Market Report

December 2013

MARKET HIGHLIGHTS
GSE STOCK INDICES/CAPITALIZATION
GSE COMPOSITE INDEX (GSE-CI)
GSE FINANCIAL STOCK INDEX (GSE-FSI)
MARKET CAPITALIZATION (GH M)
DOMESTIC CAPITALIZATION (GH M)

DECEMBER 2013 YTD CHANGE

2,145.20
78.81%
1,786.60
71.81%
61,158.29
6.80%
11,694.93
76.68%

DECEMBER 2012 YTD CHANGE

1,199.72
23.81%
1039.86
20.48%
57,264.22
20.94%
6,753.14
25.22%

MARKET TURNOVER - EQUITIES

VOLUME TRADED
VALUE TRADED (GH)
NUMBER OF TRANSACTIONS
TRADING DAYS
NUMBER OF TRADED SYMBOLS

DECEMBER 2013
21,059,583
49,088,962.17
1,804
19
28

DECEMBER 2012
12,275,006
10,574,273.92
1,379
19
32

MARKET TURNOVER - EQUITIES

VOLUME TRADED
VALUE TRADED (GH)
NUMBER OF TRANSACTIONS
TRADING DAYS
NUMBER OF TRADED SYMBOLS

JAN TO DEC 2013

313,024,312
456,140,671.57
34,152
248
34

JAN TO DEC 2012

218,134,338
102,195,575.10
24,289
248
34

MARKET DAILY AVERAGES - EQUITIES

AVERAGE VOLUME TRADED
AVERAGE VALUE TRADED (GH)
AVERAGE NUMBER OF TRANSACTIONS

DECEMBER 2013
1,108,399
2,583,630
95

DECEMBER 2012
646,053
556,541
73

LISTINGS
LISTED COMPANIES
LISTED EQUITIES
ORDINARY SHARES
DEPOSITORY SHARES
PREFERENCE SHARES
EXCHANGE TRADED FUNDS
NUMBER OF LISTED BONDS
CORPORATE
2 YEAR GOG
3 YEAR GOG
5 YEAR GOG
7 YEAR GOG
EURO BOND (US$)

DECEMBER 2013
34

DECEMBER 2012
34

34
1
1
1

34
1
1
1

0
88
9
3
1
1

0
79
10
3
0
0

DECEMBER 2013

DECEMBER 2012

0
9,260.16
1.00
63.24

0
5,939.13
0.00
0.00

819.07

DECEMBER 2013
***13.20

DECEMBER 2012
8.80

19.22
17.00
16.80
-

23.12
22.90
23.00
-

2.16
3.57
2.99

1.88
3.01
2.43

DELISTINGS-EQUITIES DEC 2013, DEC 2012)

BONDS
VALUE OF LISTED BONDS
CORPORATE
GOG BONDS (GH M)
EURO BOND (US$ B)
VALUE OF BONDS TRADED (GH M)
VALUE OF BONDS TRADED (GH M) - JUL - DEC
SELECTED ECONOMIC INDICATORS
INFLATION RATE YEAR-ON-YEAR (%)
INTEREST RATE (%)
91-DAY T-BILL
1 YEAR NOTE
2 YEAR NOTE
3 YEAR NOTE
5 YEAR NOTE
EXCHANGE RATE
US$ 1 to 1 GHANA CEDIS
UK 1 to 1 GHANA CEDIS
1 Euro to 1 GHANA CEDIS
*** Inflation Rate is as at November 2013

GSE Market Report - December 2013

INDEX SUMMARY NOV-DEC 1990 - DECEMBER 2013

Period
Nov - Dec 1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Jan - Dec 2013

High
77.65
69.77
72.90
132.88
334.02
322.11
385.80
524.21
1,201.08
903.17
873.35
1,025.78
1,395.31
3,553.42
7,469.04
6,901.36
5,006.02
6,599.77
10,931.36
10,431.64
7,185.05
1,189.77
1,199.72
2,341.60

Date
12-Nov
4-Jan
6-Oct
30-Dec
17-May
25-Oct
13-Sep
8-Dec
6-May
5-Feb
22-Sep
1-Aug
30-Dec
31-Dec
25-Aug
28-Jan
29-Dec
31-Dec
3-Oct
2-Jan
1-Jun
18-May
31-Dec
2-Dec

Low
70.08
55.49
60.15
63.29
132.91
296.32
307.42
346.66
511.66
735.39
737.16
856.00
955.95
1,395.36
3,558.96
4,751.17
4,692.84
5,001.15
6,595.92
5,098.92
5,463.83
940.04
968.08
1,198.29

