MERBAN STOCKBROKERS LIMITED

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					                     MERBAN STOCKBROKERS LIMITED
                                  MERBAN STOCKBROKERS LIMITED
                     A wholly owned subsidiary of Merchant Bank (Ghana) Ltd
                                                        A wholly owned subsidiary of Merchant Bank (Ghana) Ltd

                                                STOCK MARKET UPDATE
                                                                     FEBRUARY 17, 2010
                                                                                                ANALYST Nana K. Agyeman Gyamfi
                                                                                  
                                                                                  
Highlights   
 



                                                                                 At  the  close  of  trading  the  Merban  Stock  Index  gained 
      Standard Chartered Bank And Ayrton Drugs Record                            0.76 points  to  close at 789.85  representing a  year‐to‐date 
      Gains At The Close Of Midweek Trading                                      return of 1.96%. 
      Merban Stock Index Climbs                                                   
      Cedi Slips On The Currency Market                                          The GSE All‐Share Index also rose 3.84 points to close at 
                                                                                 5,633.62. This brings its year‐to‐date change to 1.10%. 
                                                                                  
                            Stock Market News
                                                                                   
 

Market  activity  at  the  midweek  session  was  buoyant                                          Foreign Exchange Market
with  an  increase  in  volume  and  value  traded.  Trading                      


also  closed  with  Standard  Chartered  and  Ayrton  Drugs                      The  Cedi  failed  to  recover  from  Tuesday’s  slip  on  the 
registering price gains.                                                         currency  market  as  it  lost  further  grounds  against  the 
                                                                                 major trading currencies today.  
                                                                                  
A  total  of  549,698  shares  were  exchanged  in  thirteen 
                                                                                 The Cedi recorded its biggest slide against the Euro and 
equities.  This  was  105%  higher  than  trades  of  268,598 
                                                                                 the  Swiss  Franc,  shedding  0.76%  and  0.63%  to  close  at 
registered on Tuesday. Ghana Oil Company Limited and 
                                                                                 GH¢1.95 and GH¢1.33 respectively.  
Unilever  Ghana  had  the  lion  share  of  trades  accounting                    
for 88% of total volume traded.                                                  Against  the  Pound  and  the  Dollar,  the  local  currency 
                                                                                 slipped  by  0.38%  and  0.06%  to  close  at  GH¢2.24  and 
Value  of  shares  traded  more  than  doubled  to                               GH¢1.42 respectively. 
GH¢745,992,  168%  higher  than  the  previous  session’s                         
GH¢277,440.                                                                      The  Cedi  however  recovered  some  luster  against  the 
                                                                                 South  African  Rand  with  a  0.16%  appreciation  to 
                                                                                 GH¢0.18. 
                             Market Snapshot
                                                                                  
                     MSL         GSE      Mkt Cap       Vol        Value         The performance of the cedi against the major currencies 
                    Index       Index       (¢ M)     Traded     Traded(¢)       is detailed below.  
                                                                                  
    Today           789.85     5,633.62 15,992.41 549,698         745,078                  Buying Rates As At February 17, 2010
    Prev.Ssn.       789.09     5,629.78 15,989.49 268,598         277,440
    Chg Today(%)     0.10        0.07      0.02    104.65          168.55
    Chg Y-T-D (%)    1.96        1.10
    NB: AGA, ETI and TBL excluded from the computation of the MSL Index
 
 

                             Price Movements
 
Two  equities  closed  the  session  with  price  changes. 
Standard  Chartered  Bank  was  up  by  4  pesewas  to 
GH¢30.70  while  Ayrton  Drugs  inched  up  a  pesewa  to 
                                                                                                        SOURCE: Ghana Association of Bankers/BOG 
close at 14 pesewas.  
 
 
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.

