Stock Market Highlights
•Stocks declined by 2.41% due to losses in six counters in the banking, insurance, consumer goods, telecom and petroleum marketing sectors to close at 2,100.74 with a -6.93% year-to-date return. Market capitalization followed the market’s trend, down 0.97% to settle at GH¢55.20 billion.
•Ecobank Ghana (+7.14%) and CAL Bank (+6.49%) pushed the GSE-FI up by 0.80% to 1,906.41 with a -5.61% year-to-date return.
Activity Levels Surged
•A total of 27,413,831 shares valued at GH¢19,716,661 changed hands this week compared to 419,977 shares valued at GH¢722,370 last week.
•MTN Ghana dominated trades, accounting for 93.54% of total value traded.
•We expect a slowdown in trading activity next week due to the coronavirus outbreak.
Mechanical Lloyd PLC (MLC)
MLC has announced the appointment of its Director of Finance and Administration, Mr. Joseph Hyde Jr. as Company Secretary with effect from 1st January, 2020. Mr. Joseph Hyde Jr. replaces Mrs. Marigold Anamo who has been re-designated within MLC.
Investors looking to purchase/sell stocks and treasury bills can do so through SIC Brokerage Ltd.
Fixed Income Market Highlights
•Treasury securities were oversubscribed by 3.38% at today’s auction. Government accepted GH¢484.01 million of 91 day bills and GH¢139.38 million of 182 day bills compared to GH¢821.48 million of 91 day bills, GH¢172.73 million of 182 day bills and GH¢140.64 million of 364 day bills last week.
•The yield on the 91 day bills declined by 10 bps to 13.92% while the average yield of the 182 day bill declined from 14.03% to 14.01%.
•The target for the next auction is GH¢991 million in 91, 182 and 364 day bills.
•Trading activity declined by 40.95% as 2,194 trades valued at GH¢1,057.89 million changed hands last week compared with 1,422 trades valued at GH¢1,791.39 million last week. Securities maturing in the medium term (2 – 10 years) dominated, accounting for 59% of trading activity while securities with short term maturities (less than 2 years) accounted for 40% of trades.