Date
Dec-21
May-17
Jun-23
Jan-05
Jan-04
Mar-22
Jan-12
Jan-31
Jan-07
Dec-22
Jan-03
Feb-07
Jan-02
Jan-02
Jan-02
Dec-22
Jan-31
Jan-11
Jan-02
Aug-17
Jan-14
Dec-16
Jan-05
Jan-03

End of Period Index

70.08
64.51
62.17
132.88
298.10
316.97
360.76
511.74
868.35
736.16
857.98
955.95
1,395.31
3,553.42
6,798.59
4,769.02
5,006.02
6,599.77
10,431.64
5,572.34
6,886.31
969.03
1,199.72
2,145.20

% Change
0.00
-7.95
-3.63
113.74
124.34
6.33
13.82
41.85
69.69
-15.22
16.55
11.42
45.96
154.67
91.33
-29.85
4.97
31.84
58.06
-46.58
32.25
-3.10
23.81
78.81

MARKET ACTIVITIES - NOV-DEC 1990 - DECEMBER 2013

Period
Nov - Dec 1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Jan - Dec 2013
Total: Dec. 1990 to
Dec 2013

Volume Traded
(000)
222.00
1,825.80
2,044.40
37,945.47
93,037.63
55,838.60
35,749.99
125,629.14
91,446.52
49,568.22
30,717.09
55,295.87
44,124.20
96,330.00
104,349.30
81,400.00
98,286.00
287,221.70
531,660.00
96,767.39
330,616.75
419,791.08
218,134.34
313,024.31
3,201,026

GSE Market Report - December 2013

Value Traded
Market Cap. Government
(GH m) Equities (GH m.) Bonds (GH m.)
0.01
3.05
0.50
0.01
2.96
0.50
0.02
4.38
0.50
0.32
9.65
0.50
7.31
196.84
0.50
2.71
239.90
2.79
286.27
9.34
255.28
13.40
324.56
6.96
320.54
5.06
365.50
9.23
390.40
100.37
8.94
618.38
132.69
38.93
1,261.68
144.24
65.59
9,761.48
51.63
46.44
9,185.73
22.50
47.60
11,249.60
326.15
140.71
12,368.60
1,333.07
365.51
17,895.12
1,237.46
74.19
15,941.92
1,039.14
151.29
20,116.70
2,576.87
446.56
47,347.23
3,987.44
102.20
57,264.22
5,939.25
456.14
61,158.29
9,260.16

Corporate Bonds
(US$ m.)
0.00
0.00
0.00
0.00
0.00
0.00
2.55
4.80
6.80
9.50
11.01
10.20
10.98
8.98
6.28
8.78
2.50
6.40
6.40
3.90
3.90
3.90
0.00
0.00

2,001.24

MARKET ACTIVITIES - DECEMBER 2013

Top 10 Volume Leaders
Symbol
Traded Volume
HFC
8,274,160
TOTAL
4,086,635
SPL
2,455,646
CAL
1,898,557
GGBL
920,665
UTB
811,050
FML
644,634
GCB
630,153
UNIL
251,155
ETI
240,745

% of Total Volume
39.29
19.41
11.66
9.02
4.37
3.85
3.06
2.99
1.19
1.14

Top 10 Value Leaders

Symbol
Traded Value (GH)
TOTAL
20,661,130.00
HFC
6,215,701.00
GGBL
5,840,657.00
UNIL
4,596,435.00
FML
4,256,194.00
GCB
3,070,230.00
CAL
1,859,195.00
SCB
825,397.10
EBG
445,419.80
UTB
360,652.00

% of Total Value
42.09
12.66
11.90
9.36
8.67
6.25
3.79
1.68
0.91
0.73

MARKET ACTIVITIES - JANUARY TO DECEMBER 2013

Top 10 Volume Leaders
Symbol
Traded Volume
HFC
117,659,419
CAL
45,739,551
ETI
20,780,811
EBG
14,658,999
EGL
14,210,037
UTB
13,974,994
GCB
11,946,366
SIC
11,265,527
FML
11,126,987
MLC
10,138,234

% of Total Volume
37.59
14.61
6.64
4.68
4.54
4.46
3.82
3.60
3.55
3.24

Market Capitalization - End of Months for

2013 (GH M)
Month
2013
January
53,093.86
February
54,977.25
March
57,740.56
April
57,505.97
May
55,948.29
June
55,924.82
July
55,778.54
August
56,235.85
September
56,430.09
October
58,085.16
November
58,189.70
December
61,158.29

2012 and
2012
47,215.37
51,210.44
50,688.37
51,628.65
54,849.47
55,097.22
54,958.10
55,923.70
56,342.34
56,646.02
56,731.19
57,264.22

