The benchmark index closed 3.13 points (-0.13%) lower due to downward price movement in Republic Bank Ghana (-15.38%) to close at 2,346.56 with a -8.77% year-to-date return while market capitalization increased by 0.29% to settle at GH¢58.04 billion due to a gain in Ecobank Transnational Inc (+10.00%).

The SAS Manufacturing Index recorded no gains or losses at the session, closing at yesterday’s level of 3,931.46 with a -15.51% year-to-date return.

Republic Bank Ghana dragged the GSE Financial Index down by 5.93 points (-0.29%) to close at 2,045.48 with a -5.03% year-to-date return.

Trading activity weakened as 12,436,066 shares valued at GH¢9,122,145 changed hands compared to 22,189,725 shares valued at GH¢16,797,865 at the last session. Scancom PLC (MTN Ghana) dominated trades for the second straight session, accounting for 97.40% of total volume traded and 96.93% of total value traded.

We expect a general buy interest in financial and oil marketing stocks as investors look for beaten down stocks.

Company in Focus

Cal Bank Limited (CAL)

CAL has signed a US$100mn syndicated trade finance facility with 14 lenders. The loan has an initial tenor of six months, with the option to extend for another six months. The margin is 200 basis points over Libor.

The proceeds of the loan will go towards the trade finance activities of CAL.

The facility was initially launched at US$50mn in late May and was significantly oversubscribed, with CAL subsequently deciding to upsize the transaction to US$100mn.

Market Indices

Top Trades by Volume