Stock Market Highlights
Losses in Societe Generale Ghana (-1.54%) and Ecobank Ghana (-12.98%) dragged the benchmark index down by 1.28% to close at 1,813.79 with a -19.64% year-to-date return while market capitalization declined by 0.46% to settle at GH¢52.87 billion.
The GSE Financial Index followed the market’s trend, down 2.58% to close at 1,608.59 with a -20.35% year-to-date return.

Trading Value Jumped
A total of 8,876,776 shares valued at GH¢29,880,512 changed hands this week compared to 6,521,323 shares valued at GH¢5,468,160 last week.
Ecobank Ghana dominated trading activity, accounting for 69.59% of total value traded.

Outlook
We expect a slowdown in trading activity next week due to the coronavirus outbreak.

GCB Bank Limited (GCB)
GCB has announced the appointment of Mr. John Kofi Adomakoh as the Managing Director of the Bank effective 9th November 2020. John Kofi Adomakoh is a seasoned banker with over 25 years’ experience, 15 of which have been at Executive Management level.

Fixed Income Market Highlights
Primary Market
Treasuries were oversubscribed by 10.83% at today’s auction. A total of GH¢745.05 million was raised in 91 day bills, GH¢142.78 million in 182 day bills and GH¢268.09 million in 364 day bills compared to GH¢585.21 million in 91 day bills, GH¢133.69 million in 182 day bills and GH¢119.16 million in 364 day bills last week.
The yield of the 91 and 364 day bill remained unchanged at 14.06% and 16.97%, respectively while the average yield of the 182 day bill increased by 3bps to 14.13%.
The target for the next auction is GH¢783 million in 91 and 182 day bills.

Secondary Market
Securities with medium term maturities accounted for 78% of trades while securities with short term maturities accounted for 11% of trades this week.