Market Report

November 2019
 MARKET HIGHLIGHTS

GSE STOCK INDICES/CAPITALIZATION NOV 2019 YTD CHANGE NOV 2018 YTD CHANGE
GSE COMPOSITE INDEX (GSE-CI) 2,137.91 -16.88% 2,629.54 1.93%
GSE FINANCIAL STOCK INDEX (GSE-FSI) 1,788.79 -16.94% 2,201.55 -4.72%
MARKET CAPITALIZATION (GH¢ M) 55,563.37 -9.12% 61,972.14 5.39%
DOMESTIC CAPITALIZATION (GH¢ M) 21,391.55 -15.74% 25,938.35 59.68%

MARKET TURNOVER - EQUITIES NOV 2019 NOV 2018

VOLUME TRADED 20,265,390 12,352,905
VALUE TRADED (GH¢) 16,917,804.91 29,077,271.88
NUMBER OF TRANSACTIONS 1,443 1,709
TRADING DAYS 21 22
NUMBER OF TRADED SYMBOLS 23 27

MARKET TURNOVER - EQUITIES JAN TO NOV 2019 JAN TO NOV 2018

VOLUME TRADED 3,795,836,244 189,670,285
VALUE TRADED (GH¢) 607,367,562.77 641,033,913.99
NUMBER OF TRANSACTIONS 16,307 19,270
TRADING DAYS 229 230
NUMBER OF TRADED SYMBOLS 38 41

MARKET DAILY AVERAGES - EQUITIES NOV 2019 NOV 2018

AVERAGE VOLUME TRADED 965,019 561,496
AVERAGE VALUE TRADED (GH¢) 805,609.76 1,321,694.18
AVERAGE NUMBER OF TRANSACTIONS 69 78

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS

NOV 2019 NOV 2018
CORPORATE (GH¢ M) 459.49 412.31
GOG NOTES AND BONDS (GH¢ M) 4,590.32 2,107.84

MARKET TURNOVER - FIXED INCOME (DEBT) SECURITIES IN GH¢ MILLIONS

JAN TO NOV 2019 JAN TO NOV 2018
CORPORATE (GH¢ M) 3,602.19 3,103.74
GOG NOTES AND BONDS (GH¢ M) 39,766.28 26,652.61

LISTINGS NOV 2019 NOV 2018

LISTED COMPANIES (MAIN MARKET AND GAX) 38 39
LISTED EQUITIES (MAIN MARKET)
ORDINARY SHARES 33 34
DEPOSITORY SHARES 1 1
PREFERENCE SHARES 1 1
EXCHANGE TRADED FUNDS 1 1
EQUITIES ON GHANA ALTERNATIVE MARKET (GAX) 5 5

DELISTINGS-EQUITIES NOV 2019,NOV 2018) 0 0

NUMBER OF LISTED NOTES & BONDS ON GFIM NOV 2019 NOV 2018
CORPORATE 57 52
1 YEAR GOG 6 23
2 YEAR GOG 14 20
3 YEAR GOG 10 12
5 YEAR GOG 11 9
6 YEAR GOG 1 -
7 YEAR GOG 4 4
10 YEAR GOG 3 2
15 YEAR GOG 2 1
20 YEAR GOG 1 -
EURO BOND (US$) 6 4
LOCAL US$ 2 2

BONDS NOV 2019 NOV 2018

VALUE OF LISTED NOTES & BONDS
CORPORATE (GH¢ M) 8,017.70 6,682.33
CORPORATE (US$ M) 15.00 -
GOG NOTES & BONDS (GH¢ M) 62,484.99 53,864.32
EURO BOND (US$ M) 8,750.00 3,750.00
LOCAL US$ NOTES & BONDS (US$ M)** 221.4 316.04

GSE Market Report - Noember 2019 1

 MARKET HIGHLIGHTS (Continuation)

GSE FINANCIAL STOCK INDEX SUMMARY - 2011 TO NOVEMBER 2019

Year/Period Index Value % Change

2011 863.09 -13.69
2012 1,039.86 20.48
2013 1,786.60 71.81
2014 2,243.63 25.58
2015 1,930.06 -13.98
2016 1,545.41 -19.93%
2017 2,310.58 49.51%
2018 2,153.74 -6.79%
NOVEMBER 2019 1,788.79 -16.94%

SELECTED ECONOMIC INDICATORS NOV 2019 NOV 2018

INFLATION RATE YEAR-ON-YEAR (%) *7.7 9.50
INTEREST RATE (% ON MOST RECENT ISSUE)
91-DAY T-BILL 14.69 13.92
182-Day T-BILL 15.14 14.44
364-Day T-BILL 17.91 -

EXCHANGE RATE
US$ 1 to 1 GHANA CEDIS 5.53 4.79
UK£ 1 to 1 GHANA CEDIS 7.13 6.11
1 Euro to 1 GHANA CEDIS 6.08 5.52
*Inflation rate as at October 2019

GSE Market Report - November 2019 2

 GSE INDEX SUMMARY NOV-DEC 1990 - NOV 2019
Period High Date Low Date End of Period Index % Change
Nov - Dec 1990 77.65 12-Nov 70.08 21-Dec 70.08 0.00
1991 69.77 4-Jan 55.49 17-May 64.51 -7.95
1992 72.90 6-Oct 60.15 23-Jun 62.17 -3.63
1993 132.88 30-Dec 63.29 5-Jan 132.88 113.74
1994 334.02 17-May 132.91 4-Jan 298.10 124.34
1995 322.11 25-Oct 296.32 22-Mar 316.97 6.33
1996 385.80 13-Sep 307.42 12-Jan 360.76 13.82
1997 524.21 8-Dec 346.66 31-Jan 511.74 41.85
1998 1,201.08 6-May 511.66 7-Jan 868.35 69.69
1999 903.17 5-Feb 735.39 22-Dec 736.16 -15.22
2000 873.35 22-Sep 737.16 3-Jan 857.98 16.55
2001 1,025.78 1-Aug 856.00 7-Feb 955.95 11.42
2002 1,395.31 30-Dec 13.20 2-Jan 1,395.31 45.96
2003 3,553.42 31-Dec 1,395.36 2-Jan 3,553.42 154.67
2004 7,469.04 25-Aug 3,558.96 2-Jan 6,798.59 91.33
2005 6,901.36 28-Jan 4,751.17 22-Dec 4,769.02 -29.85
2006 5,006.02 29-Dec 4,692.84 31-Jan 5,006.02 4.97
2007 6,599.77 31-Dec 5,001.15 11-Jan 6,599.77 31.84
2008 10,931.36 3-Oct 6,595.92 2-Jan 10,431.64 58.06
2009 10,431.64 2-Jan 5,098.92 17-Aug 5,572.34 -46.58
2010 7,185.05 1-Jun 5,463.83 14-Jan 6,886.31 32.25
2011 1,189.77 18-May 940.04 16-Dec 969.03 -3.10
2012 1,199.72 31-Dec 968.08 5-Jan 1,199.72 23.81
2013 2,341.60 2-Dec 1,198.29 3-Jan 2,255.52 78.81
2014 2,439.20 21-Feb 2,145.20 2-Jan 2,261.02 5.40
2015 2,386.51 9-Jun 1,954.21 11-Dec 1,994.91 -11.77
2016 2,013.81 14-Jan 1,527.94 7-Dec 1,689.09 -15.33%
2017 2,579.72 29-Dec 1,698.20 3-Jan 2,579.72 52.73%
2018 3,489.45 30-Apr 2,521.42 19-Dec 2,572.22 -0.29%
NOV 2019 2,589.55 2-Jan 2,136.82 21-Nov 2,137.91 -16.88%
(1.) Nov. 1990 to 2010 Index is the GSE All-Share Index
(2.) Index from 2011 is the GSE Composite Index

