Sept Review Week 2
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REVIEW WEEK
WEEKLY HIGHLIGHT OF THE GHANAIAN FINANCIAL MARKET
Friday Sep 11, 2009 Abena Amoah +233-21-660-163 [email protected] Hilary Lomotey +233-243-475-978 [email protected] Atsu Axame +233-242-555-344 [email protected]
THE EQUITIES MARKET REVIEW WEEK
REVIEW WEEK
PREVIOUS WEEK
CHANGE (%)
INCREASE/DECREASE
GSE All-Share Index (Points)
6,502.98
6,476.74
0.41↑
2.6.24↑
Year-To-date losses (%)
(37.66% )
(37.91%)
0.66↓
0.25↓
12.50↑ 10.00↑ 5.88↑ 3.61↑ 1.72↑ 0.78↑ 0.64↑ 13.79↓ 9.09↓ 3.22↓
0.02↑ 0.03↑ 0.01↑ 0.15↑ 0.01↑ 0.01↑ 0.02↑ 0.08↓ 0.01↓ 0.01↓
Price Movements GOIL SIC UT FML SG-SSB GGBL EBG BOPP TRANSOL AADS
USD$ 0.12 0.23 0.12 2.94 0.40 0.89 2.41 0.34 0.07 0.21
GH¢ 0.18 0.33 0.18 4.30 0.59 1.30 3.13 0.58 0.10 0.30
GH¢ 0.16 0.30 0.17 4.15 0.58 1.29 3.11 0.50 0.11 0.31
Share Trading Activity: Total shares Traded Total Market Turnover
1,191,000
8,862,000
86.56↓
7,671,000↓
339,000
496,000
8,122,000
93.89↓
7,626,000↓
10,991
16,066
16,047
0.12↑
19↑
Market Capitalization (millions)
FIVE (5) MOST TRADED EQUITIES EQUITY GCB SCB GOIL EBG ETI TOTAL
TRADE VALUE(USD$) 109,000 52,000 40,000 31,000 21,000 252,000
TRADE VALUE(GH¢) 159,000 76,000 58,000 46,000 30,000 369,000
% OF VALUE TRADED 32.09% 15.37% 11.75% 9.18% 6.03% 74.42%
RANKING 1 2 3 4 5
MONEY MARKET INSTRUMENTS MATURITY INSTRUMENT 91-Days 182-Days
DISCOUNT RATE (%) REVIEW WEEK PREVIOUS WEEK 24.32 24.30↓ 25.21 25.21
INTEREST EQUIVALENT (%) REVIEW WEEK PREVIOUS WEEK 25.89 25.88↓ 28.85 28.85
1-Year note
21.00
EXCHANGE RATE (WEEKLY AVERAGES) CURRENCY AVERAGE RATES US dollar ($) Euro(£) Pound Sterling (£)
REVIEW WEEK CLOSED 11/09/09 (GH¢) 1.4620
PREVIOUS WEEK CLOSED 04/09/09 (GH¢) 1.4634
PERCENTAGE CHANGE (%) (0.10%)
CHANGE REVIEW WEEK (GH¢) 0.0014↓
2.1177 2.4136
2.0900 2.3806
1.32% 1.38%
0.0277↑ 0.0329↑
GRAPHS AND CHARTS
SECTORAL TRADES Banking and Finance 74%
Breweries 2% Pharmaceuticals 1%
Consumer Products 6% Agro Processing 1%
Insurance 4%
Petroleum 12%
DAILY TRADES 140,000
$121,012 120,000
Valtra US$
100,000 80,000
$64,536
$60,714
THURSDAY
FRIDAY
$52,029
60,000
$40,947 40,000 20,000 MONDAY
TUESDAY
WEDNESDAY
0.45
24.5
0.40
24
0.35
23.5
0.30
23
0.25
22.5
0.20
22
0.15 0.10
21.5
0.05
21
-
20.5 AUG
SEP
OCT
NOV
DEC
JAN
FEB
Share Price (ALW)
MAR
APR
91-Day T/Bill
MAY
JUN
JUL
AUG
T/Bill (%)
Price US$
One Year Performance of ALW Share Price vs 91-Day T/Bill (ending Aug 09)
