Stock Market Highlights
•Stocks declined by 0.46% this week following losses in five counters in the banking, insurance, petroleum marketing and telecom sectors. The benchmark index closed at 2,222.86 with a -13.58% year-to-date return while market capitalization declined by 0.19% to settle at GH¢56.44 billion.
•Gains in Access Bank Ghana Limited (+5.26%), Standard Chartered Bank (+0.47%), GCB Bank Limited (+2.04%) and Ecobank Ghana Limited (+0.69%) pushed the GSE Financial Index up by 0.26% to close at 1,964.14 with a -8.80% year-to-date return.
Trading Activity Declines
•A total of 822,430 shares valued at GH¢1,260,297 changed hands compared with 2,621,356 shares valued at GH¢1,971,457 last week.
•GCB Bank Limited dominated trades by value, accounting for 54.03% of total value traded.
•We expect trading activity to drop next week as investors break for the holidays.
Mechanical Lloyd PLC (MLC)
MLC has announced the resignation of Mr. Edward Kojo Annobil as an Executive Director of the Company effective December 18, 2019.
Investors looking to purchase/sell stocks and treasury bills can do so through SIC Brokerage Ltd.
Fixed Income Market Highlights
•GoG raised 78.52% of its target of GH¢1,352 million at last week’s auction. Investors bought GH¢606.81 million of 91 day bills, GH¢130.27 million of 182 day bills and GH¢324.51 million of 364 day bills compared to GH¢655.90 million of 91 day bills, GH¢101.83 million of 182 day bills and GH¢23.15 million of 364 day bills last week.
•The yield on the 91 day bill and 364 day bill remained at 14.70% and 17.90%, respectively while the yield on the 182 day bill increased from 15.15% to 15.16%.
•The target for the next auction is GH¢764 million in 91 and 182 day bills.
•A total of 2,142 trades valued at GH¢1.48 billion changed hands compared to 1,494 trades valued at GH¢757.66 million last week.
•Activity was concentrated in the medium term. Securities maturing in the medium term (2 – 10 years) accounted for the majority (53%) of trades this week while securities with short term maturities (less than 2 years) accounted for 36% of trades.