Contact Information Email: nana.agyei@calbrokersghana.com, patrick@calbrokersghana.com Phone: +233244820308 +233244820308, +233244376574 +233244376574 ISSUE DATE January 14, 2011 Stock Market During the week under review, the GSE-Composite Index made a marginal appreciation of 0.52 points to close the week at 1,004.64 points.consequently, the year-to-date market return stood at 0.06%.This brings the total market capitalization on the exchange to GHS20,008.72 million. Similarly, the GSE-Financial Stocks Index which measures the performance of the financial stocks also went up by 7.39 points to settle at 992.08 points with a year-to-date market return of negative 0.79%. The market registered a total of 4,595,048 shares which amounted to GHS4,321,250.62.Comparatively, this is more than 100% of the volume and 17.00% higher than the value of shares traded during the previous week. There were 15 price changes during the week long trading, 10 gainers and 5 losers. CFAO, CAL, PBC, ALW, BOPP, GCB, EBG, TOTAL, and SCB were the gainers, whereas FML, GGBL, HFC and CPC posted negative returns during the week. http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (1 of 7)1/20/2011 11:58:45 AM
STOCK MARKET INDICATORS CBL All-Share Index Opening 1,216.13 CBL All-Share Index Closing 1,217.70 Change in CBL All-Share Index 1.57 GSE Composite Index Opening 995.5 GSE-Composite Index Closing 1,000.64 Change in GSE-Composite Index 0.52 GSE-Financial Stocks Index Opening 984.69 GSE-Financial Stocks Index Closing 992.08 Change in GSE-Financial Stocks Index 7.39 Average Market P/E(24 Equities) 19.92 Total Volume 4,595,048 Total Value (GHS) 4,321,250.62 Capitalization (GHS m) 20,008.72 PRICE CHANGES Bulls EQUITY OPENING (GHS) CLOSING (GHS) % CFAO 0.02 0.03 50.00 CAL 0.33 0.38 15.55 PBC 0.15 0.17 13.13 SIC 0.43 0.47 9.3 ALW 0.12 0.13 8.33 BOPP 0.75 0.78 4.00 GCB 2.61 2.70 3.45 EBG 3.00 3.01 0.33 TOTAL 10.93 10.94 0.09 SCB 45.16 45.18 0.04 Bears http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (2 of 7)1/20/2011 11:58:45 AM
EQUITY OPENING (GHS) CLOSING (GHS) % FML 2.40 2.35 (0.42) GGBL 1.57 1.56 (0.64) SG-SSB 0.64 0.60 (6.25) HFC 0.40 0.36 (10.00) CPC 0.03 0.02 (33.33) TRADING STATISTICS Trading Days Volume Value (GHS) GSE-CI Change In Index Monday 1,270,969 487,942.25 1,001.50 6.13 Tuesday 926,974 354,113.17 1,004.15 2.65 Wednesday 1,520,825 1,807,575.83 998.37 (5.78) Thursday 536,808 1,040,171.43 998.05 (0.32) Friday 339,472 631,447.94 1,000.64 2.59 OTHER MARKETS NAME COUNTRY VALUE YTD (%) FTSE/JSE All-Share Index South Africa 32,661.06 0.09 EGX 30 Egypt 7,156.28 0.20 NSE All Share Index Nigeria 27,014.19 1.88 NSE-20 Share Index Kenya 4,551.07 2.67 SEMDEX Mauritius 2,027.30 3.04 STOCKS PROFILE http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (3 of 7)1/20/2011 11:58:45 AM
