Stock Market Highlights
•Stocks declined for the third straight week, down 0.85% due to losses in seven counters in the banking and petroleum marketing sectors to close at 2,160.52 with a -4.28% year-to-date return. Market capitalization declined by 0.34% to settle at GH¢56.00 billion.
•Losses in CAL Bank Ltd (-1.20%), Ecobank Ghana Ltd (-4.96%), GCB Bank Ltd (-1.47%), Standard Chartered Bank (-0.05%) and Societe Generale (-1.32%) dragged the GSE Financial Index down by 1.36% to close at 1,925.60 with a -4.66% year-to-date return.
Trading Activity Declined
•A total of 218,630 shares valued at GH¢288,234 changed hands this week compared to 1,427,692 shares valued at GH¢767,272 .
•Ecobank Ghana dominated trades, accounting for 25.16% of total value traded.
•We expect a pick up in trading activity as companies release audited FY19 results.
Ghana Stock Exchange (GSE)
The Ghana Stock Exchange (GSE), following the directives on public gatherings given by the president of the Republic of Ghana Nana Addo Dankwa Akufo Addo on 15th March, 2020 has advised all listed companies to adhere to the directives with regard to holding of their AGMs.
Investors looking to purchase/sell stocks and treasury bills can do so through SIC Brokerage Ltd.
Fixed Income Market Highlights
•Treasuries were oversubscribed by 3.97% at today’s auction as Government raised GH¢743.38 million against a target of GH¢715 million. Investors bought GH¢498.32 million of 91 day bills, GH¢64.38 million of 182 day bills and GH¢180.68 million of 364 day bills compared with GH¢705.80 million of 91 day bills and GH¢103.57 million of 182 day bills last week.
•The yield on the 91 and 182 day bill declined by 11 bps and 3 bps to 14.64% and 15.15%, respectively. The yield on the 364 day bill also declined by 15 bps to 17.65%.
•The target for the next auction is GH¢452 million in 91 and 182 day bills.
•Trading activity jumped by 106.27% as 2,580 trades valued at GH¢2,336 million changed hands compared with 3,139 trades valued at GH¢1,132 million last week. Securities maturing in the short (less than 2 years) and medium term (2 – 10 years), accounted for 57% and 41% of trades, respectively while securities with long term maturities (more than 10 years) accounted for 2% of trades.