Weekly Market Report: 19th September – 23rd September, 2016

TRADING HIGHLIGHTS FOR THE WEEK CA

LISTED COMPANIES STOCK

TICKER

ISSUED

SHARES

( MIL)

MARKET

CAP.

(GH¢

MIL)

YR

OPEN

PRICE

WEEK

OPEN

PRICE

WEEK

CLOSE

PRICE

YTD

CHANGE

DIV

YIELD

EPS

(GH¢)

EARN.

YIELD

P/E

RATIO P/BV

AGRO-PROCESSING

Benso Oil Palm Plantation BOPP 34.80 85.26 2.50 2.48 2.45 -2.00% 0.81 0.2512 10.25% 10 2.7961

Cocoa Processing Co. Ltd. CPC 2,038.07 20.38 0.02 0.01 0.01 -50.00% 0.00 -0.0202 -201.70% 0 n.m

Golden Web Ltd GWEB 35.00 0.35 0.01 0.01 0.01 0.00% 0.00 -0.0073 -72.50% -1 n.m

AVERAGE -17.33% 27.15% 7.46% -87.98% 2.67% 0.9320

DISTRIBUTION & TRADING

Mechanical Llyod Co. Ltd. MLC 8.64 1.38 0.19 0.16 0.16 -15.79% 0.00 -0.0369 -23.03% -4 0.2841

Produce Buying Company Ltd. PBC 480.00 19.20 0.10 0.05 0.04 -60.00% 7.33 -0.0117 -29.14% -3 2.1588

AVERAGE -37.89% 3.67 -0.0243 -26.09% -3.89 1.2214

BANKING & FINANCE

Cal Bank Ltd CAL 548.26 416.68 1.00 0.75 0.76 -24.00% 5.25 0.2512 33.05% 3 1.4273

Ecobank Ghana Ltd. EBG 293.23 1,993.95 7.01 6.80 6.80 -3.00% 5.67 1.0689 15.72% 6 3.0659

Ecobank Transnational Inc. ETI 21,313.96 3,197.09 0.27 0.15 0.15 -44.44% 0.00 0.0729 48.57% 2.06 0.9277

Enterprise Group Ltd. EGL 128.52 305.89 2.40 2.38 2.38 -0.83% 1.43 0.1294 5.44% 18 0.8766

Ghana Commercial Bank Ltd. GCB 265.00 1,046.75 3.79 3.95 3.95 4.22% 3.61 1.0307 26.09% 4 3.4412

HFC Bank (Ghana) Ltd. HFC 296.80 237.44 0.90 0.80 0.80 -11.11% 2.59 0.3005 37.56% 3 0.9769

Mega Africa Capital Ltd MAC 8.64 51.85 6.00 6.00 6.00 0.00% 0.00 2.1422 35.70% 3

Standard Chartered Bank Gh. Ltd. SCB 115.51 1,640.20 16.30 14.20 14.20 -12.88% 5.61 2.2809 16.06% 6 5.9395

SIC Insurance Company Ltd. SIC 195.65 29.35 0.14 0.15 0.15 7.14% 0.00 0.0295 19.67% 5 0.8559

Standard Chartered Bank Pref. Shares SCB PREF 17.48 13.11 0.71 0.75 0.75 5.63% 0.00 0.0000 0.00%

SocieteGenerale SOGEGH 333.89 243.74 0.80 0.80 0.73 -8.75% 6.00 0.1959 26.83% 4 1.6123

Trust Bank Ltd. (The Gambia) TBL 200.00 60.00 0.37 0.30 0.30 -18.92% 0.91 0.0048 1.60% 63 33.2844

UT Bank Ltd UTB 456.31 18.25 0.10 0.23 0.04 -60.00% 9.09 0.0258 64.44% 2 1.7409

AVERAGE -13.91% 3.35 0.4492 25% 9.618 4.5124

FOOD & BEVERAGES

Guinness Ghana Breweries Ltd. GGBL 211.34 378.30 1.99 1.79 1.79 -10.05% 0.00 -0.1265 -7.07% -14 4.5934

Fan Milk Ltd. FML 116.21 1,134.18 7.35 9.75 9.76 32.79% 1.71 0.1177 1.21% 83 10.5087

AVERAGE 11.37% 0.86 -0.0044 -3% 34.389 7.5510

ICT

Clydestone (Ghana) Ltd. CLYD 34.00 1.02 0.03 0.03 0.03 0.00% 0.00 0.0021 7.00% 14 3.8401

