Ghana. West African Review. Commentary. Market Snapshot. CBL Research

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1 CBL Research Analyst: Nana Agyei Opoku Agyemang West African Review Commentary Repor ng Period: Feb 25 Mar 01, 2013 GSE Composite Index consolidated its recent gains a er rising throughout the week to record a 4.54% growth to close at 1, points represen ng a 26.15% year to date change. Market cap also went on the upside to close at GHS55, million which is equivalent to USD28, million. As many as 1.75 million shares traded on the GSE during the week under review and this represents an 85.20% decline from the million shares that traded on the market in the previous week. The transac ons that were executed on the market amounted to GHS1.38 million (USD0.72 million) which is 74.20% below the GHS5.34 million (USD2.81 million) that was recorded in the previous week. Ghana A total of 992 trades averaging 198 deals per day were executed on the GSE for the week. An average volume of 0.35 million shares worth GHS0.28 million (USD0.14 million) traded on each session of the week. Friday recorded the highest turnover as its deals accounted for over 30% of the total volume and value for the week. The market strength for the week was structured as follows, 29.25% were gainers, 4.72% went on the downside while the remaining 66.04% traded but did not change. Market Snapshot Market Name: Ghana Stock Exchange (GSE) Major Indices: GSE Composite Index (GSE CI) GSE Financial Stocks Index (GSE FSE) Listed Stocks: 36 Trading Days: Monday Friday Trading Hours:10.00hrs GMT 15.00hrs GMT Trading Day Market Index (GSE CI) Change (%) Market Cap Previous Current Daily Year to Date GHS m USD m Monday 1, , , , Tuesday Wednesday 1, , , , , , , , Thursday 1, , , , Friday 1, , , ,835.87

2 Trading Sta s cs Trading Day Volume Value (GHS) Value (USD) Transac ons Ac ve Equi es Gainers Losers Unchanged Monday 222, , , Tuesday 319, , , Wednesday 281, , , Thursday 327, , , Friday 596, , , Market Volume (Week on Week) Market Value (Week on Week)

3 Market Strength Events Schedule Company/Organiza on Event Date AngloGold Ashan Ltd General Mee ng 11 Mar 13 Starwin Products Ltd EGM March 05, 2013 Dividend Announcement Company DPS (GHS) DPS (USD) Qualifying Date Payment Date CAL Mar Apr 13 SCB Pref Mar Mar 13 Market News Clydestone, Kenswitch, Chase Bank launches China Union Pay in Kenya Clydestone (GSE:CLYD) Ghana s leading payment systems company has launched China Union Pay acquiring in Kenya in conjunc on with Kenswitch and Chase Bank. Under the co opera on agreement, Clydestone a Global Partner and 3rd party processor of Union Pay has integrated with Kenswitch to enable Banks on the Kenswitch network acquire Union Pay transac ons on over 1200 ATMs. Chase Bank is the se lement bank. The member banks are: Imperial Bank, Family Bank, I&M Bank, K Rep Bank, Kenya Post Office Savings Bank, Bank of Africa, Chase Bank, Consolidated Bank, Gulf African Bank, Housing Finance, Transna onal Bank, Kenya Women Finance Trust, First Community Bank, Equatorial Commercial Bank, Fidelity Commercial Bank and Credit Bank. Point of Sale and online ecommerce (UPOP) transac on acquiring will also be launched later in the year. Group Chief Execu ve Officer of Clydestone Paul Jacquaye said this marks the expansion of Clydestone G switch into the African market in pursuance of its Pan African Strategy ci fmonline SG SSB Mar May 13 Ecobank reposi ons brand with new adver sing campaigns Ecobank Ghana a member of the Ecobank Group has rolled out the first fullyintegrated Ecobank Group adver sing campaign, designed to promote a new brand posi oning. The campaign, dubbed The Future is pan African, was launched by the Group in Lomé, Togo, in December last year with Ghana s version launched a few days ago in Accra. The campaign seeks to posi on the bank as the pan African bank capable of crea ng posi ve change right across this dynamic con nent for individuals and businesses alike. Central to the campaign are three key messages: A celebra on of Ecobank s success in building a pan African pla orm, both in terms of scale and reach; by closely aligning products and services to customer aspira ons, Ecobank is becoming even more relevant to their daily needs; and as organiza ons seek to centralize and streamline their opera ons across Africa, the bank s One Bank offering becomes even more compelling. B&FT