ECONOMICS AND POLITICS: GHANA’S GLOBAL COMPETITIVENESS REPORT Ghana is ranked 114th this year, down 12 ranks since last year. Ghana continues to display excellent public institutions and governance indicators, for which it has often been commended by international leaders in recent years, having notably seen a peaceful transition of political power through presidential elections. The weakening of Ghana’s performance is attributable to a deterioration of the country’s macroeconomic stability since last year. Overall, Ghana’s institutions are ranked 68th, with reasonable public trust of politicians (ranked 62nd), relative judicial independence (69th), and corruption levels lower than in most other countries of the region (71st for ethics and corruption). Some aspects of the country’s infrastructure are also good by regional standards, particularly roads and ports, which are ranked 76th and 69th, respectively. Financial markets are also relatively sophisticated (ranked 59th). On the other hand, education levels continue to lag behind international standards at all levels, goods and labor markets continue to be characterized by inefficiencies, and the country is not harnessing new technologies for productivity enhancements (ICT adoption rates are very low). Finally, the country is characterized by high and increasing macroeconomic instability, having gone from 121st on this pillar last year to a very low 129th this year. The government is running high and increasing fiscal deficits, debt levels are high, inflation is well into the double digits, and high interest rate spreads point to inefficiencies in the financial system.
YEAR OPEN DAY OPEN DAY CLOSE LISTED EQUITIES
DAY CLOSE
YTD CHNG
MKT CAP
%
GH¢'MN
GH¢
GH¢
GH¢
USD$
Benso Oil Palm Plantation Ltd
1.00
0.52
0.50
0.34
(50)
Golden Web Ltd
0.05
0.05
0.05
0.03
-
KEY RATIOS
MKT CAP
USD$'MN P/E Ratio EPS, GH¢ P/B Ratio
AGRO PROCESSING 17.40
11.90
6
0.0775
1.13
1.75
1.20
nm
-0.0054
1.36
BANKING AND FINANCE Cal Bank Ltd
0.60
0.25
0.25
0.17
(58)
41.28
28.24
7
0.0344
1.00
Ecobank Ghana Ltd
3.60
3.13
3.13
2.14
(13)
630.79
431.53
12
0.2680
4.47
Ecobank Transnational Inc
0.45
0.21
0.21
0.14
(53)
1,834.02
1,254.68
9
0.0244
0.81
Ghana Commercial Bank Ltd
1.10
0.79
0.79
0.54
(28)
209.35
143.22
6
0.1288
0.84
HFC Bank (Ghana) Ltd
0.62
0.62
0.62
0.42
-
78.80
53.91
9
0.0694
2.74
Standard Chartered Bank Ltd
38.00
29.00
29.00
19.84
(24)
510.29
349.09
8
3.4931
4.73 1.52
SG-SSB Ltd
0.68
0.59
0.59
0.40
(13)
168.15
115.03
4
0.1536
Trust Bank Ltd ( The Gambia)
1.33
1.33
1.33
0.91
-
79.80
54.59
89
0.0150
5.37
UT Financial Services Ltd
0.33
0.17
0.18
0.12
(45)
37.93
25.95
8
0.0219
3.07
BREWERIES Accra Brewery Co Ltd
0.12
0.12
0.12
0.08
-
Guinness Ghana Breweries Ltd
2.00
1.30
1.30
0.89
(35)
-
29.93
20.48
nm
-0.0856
2.80
214.07
146.45
nm
0.00002
2.83
DIST AND TRADING CFAO Ghana Ltd
0.04
0.04
0.04
0.03
9.67
6.62
1
0.0281
1.41
Mechanical Lloyd Co Ltd
0.21
0.20
0.20
