CLYD 0.03 0.03 0.00% 0.00% Camelot Ghana Ltd. CMLT 0.12 0.12 0.00% 0.00% Cocoa Processing Co. Ltd. CPC 0.02 0.02 0.00% 0.00% Ecobank Ghana Ltd. EGH 7 7 0.00% 9.38% Enterprise Group Ltd. EGL 5.05 2.46 105.28% 110.42% Ecobank Transnational Inc. ETI 0.14 0.14 0.00% 40.00% Fan Milk Ltd. FML 18 16 12.50% 61.58% GCB Bank Ltd. GCB 5.1 5.15 -0.97% 43.26% Guinness Ghana Breweries Ltd. GGBL 1.47 1.45 1.38% -9.82% NewGold GLD 38.8 38.8 0.00% 0.00% Ghana Oil Company Ltd. GOIL 2.31 2.3 0.43% 110.00% 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 1.2 0.73 64.38% 60.00% 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 0.1 -10.00% -40.00% Meridian Marshalls Holding Company MMH 0.11 0.11 0.00% 0.00% PBC Ltd.
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