MARKET ACTIVITIES - NOV - DEC 1990 - NOV 2019

Equities Volume Equities Value Traded Equities Market GoG & Corporate Notes/ GoG & Corporate Notes/
Period
Traded (000) (GH ¢ m) Cap. (GH ¢ m.) Bonds Traded (GH ¢ m.) Bonds Listed (GH ¢ m.)
Nov - Dec 1990 222.00 0.01 3.05 - -
1991 1,825.80 0.01 2.96 - -
1992 2,044.40 0.02 4.38 - -
1993 37,945.47 0.32 9.65 - -
1994 93,037.63 7.31 196.84 - -
1995 55,838.60 2.71 239.90 - -
1996 35,749.99 2.79 286.27 - -
1997 125,629.14 9.34 255.28 - -
1998 91,446.52 13.40 324.56 - -
1999 49,568.22 6.96 320.54 - -
2000 30,717.09 5.06 365.50 - -
2001 55,295.87 9.23 390.40 - -
2002 44,124.20 8.94 618.38 - -
2003 96,330.00 38.93 1,261.68 - -
2004 104,349.30 65.59 9,761.48 - -
2005 81,400.00 46.44 9,185.73 - -
2006 98,286.00 47.60 11,249.60 - -
2007 287,221.70 140.71 12,368.60 - -
2008 531,660.00 365.51 17,895.12 - -
2009 96,767.39 74.19 15,941.92 - -
2010 330,616.75 151.29 20,116.70 - -
2011 419,791.08 446.56 47,347.23 - -
2012 218,134.34 102.20 57,264.22 - -
2013 313,024.31 456.14 61,158.29 - -
2014 207,496.13 345.96 64,352.42 - -
2015 246,428.36 247.64 57,116.87 7,227.23 11,969.93
2016 252,833.43 242.11 52,690.99 12,513.58 22,627.31
2017 322,725.77 518.38 62,917.19 28,713.69 49,849.18
2018 200,577.88 659.36 61,136.53 35,070.31 60,662.86
NOV 2019 3,795,836.24 607.37 55,563.37 43,368.47 70,502.69
Total: Dec. 1990 to
8,226,924 4,622.06
Nov 2019

GSE Market Report - November 2019 3

 MARKET ACTIVITIES - OCTOBER 2019
Top 10 VOLUME LEADERS OCTOBER Top 10 VALUE LEADERS OCTOBER
Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value
IIL 6,794,600.00 33.53 SCB 5,840,744.92 34.52
MTNGH 5,089,323.00 25.11 MTNGH 3,562,515.10 21.06
SIC 3,867,307.00 19.08 GOIL 2,051,080.78 12.12
CAL 1,751,579.00 8.64 EGH 1,849,599.83 10.93
GOIL 1,213,594.00 5.99 CAL 1,428,422.06 8.44
SCB 428,967.00 2.12 GCB 854,353.36 5.05
EGH 235,716.00 1.16 SIC 347,540.96 2.05
SOGEGH 230,625.00 1.14 IIL 339,730.00 2.01
EGL 200,903.00 0.99 EGL 333,672.30 1.97
GCB 176,120.00 0.87 SOGEGH 153,982.63 0.91

TOP 10 VOLUME LEADERS JANUARY - NOVEMBER TOP 10 VALUE LEADERS JANUARY - NOVEMBER
Symbol Traded Volume % of Total Volume Symbol Traded Value (GH¢) % of Total Value
ETI 3,492,407,603.00 92.01 ETI 349,359,804.30 57.52
MTNGH 185,855,247.00 4.9 MTNGH 132,098,722.70 21.75
AYRTN 54,042,963.00 1.42 GCB 26,393,005.38 4.35
CAL 18,141,213.00 0.48 FML 22,281,908.36 3.67
IIL 7,283,450.00 0.19 CAL 13,420,569.31 2.21
GCB 5,910,177.00 0.16 SCB 12,381,947.41 2.04
GGBL 5,113,591.00 0.13 GGBL 11,123,473.71 1.83
SIC 4,864,032.00 0.13 EGH 9,707,671.18 1.6
GOIL 4,228,748.00 0.11 GOIL 8,619,606.62 1.42
EGL 3,674,545.00 0.1 EGL 7,223,441.06 1.19

MARKET ACTIVITIES - NOVEMBER 2019

GSE Composite Index - End of Months for 2018 and GSE Financial Stock Index - End of Months for 2018 and
2019 2019
Month 2019 2018 Month 2019 2018
January 2,503.85 3,076.98 January 2,131.45 2,833.91
February 2,479.04 3,337.20 February 2,105.95 3,111.14
March 2,454.51 3,366.85 March 2,155.29 3,052.35
April 2,344.32 3,489.45 April 2,024.18 3,200.80
May 2,461.06 3,167.48 May 2,140.23 2,845.62
June 2,394.82 2,879.43 June 2,089.99 2,582.66
July 2,346.52 2,931.19 July 2,069.50 2,658.68
August 2,303.80 2,897.53 August 1,999.73 2,691.16
September 2,204.79 3,001.01 September 1,894.24 2,627.27
October 2,150.66 2,844.78 October 1,808.52 2,310.00
November 2,137.91 2,629.54 November 1,788.79 2,201.55
December December

Volume Traded - End of Months for 2018 and 2019 Value Traded - End of Months for 2018 and 2019 (GH¢)
Month 2019 2018 Month 2019 2018
January 5,378,402 6,901,786 January 8,999,653.51 35,619,288.13
February 6,715,753 10,795,790 February 22,520,830.12 28,996,971.23
March 7,304,596 18,375,377 March 7,959,221.59 38,075,521.64
April 29,604,619 34,228,824 April 32,613,974.24 47,863,281.56
May 49,813,014 15,613,093 May 14,091,229.90 264,004,546.36
June 27,353,661 24,075,171 June 17,172,357.57 42,693,764.98
July 12,856,233 13,727,012 July 18,638,749.25 28,759,156.84
August 3,529,574,740 9,703,185 August 382,881,756.38 36,376,494.88
September 72,838,234 35,429,710 September 58,293,201.54 62,413,126.65
October 34,131,602 12,509,109 October 27,278,783.76 27,154,489.84
November 20,265,390 12,352,905 November 16,917,804.91 29,077,271.88
December December

Total 3,795,836,244 193,711,962 Total 607,367,562.77 641,033,913.99

Market Capitalization - End of Months for 2018 and

2019 (GH¢ M)
Month 2019 2018
January 60,245.43 62,917.19
February 59,996.25 65,973.28
March 59,750.01 64,375.88
April 58,622.08 66,142.99
May 59,802.98 63,663.53
June 58,729.64 55,280.46
July 58,235.88 55,514.70
August 57,599.79 55,971.16
September 56,250.96 66,079.52
October 55,528.95 64,313.18
November 55,563.37 61,972.14
December