Volume Traded - End of Months - 2012 and 2013

Month
2013
2012
January
18,518,954
7,626,461
February
25,577,370
13,311,021
March
24,025,601
16,253,862
April
16,942,034
12,366,077
May
20,227,483
12,151,921
June
82,645,882
10,905,360
July
21,219,668
12,932,680
August
11,812,042
31,207,545
September
38,785,794
34,641,865
October
24,720,274
33,571,715
November
7,489,627
20,890,825
December
21,059,583
12,275,006
Total
313,024,312
218,134,338

GSE Market Report - December 2013

Top 10 Value Leaders

Symbol
Traded Value (GH)
HFC
71,343,679.27
EBG
65,129,460.30
FML
63,640,972.72
UNIL
60,350,382.89
GCB
56,389,940.34
CAL
35,408,009.86
TOTAL
25,185,174.77
GGBL
19,852,430.65
EGL
14,076,888.76
SCB
12,893,890.27

% of Total Value
15.64
14.28
13.95
13.23
12.36
7.76
5.52
4.35
3.09
2.83

GSE Composite Index - January to December 2013

Month
January
February
March
April
May
June
July
August
September
October
November
December

2013
1,270.72
1,482.26
1,733.47
1,800.66
1,884.26
1,880.26
1,936.29
1,989.55
2,030.96
2,099.88
2,123.75
2,145.20

2012
974.53
1,016.47
1,046.88
1,056.10
1,022.95
1,045.48
1,027.78
1,025.90
1,047.72
1,116.27
1,133.47
1,199.72

Value Traded - End of Months - 2012 and 2013 (GH)

Month
2013
2012
January
9,793,543.52
3,839,163.41
February
31,784,662.06
7,668,771.86
March
29,954,004.86
6,786,423.10
April
40,905,787.38
5,968,730.74
May
32,250,423.60
6,721,320.32
June
61,371,772.94
8,050,320.13
July
24,448,472.99
7,523,127.51
August
21,681,592.18
11,081,277.32
September
49,589,740.28
8,916,980.96
October
86,168,346.83
14,968,470.70
November
19,103,362.80
10,096,715.13
December
49,088,962.17
10,574,273.92
Total
456,140,671.57
102,195,575.10

SECTORIAL DISTRIBUTION OF TRADES - DECEMBER 2013

Sector
FINANCE
DISTRIBUTION
FOOD AND BEVERAGE
ICT
INSURANCE
MANUFACTURING
MINING
AGRICULTURE
EXCHANGE TRADED FUNDS(ETF)
TOTALS

Volume Traded
12,020,139
4,324,936
1,636,399
0
296,910
2,750,324
7,216
23,659
0
21,059,583

Value Traded (GH )

12,843,174.68
20,802,924.70
10,098,192.90
0.00
332,231.33
4,690,697.41
245,859.96
75,881.19
0.00
49,088,962.17

No. of Trades
903
348
153
0
180
149
32
38
0
1,804

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - DECEMBER 2013

FINANCE
CAL
EBG
ETI
GCB
HFC
SCB
SCBPREF
SOGEGH
TBL
UTB
TOTALS

TOTAL VOLUME
1,898,557
79,525
240,745
630,153
8,274,160
55,253
138
30,558
0
811,050
12,020,139

TOTAL VALUE (GH )

1,859,195.07
445,419.84
43,589.70
3,070,229.63
6,215,701.05
825,397.13
71.76
22,918.50
0.00
360,652.00
12,843,174.68

TRANSACTIONS
155
140
102
233
34
120
2
71
0
46
903

DISTRIBUTION
GOIL
MLC
PBC
TOTAL
TOTALS

TOTAL VOLUME
123,547
52,192
62,562
4,086,635
4,324,936

TOTAL VALUE (GH )

111,327.69
19,830.96
10,636.16
20,661,129.89
20,802,924.70

TRANSACTIONS
85
13
29
221
348

FOOD AND BEVERAGE

CPC
FML
GGBL
TOTALS

TOTAL VOLUME
71,100
644,634
920,665
1,636,399

TOTAL VALUE (GH )

1,342.00
4,256,194.40
5,840,656.50
10,098,192.90

TRANSACTIONS
11
112
30
153

ICT
CLYD
TRANSOL
TOTALS

TOTAL VOLUME
0
0
0

TOTAL VALUE
0.00
0.00
0.00

TRANSACTIONS
0
0
0

INSURANCE
EGL
SIC
TOTALS

TOTAL VOLUME
144,624
152,286
296,910

TOTAL VALUE (GH )

272,810.56
59,420.77
332,231.33

TRANSACTIONS
94
86
180

MANUFACTURING
ACI
ALW
AYRTN
CMLT
PZC
SPL
UNIL
PKL
GWEB
SWL
TOTALS

TOTAL VOLUME
3800
1,880
15,800
50
21,993
2,455,646
251,155
0
0
0
2,750,324

TOTAL VALUE (GH )

