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

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1 CBL Research West African Review Commentary Analyst: Nana Agyei Opoku Agyemang Repor ng Period: Apr 22 26, 2013 Ghana GSE Composite Index recorded a 1.07% growth for the week as it closed at 1, points. The closing value of the benchmark index corresponds to a 49.79% year to date return. Total market cap for the market was at GHS57, million (USD29, million) at the end of the period. Compared to the past week market volume traded were at par with the volume recorded for the week under review as a total of 4.29 million shares changed hands on the local bourse for the week. The trades that were executed on the GSE during the week were valued at GHS13.55 million (USD6.94 million) represen ng a 44.37% apprecia on from the GHS9.39 million (USD4.84 million) trade value that was reported last week. An average volume of 0.86 million shares traded on each session of the week for a market value of GHS2.7 million (USD1.39 million). In all a total of 739 trades were executed for the week and this represents an average of 148 trades per session. Tuesday recorded the biggest trade volume with 33.24% of the overall market volume for the week while Thursday emerged as the session with the highest trade value as its deals accounted for 46.99% of the overall trade value. Market Snapshot Market Name: Ghana Stock Exchange (GSE) Major Indices: GSE Composite Index (GSE CI) GSE Financial Stocks Index (GSE FSI) Listed Stocks: 36 Trading Days: 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 Tuesday 1, , , , , , , , Wednesday 1, , , , Thursday 1, , , , Friday 1, , , ,345.86

2 Trading Sta s cs Trading Day Volume Value (GHS) Value (USD) Transac ons Ac ve Equi es Gainers Losers Unchanged 273, , , Tuesday 1,427,150 5,657, ,907, Wednesday 847, , , Thursday 1,390,990 6,368, ,253, Friday 354, , , Market Volume (Week on Week) Market Value (Week on Week)

3 Market Strength Events Schedule Company/Organiza on Event Date Fan Milk Limited AGM 8 May 13 Ecobank Group Conference Call 26 Apr 13 UT Bank Limited Facts Behind the Figures 23 Apr 13 Dividend Announcement Company DPS (GHS) DPS (USD) Qualifying Date Payment Date PBC Mar 13 7 May 13 CAL Mar Apr 13 Market News GSE, SEC seek tax waivers for investors Unilever to announce new MD in two weeks The Ghana Stock Exchange (GSE) and the Securi es and Exchange Commission (SEC) are calling for a review of the tax regime governing interest and dividend income in order to create a level playing field for financial investors. Harmonising the tax policy and rates that govern income earned from equi es and government bonds and Treasuries will equalise the current system whereby interest income is tax exempt but dividend income is subjected to 8 percent tax, the two bodies said. Once you are not taxing interest income and you are taxing dividend income, you are disadvantaging those who go for shares, Mr. Ekow Afedzie, Deputy Managing Director of the Ghana Stock Exchange (GSE), told the B&FT in an interview. The Chief Execu ve Officer of Unilever Ghana, David Mureithi has revealed his new successor will be announced in the next two weeks. Unilever has announced Mr. Mureithi s departure from the company to pursue other interests. Though it is unclear yet who will take over, he said the board would make the announcement soon. Well I have chosen to move on; to do something else in life, I am not yet in a posi on to announce what I will be doing because that will be announced when the people that I am joining are ready to make the announcement but watch this space Said Mr Mureithi. ci fmonline

4 Nigeria Commentary NSE All Share Index recorded a 0.83% return for the week under review as it closed for the week at 33, points. At the end of the week the performance barometer of the NSE had a ained an 18.09% year to date growth. Total market cap also grew by a similar margin to close for the week at NGN10, million (USD66, million) Shares totaling 1, million traded on the bourse during the week and this corresponds to a 20.58% decline from the 2, million trade volume that was recorded last week. A total of NGN17, million (USD million) trade value was recorded for the week represen ng a 40.34% reduc on from the NGN3, million (USD million) trade value recorded for last week. On the average, a total of million shares traded on each session of the week for a sum of NGN3, million (USD22.56 million). At the end of the week a total of 23,958 trades represen ng an average of 4,792 trades per session was reported for the week. Thursday recorded the highest trade volume with 36.11% share of the overall weekly volume whereas Wednesday recorded the highest trade value with 25.79% of the overall weekly trade value. Market Snapshot Market Name: Nigerian Stock Exchange (NSE) Major Indices: NSE All Share Index NSE 30 Index Listed Stocks: 198 Trading Days: 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 Tuesday 32, , , , ,577, ,576, , , Wednesday 33, , ,687, , Thursday 33, , ,637, , Friday 33, , ,601, ,720.72