GSE Market Report - November 2019 4

 SECTORIAL DISTRIBUTION OF TRADES - NOVEMBER 2019
SECTOR VOLUME TRADED VALUE TRADED (GH ¢) NO. OF TRADES
AGRICULTURE 468 1,353.80 4
DISTRIBUTION 1,234,777 2,113,327.98 261
EDUCATION 0 0 0
EXCHANGE TRADED FUNDS 0 0 0
FINANCE 2,952,873 10,153,862.71 695
FOOD AND BEVERAGE 3,497 15,837.31 23
ICT 5,089,323 3,562,515.10 244
INSURANCE 4,068,210 681,213.26 112
MANUFACTURING 6,801,947 343,243.80 24
MINING 114,295 46,450.95 80
ADVERTISEMENT & PRODUCTION 0 0.00 0
TOTALS 20,265,390 16,917,804.91 1,443

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES - NOVEMBER 2019

FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
ACCESS 785 1,907.55 5
ADB 400 2,024.00 1
CAL 1,751,579 1,428,422.06 96
EGH 235,716 1,849,599.83 77
ETI 104,291 9,227.86 41
GCB 176,120 854,353.36 154
MAC 0 0 0
RBGH 23,790 13,084.50 10
SCB 428,967 5,840,744.92 137
SCBPREF 600 516 1
SOGEGH 230,625 153,982.63 173
TBL 0 0 0
TOTALS 2,952,873 10,153,862.71 695

DISTRIBUTION TOTAL VOLUME TOTAL VALUE NO. OF TRADES

GOIL 1,213,594 2,051,080.78 191
MLC 0 0 0
PBC 0 0 0
TOTAL 21,183 62,247.20 70
TOTALS 1,234,777 2,113,327.98 261

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
CPC 0 0 0
FML 3,497 15,837.31 23
GGBL 0 0 0
HORDS 0 0 0
SAMBA 0 0 0
TOTALS 3,497 15837.31 23

ICT TOTAL VOLUME TOTAL VALUE NO. OF TRADES

CLYD 0 0.00 0
MTNGH 5,089,323 3,562,515.10 244
TOTALS 5,089,323 3,562,515.10 244
**HFC has been changed to Republic Bank (Ghana) Ltd (RBGH)
*PKL has been compulsorily delisted from the Official List

GSE Market Report - November 2019 5

 SECTORIAL DISTRIBUTION OF TRADES - NOVEMBER 2019 (Continuation)
INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
EGL 200,903 333,672.30 56
SIC 3,867,307 347,540.96 56
TOTALS 4,068,210 681,213.26 112

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

ALW 2,600 260 4
AYRTN 0 0 0
CMLT 0 0 0
IIL 6,794,600 339,730 1
PZC 2,000 765 9
SPL 2,600 78 4
SWL 0 0 0
UNIL 147 2,410.80 6
TOTALS 6,801,947 343,243.80 24

MINING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

AADS 114,295 46,450.95 80
AGA 0 0 0
GSR 0 0 0
TLW 0 0 0
TOTALS 114,295 46,450.95 80

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

BOPP 468 1,353.80 4

EXCHANGE TRADED FUNDS(ETF) TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE NO. OF TRADES

MMH 0 0.00 0

ADVERTISEMENT & PRODUCTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
DIGICUT 0 0.00 0

GSE Market Report - November 2019 6

 SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2019
Sector Volume Traded Value Traded (GH ¢) No. of Trades
AGRICULTURE 75,806 277,707.75 197
DISTRIBUTION 4,673,948 10,188,729.96 2,035
EDUCATION 0 0 0
EXCHANGE TRADED FUNDS 0 0 0
FINANCE 3,523,812,121 414,168,825.97 7,732
FOOD AND BEVERAGE 8,882,465 33,410,055.35 779
ICT 185,926,467 132,100,859.25 3,681
INSURANCE 8,538,577 7,713,790.68 1,132
MANUFACTURING 63,759,693 9,411,395.24 495
MINING 167,167 96,198.57 256
ADVERTISEMENT & PRODUCTION 0 0.00 0
TOTALS 3,795,836,244 607,367,562.77 16,307

BREAKDOWN OF SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2019

FINANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
ACCESS 46,617 139,089.30 77
ADB 2,957 14,962.42 6
CAL 18,141,213 13,420,569.31 1,585
EGH 1,244,037 9,707,671.18 747
ETI 3,492,407,603 349,359,804.33 922
GCB 5,910,177 26,393,005.38 1,671
MAC 0 0 0
RBGH 879,767 567,213.18 112
SCB 762,168 12,381,947.41 944
SCBPREF 12,600 10,779.00 14
SOGEGH 2,278,457 1,786,044.10 1,590
TBL 2,126,525 387,740.36 64
TOTALS 3,523,812,121 414,168,825.97 7,732

DISTRIBUTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

GOIL 4,228,748 8,619,606.62 1,447
MLC 8,620 775.8 11
PBC 38,890 1,188.21 14
TOTAL 397,690 1,567,159.33 563
TOTALS 4,673,948 10,188,729.96 2,035

FOOD AND BEVERAGE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
CPC 139,664 2,793.28 23
FML 3,623,910 22,281,908.36 586
GGBL 5,113,591 11,123,473.71 166
HORDS 2,300 230 1
SAMBA 3,000 1,650.00 3
TOTALS 8,882,465 33,410,055.35 779

ICT TOTAL VOLUME TOTAL VALUE NO. OF TRADES

CLYD 71,220 2,136.60 9
MTNGH 185,855,247 132,098,722.65 3,672
TOTALS 185,926,467 132,100,859.25 3,681

GSE Market Report - November 2019 7

 SECTORIAL DISTRIBUTION OF TRADES JAN - NOV 2019 (Continuation)
INSURANCE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
EGL 3,674,545 7,223,441.06 752
SIC 4,864,032 490,349.62 380
TOTALS 8,538,577 7,713,790.68 1,132

MANUFACTURING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

ALW 1,209,174 120,403.87 61
AYRTN 54,042,963 2,762,807.04 20
CMLT 66,910 6,200.00 13
IIL 7,283,450 371,265.00 71
PZC 60,511 24,017.02 115
SPL 749,400 17,578.00 41
SWL 1,610 80.5 6
UNIL 345,675 6,109,043.81 168
TOTALS 63,759,693 9,411,395.24 495

MINING TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

AADS 164,682 66,605.75 213
AGA 0 0 0
GSR 32 304 4
TLW 2,453 29,288.82 39
TOTALS 167,167 96,198.57 256

AGRICULTURE TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES

BOPP 75,806 277,707.75 197
66,265 249,386.56 180
EXCHANGE TRADED FUNDS (ETF) TOTAL VOLUME TOTAL VALUE NO. OF TRADES
GLD 0 0.00 0

EDUCATION TOTAL VOLUME TOTALVALUE NO. OF TRADES

MMH 0 0.00 0

ADVERTISEMENT & PRODUCTION TOTAL VOLUME TOTAL VALUE (GH ¢) NO. OF TRADES
DIGICUT 0 0.00 0
**HFC has been changed to Republic Bank (Ghana) Ltd (RBGH)