228.00
97.00
2,796.00
8.00
17,454.10
73679.38
4,596,434.93
0
0
0
4,690,697.41

TRANSACTIONS
2
12
6
3
29
21
76
0
0
0
149

MINING
TLW
AGA
GSR
AADS
TOTALS

TOTAL VOLUME
7,203
0
0
13
7,216

TOTAL VALUE (GH )

245,853.20
0.00
0.00
6.76
245,859.96

TRANSACTIONS
31
0
0
1
32

AGRICULTURE
BOPP

TOTAL VOLUME
23,659

TOTAL VALUE (GH )

75,881.19

TRANSACTIONS
38

Exchange Traded Funds(ETF)

GLD

TOTAL VOLUME
0

TOTAL VALUE (GH )

0.00

TRANSACTIONS
0

GSE Market Report - December 2013

SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO DECEMBER 2013

Sector
FINANCE
DISTRIBUTION
FOOD AND BEVERAGE
ICT
INSURANCE
MANUFACTURING
MINING
AGRICULTURE
EXCHANGE TRADED FUNDS(ETF)
TOTALS

Volume Traded
230,870,369
24,997,171
16,642,490
128,200
25,475,564
13,836,248
86,173
981,614
6,483
313,024,312

Value Traded (GH )

255,411,637.43
32,833,388.14
83,531,619.47
4,728.00
18,087,878.80
61,252,256.87
2,048,900.69
2,776,868.08
193,378.46
456,140,671.57

No. of Trades
19,430
4,890
2,836
36
3,396
1,760
910
879
14
34,152

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - JANUARY TO DECEMBER 2013

FINANCE
CAL
EBG
ETI
GCB
HFC
SCB
SCBPREF
SOGEGH
TBL
UTB
TOTALS

TOTAL VOLUME
45,739,551
14,658,999
20,780,811
11,946,366
117,659,419
885,933
36,264
5,138,812
49,220
13,974,994
230,870,369

TOTAL VALUE
35,408,010
65,129,460
3,701,180
56,389,940
71,343,680
12,893,890
18,857
4,118,496
17,476
6,390,647
255,411,637

TRANSACTIONS
3,826
2,193
2,933
4,708
534
2,571
25
1,365
36
1,239
19,430

DISTRIBUTION
GOIL
MLC
PBC
TOTAL
TOTALS

TOTAL VOLUME
4,105,689
10,138,234
6,328,985
4,424,263
24,997,171

TOTAL VALUE
4,265,461
1,870,617
1,512,136
25,185,175
32,833,388

TRANSACTIONS
1,779
351
745
2,015
4,890

FOOD AND BEVERAGE

CPC
FML
GGBL
TOTALS

TOTAL VOLUME
1,927,175
11,126,987
3,588,328
16,642,490

TOTAL VALUE
38,216
63,640,973
19,852,431
83,531,619

TRANSACTIONS
419
1,824
593
2,836

ICT
CLYD
TRANSOL
TOTALS

TOTAL VOLUME
41,200
87,000
128,200

TOTAL VALUE
1,648
3,080
4,728

TRANSACTIONS
8
28
36

INSURANCE
EGL
SIC
TOTALS

TOTAL VOLUME
14,210,037
11,265,527
25,475,564

TOTAL VALUE
14,076,889
4,010,990
18,087,879

TRANSACTIONS
1,690
1,706
3,396

MANUFACTURING
ACI
ALW
AYRTN
CMLT
PZC
SPL
UNIL
PKL
GWEB
SWL
TOTALS

TOTAL VOLUME
3,900,642
902,156
271,359
362,467
2,055,245
3,837,372
2,471,806
951
1,250
33,000
13,836,248

TOTAL VALUE
235,098
100,124
47,320
128,470
309,482
16,926,803
43,504,032
57
80
792
61,252,257

TRANSACTIONS
129
111
67
319
286
529
303
3
4
9
1,760

MINING
TLW
AGA
GSR
AADS
TOTALS

TOTAL VOLUME
63,040
1,037
260
21,836
86,173

TOTAL VALUE
2,036,292
539
715
11,355
2,048,901

TRANSACTIONS
842
3
5
60
910

AGRICULTURE
BOPP

TOTAL VOLUME
981,614

TOTAL VALUE
2,776,868

TRANSACTIONS
879

Exchange Traded Funds(ETF)

GLD

TOTAL VOLUME
6,483

TOTAL VALUE
193,378

TRANSACTIONS
14

GSE Market Report - December 2013

Market Capitalization - End of Months for 2012 and 2013

60.00

50.00
40.00

30.00
2013

20.00

2012

10.00

December

November

October

September

August

July

June

May

April

March

February

0.00
January

Market Capitalization (GH Billion)

