MERBAN STOCKBROKERS LIMITED
A wholly owned subsidiary of Merchant Bank (Ghana) Ltd
Highlights
 Six equities close on a positive note; two others slide
 Advancers lift benchmark Composite Index

 Cedi edges down marginally
Stock Market Review
Gainers and Decliners
Equity
PBC Ltd
SIC Insurance
SCB Preference Shares
PZ Cussons Gh.
CAL Bank
Benso Oil Palm
Stanchart
UT Bank
Societe Generale
Week Ending/ Price (GH¢)
10-Oct
3-Oct
0.13
0.12
0.44
0.41
0.58
0.55
0.40
0.39
0.95
0.94
3.75
3.72
18.29
18.27
0.26
0.27
0.86
0.90
Gain/
Loss (¢)
0.01
0.03
0.03
0.01
0.01
0.03
0.02
-0.01
-0.04
Percent
Change
8.33
7.32
5.45
2.56
1.06
0.81
0.11
-3.70
-4.44
©MSL Research; Data:GSE
The benchmark Composite Index (CI) rode on the strength
of the advancers to close the week up by 0.6 points to
2,223.13. The return on the CI remains positive with a year
to date gain of 3.63%.
The Financial Stocks Index (FSI) was however weighed down
by declines in two equities shedding 1.08 points to
2,127.26. This brings its year to date return to 19.07%.
Stock Market Snapshot
Indicator
GSE CI
GSE FI
Market Cap (GH¢ M)
Volume
Value
No. of Transactions
No. of Traded Stocks
No. of Advancers
No. of Decliners
This Week
2,223.13
2,127.26
64,035
5,746,214
6,579,524
572
26
6
2
Previous
Week
2,222.53
2,128.34
64,031
1,638,444
3,825,714
763
24
13
3
% Chg
This Wk
% Chg
Y-T-D
0.03
-0.05
0.01
250.71
71.98
-25.03
8.33
3.63
19.07
4.70
-42.13
-22.33
N/A
N/A
N/A
N/A
©MSL Research; Data: GSE
What Moved This Week
PBC Limited led movers this week bagging 8% (1GHp) to
13GHp. SIC Insurance was also in demand climbing 7.32%
(3GHp) to 44GHp. PZ Cussons and CAL Bank followed with
gains of 2.6% and 1.06% to 40GHp and 95GHp while Benso
Oil Palm edged up by 0.81% to ¢3.75. Standard Chartered
completed the list adding 0.11% to GH¢18.29.
Trading Activity
Volume and turnover registered for the week were
impressive exceeding figures recorded during the previous
week. A total of 5.75M shares changed hands in twenty-six
equities. This compares to the 1.64M shares that were
exchanged the previous week.
Turnover for the week came up to GH¢6.56M, compared to
the previous week’s GH¢3.83M.
Top - 5 Most Actively Traded Stocks (By Volume)
Equity
Shares
Traded
% of Total
Volume
CAL Bank
Enterprise Group
PZ Cussons Gh.
Guinness Gh.
UT Bank
2,809,821
1,488,230
752,604
225,829
147,430
48.9
25.9
13.1
3.9
2.6
Value of
trades (GH¢)
% of
Total
Value
2,641,756
38
2,455,528
36
601,990
9
704,586
10
38,708
1
©MSL Research; Data: GSE
Top - 5 Most Actively Traded Stocks (By Value)
Equity
CAL Bank
Enterprise Group
Guinness Gh.
PZ Cussons Gh.
Fan Milk
Value of
trades (GH¢)
% of
Total
Value
2,641,756
2,455,528
704,586
601,990
120,843
38.4
35.7
10.2
8.7
1.8
Shares Traded
% of
Total
Volume
2,809,821
49
1,488,230
26
225,829
4
752,604
13
24,662
0
©MSL Research; Data: GSE
Outlook
.
On the other hand, UT Bank and Societe Generale trimmed
3.7% and 4.4% to 26GHp and 86GHp.
This document is not intended to be an offer, or a solicitation of an offer for the sale or purchase of any security. The information and opinions contained in this document have been compiled from or arrived at in
good faith from sources believed to be reliable. Whilst care has been taken in preparing this document, no representation is given and no responsibility or liability is accepted by MSL, any member of MSL or the
MBG group as to the accuracy of the information contained herein. All opinions and estimates contained in this report may be changed after publication at any time without notice.