0.14
(5)
10.02
6.85
7
0.0302
0.73
Produce Buying Co Ltd
0.21
0.20
0.20
0.14
(5)
96.00
65.67
36
0.0055
7.66
CONSUMER PRODUCTS Fan Milk Ltd
4.50
4.15
4.30
2.94
(4)
85.07
58.20
5
0.8113
2.20
PZ Cussons Ghana Ltd
1.12
1.10
1.10
0.75
(2)
30.80
21.07
22
0.0500
1.38
Unilever Ghana Ltd
4.00
3.42
3.42
2.34
(15)
213.75
146.23
nm
-0.0467
2.57
Clydestone (Ghana) Ltd
0.08
0.08
0.08
0.05
-
Transaction Solns (Ghana) Ltd
0.11
0.10
0.10
0.07
ICT INDUSTRY
(9)
2.72
1.86
7
0.0108
8.12
8.00
5.47
nm
-0.0135
5.32
INSURANCE Enterprise Insurance Co Ltd
3.14
2.50
2.50
1.71
(20)
63.92
43.73
20
0.1274
2.61
SIC Insurance Co Ltd
0.50
0.32
0.33
0.23
(34)
64.56
44.17
9
0.0360
0.65
MANUFACTURING Aluworks Ltd
0.61
0.50
0.50
0.34
(18)
20.84
14.26
nm
-0.0177
2.93
Cocoa Processing Co Ltd
0.05
0.05
0.05
0.03
-
55.04
37.65
nm
-0.0054
0.68
Pioneer Kitchenware Ltd
0.07
0.07
0.07
0.05
-
2.33
1.60
nm
-0.0067
1.83
Super Paper Products Co Ltd
0.10
0.10
0.10
0.07
-
3.24
2.22
nm
-0.0345
0.56
AngloGold Ashanti Ltd
30.00
30.00
30.00
20.52
-
10,598.13
7,250.30
nm
-1.0460
3.11
AngloGold Ashanti Depository
0.35
0.30
0.30
0.21
(13)
29.37
20.09
Golden Star Resources Ltd
3.10
3.10
3.10
2.12
-
729.82
499.28
nm
-0.4988
1.18
MINING
PETROLEUM Total Petroleum Ghana Ltd
7.60
7.50
7.50
5.13
(1)
104.88
71.75
8
0.8966
6.32
Ghana Oil Co Ltd
0.32
0.17
0.18
0.12
(44)
37.83
25.88
6
0.0286
1.19
(6)
PHARMACEUTICALS Ayrton Drug Manufg Ltd
0.16
0.15
0.15
0.10
Starwin Products Ltd
0.05
0.05
0.05
0.03
32.25
22.06
13
0.0114
3.55
-
3.70
2.53
nm
0.0006
1.83
PRINTING AND PUBLISHING Camelot Ghana Ltd
0.16
0.16
0.16
0.11
-
1.05
0.72
8
0.0188
3.32
Sam Woode Ltd
0.03
0.03
0.03
0.02
-
0.65
0.45
nm
-0.0102
2.04
0.52
0.52
0.52
0.36
-
PREFERENCE SHARES Stanchart Preference Shares TOTAL
9.09
6.22
16,066
10,991
nm - not meaningful EPS is based on annualized quarter earnings
This report is confidential for the information of the addressee only and may not be duplicated in whole or in part, circulated or disclosed without the prior consent of NWR. It is compiled from sources we believe to be reliable but we do not hold ourselves responsible for its completeness or accuracy. Neither this report nor any opinion expressed constitutes an offer for or solicitation for an offer to sell or acquire any securities mentioned. NWR accepts no liability for any loss that may arise from the use of the contents of this publication or from any acts or omissions based on its contents. All opinions and estimates included herein constitute our opinion as of this date and are subject to change. We or persons involved in the preparation and issuance of this material may from time to time buy or sell securities of companies mentioned therein.