GSE Market Report - November 2019 8

 Market Capitalization - End of Month(s) for 2018 and 2019
70.00

65.00

Market Capitalization (GH ¢ Billion)

60.00

55.00

50.00

45.00 2019

40.00 2018

13.2
35.00

30.00

September

November
July

August
January

December
May

June
February

April
March

October
Months

GSE Composite Index - 2018 and 2019

4,000.00

3,500.00

3,000.00
Index Values

2,500.00

2,000.00

1,500.00 2019

1,000.00 2018

500.00

0.00
July

November
August

December
October
April

May
January

March

June
February

September

Months

GSE Market Report - November 2019 9

 Volume Traded - End of Month(s) - 2018 and 2019
4,000

3,500

3,000

Volume Traded (Million)

2,500

2,000

1,500 2019

1,000 2018

500
13.2
-

July

August

October
April

September

December
May
January

June
March

November
February

Months

Value Traded - End of Month(s) - 2018 and 2019

450.00

400.00

350.00
Value Traded (GH ¢ Million)

300.00

250.00
2019
200.00
2018
150.00

100.00

50.00

0.00
October
July

September

November
June
April

May

August
January

December
February

March

Months

GSE Market Report - November 2019 10

 MARKET CAPITALIZATION PER SECTOR - NOVEMBER 2019
Sector Issued Shares (mil.) Market Capt. GH ¢ million
FINANCE 27,640.86 11,139.57
DISTRIBUTION 1,033.83 999.99
FOOD AND BEVERAGE 2,582.80 1,120.25
ICT 12,324.47 8,604.35
INSURANCE 365.37 306.14
MANUFACTURING 1,229.48 1,152.14
MINING 1,836.52 32,097.10
AGRICULTURE 34.80 100.92
Exchange Traded Funds(ETF) 0.40 21.60
EDUCATION 96.08 10.57
ADVERTISING AND PRODUCTION 118.89 10.70
TOTALS 47,263.50 55,563.37

BREAKDOWN OF MARKET CAPITALIZATION PER SECTOR - NOVEMBER 2019

FINANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
ACCESS 2.43 173.95 422.69
ADB 5.06 261.72 1,324.31
CAL 0.81 626.59 507.53
EGH 7.90 322.55 2,548.15
ETI 0.09 24,067.75 2,166.10
GCB 4.85 265.00 1,285.25
MAC 5.98 9.95 59.49
RBGH 0.55 851.97 468.58
SCB 13.00 134.76 1,751.86
SCB PREF 0.86 17.48 15.03
SOGEGH 0.72 709.14 510.58
TBL 0.40 200.00 80.00
TOTALS 27,640.86 11,139.57

DISTRIBUTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
GOIL 1.67 391.86 654.41
MLC 0.09 50.10 4.51
PBC 0.03 480 14.40
TOTAL 2.92 111.87 326.67
TOTALS 1,033.83 999.99

FOOD AND BEVERAGE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
CPC 0.02 2,038.07 40.76
FML 4.53 116.21 526.42
GGBL 1.75 307.59 538.29
HORDS 0.10 114.95 11.49
SAMBA 0.55 5.98 3.29
TOTALS 2,582.80 1,120.25

ICT Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
CLYD 0.03 34.00 1.02
MTNGH 0.70 12,290.47 8,603.33
TOTALS 12,324.47 8,604.35

GSE Market Report - November 2019 11

 MARKET CAPITALIZATION PER SECTOR - NOVEMBER 2019 (Continuation)
INSURANCE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
EGL 1.70 169.72 288.53
SIC 0.09 195.65 17.61
TOTALS 365.37 306.14

MANUFACTURING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
ALW 0.1 236.69 23.67
AYRTN 0.08 215.00 17.20
CMLT 0.09 6.83 0.61
IIL 0.05 258.82 12.94
PZC 0.38 168.00 63.84
SPL 0.03 259.81 7.79
SWL 0.05 21.83 1.09
UNIL 16.4 62.50 1,025.00
TOTALS 1,229.48 1,152.14

MINING Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
AADS 0.41 0.98 40.13
AGA 37.00 409.71 15,159.30
GSR 9.50 51.94 493.43
TLW 11.94 1,373.89 16,404.24
TOTALS 1,836.52 32,097.10

AGRICULTURE Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
BOPP 2.90 34.80 100.92

EXCHANGE TRADED FUNDS (ETF) Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
GLD 54.00 0.40 21.60

EDUCATION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH¢ million
MMH 0.11 96.08 10.57

ADVERTISEMENT & PRODUCTION Closing Price - VWAP (GH¢) Issued Shares (mil.) Market Capt. GH ¢ million
DIGICUT 0.09 118.89 10.70

GSE Market Report - November 2019 12

 MARKET STATUS - CAPITALISATION, PRICE CHANGES, P/E RATIOS
Company Issued Shares Market Capt. GH Shares Prices Shares Prices % Change in Div. EPS P/E Ratio
(mil.) ¢ million as at GH¢; End Dec GH¢; End Share Price Yield % GH ¢
November 2019 2018 November
2019
Equities
AADS 0.98 40.13 0.41 0.41 0 0.51015
ACCESS 173.95 422.69 3.55 2.43 -31.55 0 0.8876 3
ADB 261.72 1,324.31 5.95 5.06 -14.96 0 0.153 33
AGA 409.71 15,159.30 37 37 0 0.792 -1.8448 n.m.
ALW 236.69 23.67 0.08 0.1 25 0 -0.0803 n.m.
AYRTN 215 17.2 0.07 0.08 14.29 0 -0.0058 n.m.
BOPP 34.8 100.92 5.09 2.9 -43.03 1.17 0.2914 10
CAL 626.59 507.53 0.98 0.81 -17.35 5.93 0.2881 3
CLYD 34 1.02 0.03 0.03 0 0 0.0051 6
CMLT 6.83 0.61 0.1 0.09 -10 0 0.0069 n.m.
CPC 2,038.07 40.76 0.02 0.02 0 0 -0.0155 n.m.
EGH 322.55 2,548.15 7.5 7.9 5.33 0 1.3897 6
EGL 169.72 288.53 2.24 1.7 -24.11 2.65 0.2197 8
ETI 24,067.75 2,166.10 0.16 0.09 -43.75 0 0.0622 1
FML 116.21 526.42 8 4.53 -43.38 0 0.1655 27
GCB 265 1,285.25 4.6 4.85 5.43 6.186 1.1474 4
GGBL 307.59 538.29 2.18 1.75 -19.72 1.674 0.0587 30
GOIL 391.86 654.41 3.12 1.67 -46.47 2.51 0.248 7
GSR 51.94 493.43 9.5 9.5 0 0 0.61 16
MAC 9.95 59.49 5.98 5.98 0 0 0.4461 13
MLC 50.1 4.51 0.1 0.09 -10 0 -0.0537 n.m.
MTNGH 12,290.47 8,603.33 0.79 0.70 -11.39 7.00 0.0737 10
PBC 480 14.4 0.04 0.03 -25 0 -0.0565 n.m.
PZC 168 63.84 0.41 0.38 -7.32 0 -0.008 n.m.
RBGH 851.97 468.58 0.69 0.55 -20.29 0 0.0926 6
SCB 134.76 1,751.86 21 13 -38.1 8 1.5031 9
SIC 195.65 17.61 0.19 0.09 -52.63 0 0.0071 13
SOGEGH 709.14 510.58 0.75 0.72 -4 5.56 0.1551 5
SPL 259.81 7.79 0.02 0.03 50 0 0.0032 9
SWL 21.83 1.09 0.05 0.05 0 0 -0.0381 n.m.
TBL 200 80 0.23 0.4 73.91 0 0.0339 12
TLW 1,373.89 16,404.24 11.94 11.94 0 7.75 0.7901 15
TOTAL 111.87 326.67 3.4 2.92 -14.12 4.7911 0.4634 6
UNIL 62.5 1,025.00 17.78 16.4 -7.76 4.88 -1.0427 n.m.
Subtotal 55,477.74
Preference Shares
SCB PREF 17.48 15.03 1.00 0.86 -14.00 -
Exchange Traded
Funds(ETF)
GLD 0.40 21.60 54.00 54.00
Subtotal 36.63
Ghana Alternative
Market (GAX)
HORDS 114.95 11.49 0.10 0.10 0.00 - 2.55 0
IIL 258.82 12.94 0.08 0.05 -37.50 7.68 0.01 5
MMH 96.08 10.57 0.11 0.11 0.00 - -0.01 n.m.
SAMBA 5.98 3.29 0.65 0.55 -15.38 - -0.09 n.m.
DIGICUT 118.89 10.70 0.09 0.09
Subtotal 48.99
TOTAL 55,563.37