Bids & Offers - Last 5 Weeks
Money Market
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
Inflation, Policy and Money Market Rates
500,000
Sept 12. Sept 19. Sept 26.
BIDS
Oct 3.
Oct 10.
Week Ending
10-Oct-14
Inflation
Prime Rate
91-Day Bill
182-Day Bill
1-Year Note
2-Year Note
Amt Raised (GH¢M)
OFFERS
Corporate News
15.93
19.00
25.71
26.41
22.50
23.00
598.88
03-Oct-14
10-Oct-13
15.93
11.90
19.00
16.00
25.46
20.62
26.40
21.00
22.50
20.00
23.00
20.00
498.74
281.86
SOURCE: Bank of Ghana
Foreign Exchange Market
The Cedi continued to show some stability on the currency
market partly on the back of recent forex inflows.
Dividend and AGM Announcements
Equity
Amt
Qualifying
GH¢
Date
Ex Div
Payment
AGM
Starts
Date
CAL
0.053
27-Mar
19-Mar
30-Apr
27-Mar
SOGEGH
0.060
27-Mar
25-Mar
15-May
31-Mar
EBG
0.430
21-Apr
18-Apr
14-May
30-Apr
FML
0.090
5-May
2-May
12-Jun
7-May
BOPP
0.033
7-May
5-May
20-Jun
9-May
HFC
0.035
21-Apr
17-Apr
15-May
24-Apr
GCB
0.210
19-May
16-May
30-Jun
23-May
SCB
1.150
23-May
21-May
30-Jun
28-May
EGL
0.025
19-May
16-May
16-May
22-May
TOTAL
0.099
11-Jun
9-Jun
25-Jun
14-May
GOIL
0.016
11-Jun
9-Jun
30-Jun
29-May
MLC
0.010
25-Jun
23-Jun
21-Jul
24-Jun
CMLT
0.060
10-Jul
8-Jul
18-Aug
16-May
UTB
NDP
NDP
NDP
NDP
17-Apr
UNIL
NDP
NDP
NDP
NDP
15-May
ETI
NDP
NDP
NDP
NDP
30-Jun
SIC
YTA
NDP
NDP
NDP
31-Jul
MAC
YTA
YTA
YTA
YTA
5-Jun
ALW
YTA
YTA
YTA
YTA
22-Jul
SWL
YTA
YTA
YTA
YTA
24-Jul
YTA: Yet To Be Announced
NDP: No dividend to be paid for the last financial year
The Cedi firmed up by 0.01% against the Dollar as the
Federal Reserve’s concerns about the strength of the
greenback weighed. Rates by bankers for the local currency
versus the Dollar at the week’s close averaged GH¢3.20.
The local currency however failed to take advantage of
weak economic data coming out of Europe during the
week. The Cedi was down by 0.32% and 0.15% against the
Euro and the Pound to close the week at GH¢4.06 and
GH¢5.16 respectively. Against the Swiss Franc and the
South African Rand, the Cedi trimmed 0.06% and 1.08%
with midrates of GH¢3.35 and GH¢0.28 being quoted on
Friday.
Interbank Average Rates
Currency
Dollar
Euro
Pound
Sw. Franc
Rand
Rate
Rate
10-Oct
3.1973
4.0585
5.1614
3.3524
0.2875
03-Oct
3.1975
4.0454
5.1534
3.3503
0.2844
Gain / Loss
1-Wk
0.01
-0.32
-0.15
-0.06
-1.08
1-Mth
-0.03
1.76
-0.26
2.10
1.53
12-Mths
-37.48
-33.23
-38.17
-34.44
-29.75
Y-T-D
-32.39
-26.42
-30.78
-27.27
-28.25
SOURCE: Bank of Ghana/ Ghana Association of Bankers
This document is not intended to be an offer, or a solicitation of an offer for the sale or purchase of any security. The information and opinions contained in this document have
been compiled from or arrived at in good faith from sources believed to be reliable. Whilst care has been taken in preparing this document, no representation is given and no
responsibility or liability is accepted by MSL, any member of MSL or the MBG group as to the accuracy of the information contained herein. All opinions and estimates contained in
this report may be changed after publication at any time without notice.
