Stock Market Highlights
The benchmark index declined by 0.30% due to losses in MTN Ghana (-1.61%) to close at 1,837.27 with a -18.60% year-to-date return while market capitalization declined by 0.11% to settle at GH¢53.12 billion.
Gains in Ecobank Ghana (+3.64%) pushed the GSE Financial Index up by 0.68% to close at 1,651.24 with a -18.24% year-to-date return.
Activity Levels Dropped
A total of 6,654,599 shares valued at GH¢24,752,744 changed hands this week compared to 6,521,323 shares valued at GH¢5,468,160 last week.
MTN Ghana dominated trading activity, accounting for 58.01% of total value traded.
We expect a slowdown in trading activity next week due to the coronavirus outbreak.
Bond Savings and Loans Limited (BOND)
BOND has announced the listing of Tranche 14 of its GHS100 Million Medium-Term Note Programme on the Ghana Fixed Income Market. The security is a 1 year unsecured fixed rate note at an interest rate of 21.00% that matures on 14th October, 2021.
Fixed Income Market Highlights
Investors bought 18.20% more securities than was targeted for this week. A total of GH¢585.21 million was raised in 91 day bills, GH¢133.69 million in 182 day bills and GH¢119.16 million in 364 day bills compared to GH¢870.23 million in 91 day bills and GH¢203.16 million in 182 day bills last week.
The yield of the 91 day bill remained at 14.06% while the 182 and 364 day bill declined by 2 bps and 3bps to close at average yields of 14.10% and 16.97%, respectively.
The target for the next auction is GH¢1,043 million in 91, 182 and 364 day bills.
Securities with medium term maturities accounted for 81% of trades while securities with short term maturities accounted for 14% of.