2023 Equity Market Report
December 29, 2023
+13.28%
-56.59%
-50.11%
Best Dividend Yield
DPS
Div Yield
0.11
0.01
1.32
0.40
0.06
0.05
0.07
13.56%
6.19%
6.02%
4.48%
3.73%
3.57%
3.11%
Trust Bank Gambia
Ecobank Transnational
Benso Oil Palm Plantation
TotalEnergies Marketing
GOIL Company
MTN Ghana
Enterprise Group
Company
-7.36%
Period
Revenue (y/y)
Net Profit (y/y)
9M, Sept-23
9M, Sept-23
9M, Sept-23
9M, Sept-23
9M, Sept-23
9M, Sept-23
9M, Sept-23
2.73 (+30.63%)
2.66 (+40.46%)
1.17 (+20.11%)
0.97 (+40.92%)
0.76 (+67.01%)
0.62 (+0.70%)
0.48 (+38.08%)
0.537 (+15.96%)
0.526 (-10.95%)
0.529 (+148.35%)
0.455 (+112.79%)
0.272 (+83.52%)
0.178 (+13.36%)
0.95(+12.68%)
Sector Multiples
AVG PE
Sector
Banks
Insurance
Oil Marketing
FMCG
Agribusiness
Industrials
Mining, Oil & Gas
Most Liquid Shares
Volume
Company
Volume Traded
Traded
Company
491,527,095
MTN Ghana
23,868,631
NewGold
21,825,446
GCB Bank PLC
16,465,878
Guinness Ghana
7,410,051
TotalEnergies Marketing
Share Price (GHS)
MTN Ghana
Hords Ltd
GCB Bank PLC
Guinness Ghana
Fan Milk PLC.
GCB Bank
Ecobank
StanChart
Access Bank
Société Générale
CalBank
Republic Bank
1.40
0.10
3.40
3.40
3.25
AVG PB
1.95
2.24
6.20
0.26
1.79
4.39
NM
0.79
0.25
1.37
2.82
NM
0.14
92.88
Share
SharePrice
Price(GHS)
(GHS) Value
ValueTraded
Traded(GHS)
(GHS)
1.40
576,963,647.43
218.50
91,791,038.93
3.40
73,563,200.42
3.40
29,940,733.21
9.00
11,118,156.82
Price Momentum
Ticker
1-Week
No Change
Best Gainers
Ticker
1-Month
IIL
+25.00%
BOPP
+10.39%
FML
GOIL
+7.62%
+3.45%
Ticker
BOPP
TOTAL
YTD
+187.58%
+125.00%
UNIL
GGBL
MTNGH
+109.02%
+65.85%
+59.09%
Ticker
1-Week
No Change
Worst Losers
Ticker
1-Month
EGH
-21.43%
CAL
-5.88%
RBGH
GCB
-4.00%
-2.86%
Ticker
CAL
EGL
YTD
-26.15%
-25.31%
SIC
EGH
ACCESS
-22.58%
-17.17%
-15.21%
Index 5Yr Performance (%) as at 29th December, 2023
GSE-CI
300,00
GSE-FSI
200,00
100,00
Jun-23
0,00
Dec22
Impact
√√√
28.08%
Dec21
Date
29-Dec
2,443.91
-12.38%
2,052.59
-4.61%
64,507.32
1,335
1,639.79
Jun-22
Treasury Bill Auction
3130.23
28.08%
1,901.57
-7.36%
73,076.80
580
818.17
Company
Jun-21
Event
Chg. (%)
Dec20
Event Calendar
2022
Jun-20
Company in Focus: MTN Ghana (MTN GHANA)
At the end of Q3-2023, MTN Ghana reported earnings of
GHS2.8 billion, up by 32% vs. last year’s earnings of GHS2.1
billion. Amidst losing 4.9 million subscribers under the sim reregistration policy, MTN`s revenue reached GHS9.6 billion
(+8.3% y/y). However, EBITDA margin fell 1.5bps y/y to 56.0%
on the back of spikes in direct network operating costs (GHS1.1
billion, 65.9% y/y), employee benefits expense (GHS370.5
million, 43.6% y/y) and S&D expenses (GHS1.5 billion, 47.2% y/y).
EPS for the period amounted to GH¢0.21. MTN’s Capex sees
massive improvement as it strives to reach Ambition 2025 goals.
Total Capex for Q3-2023 surged up by 100.7% y/y to GHS2.9
billion.