Stock Market Data: October 10, 2014
INDUSTRY/
EQUITIES
TICKER
Pct
Price Price
Close
Close
Dec-13
Chg
GH¢
US$
GH¢
YTD
A gro Proces s ing
Vols
52 Week
High
Low
Volume
Value
P/E
Traded
Traded
Ratio
E/Y
Div
P/B
Yld
Ra ti o
(%)
(%)
DPS
GH ¢
Market
Market
Cap.
Cap.
GH¢(M)
US$(M)
3.20
3.20
Benso Oil Palm
BOPP
3.75
1.17
3.21
16.8
3.83
2.30
Golden Web Ltd
GWEB
0.03
0.01
0.04
-25.0
0.04
0.03
Cocoa Processing
CPC *
0.02
0.01
0.02
0.0
0.02
0.01
1,410
5,812
14.70
6.8
0.89
0
0
n.m.
n.m.
n.m.
16,500
320
n.m.
n.m.
n.m.
1.68
Banking
2.63
130.50
40.82
-
1.05
0.33
-
22.02
6.89
0.033
6,132
Cal Bank
CAL
0.95
-2.1
26.9
1.10
7.98
0.85
4.48
2,809,821
888
2,641,756
6,321
4.72
7.91
21.18
12.65
5.58
6.04
1.63
3.55
162.90
7.12
0.97
5.61
520.85
EBG
0.30
2.23
0.053
Ecobank Ghana
0.430
2,087.80
652.99
Ecobank Trans. Inc. ETI
0.30
0.09
0.19
57.9
0.43
0.17
48,853
14,655
11.18
8.94
6.67
1.06
0.020
4,788.91 1,497.80
Ghana Com. Bnk
GCB
5.11
1.60
4.85
5.4
5.69
4.00
14,399
73,585
5.29
18.91
4.11
2.56
0.210
1,354.15
423.53
HFC Bank Gh Ltd
HFC
1.35
0.42
0.96
40.6
1.60
0.65
42
55
6.71
14.90
1.63
1.90
0.022
400.09
125.13
Societe Generale
SOGEGH
0.86
0.27
0.75
14.7
1.18
0.62
96,970
82,709
7.22
13.84
6.98
1.49
0.060
287.15
89.81
Standard Chart
SCB
18.29
5.7
14.94
22.4
20.6
14.2
3,289
59,989
8.85
11.30
6.29
4.94
1.150
2,112.68
660.77
UT Bank
UT
0.26
0.08
0.45
-42.2
0.49
0.25
147,430
38,708
34.32
2.91
0.00
0.59
0.000
78.53
24.56
Trust Bank (Gb)
TBL ^
0.31
0.10
0.35
-11.4
0.35
0.24
0
0
9.14
10.94
7.45
0.023
62.00
19.39
2,918,297
10.6
12.2
6.1
2.2
Beverage
3.20
3.20
Fan Milk Ltd
FML
4.90
1.53
6.62
-26.0
7.55
4.89
24,662
120,843
39.76
2.52
1.84
7.71
0.090
569.43
178.10
Guinness Gh.
GGBL
3.12
0.98
6.20
-49.7
6.40
2.45
225,829
704,586
46.35
2.16
0.77
4.33
0.024
659.38
206.23
43.05
68.05
1.58
4,719
2.77
0.36
0.00
1.76
0.000
62.40
19.52
Dis tribution
Produce Buying
825,429
PBC
0.13
0.04
0.17
-23.5
0.18
0.11
Ins urance
36,300
6.02
9.40
3,515,493
Enterprise Group
EGL
1.65
0.52
1.88
-12.2
2.50
1.42
1,488,230
2,455,528
4.72
21.18
0.97
1.52
0.016
210.92
65.97
SIC Insurance
SIC
0.44
0.14
0.39
12.8
0.52
0.35
32,244
13,872
4.56
21.92
4.02
1.20
0.018
86.09
26.92
2,469,400
4.64
21.61
5.06
1.36
0
#DIV/0!
0.00
0.00
#DIV/0!
0.00
0.00
0.00
0.00
0.00
0.00
Inves tments
Mega African Cap. MAC
3.6
1.1
0
IT Solutions
Clydestone
CLYD
0.03
0.01
0.04
-25.0
0.04
0.03
0
0
n.m.
