Stock Market Highlights
• The benchmark index moderated by 0.62% due to losses in MTN Ghana (-1.75%), Fan Milk Ghana (- 5.71%) and Ecobank Transnational Inc. (-14.29%) to close at 1,861.24 with a -17.54%. Market capitalization also declined, down 0.54% to settle at GH¢52.55 billion.
• GCB Bank Limited advanced by 10.00%, pushing the financial index up by 0.15% to close at 1,722.38 with a -14.72% YTD return.

Activity Levels Jumped
• A total of 30,693,707 shares valued at GH¢17,523,061 changed hands this week compared to 6,580,784 shares valued at GH¢3,950,671 last week.
• MTN Ghana dominated trades, accounting for 97.40% of total value traded.

Outlook
• We expect a slowdown in trading activity next week ue to the coronavirus outbreak.

PZ Cussons Ghana Limited (PZC)
PZC has announced its tender offer to shareholders. In this regard, PZ Cussons shall only accept tenders from
shareholders who tender all their PZ Cussons shares as part of the Offer. The Offer is in line with the Company’s
intention to de-list from the Ghana Stock Exchange announced on the 18th October, 2019. The Offer is priced at GH¢0.45 per share, representing a 15.4% premium above the market price of GH¢0.39.

Fixed Income Market Highlights
• Primary Market
• At today’s auction, investors tendered 91.12% of the target for 91 and 182 day treasury bills. Government
accepted all tenders (GH¢731.68 million) against a target of GH¢803 million. A total of GH¢621.44 million in 91 day bills and GH¢110.24 million in 182
day bills was raised, compared to GH¢709.62 million in 91 day bills, GH¢99.29 million in 182 day bills and GH¢124.27 million in 364 day bills last two weeks.

• BoG also raised GH¢358.55 million in 6 year bonds at 19.50% this week.
• The yield of the 91 day bill declined by 12 bps to 13.87% while the average yield of the 182 day bill widened by 4 bps from 14.02% to 14.06%.
• The target for the next auction is GH¢1,261 million in 91, 182 and 364 day bills.

• Secondary Market
• Securities maturing in the medium term (2 – 10 years) continue to drive trading activity, accounting
for 79% of trades while securities with long term maturities (more than 10 years) accounted for 13% of trades.