Company
Earnings Momentum (GHS 'billion)
2023
Dec19
Press Release: Asante Gold Corporation Increase In
Issued Shares Outstanding
ASG has disclosed a series of increases in its share outstanding
for option exercise and RSU exercise reasons and one issuance
related to Kubi Gold. The company since May 2023 has
undertaken nine (9) issuances, bringing the outstanding balance
to 445,014,986 shares as of November 1, 2023. These
transactions occurred on the Canadian Securities Exchange and
the additional shares resulting from these events have now been
listed on the Ghana Stock Exchange
GSE-CI
YTD (GSE-CI)
GSE-FSI
Jan-Dec(GSE-FSI)
Mkt Cap (GHS M)
Volume(GHS`M)
Value (GHS`M)
Jun-19
Market activity trailed below the level witnessed in 2022. About
580 million shares exchanged hands across all counters to
generate a turnover of
GHS818.17 million. MTN Ghana
emerged as the most active stock as it accounted for over 70%
of both volumes and value traded for the year.
Market Highlights
Indicator
Dec18
Market Summary: The GSE-Composite Index Ends 2023
With 28.08% Gains.
The broad market index reached 3,130.23 points this year
(+28.08% y/y), while the Financial Stocks Index waned by
7.36%y/y to 1,901.57 points. Stocks that emerged as top 5
gainers were
Benso Oil Palm Plantation (GHS22.0/Share,
+187.58% y/y), TotalEnergies (GHS9.0/share,+125.0%), Unilever
Ghana (GHS8.11/share +109.02% y/y), Guinness
Ghana
(GHS3.40/share,+65.83%y/y) and MTN Ghana (GHS1.40/share,
+59.09%y/y). Among the top losers this year are CalBank
(GHS0.48/share, -26.15% y/y), Enterprise Group (GHS2.39/share,
-25.31% y/y), SIC Insurance (GHS0.24/share, -22.58% y/y) and
Ecobank (GHS5.70//share, -17.17% y//y).
Disclaimer – Constant Capital and its employees do not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting
his or her own Investment advisor and conducting his or her own research and due diligence. Constant Capital disclaims any and all liabilities in the event that any Information, commentary, analysis, opinions, advice and/or
recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.
2023 Equity Market Report
December 29, 2023
Company
Ticker
Week Week Week Week
Open Close Change Change
(GHS) (GHS) (GHS)
%
Total
Volume
Year
Year
YTD
Open
High
Return %
(GHS)
(GHS)
Total
Value
Year Dividend
Dividend Base
Forward Price-to- Shares
Mkt Cap
Low
Per
BV/share
Yield Period
PE
Book Outs. (mn) (GHS mn)
(GHS) Share
Banks
Access Bank Ghana
66.12
0.77
ACCESS
3.40
3.40
-
0.00%
389,838
1,290,773
4.01
-15.21%
4.01
2.82
0.00
0.00%
L9M
6.81
0.97
0.50
173.95
591.42
Agricultural Development
Bank
ADB
5.06
5.06
-
0.00%
736
3,724
5.06
0.00%
5.06
5.06
-
0.00%
L9M
2.05
645.43
2.47
346.95
1,755.58
CalBank
CAL
0.48
0.48
-
0.00%
6,853,598
3,569,117
0.65
-26.15%
0.65
0.47
-
0.00%
L9M
1.02
0.86
0.47
626.58
300.76
Ecobank Ghana
EGH
5.50
5.50
-
0.00%
524,101
2,518,491
6.64
-17.17%
7.00
3.80
-
0.00%
L9M
9.91
2.53
0.55
322.55
1,774.03
Ecobank Transnational Inc.