70.00

Months

GSE Composite Index - 2012 and 2013

Index Values (GH Billion)

2.50
2.00
1.50

1.00

2013
2012

0.50

December

November

October

September

August

July

June

May

April

March

February

January

0.00

Months

GSE Market Report - December 2013

Volume Traded - End of Months - 2012 and 2013

90
80
Volume Traded (Million)

70
60
50
40
30

2013

20

2012

10
December

November

October

September

August

July

June

May

April

March

February

January

Months

Value Traded - End of Months - 2012 and 2013 Month 2012 2013

100.00

Value Traded (GH Million)

90.00

80.00
70.00
60.00
50.00

2013

40.00

2012

30.00
20.00
10.00

GSE Market Report - December 2013

December

November

October

September

Months

August

July

June

May

April

March

February

January

0.00

MARKET CAPITALIZATION PER SECTOR - DECEMBER 2013

Sector
FINANCE
DISTRIBUTION
FOOD AND BEVERAGE
ICT
INSURANCE
MANUFACTURING
MINING
AGRICULTURE
EXCHANGE TRADED FUNDS(ETF)
TOTALS

Issued Shares (mil.)

18,489.06
894.19
2,365.62
114.00
323.48
889.48
1,564.71
34.80
0.40
24,675.74

Market Capt. GH million

9,040.08
891.20
2,120.35
3.76
316.63
1,335.73
47,328.37
111.71
10.45
61,158.29

BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - DECEMBER 2013

FINANCE
CAL
EBG
ETI
GCB
HFC
SCB
SCB PREF
SOGEGH
TBL
UTB
TOTALS

Closing Price - VWAP

(GH)
0.97
5.61
0.19
4.85
0.96
14.94
0.0671
0.75
0.35
0.45

Issued Shares (mil.)

548.26
293.23
15963.02
265
296.36
115.51
17.48
333.89
200
456.31
18,489.06

Market Capt. GH million

531.81
1645.01
3032.97
1285.25
284.51
1725.68
9.09
250.42
70
205.34
9,040.08

DISTRIBUTION
GOIL
MLC
PBC
TOTAL
TOTALS

Closing Price - VWAP

(GH)
0.89
0.38
0.17
5.06

Issued Shares (mil.)

252.22
50.1
480
111.87
894.19

Market Capt. GH million

224.48
19.04
81.6
566.08
891.20

FOOD AND BEVERAGE

CPC
FML
GGBL
TOTALS

Closing Price - VWAP

(GH)
0.02
6.62
6.2

Issued Shares (mil.)

2038.07
116.21
211.34
2,365.62

Market Capt. GH million

40.76
769.29
1310.3
2,120.35

ICT
CLYD
TRANSOL
TOTALS

Closing Price - VWAP

(GH)
0.04
0.03

Issued Shares (mil.)

34
80
114.00

Market Capt. GH million

1.36
2.4
3.76

INSURANCE
EGL
SIC
TOTALS

Closing Price - VWAP

(GH)
1.88
0.39

Issued Shares (mil.)

127.83
195.65
323.48

Market Capt. GH million

240.33
76.3
316.63

MANUFACTURING
ACI
ALW
AYRTN
PZC
SPL
UNIL
PKL
GWEB
CMLT
SWL
TOTALS

Closing Price - VWAP

(GH)
0.06
0.05
0.17
0.79
0.04
18.31
0.06
0.04
0.16
0.03

Issued Shares (mil.)

36.5
236.69
215
168
74.08
62.5
33.34
35
6.54
21.83
889.48

Market Capt. GH million

2.19
11.83
36.55
132.72
2.96
1144.38
2
1.4
1.05
0.65
1,335.73

MINING
TLW
AGA
GSR
AADs
TOTALS

Closing Price - VWAP

(GH)
34.98
37
2.75
0.52

Issued Shares (mil.)

906.96
401.34
255.43
0.98
1,564.71

Market Capt. GH million

31725.6
14,849.45
702.42
50.9
47,328.37

AGRICULTURE
BOPP

Closing Price - VWAP

(GH)
3.21

Issued Shares (mil.)

34.8

Market Capt. GH million

111.71

Exchange Traded Funds(ETF)

GLD

Closing Price - VWAP

(GH)
26.13

Issued Shares (mil.)

0.4

Market Capt. GH million

10.45

GSE Market Report - December 2013

MARKET STATUS - CAPITALISATION, PRICE CHANGES, P/E RATIOS

Company

Equities
ACI
AGA
AADs
ALW
AYRTN
BOPP
CAL
CLYD
CMLT
CPC
EBG
EGL
ETI
FML
GCB
GGBL
GOIL
GSR
GWEB
HFC
MLC
PBC
PKL
PZC
SCB
SIC
SOGEGH
SPL
SWL
TBL
TLW
TOTAL
TRANSOL
UNIL
UTB
Subtotal
Preference Shares
SCB PREF
Exchange Traded
Funds(ETF)
GLD
Total

Issued Shares
(mil.)