GSE Market Report - November 2019 13

 PRIMARY ISSUES AND CORPORATE ACTIONS
A. Equities
Company Description Offer period Issue Price No. of No. of Shares Amount Raised
GH¢ Shares Sold (millions) (GH¢ million)
Offered
(million)
Super Paper Products Co. Ltd. IPO Dec.1991 - Feb. 1992 0.02 8.00 4.20 0.06
Mechanical Llyod Co. Ltd. IPO Dec. 1993 - Feb. 1994 0.01 11.00 9.36 0.05
Ashanti Goldfields Co. Ltd. IPO March - April, 1994 1.87 2.80 3.20 5.98
Ashanti Goldfields Co. Ltd. IPO May-June, 1994 1.87 1.20 0.15 0.28
HFC Bank Ltd. Placement January 1995 0.01 11.35 13.10 0.13
Pioneer Aluminium Factory Ltd. IPO May - July 1995 0.01 6.40 6.40 0.08

SSB Bank Limited IPO Sept. - Oct., 1995 0.08 21.36 15.03 1.20
Accra Brewery Ltd. Rights Issue June - August, 1992 0.01 12.00 12.00 0.14
Aluworks Ltd. Placement Sept. - Nov., 1996 0.14 5.00 2.45 0.33
UTC Estates Ghana Ltd. OFS Oct. 1994 - March 1995 0.01 24.00 24.00 0.24

PZ Cussons Ghana Ltd. Rights Issue Sept. - Oct. 1995 0.04 24.00 24.00 0.96
GCB Bank Ltd. IPO Feb. - March, 1996 13.20 49.50 68.44 3.42
Guinness Ghana Ltd Rights Issue May - June, 1996 0.02 23.50 23.50 0.49
Mechanical Lloyd Co. Ltd. Rights Issue Oct. - Nov., 1997 0.01 13.36 13.36 0.20
HFC Bank Ltd. Rights Issue Oct. - Nov., 1998 0.06 9.50 9.50 0.57
Accra Brewery Ltd. Rights Issue November, 1998 0.05 19.89 19.89 0.99
Metalloplastica Ghana Ltd. Rights Issue Jan.18 - Feb 19, 1999 0.02 12.00 12.00 0.22
Camelot Ghana Ltd. IPO August 9 - 20, 1999 0.04 1.75 1.75 0.07
Produce Buying Company Ltd. IPO Dec. 1999 - March 2000 0.05 384.00 142.37 5.92

Accra Brewery Ltd. Rights Issue 0.06 23.86 33.26 2.01

Sam Woode Limited IPO March 1 - April 5, 2002 0.03 8.00 0.20

Trust Bank Ltd. (The Gambia) Introduction 0.41 30.00 - 12.30

Cocoa Processing Co. Ltd. IPO Sept - Nov. 2002 0.06 215.37 215.37 13.46
CFAO Ghana Ltd. Rights Issue Jan. - Feb. 2003 0.01 168.00 168.00 1.01
Ghana Breweries Ltd. Rights Issue 4 - 27 June 2003 0.05 230.34 230.34 10.60
Accra Brewery Ltd. Rights Issue Jan 26 - Feb 16, 2004 0.05 83.15 83.15 4.16
Clydestone Ghana Ltd. IPO March 19 - April 16, 0.05 10.60 16.64 0.83
2004
Benso Oil Palm Plantation Ltd. IPO June 16 - July 23, 2004 0.50 13.92 13.92 6.96

Mechanical Lloyd Co. Ltd. Rights Issue June 17 - July 16, 2004 0.25 10.02 10.02 2.50

CAL Bank Ltd IPO Sept 2 - Oct 1, 2004 0.20 27.00 31.50 6.30
Starwin Products Ltd. (SPL) IPO Oct 29 - Nov 26, 2004 0.05 30.00 74.08 3.70

Golden Web Limited (GWEB) IPO June 7 - Aug 8, 2005 0.06 17.00 9.97 0.55
EcoBank Ghana Ltd (EBG) IPO May 15-June 2, 2006 1.10 8.28 8.28 9.11
EcoBank Transnational Inc. (ETI) Introduction 2.24 611.00 1,368.64

Ayrtn Drug Manufacturing Ltd IPO June 7 -July 7, 2006 0.09 43.20 43.20 3.67

Transaction Solutions Ltd IPO Oct 31 - Nov 30, 2006 0.10 20.00 22.66 2.27
GCB Bank Ltd. Rights Issue May 15 - June 15, 2007 0.60 128.68 100.00 0.01

Ghana Oil company Ltd IPO Sept 4 - Oct 5, 2007 0.20 102.78 102.78 20.56
SIC Insurance Company Ltd IPO Dec 3 - Dec 21, 2007 0.30 97.82 117.39 35.22
Golden Star Resources Ltd IPO Dec 5, 2007 - Jan 18, 3.00 3.17 1.88 5.64
2008
UT Bank Ltd IPO Sept. 22 - Oct. 17, 2008 0.30 90.29 91.93 27.58

CAL Bank Ltd Rights Issue Sept 28 - Oct 23, 2009 0.20 150.00 69.55 13.91
Sub Total 1,572.52

GSE Market Report - November 2019 14

 PRIMARY ISSUES AND CORPORATE ACTIONS (Continuation)
A. Equities
Company Description Offer period Issue Price No. of Shares No. of Shares Amount Raised
GH¢ Offered (million) Sold (millions) (GH¢ million)

