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: June 17 21, 2013 Ghana GSE Composite Index dropped marginally by 0.85% to end the week at 1, points. The closing value of the performance benchmark is equivalent to a 57.75% year to date gain. Market capitaliza on also went down to end for the week at GHS56, million (USD28, million) In all a total of 3.86 million shares traded during the week and this represents a marginal 0.94% decline from the 3.90 million shares that traded on the GSE in the previous week. The deals that were transacted on the GSE amounted to GHS2.74 million (USD1.38 million) represen ng a 66.79% reduc on in the GHS8.25 million (USD4.1 million) recorded in the past week. Wednesday recorded the highest trade volume for the week as its deals accounted for 68.09% of the total market volume. Monday also led in terms of value with a38.25% share of the overall market value. At the end of the week, 16.28% of the traded equi es recorded price gains, 13.95% recorded price losses while the remaining 65.77% traded but did not change in 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: 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 1, , , , Wednesday Thursday 1, , , , , , , , Friday 1, , , ,112.91

2 Trading Sta s cs Trading Day Volume Value (GHS) Value (USD) Transac ons Ac ve Equi es Gainers Losers Unchanged Monday 224,622 1,047, , Tuesday 433, , , Wednesday 2,630, , , Thursday 158, , , Friday 415, , , Market Volume (Week on Week) Market Value (Week on Week)

3 Market Strength Events Schedule Company/Organiza on Event Date TOTAL AGM June 26, 2013 MLC AGM June 20, 2013 Dividend Announcement Company DPS (GHS) DPS (USD) Qualifying Date Payment Date SCB May Jun 13 EGL May Jun 13 GCB May Jun 13 Market News FMI agrees to sell majority stake in Fan Milk Ghana Fan Milk Limited Ghana (FML) has announced that the Abraaj Group (Abraaj), has entered into a condi onal agreement to acquire the en re issued share capital of Fan Milk Interna onal (FMI) in FML. FMI is the majority shareholder of FML. Upon the comple on of the purchase of FMI, FMI will con nue to be the majority shareholder of FML but Abraaj will indirectly acquire effec ve control of FML through its control of the 65,822,250 vo ng shares of FML (represen ng 56.64% of the equity of FML) that are owned by FMI. Abraaj is a private equity investor opera ng in the developing and growth markets of Africa, Asia, La n America and the Middle East. CBL Research

4 Nigeria Commentary A er sinking in all but the mid week trading session, the NSE ALSI recorded a 2.11% weekly loss to close at 36, points. The closing value of the benchmark index represents a 29.86% year to date return. Market cap also dipped by the same margin to end the week at NGN11,714, million (USD72, million) A total of 1, million shares traded on the market for the week. This represents a 56.23% reduc on from the 3, million shares that changed hands on the NSE last week. The trades that were executed for the week were valued at NGN21, million (USD million) represen ng a 71.43% deprecia on from the NGN75, million (USD million) trade value recorded on the market in the past week. Friday emerged as the most ac ve session as its deals accounted for 27.03% and 24.04% of the overall market volume and value respec vely. The market strength was constructed as follows, 19.22% went on the upside, 28.92% went on the downside while the remaining 51.85% traded but did not change in value. 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 37, , ,914, , Tuesday 37, , ,894, , Wednesday Thursday 37, , , , ,930, ,875, , , Friday 36, , ,714, ,763.83

5 Trading Sta s cs Trading Day Volume Value (NGN) Value (USD) Deals Traded Equi es Gainers Losers Unchanged Monday 280,695,109 2,677,861, ,479, , Tuesday 268,848,497 3,491,264, ,820, , Wednesday Thursday Friday 347,781,302,990 5,271,302, ,957, , ,603,475 5,027,174, ,371, , ,698,119 5,212,590, ,377, , Market Volume (Week on Week) Market Value (Week on Week)