ETI
0.15
0.15
-
0.00%
2,079,774
392,620
0.15
0.00%
0.15
0.15
0.01
6.19%
L6M
0.81
0.78
0.19
24,067.75
3,610.16
GCB
3.40
3.40
-
0.00%
3.94
-13.71%
3.94
3.15
-
0.00%
L9M
8.77
1.26
0.39
265.00
901.00
RBGH
0.48
0.48
-
0.00%
166,589
86,291
0.54
-11.11%
0.54
0.48
-
0.00%
L9M
0.93
2.29
0.52
851.97
408.94
SCB
17.55
17.55
-
0.00%
306,930
4,420,103
20.16
-12.95%
20.16
12.50
-
0.00%
L9M
11.25
3.35
1.56
134.76
2,365.01
SOGEGH
1.57
1.57
-
0.00%
2,065,429
2,447,766
1.00
57.00%
1.58
0.59
-
0.00%
L9M
1.76
3.07
0.89
709.14
1,113.35
TBL
0.82
0.82
-
0.00%
7,358
6,484
0.80
2.50%
0.82
0.80
0.11
13.56%
L9M
6.28
0.62
0.13
200.00
164.00
SCB PREF
0.90
0.90
-
0.00%
2,440
2,196
0.90
0.00%
0.90
0.90
-
0.00%
17.48
15.73
GCB Bank
Republic Bank (Ghana)
Standard Chartered Bank
Société Générale
Trust Bank Gambia
Standard Chartered Bank
Pref. Shares
21,825,446 73,563,200
0.00
Insurance
2.23
0.25
Enterprise Group
EGL
2.39
2.39
-
0.00%
259,346
563,554
3.20
-25.31%
3.20
2.39
0.07
3.11%
L9M
6.51
2.35
0.37
170.89
408.43
SIC Insurance
SIC
0.24
0.24
-
0.00%
1,717,916
423,477
0.31
-22.58%
0.31
0.20
-
0.00%
L6M
1.88
2.11
0.13
195.65
46.95
Notes
Dividend is for last financial year
NM – Not Meaningful
Analysts
Edem Nick Kporku
Edem.kporku@constantcap.com.gh
L3M – Latest 3 Months
L6M – Latest 6 Months
L9M – Latest 9 Months
L12M – Latest 12 Months
2023 Equity Market Report
December 29, 2023
Company
Ticker
Week Week Week Week
Year
Year
Total
YTD
Open Close Change Change
Total Value Open
High
Volume
Return %
(GHS) (GHS) (GHS)
%
(GHS)
(GHS)
Year Dividend
Dividend Base
Forward Price-to- Shares
Mkt Cap
Low
Per
BV/share
Yield
Period
PE
Book Outs. (mn) (GHS mn)
(GHS) Share
Telecommunications
MTN Ghana
MTNGH
1.40
1.40
-
0.00%
491,527,0
576,963,647
95
0.88
59.09%
1.55
0.82
0.05
3.57%
L9M
0.56
Oil Marketing
GOIL
TotalEnergies Marketing
5.00
2.50
5.00
2.50
6.20
1.37
13,236.18
18,530.65
GOIL
1.50
1.50
-
0.00%
788,201
1,272,345
1.72
-12.79%
1.72
1.45
0.06
3.73%
L9M
2.19
6.44
0.68
391.86
587.79
TOTAL
9.00
9.00
-
0.00% 1,328,201
11,118,157
4.00
125.00%
9.00
4.00
0.40
4.48%
L9M
4.37
5.96
2.06
111.87
1,006.87
-4.27
317.47
Mining, Oil & Gas
AngloGold Ashanti
AGA
37.00
37.00
-
0.00%
-
-
37.00
0.00%
37.00
37.00
0.35
0.96%
L12M
57.52
0.48
0.64
418.65
15,489.89
AngloGold Ashanti
Depository Shares
AADS
0.41
0.41
-
0.00%
6,235
2,556
0.41
0.00%
0.41
0.41
-
0.00%
L12M
0.00
0.00
0.00
0.98
40.13
Asante Gold Corporation
ASG
8.89
8.89
-
0.00%
311,703
2,767,916
8.87
0.23%
8.89
8.87
-
0.00%
L12M
0.01
12.52
956.99
445.01
3,956.18
Tullow Oil
TLW
11.92
11.92
-
0.00%
2,975
35,461
11.92
0.00%
11.92
11.92
-
0.00%
L12M
-2.29
NM
NM
1,450.04
17,284.49
-1.05
3.12
FMCG
Fan Milk
FML
3.25
3.25
-
0.00% 7,410,051
8,784,466
3.00
8.33%
3.25
1.00
-
0.00%
L6M
1.90
11.97
1.71
116.21
377.67
Guinness Ghana
GGBL
3.40
3.40
-
0.00%
16,465,87
8
29,940,733