Ecobank Ghana Ltd. Rights Issue Oct 2 - Oct 20 2009 2.78 28.60 28.597122 79.50
SSB Bank Limited Rights Issue Oct 19 - Nov 06, 2009 0.4 57.50 48.893894 19.56
Standard Chartered Bank Gh. Rights Issue Nov 10 - Dec 1 2009 29 1.66 1.655172 48.00
Ltd.
Aluworks Limited Rights Issue Mar 15 - Apr 16 2010 0.4 75.00 50.372131 20.15
Tullow Oil Plc IPO Jun 13 - Jul 4, 2011 31 4.00 3.531546 109.48
Guinness Ghana Breweries Rights Issue Oct 17 to Nov 14th 1.5 46.67 46.666667 70.00
Ltd. 2011
CAL Bank Ltd Placement April, 2012 0.25 300.00 300 75.00
UT Bank Ltd Placement October 1, 2012 0.03 166.67 154.27 46.28
Standard Chartered Bank Gh. Bonus Shares November 1, 2012 N/A 96.26 N/A N/A
Ltd.
HFC Bank Ltd. Placement November 1, 2012 0.41*** 121.95 112.42 50.00
NewGold ETF Secondary Listing August 2012 - 0.40 - -
Aluworks Ltd. Rights Issue Feb 25 to Mar 22, 2013 13.2 600.00 144.635138 7.23

Total Petroleum Ghana Ltd. Bonus Shares August 1, 2013 N/A 97.89** N/A N/A
Ghana Oil company Ltd Bonus Shares December 9, 2013 N/A 42.04** N/A N/A
Mega African Capital Ltd Offer for Mar 10 - Mar 28, 2014 3 1.33 1.33 4.00
Subscription
Starwin Products Ltd. (SPL) Rights Issue Oct 20th to Nov 17th 0.03 333.00 N/A 5.57
2014
Societe Generale Ghana Ltd. Bonus Shares May 8, 2015 N/A 33.39 N/A N/A

SAMBA Foods Limited IPO Feb 23 - Mar 27 2015 0.72 3.48 3.475453 2.50
Meridian Marshalls Holding IPO April 27 - June 12, 2015 0.1 25.00 21 1.43
Co.
Ecobank Transnational Inc. Bonus Shares July 21, 2015 N/A 1,500.00 N/A N/A
(ETI)
HORDS Limited IPO June 25 - July 17, 2015 0.05 80.00 80 4.00

Intravenous Infusions Ltd IPO 14 Oct - 25 Nov 2015 0.08 285.63 94.3 6.83
Mega African Capital Ltd Rights Issue Oct 29, 2015 - Dec 3, 5 0.86 0.86 4.30
2015
Ghana Oil company Ltd Rights Issue 3 May - 18 May 2016 1.24 139.60 142.4 176.60
Guinness Ghana Breweries Rights Issue 6 May - 3 June 2016 1.87 96.30 96.3 180.00
Ltd.
Societe Generale Ghana Rights Issue 9 - 23 September 2016 65.88 61.778911 38.30
Limited
ADB Bank IPO 24th-05 Dec 2016 2.65 144.80 122.94 325.78
Access Bank Limited IPO 19th - 25th Nov 2016 4 26.00 7.4 29.62
HFC Bank Ltd. Rights Issue 4th-20th Dec 2017 0.55 90.91 91.92 50.56
DIGICUT Advertising and IPO 1st-4th March 2018 0.08 118.89 118.89 9.51
Production Ltd
Enterprise Group Ltd Rights Issue 14th-28th March 2018 4.57 36.62 36.62 219.72

Societe Generale Ghana Bonus Shares 20th April 2018 N/A 71.51 N/A N/A
Limited
CAL Bank Ltd Bonus Shares 4th June 2018 N/A 78.32 N/A N/A
Ecobank Ghana Ltd. Bonus Shares 6th June 2018 N/A 29.32 N/A N/A
Access Bank Limited Rights Issue 4 May - 2 July 2018 3.96 75.76 55.854462 221.18
Standard Chartered Bank Gh. Bonus Shares 6th July 2018 N/A 19.25 N/A N/A
Ltd.
Republic Bank Ghana Ltd. Rights Issue 23 July - 10 Aug 2018 0.55 463.64 463.636364 255.00
MTN Ghana :td. IPO 29 May - 31 Aug 2018 0.75 4,637.39 1530.47436 1,146.59
Societe Generale Ghana Rights Issue 4 Oct - 24 Oct 2018 0.81 208.57 204.23833 168.94
Limited
Agricultural Development Rights Issue 14 Mar - 21 Mar 2019 4.76 48.95 30.798261 146.60
Bank
3,522.22
Grand Total (Page 14 + 15) 5,094.75
*** The Issue Price is an Average Price
** Additional Bonus Shares Issued

GSE Market Report - November 2019 15

 PRIMARY ISSUES
B. Bonds

Title of Bond Issuer Offer Period Securities Offered Denomination Maturity Amount raised
Government of 5yrs matured on
GSE Commemorative Registered Stock, 1995 Oct. - Nov., 1990 GH¢0.5 million GH¢10.00 GH¢0.5 million
Ghana November 11, 1995
US$2m as Series A of a
HFC Series A 7% Coupon Bond due in 2001 5 yrs, to mature on
HFC Bank Ltd. Sept. - Oct., 1996 US$35 million US$100 US $2.55m
(HFC-A 7s01) 1st November 2001
aggregate offering
US$2m as Series B of a
HFC Series B 7% Coupon Bond due in 2002 5 yrs, to mature on
HFC Bank Ltd. Sept. - Oct., 1997 US$35 million US$100 US $2.25m
(HFC-B7s02) 1st November 2002
aggregate offering
US$2m as Series C of a
HFC Series C 8.25% Coupon Bond due in 2003 5 yrs, to mature on
HFC Bank Ltd. November, 1998 US$35 million US$100 US $2.00m
(HFC-C8.25s03) 1st November 2003
aggregate offering
US$2m as Series D of a
HFC Series D 8.25% Coupon Bond due in 2004 July 29 - Aug. 19, 5 yrs, to mature on
HFC Bank Ltd. US$35 million US$100 US $2.70m
(HFC-D8.25s04) 1999 1st September 2004
aggregate offering
US$1.5m as Series E of
HFC Series E 8% Coupon Bond due in 2005 October 23 - 30, 5 yrs, to mature on
HFC Bank Ltd. a US$35 million US$100 US $1.51m
(HFC-E8s05) 2000 1st November 2005
aggregate offering
£1.2m as Series F of a
HFC Series F 6% Coupon Bond due in 2006 July 16 - August 13, 5 yrs, to mature on
HFC Bank Ltd. US$35 million £100 £1.20m
(HFC-F6s06) 2001 13th August 2006
aggregate offering
US$3m as Series G of a
HFC Series G 8% Coupon Bond due in 2006 Dec 15, 2001 - Jan. 5 yrs, to mature on
HFC Bank Ltd. US$35 million US$100 US $3.03m
(HFC-G6s06) 1, 2002 November, 2006
aggregate offering
US$3m as Series H of a
HFC Series H 5% Coupon Bond due in 2009 5 yrs, to mature on
HFC Bank Ltd. Oct 27- Dec 2, 2004 US$35 million US$100 US $2.5m
(HFC-G6s09) December 2009
aggregate offering
US$5m as Series J of a
HFC Series J 5% Coupon Bond due in 2012 Feb 5 - Feb 28, 5 yrs, to mature on
HFC Bank Ltd. US$35 million US$100 US $3.9m
(HFC-G6s12) 2007 March 7, 2012
aggregate offering

