INVESTMENT TERM OF THE WEEK

Enterprise Value (EV): Enterprise value (EV) is a measure of a company's total value. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet. Enterprise value is a popular metric used to value a company for a potential takeover.

EQUITY MARKET HIGHLIGHTS: GSE Composite Index improves by 67.27 points to return 50.99% YTD.
The benchmark GSE Composite Index (GSE-CI) improved by 67.27 points to close at 2,931.58 translating into a YTD return of 50.99% despite a decline in trade volumes over the week under review. The GSE Financial Stock Index (GSE-FSI) however dipped 3.04 points to close at 2,079.08 translating into a YTD return of 16.62%.
Five equities recorded gains in the week, pushing the Market Capitalization up by GH¢704.14 million to close trading at GH¢64.97 billion.
A total of 2.32 million shares valued at GH¢7.13 million traded, representing a decline of 1.67% in volume traded and an increase of 100.43% in values traded as compared to the previous week.
A total of eighteen (18) stocks traded as GCB Bank Ltd. (GCB) recorded most trades, accounting for 81.2% of the total value traded.

GSE EQUITY MARKET PERFORMANCE
Indicator Current Week Previous Week Change
GSE-Composite Index 2,931.58 2,864.31 67.27pts
YTD (GSE-CI) 50.99% 47.52% 7.30%
GSE-Financial Stock Index 2,079.08 2,082.12 -3.04pts
YTD (GSE-FSI) 16.62% 16.79% -1.01%
Market Cap. (GH¢ MN) 64,974.60 64,270.46 704.14
Volume Traded 2,325,589 2,365,079 -1.67%
Value Traded (GH¢) 7,131,381.41 3,558,010.97 100.43%

TOP TRADED EQUITIES
Ticker Volume Value (GH¢)
GCB 1,098,268 5,795,899
MTN 717,375 905,487
CAL 243,402 188,003
ETI 177,116 14,169
GGBL 22,216 39,989
GCB 81.2% of value traded

GAINERS & DECLINER
Ticker Close Price (GH¢) Open Price (GH¢) Change Y-t-D Change
MTNGH 1.27 1.21 4.96% 98.44%
BOPP 6.05 5.00 21.00% 202.50%
GLD 108.60 104.25 4.17% -1.18%
CAL 0.78 0.76 2.63% 13.04%
EGL 2.52 2.51 0.40% 80.00%
GCB 5.25 5.37 -2.23% 29.63%
FML 4.05 4.50 -10.00% 275.00%

EQUITY UNDER REVIEW: FAN MILK PLC. (FML)
Share Price GH¢4.05
Price Change (YtD) 275.00%
Market Cap. (GH¢) GH¢522.93 million
Dividend Yield 0.00%
Earnings Per Share GH¢-0.1560
Avg. Daily Trade Volumes 7,174
Value Traded (YtD) GH¢4,874,935.00

SUMMARY OF SEP. 2021 EQUITY MARKET ACTIVITIES
EQUITIES
Indicator Jan.-Sep. 2021 Jan.-Sep. 2020 % Change
GSE-CI YtD CHANGE 47.06% -17.75%
VOLUME 400.60 M 403.91 M -0.82
VALUE (GH¢) 411.10 M 295.19 M 39.26
GSE-CI 2,855.29 1,855.56 53.88
MKT. CAP. (GH¢M) 64,170.83 53,153.76 20.73
ADVANCERS FML, SOGEGH, ETI, BOPP, EGL, TOTAL, SCB, GGBL, GOIL, EGH, GLD, UNIL, SCB Pref, CAL
DECLINERS GCB, RBGH
Source: Ghana Stock Exchange

OTHER AFRICAN STOCK MARKETS

Country Current Level YTD
(Botswana) BGSMDC 6,938.71 0.86%
(Egypt) EGX-30 11,612.84 5.54%
(Kenya) NSE ASI 170.94 12.38%
(Nigeria) NGSE ASI 42,014.50 4.33%
(South Africa) JSE ASI 67,825.34 14.17%
(WAEMU) BRVM 191.85 31.97%
Source: Bloomberg

KEY ECONOMIC INDICATORS
Indicator Current Previous
Monetary Policy Rate September 2021 13.50% 13.50%
Real GDP Growth Q2 2021 3.90% 3.10%
Inflation September 2021 10.60% 9.70%
Source: GSS, BOG, GBA

JUSTIFICATIONS FOR INCLUDING STOCKS IN A PORTFOLIO
Typically stocks outperform all other investment options over a ten-year period making them a must for long term portfolio.
They are excellent vehicles for retirement.
Except for a few short periods, stocks have consistently outpaced the rate of

SBL RECOMMENDED PICKS
Equity Price Outlook (Reason)
MTN GHANA GH¢ 1.27 Strong 2021 Q3 Financials
BOPP GH¢ 6.05 Strong 2021 Q3 Financials
CAL BANK GH¢ 0.78 Strong 2021 Q3 Financials
ECOBANK GH¢ 7.81 Strong 2021 Q3 Financials
SOGEGH GH¢ 1.20 Strong 2021 Q3 Financials
FANMILK GH¢ 4.05 Positive Sentiment

CURRENCY MARKET
Interbank Average Rates
Currency Closing Week Previous Week YTD Change
(GH¢) (GH¢) %
DOLLAR 5.9015 5.9009 -2.39%
POUND 7.9550 8.0816 -1.02%
EURO 6.8111 6.8231 3.72%
YEN 0.0520 0.0518 7.50%
YUAN 0.9221 0.9214 -4.30%
CFA FRANC 96.3078 96.1384 -3.64%
Source: Bank of Ghana

COMMODITIES MARKET
Interbank Average Rates
Commodity Closing Week Previous Week YTD
BRENT CRUDE OIL
(US$/bbl) 82.71 84.63 59.67%
GOLD
(US$/oz) 1,801.85 1,769.15 -5.08%
COCOA
(US$/MT) 2,366.66 2,580.00 -2.38%
Source: Bloomberg, Bullion By Post, ICCO

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