OVERVIEW OF THE FINANCIAL MARKET FOR 2013

OVERALL PERFORMANCE

The GSE – Composite Index (GSE-CI) recorded a year to date gain of 78.81% ending the year with 2,145.20 point while the GSE Financial Stock Index (GSE-FSI) also recorded a return of 71.81% ending the year with 1,784.05point. The GSE-CI and the GSE-FSI recorded a return of 23.81% and 20.94% in December 2012.

LISTED COMPANY PERFORMANCE

Listed companies recorded improved company performances in terms of share price appreciation for the year under review. Interestingly, some of the listed companies recorded returns higher than the GSE-CI gain of 78.81%. Out of the 34 companies listed on the GSE, ten companies made gains of more than 100%.

Listed Company Annual Return above 100(%) PZ Cussons 338.89% Ltd (EGL) 291.67% CAL Bank Ltd (CAL) 155.26% Co. Ltd (MLC) 153.33% Ltd (GGBL) 136.64% GCB Ltd (GCB) 130.95% Benso Oil Palm Plantation (BOPP) 129.29% Societe General (SOGEGH) 120.59% Ghana Ltd (UNIL) 114.91% HFC Bank Ltd (HFC) 113.33%

Five companies recorded gains of 50% and above. This category was also led by Ghana Ltd (EBG) with 87%; Ltd (FML) – 86.48%; TOTAL Ghana Ltd (TOTAL) – 72.33%; Ecobank Transnational Inc (ETI) – 58.33%; and Sam Woode Ltd (SWL) – 50%.

Listed Company Annual Return above 100(%) Ltd (EBG) 87% Fan Milk Ltd (FML) 86.48% TOTAL Ghana Ltd (TOTAL) 72.33% Ecobank Transnational Inc (ETI) 58.33% Sam Wood Ltd 50%

Similarly, five companies recorded gains of up 50%. There were however, eight companies with no change in their share prices. On the other hand, TRANSOL led the losers on the market with a significant loss of 25% in its share price among five other companies that lost between 20 % - 5% in their share prices.

MONEY MARKET RATES

Month End 31-Jan-14 31-Dec-13 31-Jan-13 Inflation 13.5 13.2 8.80

Prime Rate 16.00 16.00 15.00

91- Day Bill 19.62 19.22 22.80

182- Day Bill 19.44 18.66 22.69

1-Year Note 17.00 17.00 22.90

2-Year Note 16.00 16.80 23.00

OTHER DEVELOPMENTS

 The GSE Securities Depository Ltd merged with the Bank of Ghana’s Central Securities Depository, agreement signed on 24/12/2013, merger effective 01/01/2014.  Secondary listing of Government of Ghana’s ten year 2nd Eurobond of US$1billion in August 2013 and GH¢101.57million 17.5% seven year bond also listed, both first time.  The Capital requirement of Licensed Dealing Members (LDMs) changed from GH¢100,000 to GH¢1million in December 2013. Have up to March 2014 to comply.