6 Market Strength Events Schedule Company/Organiza on Event Date Total Nigeria Plc Bell Ringing June 26, 2013 FMCB Group Plc Facts Behind The Figure June 24, 2013 Dividend Announcement Company DPS (NGN) DPS (USD) Qualifying Date Payment Date UACN May Jun 13 NASCON May Jun 13 Market News Total pledges steady growth, pays N2.72bn dividends Total Nigeria Plc said it will take advantage of the opportuni es presented by projected growth in the economy in the course of the year to grow its business and deliver more value to shareholders. Chairman of the company, Mr. Momar Nguer, made this promise at the 35th annual general mee ng of the company in Lagos. At the mee ng, shareholders approved as dividend for the year, N2.72 billion, amoun ng to N8.00 per ordinary share. This, along with N3.00 interim dividend disbursed earlier in the year, brought the total dividend paid in the year to N11 per share. Nguer added: Though 2013 is envisaged to be marred by challenges; your company is well posi oned to overcome the challenges of the business environment as it has the human capital and experience to do so. Vanguard Champion Breweries to raise fresh capital for improved growth Champion Breweries has concluded plans to increase its capital base in order to enhance compe veness and ensure growth and profitability. Chairman of the company, Alhaji Shuaibu O an, disclosed this during the company s 2011 and 2012 combined annual general mee ng held in Lagos. He emphasized that re financing of exis ng debt through conversion to equity and injec on of fresh cash to the company through right issue are key success factors that must be embarked upon. He added that efforts were being made to secure the commitment of major shareholders to par cipate in the re financing programme. Vanguard

7 Commentary French West Africa Likewise the previous week, the BRVM CI recorded another loss for the week a er dipping 1.16% to close at points. The closing value of the BRVM CI corresponds to a 26.59% year to date return. Total market capitaliza on also declined by the same margin to end the week at XOF5,103, million (USD10, million) Shares totaling 0.36 million changed hands on the regional bourse during the week under review and this reflects a 43.18% increase from the 0.25 million shares that traded in the past week. The trades that were executed on the BRVM for the week amounted to XOF1, million (USD3.26 million). Compared to the previous week, the trade value recorded for the week represents a 22.69% decline from the XOF2, million (USD4.19 million) trade recorded last week. Monday emerged as the most ac ve session of the week as its deals represented 58.34% of the overall market volume and 47.67% of the overall market value for the week. The market strength for the week was structured as follows, 33.33% went on the upside, 34.41% went on the downside while the remaining traded but did not change in value at the end of 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 ,034, , Tuesday ,119, , Wednesday ,133, , Thursday ,103, , Friday ,058, ,199.78

8 Trading Sta s cs Trading Day Volume Value (XOF) Value (USD) Transac ons Traded Equi es Gainers Losers Unchanged Monday 209, ,962, ,551, Tuesday 26, ,765, , Wednesday 72, ,625, , Thursday 15, ,466, , Friday 34, ,709, , Market Volume (Week on Week) Market Value (Week on Week)

9 Market Strength Events Schedule Company/Organiza on Event Date NESTLE CI AGM June 07, 2013 SOGB CI AGM June 07, 2013 CFAO CI AGM June 04, 2013 Dividend Announcement Company DPS (XOF) DPS (USD) Qualifying Date Payment Date BICI CI 2, Jun Jun 13 Market News ETI Rules out New Acquisi on Ecobank Transna onal Incorporated (ETI), the parent company of Ecobank Nigeria Limited would not make new acquisi on in Nigeria but would rather grow its opera ons organically, the Chairman of the bank holding company, Mr. Kolapo Lawson, said in Lome, Togo Thursday. ETI had acquired former Oceanic Bank and merged its opera ons with Ecobank Nigeria Limited, which boosted its market share in Nigeria from outside the top 10 to number six posi on as at the end 2012 financial year. Addressing the shareholders earlier, the chairman said revenue rose by 46 per cent from $1.196 billion in 2011 to $1.751 billion in Profit a er tax grew from $207 million to $287 million, while total equity rose by 49 per cent. ThisDay SIFCA gets first me "A " ra ngs by WARA The West Africa Credit Ra ng Agency (WARA) has awarded SIFCA Group of Ivory Coast an "A " ra ng on the first ra ng for the company. The ra ng which is an investment grade long term ra ng. WARA also assigned a "w 3" ra ng for SIFCA for short term. The ra ng was given a stable outlook. In a related development, SIFCA also assigned an interna onal scale credit ra ng of "B+" and "w 5" for long term and short term respec vely. The ra ngs were largely based on the company's dominance in the domes c market as well as its solid financial posi on. SIFCA Group is the first private sector employer of Ivory Coast which focuses on palm oil and natural rubber produc on.. CBL Research

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