Transaction Solutions (Ghana) Ltd. TRANSOL 80.00 2.40 0.03 0.03 0.03 0.00% 0.00 0.0073 24.43% 4 nm

AVERAGE 0.00% 0.00 0.0047 16% 1.9201

MANUFACTURING

Aluworks Limited ALW 236.69 30.77 0.14 0.13 0.13 -7.14% 0.00 -0.0215 -16.55% -6 0.2938

Pioneer Kitchenware Ltd. PKL 33.34 1.67 0.05 0.05 0.05 0.00% 0.00 -0.0086 -17.24% -6 6.1854

PZ Cussons Ghana Ltd. PZ 168.00 35.28 0.34 0.21 0.21 -38.24% 7.53 -0.0100 -4.76% -21 1.3421

Unilever Ghana Ltd. UNIL 62.50 530.00 8.50 8.48 8.48 -0.24% 2.39 -0.2776 -3.27% -31 24.0415

-11.40% 2.48 -0.0794 -10% -12.886 7.9657

MINING

AngloGold Ashanti Ltd. AGA 402.61 14,896.73 37.00 37.00 37.00 0.00% 0.00 -0.0639 -0.17% -579 1.2787 AngloGold Ashanti Depository

Shares AADS 0.98 50.90 0.52 0.52 0.52 0.00% 0.00

Golden Star Resources Ltd. GSR 255.43 498.08 1.99 1.95 1.95 -2.01% 0.00 0.0427 2.19% 46 0.8382

Tullow Oil Plc TLW 906.96 24,442.68 28.00 27.00 26.95 -3.75% 0.00 -0.2518 -0.93% -107 1.9764

AVERAGE -1.44% 0.00 -0.0683 0% 14 1.0233

PHARMACEUTICALS

Ayrton Drug Manufacturing Ltd. AYRTN 215.00 21.50 0.18 0.10 0.10 -44.44% 0.00 0.0006 0.65% 154 1.8458

Starwin Products Ltd. SPL 259.65 5.19 0.04 0.02 0.02 -50.00% 0.00 0.0043 21.28% 5 1.8687

AVERAGE -47.22% 0.00 0.00 11% 79.431 1.8573

PRINTING & PUBLISHING

African Champion Ltd ACI 36.50 0.37 0.02 0.01 0.01 -50.00% 0.00 -0.0680 -680.00% 0 0.3923

Camelot Ghana Ltd. CMLT 6.54 0.79 0.12 0.12 0.12 0.00% 5.00 0.0104 8.67% 12 0.6715

Sam Woode Ltd. SWL 21.83 0.87 0.04 0.04 0.04 0.00% 10.00 0.0071 17.78% 6 1.0080

AVERAGE -16.67% 5.00 -0.0168 -218% 3.8432 0.6906

PETROLEUM

Ghana Oil Company Limited GOIL 252.22 312.76 1.40 1.33 1.24 -11.43% 1.52 0.1056 8.52% 12 4.2974

Total Petroleum Ghana Ltd. TOTAL 111.87 279.69 5.10 2.50 2.50 -50.98% 1.61 0.2740 10.96% 9 4.7106