0.67
10.00
1.67
0.003
1.02
0.32
Transaction Soln.
TRANSOL
0.03
0.01
0.03
0.0
0.04
0.03
0
0
n.m.
n.m
0.00
4.27
0.000
2.40
0.75
3.20
0.00
0.00
-49.4
Manufacturing
PZ Cussons Gh
PZC
0.40
0.13
0.79
Unilev er Ghana
UNIL
15.74
4.92
18.31
Aluworks Limited
ALW
0.04
0.01
0.05
-20.0
Pioneer Kitchen
PKL
0.06
0.02
0.06
0.0
0
0.90
0.39
752,604
601,990
n.m.
n.m.
0.94
1.83
0.004
67.20
21.02
-14.0 18.31
14.94
1
30
n.m.
n.m.
1.63
37.68
0.256
983.75
307.68
0.06
0.03
100
4
n.m.
n.m.
n.a
0.35
n.a
9.47
2.96
0.06
0.06
0
0
n.m.
n.m.
n.a
n.m.
n.a
2.00
0.63
602,024
#DIV/0!
Mining
AngloGold Ashanti AGA
2.97
#######
3.20
37.00
11.6
37.0
0.0
37.0
37.0
0
0
n.m.
n.m.
0.00
-
0.130
14,187.28
AngloGold Dep.
AADs
0.52
0.16
0.52
0.0
0.52
0.52
0
0
n.m.
n.m.
0.00
-
0.001
0.51
Golden Star Rsrcs
GSR
2.34
0.73
2.75
-14.9
2.75
2.34
0
0
n.m.
n.m.
0.00
-
Petroleum Retail
597.71
4,437.27
0.16
186.94
0
Ghana Oil Co Ltd
GOIL
0.99
0.31
0.89
11.2
1.01
0.75
36,372
36,017
17.36
5.76
1.41
4.16
0.014
208.09
65.08
Total Petroleum
TOTAL
6.10
1.9
5.1
20.6
6.6
5.0
2,530
15,432
21.23
4.71
2.56
5.93
0.156
682.41
213.43
51,449
19.30
5.64
1.99
5.05
1.500
36.0
11.3
35.0
2.9
36.0
30.0
42
1,512
1125.0
0.00
0.00
5.61
0.092
0.06
#DIV/0!
Petrol Exploration
Tullow Oil Plc
TLW
Paper Convers ion A nd Printing
32,538.60 10,176.90
0.06
Camelot Ghana
CMLT
0.12
0.04
0.16
-25.0
0.16
0.12
0
0
3.31
30.17
5.00
0.66
0.006
0.78
0.25
Sam Woode Ltd
SWL
0.04
0.01
0.02 100.0
0.04
0.02
0
0
3.49
28.64
n.m.
0.97
0.004
0.87
0.27
0.03
0.01
0.06
0.06
0.03
100
3
n.m.
n.m.
n.m.
0.19
0.000
0.97
0.30
3
3.40
8.4
0.6
85
13.08
7.65
0.72
1.94
0.001
36.55
11.43
9
n.m.
3.67
3.33
0.68
0.001
2.22
0.70
1.6
1.5
3.08
0.37
0.008
13.03
4.07
=
US$1
African Champion ACI
Pharmaceutical
-50.0
3.20
Ayrton Drug
AYRTN
0.17
0.05
0.17
0.0
0.18
0.17
500
Starwin Products
SPL
0.03
0.01
0.04
-25.0
0.05
0.03
200
V ehicle Dealers hip
Mechanical Llyod
MLC
94
0.26
0.08
0.38
-31.6
©MSL R es ear c h; D ata: G SE / C ompany F inanc ials
0.39
0.26
6,300
2,319,223
3,276
n.m
n.m
GH¢ 3.20
3.20
Avg P.E 12.53
This document is not intended to be an offer, or a solicitation of an offer for the sale or purchase of any security. The information and opinions contained in this document have been compiled from or arrived at
in good faith from sources believed to be reliable. Whilst care has been taken in preparing this document, no representation is given and no responsibility or liability is accepted by MSL, any member of MSL or
the MBG group as to the accuracy of the information contained herein. All opinions and estimates contained in this report may be changed after publication at any time without notice.