Market Capt. GH
million as at
December 2013

Shares Prices
GH; End Dec
2012

Shares Prices
GH; End
December
2013

% Change in
Share Price

36.50
401.34
0.98
236.69
215.00
34.80
548.26
34.00
6.54
2,038.07
293.23
127.83
15,963.02
116.21
265.00
211.34
252.22
255.43
35.00
296.36
50.10
480.00
33.34
168.00
115.51
195.65
333.89
74.08
21.83
200.00
906.96
111.87
80.00
62.50
456.31

2.19
14,849.45
50.90
11.83
36.55
111.71
531.81
1.36
1.05
40.76
1,645.01
240.33
3,032.97
769.29
1,285.25
1,310.30
224.48
702.42
1.40
284.51
19.04
81.60
2.00
132.72
1,725.68
76.30
250.42
2.96
0.65
70.00
31,725.60
566.08
2.40
1,144.38
205.34
61,138.74

0.07
37.00
0.52
0.05
0.18
1.40
0.38
0.04
0.14
0.02
3.00
0.48
0.12
3.55
2.10
2.62
0.62
2.75
0.04
0.45
0.15
0.18
0.06
0.18
11.50
0.34
0.34
0.05
0.02
0.40
38.05
2.94
0.04
8.52
0.38

0.06
37.00
0.52
0.05
0.17
3.21
0.97
0.04
0.16
0.02
5.61
1.88
0.19
6.62
4.85
6.20
0.89
2.75
0.04
0.96
0.38
0.17
0.06
0.79
14.94
0.39
0.75
0.04
0.03
0.35
34.98
5.06
0.03
18.31
0.45

-14.29
0.00
0.00
0.00
-5.56
129.29
155.26
0.00
14.29
0.00
87.00
291.67
58.33
86.48
130.95
136.64
43.55
0.00
0.00
113.33
153.33
-5.56
0.00
338.89
29.91
14.71
120.59
-20.00
50.00
-12.50
-8.07
72.33
-25.00
114.91
18.42

17.48

9.09

0.52

0.52

0.00

0.40

10.45
61,158.28

32.18

26.13

-18.80

GSE Market Report - December 2013

Div.
Yield %

0.00
0.00
2.41
3.57
0.00
0.00
0.00
5.18
0.00
0.00
0.00
2.94
0.00
1.61
0.00
0.00
0.00
0.00
5.18
0.00
2.83
3.14
0.00
5.33
0.00
0.00
0.00
0.00
13.72
0.00
1.40
4.55

EPS
GH

P/E Ratio

-0.0535
-0.3320

n.m.
n.m.

-0.0118
0.0088
0.1789
0.1577
0.0049
0.0180
-0.0017
0.5844
0.4038
0.0410
0.2099
0.6704
0.0010
0.0582
-0.9381
-0.0245
0.1129
0.0360
0.0298
-0.0101
-0.0067
1.6694
0.0231
0.1034
0.0053
0.0025
0.0381
1.3148
0.3605
0.0019
0.3892
0.0465

n.m.
20
18
6
8
9
n.m.
10
5
4
31
7
16
n.m.
n.m.
9
11
6
n.m.
n.m.
9
17
7
8
12
9
24
14
16
47
9

PRIMARY ISSUES AND CORPORATE ACTIONS

A. Equities
Company

Description

Offer period

Super Paper Products Co. Ltd.

Mechanical Llyod Co. Ltd.
Ashanti Goldfields Co. Ltd.
Ashanti Goldfields Co. Ltd.
HFC Bank Ltd.
Pioneer Aluminium Factory Ltd.
SSB Bank Limited
Accra Brewery Ltd.
Aluworks Ltd.
UTC Estates Ghana Ltd.
PZ Cussons Ghana Ltd.
Ghana Commercial Bank
Guinness Ghana Ltd
Mechanical Lloyd Co. Ltd.
HFC Bank Ltd.
Accra Brewery Ltd.
Metalloplastica Ghana Ltd.
Camelot Ghana Ltd.
Produce Buying Company Ltd.
Accra Brewery Ltd.
Sam Woode Limited
Trust Bank Ltd. (The Gambia)
Cocoa Processing Co. Ltd.
CFAO Ghana Ltd.
Ghana Breweries Ltd.
Accra Brewery Ltd.
Clydestone Ghana Ltd.
Benso Oil Palm Plantation Ltd.
Mechanical Lloyd Co. Ltd.
Cal Bank Ltd
Starwin Products Ltd. (SPL)
Golden Web Limited (GWEB)
EcoBank Ghana Ltd (EBG)
EcoBank Transnational Inc. (ETI)
Ayrtn Drug Manufacturing Ltd
Transaction Solutions Ltd
Ghana Commercial Bank
Ghana Oil company Ltd
SIC Insurance Company Ltd
Golden Star Resources Ltd
UT Bank Ltd
Cal Bank Ltd
Ecobank Ghana Ltd.
SSB Bank Limited
Standard Chartered Bank Gh. Ltd.
Aluworks Limited
Tullow Oil Plc
Guinness Ghana Breweries Ltd.
Cal Bank Ltd
UT Bank Ltd
Standard Chartered Bank Gh. Ltd.
HFC Bank Ltd.
NewGold ETF
Aluworks Ltd.
Total Petroleum Ghana Ltd.