AVERAGE -31.20% 1.5693 0.18982 10% 10.433 4.5040

EXCHANGE TRADED FUNDS

NewGold ETF GLD 0.40 15.52 39.00 38.80 38.80 -0.51%

na

AVERAGE -6.68%

ELI

STED COMPANIES

WEEKLY MARKET HIGHLIGHTS

Market Highlights

Economy Week Open Week Close Change

INFLATION (%) 16.90% 16.90% 0.00%

BOG POLICY RATE (%) 26.00% 26.00% 0.00%

INTERBANK INTEREST RATE (%) 25.51% 25.51% 0.00%

Stock Market Week Open Week Close Change

GCFM-ALL SHARE INDEX LEVEL 1,621.14 1,615.96 -5.18

GCFM-ALL SHARE INDEX YTD (%) -16.59% -16.85% -0.27%

GCFM-INDEX DOLLAR EQUIVALENT 648.74 645.36 -3.38

GCFM-INDEX DOLLAR EQUIVALENT YTD (%) -19.99% -20.41% -0.42%

GSE-COMPOSITE INDEX LEVEL 1,784.97 1,775.12 -9.85

GSE-COMPOSITE INDEX LEVEL YTD (%) -10.52% -11.02% -0.49%

GSE-FINANCIAL STOCKS INDEX 1,686.76 1,682.78 -3.97

GSE-FINANCIAL STOCKS INDEX YTD (%) -12.61% -12.81% -0.21%

GSE-COMP. INDEX MARKET CAP.(GH¢ Million) 53,135.15 53,034.13 -101.02

GSE-COMP. INDEX MARKET CAP.(US$ Million) 13,982.93 13,956.35 -26.58

VOLUME TRADED 3,619,660.00 22,945,449.00 19,325,789.00

VALUE TRADED (GH¢) 1,183,908.69 35,150,320.68 33,966,411.99

MARKET MOVERS

GAINERS

Equity Wk Open Wk Close Wk Change Wk Change %

CAL 0.75 0.76 0.01 1.33%

FML 9.75 9.76 0.01 0.10%

UTB 0.03 0.04 0.01 33.33%

MARKET MOVERS

LOSERS

Equity Wk Open Wk Close Wk Change Wk Change %

BOPP 2.48 2.45 (0.03) -1.21%

GOIL 1.33 1.24 (0.09) -6.77%

PBC 0.05 0.04 (0.01) -20.00%

SOGEGH 0.80 0.73 (0.07) -8.75%

TLW 27.00 26.95 (0.05) -0.19%

2010 2011 2012 2013 2014 2015 2016

GSE CI 28.41% -3.30% 22.46% 78.88% 6.57% -11.77% -11.02%

GSE FSI 0.00% -14.32% 18.44% 72.00% 27.45% -13.98% -12.81%

Fig1: YTD trends for the past six years as at April 11 every year. Some dates might not necessarily fall on

the 14th. In such cases, the nearest date applies

Fig 2: Indicates the daily growth trend in FSI and CI from Jan 2016

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

2010 2011 2012 2013 2014 2015 2016

GSE CI GSE FSI

GSE FSI

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

CI YTD

FSI YTD

-40.00%

-20.00%

0.00%

20.00% GCFM-STOCK INDEX YTD RETURNS

GH¢ Index US$ Index

ECONOMY

Ghana to receive US$500m World Bank guarantee for ENI gas

The World Bank will provide up to $500 million to Ghana in the form of a partial risk guarantee for use if the country defaults

on payments for gas from the Sankofa field, the state oil company said on Thursday. The guarantee is the largest of its kind to be

granted by the Bank and provides security to Ghana over gas expected to flow in 2018 from the $7.9 billion offshore oil and gas

field being developed by Italy's ENI. The deal was signed with Ghana National Petroleum Corporation (GNPC). Chief Executive

Alex Mould said the country would take 180 million standard cubic feet of gas from the field per day. "This guarantee will also

give investors the confidence that GNPC will have the wherewithal to deliver on the purchases from its partners," Mould told

Reuters after the deal was signed in Accra.

Aveyime Rice Project collapses; over 500 workers sent home without pay

No one needs to be told on entering the yard of Volta Prairie Limited (VPL), formerly known as the Aveyime Rice Project at

Aveyime, Battor, in the North Tongu District in the Volta Region, that the project is dead. Apart from the lifelessness that meets

the visitor, the sight of rusty broken-down tractors and other equipment only fit for scrap tells it all.

It is as if the rice project, which was at the onset in 1997 embroiled in the Quality Grain scandal has been doomed to fail or is

under a curse, since an attempt to revive it in 2007 with the coming in of Volta Prairie Limited (PVL), has also hit a dead end.

MAR

CURRENCY PERFORMANCE The Cedi LOST marginally to the Dollar and the Euro but gained to the Pound at week close. The local currency exchanged at a

mid-rate of GHS 3.9644 to the USD, GHS 5.1397 to the GBP and GHS 4.4496 to the EURO as at week close. GN Market

Analysts posit that, the Cedi is poised to exhibit some stability on the forex market in the short-term.

The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank market now records a year-to-date

depreciation of 3.03% gaining at an average daily rate of 2.92percent for the week under review.

