Stock Market Highlights
The stock market advanced marginally this week as a result of gains in two counters to close at 2,652.54 with a 36.62% year-to-date return. Market capitalization gained 0.01% to settle at GH¢61.56 billion.
The GSE Financial index increased by 0.20% as a result of gains in SOGEGH(+3.26%) to close at 1,890.61 with a 6.05% year-to-date return.
Activity Levels Decreased
Trading activities decreased as a total of 2,660,327 shares valued at GH¢6,095,523 changed hands this week compared to 6,663,046 shares valued at GH¢6,677,249 last week.
GCB bank dominated trading activity, accounting for 69.98% of total value traded.
We expect prices to pick up next week as investors take advantage of bargain stocks.
Standard Chartered Bank(SCB)
SCB has announced their Annual General Meeting will be held virtually on Wednesday, 28th July, 2021. The company has also declared the payment of a final dividend of GH¢1.74 per share for the 2020 financial year to its shareholders.
Investors looking to purchase/sell stocks and treasury bills can do so through SIC Brokerage Ltd.
Fixed Income Market Highlights
Treasuries were undersubscribed by 37.56% at this weeks auction as a total of GH¢603.40 million was raised in 91 day bills and GH¢132.18 million in 182 day bills as compared to GH¢1,048.93 million in 91 day bills and GH¢175.39 million in 182 day bills bill at last weeks auction.
The 91 day bill narrowed by 4bps to 12.58% while the 182 day bill reduced marginally to 13.3783% from 13.3796% in the previous week.
The target for the next auction is GH¢1,305.00 million in 91,182 and 364 day bills.
Securities maturing in the short term (0-2 years) accounted for 43% of trades while securities with medium term maturities(2-10 years) accounted for 33% of trading activity.