IPO
IPO
IPO
IPO
Placement
IPO
IPO
Rights Issue
Placement
OFS
Rights Issue
IPO
Rights Issue
Rights Issue
Rights Issue
Rights Issue
Rights Issue
IPO
IPO
Rights Issue
IPO
Introduction
IPO
Rights Issue
Rights Issue
Rights Issue
IPO
IPO
Rights Issue
IPO
IPO
IPO
IPO
Introduction
IPO
IPO
Rights Issue
IPO
IPO
IPO
IPO
Rights Issue
Rights Issue
Rights Issue
Rights Issue
Rights Issue
IPO
Rights Issue
Placement
Placement
Bonus Shares
Placement
Secondary Listing
Rights Issue
Bonus Shares

Dec.1991 - Feb. 1992

Dec. 1993 - Feb. 1994
March - April, 1994
May-June, 1994
January 1995
May - July 1995
Sept. - Oct., 1995
June - August, 1992
Sept. - Nov., 1996
Oct. 1994 - March 1995
Sept. - Oct. 1995
Feb. - March, 1996
May - June, 1996
Oct. - Nov., 1997
Oct. - Nov., 1998
November, 1998
Jan.18 - Feb 19, 1999
August 9 - 20, 1999
Dec. 1999 - March 2000

Ghana Oil company Ltd

Bonus Shares

December 9, 2013

March 1 - April 5, 2002

Sept - Nov. 2002
Jan. - Feb. 2003
4 - 27 June 2003
Jan 26 - Feb 16, 2004
March 19 - April 16, 2004
June 16 - July 23, 2004
June 17 - July 16, 2004
Sept 2 - Oct 1, 2004
Oct 29 - Nov 26, 2004
June 7 - Aug 8, 2005
May 15-June 2, 2006
June 7 -July 7, 2006
Oct 31 - Nov 30, 2006
May 15 - June 15, 2007
Sept 4 - Oct 5, 2007
Dec 3 - Dec 21, 2007
Dec 5, 2007 - Jan 18, 2008
Sept. 22 - Oct. 17, 2008
Sept 28 - Oct 23, 2009
Oct 2 - Oct 20 2009
Oct 19 - Nov 06, 2009
Nov 10 - Dec 1 2009
Mar 15 - Apr 16 2010
Jun 13 - Jul 4, 2011
Oct 17 to Nov 14th 2011
April, 2012
October 1, 2012
November 1, 2012
November 1, 2012
August 2012
Feb 25 to Mar 22, 2013
August 1, 2013

0.02
0.01
1.87
1.87
0.01
0.01
0.08
0.01
0.14
0.01
0.04
0.05
0.02
0.01
0.06
0.05
0.02
0.04
0.05
0.06
0.03
0.41
0.06
0.01
0.05
0.05
0.05
0.50
0.25
0.20
0.05
0.06
1.10
2.24
0.09
0.10
0.60
0.20
0.30
3.00
0.30
0.20
2.78
0.40
29.00
0.40
31.00
1.50
0.25
0.03
N/A
0.41***
0.05
N/A

No. of Shares
Offered
(million)
8.00
11.00
2.80
1.20
11.35
6.40
21.36
12.00
5.00
24.00
24.00
49.50
23.50
13.36
9.50
19.89
12.00
1.75
384.00
23.86
8.00
30.00
215.37
168.00
230.34
83.15
10.60
13.92
10.02
27.00
30.00
17.00
8.28
611.00
43.20
20.00
128.68
102.78
97.82
3.17
90.29
150.00
28.60
57.50
1.66
75.00
4.00
46.67
300.00
166.67
96.26
121.95
0.40
600.00
97.89**