MARKET NEWS

Shea butter export reaches US$64 million

Export earnings from shea butter products last year reached US$64 million, up from US$52 million in 2014, a 23 percent growth

over the previous year, according to the latest figures from the Ghana Export Promotion Authority (GEPA). In 2014, the sector

recorded a growth rate of about 100 percent in export earnings when it increased from US$26 million in 2013 to US$52million in

2014. In the past five years, shea has been part of the top ten leading Non-Traditional export products from the country.Within

the agriculture sub-sector for instance, shea nuts was the second highest export earner with US$34 million in 2015 behind cashew

nuts. Despite the importance of shea to the country exports, many shea tree growing communities in the Upper East Region still

believe that it is a taboo to plant the cash tree.

STOCK MARKET PERFORMANCE

Trading activity in terms of volumes on the stock market increased by 533.91% in the week under review as volumes of shares

traded scaled up by 19,325,789. Further, the total values of shares traded increased to GHS 35,150,320.68 representing 2869.01%

appreciation week on week. There were 3 gainers and 5 losers at week-close.

Benso Oil Palm Plantation [BOPP] achieved quite a significant revenue growth during the first half of 2016. Revenue grew by

40.81% to GHS 43,097,000 in HY2016. Helped by the gradual appreciation of the dollar rate against the local currency, BOPP

enjoyed modest performance as price on the international commodities market for Crude Palm Oil [CPO] remained stable after it

dipped in 2015.

Operating Profit also grew by 68.22% to GHS 6,700,000 in HY2016. BOPP managed to churn out impressive financials in the

first half of 2016 partly because of the operational efficiencies achieved by the company as evidence from rising stock levels

from production. Total comprehensive income for the period consequentially increased by 54.8% to GHS 4,360,000.

Earnings per share attributable to shareholders increased by approximately 55% to GHS 0.1939 in HY2016. The crude palm oil

processing company also saw increment in trade receivables over the period under review as a result of increased in global

distribution and market niche. Trade receivables due to the company increased by 188.9% to GHS 9,190,000 in HY2016. Net

Cash generated from operating activities increased by 10.44% over the 52-weeks period.

The listed crude palm oil processing company has witnessed fluctuations in the bottom-line for the past five years. Current

historic trends suggest that recorded bottom-line profits are largely impacted by prevailing foreign exchange rates of the US

dollar against the Cedi, Tax obligations and the global price of crude palm oil. Current price trends of Crude Palm Oil on the

global markets have remained steady for most part of 2016. Global price CPO has risen to levels above its 2014/ 2015 levels

appreciating by 55.27% over the last 18 months.

Profits generated by BOPP especially for the second half of 2016 are expected to rise above current levels. Supported by the

steady rise of the US dollar against the Cedi, high profits are certainly guaranteed.

GN Analysts estimate that the improved fundamentals of BOPP could help to improve share performance on the bourse. The

equity is liquid and therefore very attractive to retail investors. BOPP could see its profits go up significantly on the back of rising

dollar rates against the local currency. Fundamental analysis on BOPP reveals a 12-month target price of GHS 2.55.

Ecobank Ghana Limited [EGH] achieved marginal growth of 19.77% in HY2016. Revenue increased by approximately 20% to

GHS 578,660,000 HY2016. The bank’s fundamentals improved quite significantly over the 52 week period. Net Interest Income

grew by 31.85% to GHS 430,969,000 HY2016. The bank’s balance sheet position improved over the 52-week period largely

owing to the fact that there was less effect on exchange rate fluctuation on cash and cash balance. The bank also reported a 60%

increment in the purchase of government securities over the period. Investment in physical assets by way of attaining efficiency

and profitability was achieved over the 52-weeks.

EGH’s investment in capital expenditure increased by approximately 32% from HY2015. Return on Assets [ROA] increased

marginally by approximately15% to 3.07% in HY2016, this is a key indication that company assets were efficiently utilized to

achieve revenue growth. Total Assets reduced by 2.31% to GHS 6,661,255,000 in HY2016. Net Trading Income increased

marginally by 11.09% to GHS 55,608,000 in HY2016. The increase in Net trading Income implies that EGH efficiently executed

both its foreign and local trade transactions over the 52 week period. Profit-After-Tax [PAT] increased from GHS 189,610,000 in

HY2015 to GHS 204,611,000 HY2016; representing 7.9%. Earnings growth consequently resulted in Earnings per Share [EPS]

inching up from GHS 1.29 in HY2015 to GHS 1.40 in HY2016.