4 Nigeria Commentary The performance benchmark of the Nigerian bourse recorded a rela vely weaker return as it dipped by 2.10% to close at 33, points represen ng a 18.18% year to date change. Total market cap also grew by the same margin to close for the week at GHS10,618, million (USD48, million) Compared to the past week, market volume for week went on the downside as 2, million shares represen ng an 8.16% reduc on from the 2, million shares that traded on the NSE in the previous week. A total of NGN24, million (USD million) was realized from the deals that were executed on the market for the week and this represents a 7.97% slip from the NGN22, million (USD million) that was recorded on the NSE last week. A total of 28,170 deals were transacted on NSE for the week and this represents an average of 5,634 trades per session. An average volume of shares valued at NGN4, million (USD22.38 million) traded on each session of the week. Wednesday recorded the highest trade volume of the week with 24.74% of the total market volume while Thursday came top in terms of value with 30.82% of the overall market value. The strength of the NSE was cons tuted as follows for the week, 27.24% were gainers, 28.85% were laggards while the remaining 43.91% traded but did not change in price. Market Snapshot Market Name: Nigerian Stock Exchange (NSE) Major Indices: NSE All Share Index NSE 30 Index Listed Stocks: 198 Trading Days: Monday Friday Trading Hours:10.15hrs GMT 14.30hrs GMT Trading Day Market Index (NSE ALSI) Change (%) Market Cap Previous Current Daily Year to Date NGN m USD m Monday 33, , ,819, , Tuesday 33, , ,756, , Wednesday 33, , ,795, , Thursday 33, , ,583, , Friday 33, , ,618, ,137.42

5 Trading Sta s cs Trading Day Volume Value (NGN) Value (USD) Deals Traded Equi es Gainers Losers Unchanged Monday 361,928,781 4,029,645, ,343, , Tuesday 473,208,802 3,950,948, ,942, , Wednesday Thursday Friday 563,931,385 5,987,297, ,216, , ,254,777 7,592,962, ,479, , ,349,674 3,072,498, ,928, , Market Volume (Week on Week) Market Value (Week on Week)

6 Market Strength Events Schedule Company/Organiza on Event Date SEC Board Bell Ringing March 05, 2013 ABC Transport Plc Bell Ringing March 05, 2013 Nestle Nigeria Plc Bell Ringing March 05, 2013 Market News NSE Suspends, Fines 3 Broking Firms over Price Manipula on The Nigerian Stock Exchange (NSE) has suspended three stockbroking Apel Asset & Trust Limited, Calyx Securi es Limited and EDC Securi es Limited for share price and market manipula on. Apart from suspending them, NSE also slammed a fine of N21million on the three broking firms. According to the exchange, the firms were indicted over various market and price manipula on at the stock market. Specifically, Apel Asset & Trust and EDC Securi es Limited were sanc oned for allegedly involving in market manipula on. On the other hand, Calyx Securi es Limited was found guilty of manipula ng the shares of DN Meyer Plc, one of the market making stocks. Apel Asset was suspended from trading for one week and fined N15 million, EDC Securi es was also suspended from trading for one week and fined N5 million while Calyx Securi es was suspended for a week and fined N1.5 million. Calyx Securi es' fine was reduced because it was said to have fully co operated with the inves gators and pleaded for leniency as a first me violator. ThisDay Registrars imposing brokers on investors Registrars have been unilaterally alloca ng stockbroking houses and stock accounts of shareholders of bank Holding Companies (Holdco), said Central Securi es Clearing System (CSCS) Limited. The Holdcos, namely First Bank Holdco, UBA Holdco and Stanbic IBTC Holdco were created to become the parent company of the bank and its subsidiaries. Hence the shares of the subsidiaries were to be distributed to the shareholders. But rather than allow the shareholders to choose which of their CSCS account or stockbroking house they want the shares transferred to, Registrars, according to CSCS, just transferred the shares as they deem fit, an ac on tantamount to imposi on. Speaking exclusively with Vanguard, Managing Director, CSCS, Mr. Kyari Abba Bukar, said, The CSCS is not to be blamed for the error in credi ng the stock account of any shareholder and imposi on of stockbroking houses. Vanguard