                Merban Stockbrokers Ltd. Merchant Bank (Ridge Branch), 57 Examination Loop, P.0.Box 401, Accra. Tel:233 -21-251-131-5), Fax: 233-21-251-138
                             Email: mbd@merbangh.com , mslresearch@merbangh.com http://www.merchantbank.com.gh
                                                                               22

           Equity Prices As At February 17, 2010                                       INDUSTRY/         Day    Day   % Chg    Vol     EPS      DPS   P/E
  INDUSTRY/       Day     Day     % Chg     Vol      EPS      DPS      P/E                EQUITY        Close Open YTD        Traded   GH ¢     GH ¢ Ratio
    EQUITY        Close Open      YTD      Traded    GH ¢     GH ¢ Ratio            Pharmaceutical
Agro Processing                                                                     Ayrtn Drugs          0.14 0.13     7.69      300     0.011 0.001 12.39
Benso Oil Palm    0.51 0.51        6.25                1.00 0.001     0.51          Starwin              0.05 0.05 0.00                 0.001 0.001   50.00
Cocoa Processing 0.03 0.03         0.00       220    -0.004           n.m.
                                                                                    Non-Bank Financial
Golden Web        0.05 0.05        0.00              -0.005           n.m.
                                                                                    UT Financial         0.25 0.25 19.05               0.033 0.010    7.69
Banking
                                                                                    Vehicle Dealership
CAL Bank          0.19 0.19 -5.00           13,471   0.033    0.01    5.78
                                                                                    CFAO Ghana           0.03 0.03     0.00      900    0.019         1.55
Ecobank Gh        3.12 3.12        11.43   10,388    0.234    0.16    13.34
                                                                                    Mech. Lloyd          0.20 0.20 0.00                0.024 0.005 8.30
Ecobank Trans     0.14 0.14 -6.67                    0.009 0.03       14.89

Ghana Com Bnk     0.79 0.79        6.76 20,311        0.167 0.06      4.74
                                                                                    SOURCE: Merban Stockbrokers / Ghana Stock Exchange
HFC Bank          0.62 0.62        0.00              0.042    0.01    14.69
                                                                                    Guide To Tables:
SG-SSB Bank       0.45 0.45        0.00       500    0.060            7.49          AGA       AngloGold As hanti      ETI     Ecobank Trans Inc
                                                                                    P/B       Price To Book Ratio     Yr      Year
Standard Chartere 30.70 30.66      2.33      160     2.992    1.50    10.26         P/E       Price Earnings Ratio    Px      Price
                                                                                              Dividend Per Share      Pct
Trust Bank        1.33 1.33        0.00              0.056 0.03       23.71         DPS                                       Percent
                                                                                    Div Yld Dividend Yeild            Qtr     Quarter
SCB Pref          0.52 0.52        0.00                                                       Price Gainers           Y-T-D   Year To Date

Beverage                                                                                      Price Losers                    Change Year-To-Date

Accra Brewery     0.10 0.10        0.00                       0.001    n.m.

Fan Milk Gh       6.80 6.80 22.52             167    0.766 0.046      8.88

Guinness Ghana    1.34 1.34        -0.74             -0.093 0.034 -14.47
Distribution
Produce Buying C 0.17 0.17 -10.53                    0.060 0.004      2.84

Insurance
Enterprise Ins    2.17 2.17 -1.36                     0.174 0.015     12.49

SIC Insurance     0.29 0.29         7.41    3,600    0.037 0.018      7.92

IT Solutions
Clydestone        0.08 0.08        0.00               0.001 0.003      n.m

Trasaction Soln   0.09 0.09        0.00              -0.015           -5.84
Manufacturing
Aluworks          0.44 0.44        0.00              -0.018 0.040     -24.86
Pioneer Kitchen   0.07 0.07        0.00              -0.010           -6.73
PZ Cussons         1.10    1.10    0.00               0.105           10.49

Unilever Gh       3.39 3.39 -0.29 181,419            -0.015 0.124     n.m.
Mining
AngloGold Dpstry 0.30 0.30         0.00                       0.066    n.m

AngloGold         30.0 30.0        0.00              -0.764 6.570     -39.27
Golden Star       3.00 3.00 -3.23                                      n.m

Petroleum
Ghana Oil Co Ltd 0.21 0.21 23.53 301,762             0.026 0.009      8.20
TOTAL             6.80 6.80        0.00              0.926 0.596      7.34

Paper Conversion & Printing
Camelot           0.16 0.16        0.00               0.013 0.005     12.03
Sam-Woode         0.03 0.03        0.00               0.016 0.005     1.84

African Champion 0.10 0.10         0.00              -0.019           -5.32


                              Merban Stockbrokers Ltd, Merchant Bank (Ridge Branch), 57 Examination Loop, P.0.Box 401, Accra
                          Tel :( 233)-21-251131-5, Fax (233)-21-251138, Email: mslresearch@merbangh.com / mbd@merbangh.com
                                                                 www.merchantbank.com.gh