Standard Chartered GH¢ 35 million Medium 3yrs, to mature

SCB Medium Term Note 01 Dec 01 2005 GH¢35 million
Bank Ltd Term Notes December 2008

Government of
Euro Bond 13.2 US$ August 7, 2023 US $ 1b
Ghana
Government of
Euro Bond US$ 1,000,000,000 US$ Jan 18, 2026 US $ 1b
Ghana
June 25 - July 10
3-Year Note (AFB100) AFB (GHANA) PLC GH¢ 3.3 million GH¢ 16/07/2018 GH¢ 3.3 million
2015
June 25 - July 10
3-Year Note (AFB200) AFB (GHANA) PLC GH¢ 13.8 million GH¢ 16/07/2018 GH¢ 13.8 million
2015
June 25 - July 10
2-Year Note (AFB300) AFB (GHANA) PLC GH¢ 9.5 million GH¢ 17/07/2017 GH¢ 9.46 million
2015
S7 AFB (GHANA) PLC GH¢ 30/09/2015 5.00
S14 AFB (GHANA) PLC GH¢ 02/07/2017 2.11
S15 AFB (GHANA) PLC GH¢ 29/08/2015 1.70
Matured on
S16 AFB (GHANA) PLC GH¢ 2.30
01/09/2015
Matured on
S17 AFB (GHANA) PLC GH¢ 1.48
29/09/2017
Matured on
S18 AFB (GHANA) PLC GH¢ 1.00
08/12/2015
Matured on
S19 AFB (GHANA) PLC GH¢ 4.50
03/03/2016
Matured on
S20 AFB (GHANA) PLC GH¢ 4.25
20/03/2017
Matured on
S21 AFB (GHANA) PLC GH¢ 1.00
08/04/2016
Matured on
S22 AFB (GHANA) PLC GH¢ 3.38
20/04/2016
3-Year Floating Rate Senior Unsecured Note
AFB (GHANA) PLC GH¢ 8.00 million GH¢ 3/20/2024 0.69
(AFB 1200-7Y24)
3-Year Floating Rate Senior Unsecured Note
AFB (GHANA) PLC GH¢ 7.70 million GH¢ 6/20/2022 7.62
(AFB 1300-5Y22)
3-Year Floating Rate Senior Unsecured Note
AFB (GHANA) PLC GH¢ 25.00 million GH¢ 7/11/2022 18.78
(AFB 1400-5Y22)
3-Year Floating Rate Senior Unsecured Note
AFB (GHANA) PLC GH¢ 12.00 million GH¢ 44759 1.63
(AFB 1500-7Y24)
7-Year Fixed Rate Senior Unsecured Note (AFB
AFB (GHANA) PLC GH¢ 24.00 million GH¢ 5/16/2025 19.10
1600-7Y25)
182-Day T-bill rate plus 15%(AFB 1700-8Y24) AFB (GHANA) PLC GH¢ 42.00 million GH¢ 5/22/2024 20.83

182-Day T-bill rate plus 4.75%(AFB 1800-5Y23) AFB (GHANA) PLC GH¢ 39.96 million GH¢ 5/22/2023 20.58

182-Day T-bill rate plus 4.75%(AFB 1900-5Y23) AFB (GHANA) PLC GH¢ 4.73 million GH¢ 45110 4.73

182-Day T-bill rate plus 5%(AFB 2100-6Y24) AFB (GHANA) PLC GH¢ 3.52 million GH¢ 10/1/2024 3.52
182-Day T-bill rate plus 6%(AFB 2300-6Y24) AFB (GHANA) PLC GH¢ 19.18 million GH¢ 45581 19.18
5-Year Floating Rate Senior Unsecured Note
AFB (GHANA) PLC GH¢ 8.0 million GH¢ 30/01/2024 8.00
(AFB 2400-5Y24)

GSE Market Report - November 2019 16

 PRIMARY ISSUES (Continuation)
B. Bonds
Amount Raised
Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million)
3-Year Unsecured Fixed Rate Bayport Financial Services December 17 - December 21
GH¢ 20.00 million GH¢ 12/23/2018 69.30
Note BFS1-3Y18 (Ghana) PLC 2015
3-Year unsecured Floating Rate Bayport Financial Services December 17 - December 21
GH¢ 30.00 million GH¢ 12/23/2018 9.30
Note BFS2-3Y18 (Ghana) PLC 2015
3-Year Unsecured Fixed Rate Bayport Financial Services December 17 - December 21
GH¢ 30.00 million GH¢ 5/6/2019 12.54
Note BFS3-3Y19 (Ghana) PLC 2016
3-Year Unsecured Floating Rate Bayport Financial Services December 17 - December 21
GH¢ 30.00 million GH¢ 5/6/2019 11.21
NoteBFS4-3Y119 (Ghana) PLC 2016
5-Year Unsecured Fixed Rate Bayport Financial Services December 17 - December 21
GH¢ 30.00 million GH¢ 5/6/2021 26.37
Note BFS5-3Y21 (Ghana) PLC 2016
5-Year Unsecured Fixed Rate Bayport Financial Services
August 14 - August 18 2017 GH¢ 25.00 million GH¢ 8/23/2020 25.00
Note BFS6-3Y20 (Ghana) PLC
5-Year Unsecured Fixed Rate Bayport Financial Services
August 14 - August 18 2017 GH¢ 35.00 million GH¢ 8/23/2022 35.00
Note BFS7-5Y22 (Ghana) PLC
5-Year Unsecured Fixed Rate Bayport Financial Services
October 02 - October 11 2017 GH¢ 11.32 million GH¢ 10/11/2022 11.32
Note BFS8-5Y22 (Ghana) PLC
3-Year Secured Fixed Rate Note Bond Savings and Loans November 15 - December 7
GH¢ 10.00 million GH¢ 11/13/2020 15.88
(BOSL1-3Y20) Ltd 2017
3-Year Secured Floating Rate Bond Savings and Loans November 15 - December 7
GH¢ 20.00 million GH¢ 11/13/2020 0.56
Note (BOSL2-3Y20) Ltd 2017
3-Year Secured Fixed Rate Note Bond Savings and Loans December 27 2017- January 2
GH¢ 10.00 million GH¢ 1/5/2021 5.03
(BOSL3-3Y21) Ltd 2018
3-Year Secured Fixed Rate Note Bond Savings and Loans
February 27, 2018 GH¢ 8.52 million GH¢ 2/27/2021 8.52
(BOSL3-3Y21) Ltd
3-Year Secured Fixed Rate Note Bond Savings and Loans
October 31, 2018 GH¢ 7.90 million GH¢ 10/31/2021 7.90
(BOSL3-3Y21) Ltd
3-Year Secured Fixed Rate Note Bond Savings and Loans
October 5, 2018 GH¢ 13.98 million GH¢ 10/5/2021 13.98
(BOSL3-3Y21) Ltd
3-Year Secured Fixed Rate Note Bond Savings and Loans
November 27 , 2021 GH¢ 8.55 million GH¢ 11/27/2021 8.55
(BOSL3-3Y21) Ltd
3-Year Secured Fixed Rate Note Bond Savings and Loans
GH¢ 1.70 million GH¢ 11/2/2022 1.70
(BOSL3-3Y22) Ltd
1-Year Secured Fixed Rate Note Bond Savings and Loans
GH¢0.5million GH¢ 15/07/2020 0.50
(BOSL113-3Y20) Ltd
3-Year Secured Fixed Rate Note Bond Savings and Loans
GH¢ 0.866 million GH¢ 15/07/2022 0.87
(BOSL12-3Y22) Ltd