Issued Px as 2011 Price Changes Market Capt. P/E Company Ticker Shares @ Jan Year Year P. W. Y.T.D Mkt Cap P.E (Millions) 14,2011 High Low (GHS) (%) (GHS m) Ratio Accra Brewery ABL 249.45 0.10 0.10 0.10 - - 24.94 25 African Champion Industries ACI 34.44 0.08 0.08 0.08-2.60 20 Anglogold Ashanti. AGA 380.97 34.00 34.00 34.00 - - 12,952.85 119 Anglogold Ashanti Dep. Shares AADS 0.98 0.60 0.60 0.60 - - 0.59 n/ m Aluworks Ghana ALW 41.68 0.13 0.13 0.12 0.01 8.33 4.58 n/m Ayrton Drugs Manufacturing AYRTN 215.00 0.16 0.16 0.16 - - 34.40 12 Benso Oil Palm Plantation BOPP 34.80 0.78 0.78 0.75 0.03 4.00 26.10 14 CAL Bank CAL 238.80 0.38 0.38 0.31 0.05 22.58 78.75 10 CFAO Ghana CFAO 241.75 0.03 0.03 0.02 0.01 50.00 4.83 3 Clydestone Ghana CLYD 34.00 0.07 0.07 0.07 - - 2.38 38 Camelot Ghana CMLT 6.54 0.16 0.16 0.16 - - 1.05 6 Cocoa Processing Company CPC 1,100.83 0.02 0.03 0.02 0.01-22.02 3 Ecobank Ghana EBG 230.13 3.01 3.01 3.00 0.01 0.33 692.69 12 Enterprise Group EGL 127.83 0.50 0.50 0.50 - - 61.36 45 Ecobank Transnational Inc. ETI 9,914.50 0.14 0.15 0.14 - (6.67) 1,388.03 9 Fan Milk FML 118.71 2.39 2.45 2.35 0.01 2.45 273.03 17 Ghana Commercial Bank GCB 265.00 2.70 2.70 2.60 0.09-666.15 15 Guinness Ghana Breweries GGBL 164.67 1.56 1.67 1.56 0.01-256.89 11 Ghana Oil Company GOIL 210.19 0.29 0.29 0.28 - - 54.66 9 http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (4 of 7)1/20/2011 11:58:45 AM
Golden Star Resources GSR 255.43 5.20 5.20 5.20 - - 1,507.02 72 Golden Web Limited GWEB 29.97 0.05 0.05 0.05 - - 1.75 6 HFC Bank HFC 182.82 0.36 0..44 0.35 0.04 (18.18) 82.27 9 Mechanical Lloyd Company MLC 50.10 0.10 0.10 0.10 - - 5.01 8 Produce Buying Company PBC 480.00 0.17 0.17 0.13 0.02 30.77 72.00 6 Pioneer Kitchenware Limited PKL 33.34 0.07 0.07 0.07 - - 2.33 5 Paterson Zochonis Ghana PZC 28.00 1.20 1.20 1.20 - - 33.60 92 Standard Chartered Bank (Gh) SCB 19.25 45.18 45.18 45.15 0.02 0.04 869.19 14 SIC Insurance Company SIC 195.65 0.47 0.47 0.43 0.04 9.30 80.21 13 Starwin Products Company. SPL 74.08 0.04 0.05 0.04 - - 3.70 n/m SG-SSB Bank SG-SSB 333.89 0.60 0.64 0.60 0.04 (20.00) 213.69 11 Sam-Woode SWL 21.83 0.02 0.02 0.02-0.44 6 The Trust Bank of Gambia TBL 60.00 1.33 1.33 1.33 - - 79.80 21 Total Petroleum Ghana TOTAL 13.98 10.94 9.94 10.00 0.01-139.84 6 Transactions Solutions TRANSOL 80.00 0.07 0.07 0.07 - - 5.60 5 Unilever Ghana UNIL 62.50 5.69 5.69 5.69 - - 350.63 23 UT Financial Services UTB 302.04 0.28 0.30 0.27 0.01 (6.67) 84.57 13 SCB-PREF SCB-P 17.48 0.52 0.52 0.52 - - 9.09 TOTAL 15,860.93 20,008.72 P/E (Price-to-Earnings ratio) calculations are based on: 1st Quarter '10: AGA, ALW, GGBL, GSR, PZC HYR' 10: ABL,AYRTN 3rd Quarter' 10: ACI, BOPP, CAL, CFAO, CLYD, CMLT, CPC, EBG, EGL, ETI, FML, GCB, GOIL, HFC, MLC, PKL,SCB, SG-SSB, SIC, SPL, SWL, TBL, TOTAL, TRANSOL, UNIL, UTB Money Market http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (5 of 7)1/20/2011 11:58:45 AM