LICENSED DEALING MEMBER OF THE GHANA STOCK EXCHANGE
WEEKLY HIGHLIGHT OF THE GHANAIAN FINANCIAL MARKET
Friday Sep 11, 2009 Abena Amoah +233-21-660-163 [email protected] Hilary Lomotey +233-243-475-978 [email protected] Atsu Axame +233-242-555-344 [email protected]
THE EQUITIES MARKET REVIEW WEEK
REVIEW WEEK
PREVIOUS WEEK
CHANGE (%)
INCREASE/DECREASE
GSE All-Share Index (Points)
6,502.98
6,476.74
0.41↑
2.6.24↑
Year-To-date losses (%)
(37.66% )
(37.91%)
0.66↓
0.25↓
12.50↑ 10.00↑ 5.88↑ 3.61↑ 1.72↑ 0.78↑ 0.64↑ 13.79↓ 9.09↓ 3.22↓
0.02↑ 0.03↑ 0.01↑ 0.15↑ 0.01↑ 0.01↑ 0.02↑ 0.08↓ 0.01↓ 0.01↓
Price Movements GOIL SIC UT FML SG-SSB GGBL EBG BOPP TRANSOL AADS
USD$ 0.12 0.23 0.12 2.94 0.40 0.89 2.41 0.34 0.07 0.21
GH¢ 0.18 0.33 0.18 4.30 0.59 1.30 3.13 0.58 0.10 0.30
GH¢ 0.16 0.30 0.17 4.15 0.58 1.29 3.11 0.50 0.11 0.31
Share Trading Activity: Total shares Traded Total Market Turnover
1,191,000
8,862,000
86.56↓
7,671,000↓
339,000
496,000
8,122,000
93.89↓
7,626,000↓
10,991
16,066
16,047
0.12↑
19↑
Market Capitalization (millions)
FIVE (5) MOST TRADED EQUITIES EQUITY GCB SCB GOIL EBG ETI TOTAL
TRADE VALUE(USD$) 109,000 52,000 40,000 31,000 21,000 252,000
TRADE VALUE(GH¢) 159,000 76,000 58,000 46,000 30,000 369,000
% OF VALUE TRADED 32.09% 15.37% 11.75% 9.18% 6.03% 74.42%
RANKING 1 2 3 4 5
MONEY MARKET INSTRUMENTS MATURITY INSTRUMENT 91-Days 182-Days
DISCOUNT RATE (%) REVIEW WEEK PREVIOUS WEEK 24.32 24.30↓ 25.21 25.21
INTEREST EQUIVALENT (%) REVIEW WEEK PREVIOUS WEEK 25.89 25.88↓ 28.85 28.85
1-Year note
21.00
EXCHANGE RATE (WEEKLY AVERAGES) CURRENCY AVERAGE RATES US dollar ($) Euro(£) Pound Sterling (£)
REVIEW WEEK CLOSED 11/09/09 (GH¢) 1.4620
PREVIOUS WEEK CLOSED 04/09/09 (GH¢) 1.4634
PERCENTAGE CHANGE (%) (0.10%)
CHANGE REVIEW WEEK (GH¢) 0.0014↓
2.1177 2.4136
2.0900 2.3806
1.32% 1.38%
0.0277↑ 0.0329↑
GRAPHS AND CHARTS
SECTORAL TRADES Banking and Finance 74%
Breweries 2% Pharmaceuticals 1%
Consumer Products 6% Agro Processing 1%
Insurance 4%
Petroleum 12%
DAILY TRADES 140,000
$121,012 120,000
Valtra US$
100,000 80,000
$64,536
$60,714
THURSDAY
FRIDAY
$52,029
60,000
$40,947 40,000 20,000 MONDAY
TUESDAY
WEDNESDAY
0.45
24.5
0.40
24
0.35
23.5
0.30
23
0.25
22.5
0.20
22
0.15 0.10
21.5
0.05
21
-
20.5 AUG
SEP
OCT
NOV
DEC
JAN
FEB
Share Price (ALW)
MAR
APR
91-Day T/Bill
MAY
JUN
JUL
AUG
T/Bill (%)
Price US$
One Year Performance of ALW Share Price vs 91-Day T/Bill (ending Aug 09)
