SAS Financial Markets Review for the Week Ended March 23, 2007

GHANA STOCK MARKET
EQUITIES - MARKET SNAPSHOTS
Total volume and value traded during the week increased over the previous week due to block trades in CAL Bank Ltd this week. During the week, 30,574,294 shares worth ¢67,155.90 million changed hands. Market capitalisation at the end of the week increased by ¢63.37 billion to ¢112,894.32 billion.

CAL Bank Ltd (CAL) was the most traded equity by both volume and value. Trades in CAL accounted for 94.21% of total volume traded and 86.57% of total value traded during the week.

There was a general increase in SAS indices during the week. The graph below shows the year-to-date performance of the SAS All-Share Index (SASI), SAS Manufacturing Index (SAS-MI) and the SAS Financial Index (SAS-FI):

The SASI gained 1.59 points by the end of the week to close at 736.32 points, which represents a year-to-date gain of 1.31% in the index. The GSE All-Share Index increased by 10.58 points to close at 5,072.75 points representing a year-to-date gain of 1.33%.

Largely due to the ¢50 gain in the share price of Guinness Ghana Breweries Ltd, the SAS-MI increased by 1.18 points to close at 702.62 points which represents a year-to-date loss of 0.44%.

The ¢175 and ¢135 gain in the share price of CAL Bank Ltd and SG-SSB Ltd contributed to 1.75 point gain in the SAS-FI to close at 703.13 points. The year-to-date gain in the SAS-FI is 1.44%.

GAINERS/LOSERS
At the close of the week, nine (9) price changes were recorded. All price changes were gains.

So far this year, twelve (12) equities have increased in share price while one (1) equity has lost value. Transaction Solutions continues to lead the gainers having gained 20.00% followed by AngloGold Ashanti Ghanaian Depository shares (6.74%), PZ Cussons Ghana (6.70%), Standard Chartered Bank (6.34%) and Fan Milk (5.57%). CFAO Ghana is currently the only equity which has recorded a year-to-date loss (12.28%).

BONDS
There was no activity on the secondary bond market during the week. The SAS Bond Index (SAS-BI) remained unchanged at 100.5771 points which represents a year-to-date gain of 0.5771% in the SAS-BI.

SAS FORTUNE FUND
The SAS Fortune Fund gained ¢5 to close at ¢1,044, which represents a year-to-date gain of 4.09% in the fund price.

MONEY MARKET NEWS
Exchange Rates

On the interbank market, the cedi depreciated against major international currencies compared to the previous week. At the close of the week, the Ghanaian currency traded at ¢9,255.69 and ¢12,334.83 against the US dollar and euro representing a year-to-date depreciation of 0.49% and 1.61% respectively, while one pound sterling traded at ¢18,181.80 which represents a year to date depreciation of 0.45%. Movements in the cedi against the sterling and euro are directly influenced by movements in the dollar against the sterling and euro.

Interest Rates
There was a general increase in short-term interest rates this week. The rate on the 91-day and 182-day treasury bills increased from 9.59% and 10.33% to 9.61% and 10.43% respectively.

The rate on the one-year note remained unchanged at 12.50%.

At the auction on March 16, 2007, a total of ¢710.00 billion worth of Government of Ghana bills and bonds was offered. During the money market auction held on March 9, 2007, out of a total of ¢879.00 billion worth of Government of Ghana bills and bonds offered only ¢680.00 billion worth were sold.

Courtesy Enyonam Dagadu, SAS Investment Research.