5-Year Unsecured Subordinated Dalex Finance and

Fixed Rate Note (DFLC1-5Y23) Leasing Company Plc GH¢ 13.70 million GH¢ 5/31/2023 13.70

5-Year Unsecured Subordinated Dalex Finance and

Fixed Rate Note (DFLC1-5Y23) Leasing Company Plc GH¢ 3.76 million GH¢ 5/31/2023 -

3-Year Secured Floating Rate EDENDALE PROPERTIES October 21 - November 13

Note (EPL1-3Y18) PLC 2015 11/20/2018 9.17
GH¢ 9.2 million GH¢
3-Year Secured Fixed Rate Note EDENDALE PROPERTIES November 27 - December 1
(EPL2-3Y18) PLC 2015 GH¢ 7.6 million GH¢ 12/7/2018 7.60
3-Year Secured Floating Rate EDENDALE PROPERTIES
Note (EPL3-3Y19) PLC May 3 - May 4 2016 GH¢ 8.5 million GH¢ 5/6/2019 8.50
3-Year Secured Floating Rate EDENDALE PROPERTIES December 14-December
Note (EPL4-2Y18) PLC 20,2016 GH¢ 0.877 million GH¢ 12/22/2018 0.88
3-Year Secured Floating Rate
Note (EPL5-3Y21) January 23, 2018
EDENDALE PROPERTIES PLC GH¢ 8 million GH¢ 1/26/2021 8
7-Year Senior Fixed Rate Bond October 23-October
(ESLA1 -7Y24) 27,2017
E.S.L.A. PLC GH¢ 2,408 million GH¢ 02/05/2018 and every 182 daysthereafter 2408
09/05/2018 and
10-Year Senior Fixed Rate Bond October 23-November
E.S.L.A. PLC GH¢ 2,375 million GH¢ every 182 days 2,375.00
(ESLA2 -10Y27) 03,2017
thereafter
09/05/2018 and
10-Year Senior Fixed Rate Bond October 23-November TAP ISSUE
E.S.L.A. PLC GH¢ every 182 days 616.29
(ESLA2 -10Y27) 03,2017 GH¢616.29million
thereafter
09/05/2018 and
10-Year Senior Fixed Rate Bond October 23-November TAP ISSUE
E.S.L.A. PLC GH¢ every 182 days 264.80
(ESLA2 -10Y27) 03,2018 GH¢264.80million
thereafter
15/12/2019 and
10-Year Senior Fixed Rate Bond TAP ISSUE
E.S.L.A. PLC 43643 GH¢ every 182 days 1000.00
(ESLA2 -10Y29) GH¢1,000million
thereafter
5-Year Secured Fixed Rate Note
Ghana Home Loans July 27-August 10, 2016 USD 1.0 million GH¢ 44432 1.32
(GHL100-5Y21)

GSE Market Report - November 2019 17

 PRIMARY ISSUES (Continuation)
B. Bonds

Amount Raised
Title of Bond Issuer Offer Period Securities Offered Denomination Maturity (GH¢, million)
5-Year Secured Fixed Rate Note Ghana Home
July 27-August 10, 2017 USD 4.0 million GH¢ 44433 9.22
(GHL200-5Y21) Loans
1-Year Fixed Rate Senior Secured Note Izwe Loans One Year Matured on
GH¢ 5 million GH¢ 5.00
(ILLA3-1Y14) Limited '28/11/2014
1-Year Fixed Rate Senior Secured Note Izwe Loans One Year Mature on
GH¢ 4.57 million GH¢ 4.60
(ILLA4-1Y14) Limited 20/12/2014
1-Year Floating Rate Senior Secured Izwe Loans One Year Mature on
Oct 14 - Oct 24. 2014 GH¢ 15 million GH¢ 14.40
Note (ILLA5-1Y15) Limited 29/10/2015
3-Year Floating Rate Senior Secured Izwe Loans
Oct 14 - Oct 24. 2014 GH¢ 15 million GH¢ 2 Year Mature on 29/10/2017 14.60
Note (ILLA6-3Y17) Limited
2-Year Floating Rate Senior Secured Izwe Loans Two Year Mature on
Notes (ILLA7-2Y17) Mar 11 - 25. 2015 GH¢ 5 million GH¢ 10.00
Limited 31/03/2017
3-Year Floating Rate Senior Secured Izwe Loans Three Year Mature
Mar 11 - 25. 2015 GH¢ 5 million GH¢ 10.00
Note (ILLA8-3Y18) Limited on 31/03/2018
Izwe Loans
ILLA9-5Y20 August 21 - August 24 2015 GH¢ 7 million GH¢ 8/27/2020 7.00
Limited
3-Year Senior Secured Floating Rate Izwe Loans October 12 - October 23
GH¢ 8.3 million GH¢ 10/29/2018 8.31
Note (ILLA10-3Y18) Limited 2015
6-Year Senior Secured Floating Rate Izwe Loans
May 11 - May 20 2016 GH¢ 10 million GH¢ 5/27/2022 10.00
Note - (ILLA11-6Y22) Limited
3-Year Senior Secured Floating Rate Izwe Loans
June 23 - June 27 2017 GH¢ 7 million GH¢ 6/30/2020 7.00
Note - (ILLA12) Limited
3-Year Senior Secured Floating Rate Izwe Loans December 14 - December 19
GH¢ 10 million GH¢ 6/30/2020 10.00
Note - (ILLA12-B) Limited 2017
5-Year Senior Secured Floating Rate Izwe Loans October 16 - October 25
GH¢ 14 million GH¢ 10/30/2022 19.00
Note - (ILLA13-5Y22) Limited 2017
5-Year Senior Secured Floating Rate Izwe Loans
March 19 - March 22 2018 GH¢ 18 million GH¢ 3/29/2023 -
Note - (ILLA14-5Y23) Limited
1-Year Senior Unsecured Fixed Rate Matured on
PBC LTD October 25-October 31, 2016 GH¢100 million GH¢ 63.12
Callable Note 30/11/2017
1-Year Senior Unsecured Fixed Rate November 14-November 24, Matured on
PBC LTD GH¢80.98 million GH¢ 91.29
Callable Note 2017 05/11/2017
1-Year Senior Unsecured Fixed Rate October 23-November 3,
PBC LTD GH¢91.29 million GH¢ 80.98
Callable Note 2017
1-Year Senior Unsecured Fixed Rate November 20-November 29,
PBC LTD GH¢126.91 million GH¢ 12/6/2018 126.91
Callable Note 2017
10-Year Guaranteed and Secured Fixed
QTL LTD October 03-October 05, 2017 GH¢50 million GH¢ 45.00
Rate Notes 46814

GSE Market Report - November 2019 18