Cost to Income ratio grew from 40.74 in HY2015 to 44.21 in HY2016. This is shows that EGH has fallen short in efficiently

executing its most of its core business operations. Poor cost management could also be a driving factor for the increase in Cost-

to-Income ratio. Cash balance at bank dipped from the previous level of GHS 911,366,000 in HY2015 to GHS 725,623,000 in

HY2016. Capital Adequacy Ratio [CAR] increased marginally from 13.10% in HY2015 to 13.61% in HY2016. Non-Performing

Loans [NPL] ratio shot up from 1.54% in HY2015 to 17.50% to HY2016. GN Analysts estimate that the improved fundamentals

can support a potential price rally on the equity.

Stock Market Outlook

An analytical outlook into 2016 pictures YTD key market indices closing the year in negatives but relatively better than

2015. Commodity-based stocks are expected to follow in a downward trajectory and most financial stocks may fail

again to drive returns on the market but may record lesser price volatilities as compared to 2015.

Average Exchange rates

Currency Market Week Open Week Close Change

GCS-CEDI INDEX LEVEL 357.25 358.05 0.80

USDGHS 3.9564 3.9644 0.0080

GBPGHS 5.1777 5.1397 -0.0381

EURGHS 4.4135 4.4496 0.0361

GHSXOF 148.63 147.43 - 1.2000

Fig 4: The level of the GC-Cedi Index from Jan 2, 2015 to September 4, 2015. The GC CEDI INDEX is

calculated as a geometric weighted average of changes in the four currency rates against the cedi at the

Inter-bank market, relative to a base of 100, set on 26th July 2007, when the Bank of Ghana redenominated

the national currency. The GC-Cedi Index is an inverted index which means a positive YTD change indicates

depreciation whiles a negative YTD change signifies an appreciation by the cedi.