N/A

42.04**

Issue Price
GH

No. of Shares Sold

(millions)
4.20
9.36
3.20
0.15
13.10
6.40
15.03
12.00
2.45
24.00
24.00
68.44
23.50
13.36
9.50
19.89
12.00
1.75
142.37
33.26
215.37
168.00
230.34
83.15
16.64
13.92
10.02
31.50
74.08
9.97
8.28
43.20
22.66
100.00
102.78
117.39
1.88
91.93
69.55
28.60
48.89
1.66
50.37
3.53
46.67
300.00
154.27
N/A
112.42
144.64
N/A
N/A

Amount Raised
(GH million)
0.06
0.05
5.98
0.28
0.13
0.08
1.20
0.14
0.33
0.24
0.96
3.42
0.49
0.20
0.57
0.99
0.22
0.07
5.92
2.01
0.20
12.30
13.46
1.01
10.60
4.16
0.83
6.96
2.50
6.30
3.70
0.55
9.11
1,368.64
3.67
2.27
0.01
20.56
35.22
5.64
27.58
13.91
79.50
19.56
48.00
20.15
109.48
70.00
75.00
46.28
N/A
50.00
7.23
N/A
N/A
2,097.72

*** The Issue Price is an Average Price

** Additional Bonus Shares Issued

GSE Market Report - December 2013

10

PRIMARY ISSUES
B. Bonds
Title of Bond
GSE Commemorative Registered
Stock, 1995

Issuer
Government of Ghana

HFC Series A 7% Coupon Bond due

HFC Bank Ltd.
in 2001 (HFC-A 7s01)
HFC Series B 7% Coupon Bond due
HFC Bank Ltd.
in 2002 (HFC-B7s02)
HFC Series C 8.25% Coupon Bond
due in 2003 (HFC-C8.25s03)

HFC Bank Ltd.

HFC Series D 8.25% Coupon Bond

due in 2004 (HFC-D8.25s04)

HFC Bank Ltd.

HFC Series E 8% Coupon Bond due

HFC Bank Ltd.
in 2005 (HFC-E8s05)
HFC Series F 6% Coupon Bond due
HFC Bank Ltd.
in 2006 (HFC-F6s06)
HFC Series G 8% Coupon Bond due
HFC Bank Ltd.
in 2006 (HFC-G6s06)
HFC Series H 5% Coupon Bond due
HFC Bank Ltd.
in 2009 (HFC-G6s09)
HFC Series J 5% Coupon Bond due
HFC Bank Ltd.
in 2012 (HFC-G6s12)
SCB Medium Term Note 01

Standard Chartered
Bank Ltd

Euro Bond

Government of Ghana

Offer Period
Oct. - Nov., 1990

Securities Offered
GH0.5 million

US$2m as Series A of a
US$35 million aggregate
offering
US$2m as Series B of a
Sept. - Oct., 1997
US$35 million aggregate
offering
US$2m as Series C of a
November, 1998
US$35 million aggregate
offering
US$2m as Series D of a
July 29 - Aug. 19, 1999 US$35 million aggregate
offering
US$1.5m as Series E of a
October 23 - 30, 2000 US$35 million aggregate
offering
1.2m as Series F of a
July 16 - August 13,
US$35 million aggregate
2001
offering
US$3m as Series G of a
Dec 15, 2001 - Jan. 1,
US$35 million aggregate
2002
offering
US$3m as Series H of a
Oct 27- Dec 2, 2004
US$35 million aggregate
offering
US$5m as Series J of a
Feb 5- Feb 28, 2007
US$35 million aggregate
offering
GH 35 million Medium
Dec 01 2008
Term Notes
Sept. - Oct., 1996

Denomination
GH10.00

Maturity
5yrs matured on
November 11, 1995

Amount raised
GH0.5 million

US$100

5 yrs, to mature on 1st

US $2.55m
November 2001

US$100

5 yrs, to mature on 1st

US $2.25m
November 2002

US$100

5 yrs, to mature on 1st

US $2.00m
November 2003

US$100

5 yrs, to mature on 1st

US $2.70m
September 2004

US$100

5 yrs, to mature on 1st

US $1.51m
November 2005

100

5 yrs, to mature on
13th August 2006

1.20m

US$100

5 yrs, to mature on
November, 2006

US $3.03m

US$100

5 yrs, to mature on
December 2009

US $2.5m

US$100

5 yrs, to mature on
March 7, 2012

US $3.9m

5yrs, to mature
December 2008

GH35 million

August 7, 2023

US $ 1b

US$

SUMMARY OF BOND TRADES - JULY TO DECEMBER 2013

Month/End-Date
July/31-2013
August/30-2013
September/30-2013
October/31-2013
November/29-2013
December/31-2013
Total

GSE Market Report - December 2013

Value of Government Bonds Traded

GH million
90.082
133.707
175.95
173.5
182.59
63.24
819.069

11