2.05
65.85%
3.40
1.37
0.02
0.47%
L9M
1.01
NM
3.37
307.59
1,045.82
Unilever Ghana
UNIL
8.11
8.11
-
0.00%
365,267
1,717,498
3.88
109.02%
8.11
2.06
-
0.00%
L6M
1.89
3.88
4.29
62.50
506.88
1.86
0.82
Agribusiness
Benso Oil Palm Plantation
BOPP
22.00
22.00
-
0.00%
224,857
3,732,155
7.65
187.58%
22.00
7.65
1.32
6.02%
L9M
9.48
6.23
2.32
34.80
765.60
Cocoa Processing
CPC
0.02
0.02
-
0.00%
140,437
2,809
0.02
0.00%
0.02
0.02
-
0.00%
L12M
0.10
NM
0.19
2,038.07
40.76
Produce Buying Company
PBC
0.02
0.02
-
0.00%
195,012
3,900
0.02
0.00%
0.02
0.02
-
0.00%
L6M
-0.52
NM
NM
480.00
9.60
Notes
Dividend is for last financial year
NM – Not Meaningful
Analysts
Edem Nick Kporku
Edem.kporku@constantcap.com.gh
L3M – Latest 3 Months
L6M – Latest 6 Months
L9M – Latest 9 Months
L12M – Latest 12 Months
2023 Equity Market Report
December 29, 2023
Company
Ticker
Day
Day
Day
Day
Open Close Change Change
(GH¢) (GH¢) (GH¢)
%
Total
Volume
Year YTD
Year
Total Value Open Return High
(GH¢)
%
(GH¢)
Year Dividend
Dividend
Low
Per
Yield
(GH¢) Share
Base
Period
BV/ Forward PriceShares
Mkt Cap
share
PE
to-Book Outs. (mn) (GH¢ mn)
Pharmaceuticals
Dannex Ayrton Starwin
Plc.
DASPHARMA 0.40
0.40
-
0.00%
8,887
3,461
0.40
0.00%
0.40
0.40
-
0.00%
L3M
0.07
Industrials
-3.69
5.78
NM
5.78
-0.19
1.03
84.77
33.91
Aluworks
ALW
0.10
0.10
-
0.00%
23,230
2,323
0.10
0.00%
0.10
0.10
-
0.00%
L12M
-0.14
NM
NM
236.69
23.67
Clydestone (Ghana)
CLYD
0.03
0.03
-
0.00%
58,248
1,747
0.03
0.00%
0.03
0.03
-
0.00%
L12M
0.12
1.52
0.26
34.00
1.02
Camelot Ghana
CMLT
0.10
0.10
-
0.00%
138,868
13,887
0.10
0.00%
0.10
0.10
-
0.00%
L3M
0.03
NM
3.55
6.83
0.68
-2.05
0.67
NM
0.67
9.95
53.53
-35.78
3.04
Real Estate
Mega African Capital
MAC
5.38
5.38
-
0.00%
17
91
5.38
0.00%
5.38
5.38
0.0560
1.04%
L12M
8.05
Ghana Alternative
Market (GAX)
Samba Foods Limited
SAMBA
0.55
0.55
-
0.00%
-
-
0.55
0.00%
0.55
0.55
-
0.00%
L12M
0.44
NM
1.24
5.98
3.29
MMH
0.11
0.11
-
0.00%
865
93
0.11
0.00%
0.11
0.11
-
0.00%
L12M
0.02
NM
5.13
96.08
10.57
HORDS
0.10
0.10
-
0.00%
23,868,631
717,714
0.10
0.00%
0.10
0.10
-
0.00%
L6M
0.03
119.56
3.87
114.95
11.49
Intravenous Infusions
Limited
IIL
0.05
0.05
-
0.00%
124,816
5,763
0.04
25.00%
0.05
0.04
-
0.00%
L12M
0.06
NM
0.88
258.82
12.94
Digicut Production &
Advertising Ltd
DIGICUT
0.09
0.09
-
0.00%
5,562
501
0.09
0.00%
0.09
0.09
-
0.00%
L12M
0.02
NM
4.07
118.89
10.70
0.00
0.00%
450,192
91,791,039
187.20
0.00
0.00
L12M
0.83
263.91
2.90
2.90
633.65
Meridian Marshalls
Holding Company
Hords Ltd
Exchange Traded
Funds(ETFs)
NewGold
GLD
218.50 218.50
Total
Notes
Dividend is for last financial year
-
NM – Not Meaningful
Analysts
Edem Nick Kporku
Edem.kporku@constantcap.com.gh
224.00 -2.46% 250.00
73,893.17
579,644,729 818,166,061
L3M – Latest 3 Months
L6M – Latest 6 Months
L9M – Latest 9 Months
L12M – Latest 12 Months