Currency Buying Selling Midrate Prev. Wk Midrate Change YTD

USDGHS 3.9624 3.9664 3.9644 3.9564 0.0080 4.46% GBPGHS 5.1361 5.1432 5.1397 5.1777 - 0.0381 -8.49%

EURGHS 4.4476 4.4515 4.4496 4.4135 0.0361 7.69%

GHSXOF 147.36 147.49 147.4250 148.63 -1.2000 -7.13%

Fig 5: Year-to-date Depreciation of Cedi against the Dollar, Pound and the Euro

Interest rate

Dates 91 Days 182 days 1yr Note 2yr Note

8-Jan-16 22.79% 24.36% 23.00% 24.25%

15-Jan-16 22.78% 24.65% 23.00% 23.00%

22-Jan-16 22.69% 24.38% 23.00% 23.00%

29-Jan-16 22.65% 24.45% 23.00% 23.00%

5-Feb-16 22.65% 24.19% 23.00% 23.00%

12-Feb-16 22.75% 24.62% 23.00% 24.05%

19-Feb-16 22.64% 24.57% 23.00% 24.05%

26-Feb-16 22.68% 24.61% 23.00% 24.05%

4-Mar-16 22.61% 24.54% 23.00% 24.05%

11-Mar-16 22.51% 24.65% 23.00% 24.05%

18-Mar-16 22.61% 24.63% 23.00% 24.25%

24-Mar-16 22.72% 24.63% 23.00% 24.25%

1-Apr-16 22.66% 24.63% 23.00% 24.25%

8-Apr-16 22.68% 24.56% 23.00% 24.25%

15-Apr-16 22.77% 24.44% 23.00% 24.05%

22-Apr-16 22.80% 24.68% 23.00% 24.05%

29-Apr-16 22.81% 24.64% 23.00% 24.05%

6-May-16 22.78% 24.63% 23.00% 24.05%

13-May-16 22.81% 24.61% 23.00% 24.00%

20-May-16 22.78% 24.55% 23.00% 24.00%

27-May-16 22.81% 24.66% 23.00% 24.00%

3-Jun-16 22.76% 24.73% 23.00% 24.00%

10-Jun-16 22.79% 24.67% 23.00% 24.00%

17-Jun-16 22.81% 24.69% 23.00% 24.25%

24-Jun-16 22.82% 24.52% 23.00% 24.25%

30-Jun-16 22.79% 24.60% 23.00% 24.25%

8-Jul-16 22.79% 24.62% 23.00% 24.25%

15-Jul-16 22.78% 24.68% 24.00% 24.25%

22-Jul-16 22.71% 24.63% 23.00% 24.25%

29-Jul-16 22.80% 24.66% 23.00% 24.25%

5-Aug-16 22.80% 24.66% 23.00% 24.25%

12-Aug-16 22.84% 24.69% 23.00% 24.50%

19-Aug-16 22.84% 24.67% 23.50% 24.50%

26-Aug-16 22.85% 24.69% 23.50% 24.50%

2-Sep-16 22.87% 24.71% 23.50% 24.50%

9-Sep-16 22.87% 24.69% 23.50% 24.50%

16-Sep-16 22.86% 24.70% 23.50% 24.00%

23-Sep-16 22.87% 24.69% 23.50% 24.00%

Money Market Week Close Prev Week

Close Change

91 DAY T-BILL RATE (%) 22.87% 22.86% 0.01%

182 DAY BILL (%) 24.69% 24.70% -0.01%

1 YEAR NOTE (%) 23.50% 23.50% 0.00%

2 YEAR FXR NOTE (%) 24.50% 24.50% 0.00%

160.00

210.00

260.00

310.00

360.00

410.00

21.00%

22.00%

23.00%

24.00%

25.00%

91 Days

182 days

1yr Note

2yr Note

AFRICAN STOCK MARKET

Country Index Index Level

1 Wk %Chg

MTD %Chg

YTD %Chg

52-week high

52-week low

FX-Rate per USD

1 Wk %Chg

MTD %Chg

YTD %Chg

Trade USD'000

Mkt Cap USD m

Botswana BGSMDC 9766.95 1.36 2.05 -7.88 10818.03 9504.24 10.44 -1.89 -1.15 -7.10 10244.01 40761.27 Egypt EGX 30 7979.25 -0.94 -2.85 12.82 8481.13 5526.02 8.87 0.00 0.00 13.42 118865.78 23214.66 Ghana GSE ALSI 1775.12 -0.55 -2.00 -11.0 2039.70 1746.42 3.96 0.20 0.46 4.48 8866.49 13377.59 Kenya NSE ASI 134.12 1.93 -0.26 -7.95 148.32 129.65 101.21 -0.08 -0.11 -1.08 35414.66 19082.90 Malawi MSE ALSI 13741.4 1.86 4.30 -5.64 15598.00 13087.00 720.73 -0.09 -0.04 8.48 0.30 10372.54 Mauritius SEMDEX 1810.36 0.89 -0.35 -0.04 1920.22 1737.59 35.52 0.13 -0.15 -1.16 3312.45 6086.21 Morocco MASI 10000.1 0.28 1.20 12.04 10234.53 8789.89 9.72 -0.19 -0.43 -1.84 12247.00 47528.00 Namibia Local 1035.45 3.83 4.87 19.64 1072.14 766.67 13.66 -3.88 -1.89 -12.2 2391.81 777.64 Nigeria NIG ALSI 28247.1 1.39 -0.61 -1.38 31256.16 22330.96 305.00 -0.16 0.16 54.82 34632.65 31813.21 Rwanda RSE Index 129.95 0.00 0.00 -11.5 267.50 139.64 809.48 0.07 0.23 7.77 14.65 3428.10 South Africa

JSE ALSI 51999.5 0.32 -1.20 2.58 54760.91 45975.78 13.60 -3.77 -4.74 -12.7 3406347.00 311203.00

Tanzania DAR ALSI 2479.19 3.96 0.00 6.23 5004.67 2172.97 217232.25 -0.01 -0.20 1.11 72.11 99.39 Tunisia TUNIS 5394.92 -0.60 -0.72 7.00 5563.20 4812.05 2.20 0.16 -0.43 9.42 4420.48 8806.25 Zambia LuSE ALSI 4456.51 2.65 -5.14 -22.3 6287.00 5904.00 10.03 -0.88 4.11 -8.63 164.50 5852.77 Zimbabwe ZSE IND 98.88 -0.28 -0.19 -13.9 145.63 93.39 361.90 0.00 0.00 0.00 734.54 2728.91

Source: GN Research, Bloomberg & Various Stock Exchanges.