7 Commentary The regional bourse recorded a 4.24% weekly growth as the BRVM CI appreciated in all but the last session of the week to close at points represen ng a 15.60% year to date gain. Total market cap also grew by a similar margin to end the week at XOF4,660, million (USD9, million) Shares totaling 1.79 million traded on the BRVM during the period under review and this represents an 81.10% increase from the 0.99 million shares that changed hands on the regional bourse in the previous week. Unlike the market volume, the market value recorded a decline as compared to the past week. At the end of the week a total of XOF1, million (USD2.37 million) was realized from the trades that were executed on the French West Africa BRVM and this is 44.72% below the XOF2, million (USD4.31 million) that was recorded in the past week. A total of 727 trades averaging 145 trades per day were completed on the market for the week. An average volume of 0.36 million shares traded at XOF million (USD0.47 million) on each session of the week. Monday recorded the highest turnover for the week as its deals made up for 46.69% of the overall weekly volume and 35.16% of the total market value. The gainers outperformed the laggards as 38.30%of the market strength represented advancers while another 26.60% were losers. The remaining 35.11% represents stocks that traded but did not change during the week. Market Snapshot Market Name: Bourse Regionale Des Valeurs Mobilieres (BRVM) Major Indices: BRVM Composite Index Listed Stocks: 39 BRVM 10 Index Trading Days: Monday Friday Trading Hours: 08:30hrs GMT 12:00hrs GMT Trading Day Market Index (BRVM CI) Change (%) Market Cap Previous Current Daily Year to Date XOF m USD m Monday ,526, , Tuesday ,591, , Wednesday ,596, , Thursday ,683, , Friday ,660, ,283.34

8 Trading Sta s cs Trading Day Volume Value (XOF) Value (USD) Transac ons Traded Equi es Gainers Losers Unchanged Monday 835, ,912, , Tuesday 112, ,520, , Wednesday 290, ,635, , Thursday 89, ,872, , Friday 462, ,805, , Market Volume (Week on Week) Market Value (Week on Week)

9 Market Strength Events Schedule Company/Organiza on Event Date SICABLE General Mee ng March 15, 2013 SICOR General Mee ng April 26, 2013 Market News Ecobank Sees Deposit Growth of at Least 20% in 2013 Ecobank Transna onal Inc. s deposits will increase by at least 20 percent this year as Africa s growing economy a racts more customers, Chief Execu ve Officer Thierry Tanoh said. Revenue is expected to climb 15 percent this year and at the same rate in 2014 and 2015, he told reporters in Abidjan, Ivory Coast s commercial capital, today. Sub Saharan Africa s economy is forecast to expand 5.8 percent this year, outpacing a global rate of 3.5 percent, according to the Interna onal Monetary Fund. The growth is enough to keep Ecobank focusing on Africa, Tanoh said. We don t plan to open units in northern Africa or in South Africa, or outside Africa, he said. African Markets Air Liquide signs pact with Chinese partners Air Liquide has been awarded two major long term contracts by BOE Technology Group in China, to supply ultra pure carrier molecules to its two latest cu ngedge flat panel display fabs. These plants will both manufacture large numbers of advanced flat panel displays. The first plant (called BOE Ordos G5.5 AMOLED fab) will be based in Ordos, Inner Mongolia and the other plant (called BOE Hefei G8.5 TFT LCD fab) in Hefei, Anhui province. These contracts are the 20th and 21st long term supply agreements signed by Air Liquide Group in the flat panel display industry in Asia. The total ultra pure nitrogen newly contracted will amount to 50,000 Nm3/h. This is the largest investment ever made by Air Liquide in China for a client in this sector.