Stock Market Highlights
•The benchmark index declined to a three month low of 2,143.09 with a -5.05% year-to-date return due to losses in five counters in the banking, consumer gods and petroleum marketing sectors. Market capitalization declined by 0.32% to settle at GH¢55.81 billion.
•The GSE-CI followed the market’s trend, down 1.62% to close at 1,894.50 with a -6.20% year-to-date return on the back of losses in Ecobank Ghana Ltd (-5.80%), GCB Bank Ltd (-4.05%) and Standard Chartered Bank (-0.26%).
Trading Activity Jumped
•A total of 564,659 shares valued at GH¢1,516,953 changed hands this week compared to 218,630 shares valued at GH¢ GH¢288,234 last week.
•GCB Bank Ltd dominated trades, accounting for 70.79% of total value traded.
•We expect a pick up in trading activity as companies release audited FY19 results.
Ghana Stock Exchange (GSE)
The Ghana Stock Exchange (GSE), following the directives on public gatherings given by the president of the Republic of Ghana Nana Addo Dankwa Akufo Addo on 15th March, 2020 has advised all listed companies to adhere to the directives with regard to holding of their AGMs.
Investors looking to purchase/sell stocks and treasury bills can do so through SIC Brokerage Ltd.
Fixed Income Market Highlights
•Government raised 108% of its target of GH¢452 million today. Investors bought GH¢365.83 million of 91 day bills and GH¢122.35 million of 182 day bills compared to GH¢498.32 million of 91 day bills, GH¢64.38 million of 182 day bills and GH¢180.68 million of 364 day bills last week.
•The yield on the 91 day bill declined by 20 bps to 14.44% while the yield on the 182 day bill declined by 20 bps to 14.95%.
•The target for the next auction is GH¢1,099 million in 91, 182 and 364 day bills.
•Activity dropped by 45% as 1,882 trades valued at GH¢1,279.55 million changed hands compared with 2,580 trades valued at GH¢2,336 million last week. Securities maturing in the medium term (2 – 10 years) accounted for 62% of trading activity while securities with short term maturities (less than 2 years) accounted for 34% of trades.