Country Bond Maturity Bond Maturity Prime Month CPI Month

Rate

(%)

Date Name Rate

(%)

(%)

SOUTHERN AFRICA

Angola 9.00 Feb 7.87 Mar

Botswana 6 May-16 BW007 9.12yrs 6.00 Jun 2.70 Jun

Lesotho 8.25 Feb-19 LS000A1GZ7W0 3.11 yrs 10.25 Feb 6.60 Apr

Malawi 9.50 Dec-15 MW4YN 0.8yrs 27.00 Jun 23.50 Jul

Mauritius 7.07 Sep-23 10 year 9.3yrs 4.00 Jul 0.90 Jul

Namibia 8.55 Oct-24 GC24 9.6yrs 10.75 Aug 7.00 Jul

South

Africa

7.60 Dec-25 R 186 10.8yrs 10.50 Aug 6.00 Jul

Swaziland 8.87 Jan-24 SG018 8.8yrs 5.50 May 4.80 Aug

Zambia 13.00 Feb-25 10 year 9.9yrs 15.50 May 19.50 Nov

Zimbabwe -2.77 Aug

EAST AFRICA

Kenya 12.18 Jan-24 KE3000008890 8.8yrs 10.50 Jul 6.39 Jul

Rwanda 11.15 Sep-16 FXD 2/2011/5 Yr 1.5yrs 6.50 Aug 6.90 July

Tanzania 16.50 Oct-23 10 year 8.6yrs 12.00 Nov 6.10 Sep

Uganda 16.87 Apr-23 UG0000001244 8.0yrs 17.00 Nov 8.80 Sep

WEST AFRICA

Ghana 23.50 Aug-17 5005 2.4yrs 26.00 Aug 16.90 Aug

Nigeria 14.20 Oct-24 10 year FGN

Bonds

9.6yrs 14.00 Jul 16.48 Jul

Liberia 13.60 Jan 8.60 Jan

Sierra

Leone

5.00 Jan-16 1 year 0.9yrs 9.50 Mar 7.55 Feb

NORTH AFRICA

Egypt 12.50 Feb-20 EGBGR01431F8 4.10yrs 13.97 Jun 10.27 Apr

Morocco 3.64 Apr-16 MA0002010249 1.0yr 2.50 May 1.30 Feb

Tunisia 5.00 Oct-15 10 year 0.6yrs 4.75 July 5.70 Mar

Source: GN Research, Various Central Banks in Africa

PREPARED BY:

Email us at: research@gcsinvestments.com

Investors should call Gold Coast Fund management awarded the BESTINVESTMENT ADVISOR for 2011 and 2012 AND BEST FUND MANAGER 2013 AND 2014:

(233) 0302- 211- 411

Disclaimer

This document is published solely for informational purposes and is neither solicitation nor offers to buy or sell any stock. It does not attempt or claim to be a complete description of the securities, markets or developments referred to in the material. All expressions of opinion are subject to change without notice. The information is obtained from internal and external sources which Gold Coast Fund Management (GC) considers reliable but GC has not

independently verified such information and GC does not guarantee that it is accurate or complete.

INFLATION AND INTEREST RATES SUMMARY

Samuel Ampah [Head. Research] BaffourAsare-Wiredu Jnr [Financial Analyst] Sandra N. Ayiku [Financial Analyst]

Jacob K. Buxton [Economic Analyst]

Angela Kwartemaa [Fixed Income Analyst]

AFRICAN STOCK MARKET

Most African stock markets were rewarding for equity investors

this week. The Tanzania stock exchange recorded the highest

gain of 3.96%, followed by the Namibia stock exchange (3.83%)

and then, the Zambia stock exchange (2.65%). Nevertheless, the

Egypt, Ghana, Tunisian and Zimbabwean stock exchanges

recorded some losses this week.

FOREIGN EXCHANGE MARKET- AFRICA

Most African currencies were resilient against the US dollar this

week. The Namibian dollar recorded the highest appreciation of

3.77%, followed by the South African rand (3.77%) and the

Botswana pula (1.89%). However, the Ghana cedi, Mauritius

rupee, Rwandan franc and Tunisia dinar shed some marginal

gains this week.

Commodity Market (US$)

Weekly Crude oil Gold Cocoa Sugar Coffee 29-07-16 42.46 1351.28 2835 19.05 146.2

12-08-16 45.85 1350.51 3007 19.8 137

18-08-16 50.76 1351.82 3116 19.98 141.45

26-08-16 49.17 1325.44 3039 20.62 145.05

02-09-16 46.71 1305.89 2900 19.8 152.45

09-09-16 47.1 1335.96 2851 20.35 153.8

16-09-16 46.02 1314.95 2843 21.15 148.4

23-09-16 47.17 1336.44 2919 22.37 153.4

0

10

20

30

40

50

60

Crude oil

Sugar

0500

100015002000250030003500

Gold

Cocoa