5 Trading Sta s cs Trading Day Volume Value (NGN) Value (USD) Deals Traded Equi es Gainers Losers Unchanged 317,661,557 3,438,739, ,696, , Tuesday 316,091,428 3,999,714, ,204, , Wednesday Thursday Friday 365,823,426 4,615,176, ,092, , ,713,064 4,235,061, ,661, , ,540,452 1,609,530, ,129, , Market Volume (Week on Week) Market Value (Week on Week)

6 Market Strength Events Schedule Company/Organiza on Event Date Corporate Affairs Comm. Bell Ringing April 29, 2013 Dividend Announcement Company DPS (NGN) DPS (USD) Qualifying Date Payment Date NB Mar May 13 NESTLE Apr May 13 Market News Zenith Bank Shareholders Approve N50bn Dividend Payout Shareholders of Zenith Bank Plc Wednesday approved the N50.23 billion dividends recommended by the bank and commended the board and management for the impressive performance for the year ended December 31, The bank posted a profit a er of N100.6 billion in 2012, showing an increase of 107 per cent from the N48.7 billion in Hence the Board of directors recommended N50.23 billion dividends which translated into N1.60 per share. Endorsing the dividends at the 22nd Annual General Mee ng (AGM) of Zenith Bank in Lagos yesterday, the shareholders said the N1.60 per share dividend showed the commitment of the bank to deliver superior returns. Top 10 performing stocks The shares of the following ten companies recorded the highest gains last week. These are PZ Cusson Nigeria Plc, UACN Plc, Forte Oil Plc, Cement Company of Northern Nigeria Plc (CCNN), BOC Gas Plc, A.G Leven s Plc, UBA Plc, Neimeth Interna onal Pharmaceu cals Plc and Glaxosmithkline Nigeria Plc. PZ Cusson topped the gainers with price gain of N6.50 per share at the end of trading session last week. The home care manufacturing company opened the week at N35.50 per share and closed at N42.00 per share. Neimeth, Unilever Plc and Glaxosmithkline were the last three on the top tem gainers chart, apprecia ng by N0.22, N0.21 and N0.20 respec vely. Vanguard

7 Commentary French West Africa Trading on the regional bourse ended for the week with a 1.19% surge in the BRVM Composite Index which ended the week at points. The closing value for the index which appreciated throughout the week represents a 16.53% year to date change. Market cap also improved by the same margin to end the week at XOF4,698, million (USD9, million). A total of 0.86 million shares traded for the week. The volume recorded is about thrice the 0.30 million shares that traded on the BRVM in the past week. The trades that were executed on the market during the week were worth XOF4, million (USD8.76 million) represen ng an 89.18% growth from the XOF2, million (USD4.65 million) that was recorded last week. Thursday recorded the largest trade volume for the week with 35.02% of the overall weekly volume. Tuesday also recorded the highest trade value for the week with a share of the total weekly market value. Market Snapshot Market Name: Bourse Regionale Des Valeurs Mobilieres (BRVM) Major Indices: BRVM Composite Index Listed Stocks: 39 BRVM 10 Index Trading Days: 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 ,765, , Tuesday ,750, , Wednesday ,758, , Thursday ,728, , Friday ,698, ,314.03

8 Trading Sta s cs Trading Day Volume Value (XOF) Value (USD) Transac ons Traded Equi es Gainers Losers Unchanged 40, ,044, , Tuesday 191,729 2,526,247, ,025, Wednesday 252,728 1,270,706, ,520, Thursday 301, ,924, , Friday 74, ,424, , Market Volume (Week on Week) Market Value (Week on Week)

9 Market Strength Events Schedule Company/Organiza on Event Date TOTAL CI General Mee ng May 23, 2013 SODE CI General Mee ng May 15, 2013 SICOR General Mee ng April 26, 2013 Dividend Announcement Company DPS (XOF) DPS (USD) Qualifying Date Payment Date SICABLE CI 5, Apr Apr 13 Market News Cote d'ivoire gold project intact despite price slide Australia's Perseus Mining expects to start building the $160 million Sissingue gold mine in Cote d'ivoire in the middle of this year despite the recent slide in gold prices to a two year low, its chief execu ve said on Friday. New Chief Execu ve Jeff Quartermaine said while the company was not immune to the falling gold price, which sank to nearly $1,321 an ounce this week, it would need to fall much further to start causing Perseus any difficulty. Perseus aims to start producing by mid to late 2014 in Cote d'ivoire, where Sissingue has a measured and indicated resource of 925,000 ounces of gold and further explora on underway. The company plans to finance construc on of the mine through its exis ng cash and bullion balance, cash flow from its Edikan mine in Ghana and a credit facility it has available. ABN Digital 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.