ECONOMICS AND POLITICS: GHANA’S GLOBAL COMPETITIVENESS REPORT Ghana is ranked 114th this year, down 12 ranks since last year. Ghana continues to display excellent public institutions and governance indicators, for which it has often been commended by international leaders in recent years, having notably seen a peaceful transition of political power through presidential elections. The weakening of Ghana’s performance is attributable to a deterioration of the country’s macroeconomic stability since last year. Overall, Ghana’s institutions are ranked 68th, with reasonable public trust of politicians (ranked 62nd), relative judicial independence (69th), and corruption levels lower than in most other countries of the region (71st for ethics and corruption). Some aspects of the country’s infrastructure are also good by regional standards, particularly roads and ports, which are ranked 76th and 69th, respectively. Financial markets are also relatively sophisticated (ranked 59th). On the other hand, education levels continue to lag behind international standards at all levels, goods and labor markets continue to be characterized by inefficiencies, and the country is not harnessing new technologies for productivity enhancements (ICT adoption rates are very low). Finally, the country is characterized by high and increasing macroeconomic instability, having gone from 121st on this pillar last year to a very low 129th this year. The government is running high and increasing fiscal deficits, debt levels are high, inflation is well into the double digits, and high interest rate spreads point to inefficiencies in the financial system.
YEAR OPEN DAY OPEN DAY CLOSE LISTED EQUITIES
DAY CLOSE
YTD CHNG
MKT CAP
%
GH¢'MN
GH¢
GH¢
GH¢
USD$
Benso Oil Palm Plantation Ltd
1.00
0.52
0.50
0.34
(50)
Golden Web Ltd
0.05
0.05
0.05
0.03
-
KEY RATIOS
MKT CAP
USD$'MN P/E Ratio EPS, GH¢ P/B Ratio
AGRO PROCESSING 17.40
11.90
6
0.0775
1.13
1.75
1.20
nm
-0.0054
1.36
BANKING AND FINANCE Cal Bank Ltd
0.60
0.25
0.25
0.17
(58)
41.28
28.24
7
0.0344
1.00
Ecobank Ghana Ltd
3.60
3.13
3.13
2.14
(13)
630.79
431.53
12
0.2680
4.47
Ecobank Transnational Inc
0.45
0.21
0.21
0.14
(53)
1,834.02
1,254.68
9
0.0244
0.81
Ghana Commercial Bank Ltd
1.10
0.79
0.79
0.54
(28)
209.35
143.22
6
0.1288
0.84
HFC Bank (Ghana) Ltd
0.62
0.62
0.62
0.42
-
78.80
53.91
9
0.0694
2.74
Standard Chartered Bank Ltd
38.00
29.00
29.00
19.84
(24)
510.29
349.09
8
3.4931
4.73 1.52
SG-SSB Ltd
0.68
0.59
0.59
0.40
(13)
168.15
115.03
4
0.1536
Trust Bank Ltd ( The Gambia)
1.33
1.33
1.33
0.91
-
79.80
54.59
89
0.0150
5.37
UT Financial Services Ltd
0.33
0.17
0.18
0.12
(45)
37.93
25.95
8
0.0219
3.07
BREWERIES Accra Brewery Co Ltd
0.12
0.12
0.12
0.08
-
Guinness Ghana Breweries Ltd
2.00
1.30
1.30
0.89
(35)
-
29.93
20.48
nm
-0.0856
2.80
214.07
146.45
nm
0.00002
2.83
DIST AND TRADING CFAO Ghana Ltd
0.04
0.04
0.04
0.03
9.67
6.62
1
0.0281
1.41
Mechanical Lloyd Co Ltd
0.21
0.20
0.20
0.14
(5)
10.02
6.85
7
0.0302
0.73
Produce Buying Co Ltd
0.21
0.20
0.20
0.14
(5)