For the week under review, all the various instruments offered had relatively lower rates as compared to the previous week. The 91 day bill and the 1 year note were 0.02% lower at 12.23% and 12.63% respectively and While the 182 bill reduced by 0.03% to 12.61%, the 2 year fixed note declined by 0.05% to 12.65%. A total of GHS196.00 million were offered for sale as compared to GH166.00 million offered in the previous week. The Interbank weekly interest rate was at 11.67%. MONEY MARKET RATES INSTRUMENT RATE (%) ECONOMIC INDICATORS INDICATOR VALUE (%) 91 - Day Treasury Bill 12.23 GDP ( 2009) 4.10 182 - Day Treasury Bill 12.61 Inflation (Dec 2010) 8.58 1 - Year Note 12.63 BoG Policy Lending Rate 13.50 2 - Year Fixed Rate Note 12.65 Interbank Interest Rate (Weekly) 11.67 Forex Market On currency performance, the cedi depreciated against all the three major currencies.it lost value by 0.26%, 2.82% and 3.78% against the dollar, the pounds and the euro respectively. While the dollar started the week with an average rate of GHS1.4579 and ended with GHS1.4617,the pound began with GHS2.2516 and closed the week with GHS2.3156.Similarly, the euro also began the week with an average rate of GHS1.8939 and ended with GHS1.9647. AVERAGE INTERBANK RATES DAY AVG. DOLLAR RATE (GHS) AVG. POUND RATE (GHS) AVG. EURO RATE (GHS) Monday 1.4577 2.2643 1.8825 Tuesday 1.4581 2.2675 1.8851 Wednesday 1.4577 2.2818 1.8967 Thursday 1.4583 2.2941 1.9111 Friday 1.4617 2.3151 1.9647 http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (6 of 7)1/20/2011 11:58:45 AM
Corporate News COMET PROPERTIES' IPO Comet Properties Limited, a wholly owned Ghanaian real estate company has commenced a public share offer to raise an amount of GHS61,823,968 which involves the sale of 61,823,968 ordinary shares of no par value at GH1.00 per share payable in full on application.the month long exercise started on December 31,2010 and it is expected to end on January 31, 2011. All prospective investors can contact CAL Brokers Limited for subcription. CBL Research. This report is based upon information from various sources that we believe are reliable. However, no representation is made that it is accurate or complete. This report is not an offer to buy or sell, nor a solicitation to buy or sell the securities mentioned therein. This report is provided solely for the information of clients of CAL Brokers Limited (CBL) who are expected to make their own investment decisions without sole reliance on this report. CBL accepts no liability for any direct or consequential loss arising from any use of this report or its contents. Investments can fluctuate in price and value and the investor may get back less than was originally invested. Changes in rates of exchange may have an adverse effect on the value of the investment. Past performance is not necessarily a guide to future performance. It may be difficult for the investor to sell or realize the investment or to obtain reliable information about its value or the risk to which it is exposed. CBL, or persons involved in the preparation or issuance of this material, may from time to time, buy or sell the securities of the companies mentioned therein. This information has been issued by CBL, which is licensed by the SEC and the GSE. CBL is a subsidiary of CAL Bank Limited. This enewsletter is Powered By ncodedev Labs http://icampaign.ncodedevlabs.com/app/admin/index.php?page=newsletters&action=view&id=580 (7 of 7)1/20/2011 11:58:45 AM