96.00
65.67
36
0.0055
7.66
CONSUMER PRODUCTS Fan Milk Ltd
4.50
4.15
4.30
2.94
(4)
85.07
58.20
5
0.8113
2.20
PZ Cussons Ghana Ltd
1.12
1.10
1.10
0.75
(2)
30.80
21.07
22
0.0500
1.38
Unilever Ghana Ltd
4.00
3.42
3.42
2.34
(15)
213.75
146.23
nm
-0.0467
2.57
Clydestone (Ghana) Ltd
0.08
0.08
0.08
0.05
-
Transaction Solns (Ghana) Ltd
0.11
0.10
0.10
0.07
ICT INDUSTRY
(9)
2.72
1.86
7
0.0108
8.12
8.00
5.47
nm
-0.0135
5.32
INSURANCE Enterprise Insurance Co Ltd
3.14
2.50
2.50
1.71
(20)
63.92
43.73
20
0.1274
2.61
SIC Insurance Co Ltd
0.50
0.32
0.33
0.23
(34)
64.56
44.17
9
0.0360
0.65
MANUFACTURING Aluworks Ltd
0.61
0.50
0.50
0.34
(18)
20.84
14.26
nm
-0.0177
2.93
Cocoa Processing Co Ltd
0.05
0.05
0.05
0.03
-
55.04
37.65
nm
-0.0054
0.68
Pioneer Kitchenware Ltd
0.07
0.07
0.07
0.05
-
2.33
1.60
nm
-0.0067
1.83
Super Paper Products Co Ltd
0.10
0.10
0.10
0.07
-
3.24
2.22
nm
-0.0345
0.56
AngloGold Ashanti Ltd
30.00
30.00
30.00
20.52
-
10,598.13
7,250.30
nm
-1.0460
3.11
AngloGold Ashanti Depository
0.35
0.30
0.30
0.21
(13)
29.37
20.09
Golden Star Resources Ltd
3.10
3.10
3.10
2.12
-
729.82
499.28
nm
-0.4988
1.18
MINING
PETROLEUM Total Petroleum Ghana Ltd
7.60
7.50
7.50
5.13
(1)
104.88
71.75
8
0.8966
6.32
Ghana Oil Co Ltd
0.32
0.17
0.18
0.12
(44)
37.83
25.88
6
0.0286
1.19
(6)
PHARMACEUTICALS Ayrton Drug Manufg Ltd
0.16
0.15
0.15
0.10
Starwin Products Ltd
0.05
0.05
0.05
0.03
32.25
22.06
13
0.0114
3.55
-
3.70
2.53
nm
0.0006
1.83
PRINTING AND PUBLISHING Camelot Ghana Ltd
0.16
0.16
0.16
0.11
-
1.05
0.72
8
0.0188
3.32
Sam Woode Ltd
0.03
0.03
0.03
0.02
-
0.65
0.45
nm
-0.0102
2.04
0.52
0.52
0.52
0.36
-
PREFERENCE SHARES Stanchart Preference Shares TOTAL
9.09
6.22
16,066
10,991
nm - not meaningful EPS is based on annualized quarter earnings
This report is confidential for the information of the addressee only and may not be duplicated in whole or in part, circulated or disclosed without the prior consent of NWR. It is compiled from sources we believe to be reliable but we do not hold ourselves responsible for its completeness or accuracy. Neither this report nor any opinion expressed constitutes an offer for or solicitation for an offer to sell or acquire any securities mentioned. NWR accepts no liability for any loss that may arise from the use of the contents of this publication or from any acts or omissions based on its contents. All opinions and estimates included herein constitute our opinion as of this date and are subject to change. We or persons involved in the preparation and issuance of this material may from time to time buy or sell securities of companies mentioned therein.
LICENSED DEALING MEMBER OF THE GHANA STOCK EXCHANGE
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