KEY HEADLINES & INSIGHTS
Scancom Plc, popularly known as MTN Ghana, closed trading on the Ghana Stock Exchange (GSE) at a record high for the second consecutive day, reaching GH₵2.60 on January 14, 2025.
The Africa Centre for Energy Policy (ACEP) is making a strong case for the commercialisation of the Bulk Oil Storage and Transportation Company (BOST) and its eventual listing on the Ghana Stock Exchange. (GhanaWeb, 2024)
Ghana Gold Coin Pricing Update: 1 oz Now Selling at GH₵42,316.07, with 0.50 oz at GH₵21,563.16 and 0.25 oz at GH₵11,216.98 as of 17th January2024. (Bank of Ghana, 2024)
PRIMARY DEBT MARKET ISSUANCE WEEK
Over the past week, short-term yields on Government of Ghana (GoG) Treasury securities showed modest upward adjustments across all tenors. The 91-Day GoG Bill rose by 7.88 basis points, closing the week at 28.4174%, up from 28.3386%. The 182-Day GoG Bill experienced a marginal increase of 0.71 basis points, ending at 28.9713% compared to the previous 28.9642%. Meanwhile, the 364-Day GoG Bill recorded the most significant movement, advancing by 11.04 basis points to 30.2867% from 30.1763%. These changes reflect incremental shifts in market pricing, likely influenced by liquidity conditions and demand dynamics within the domestic fixed-income market.
| Security | Current Wk % | Previous Wk % |
|---|---|---|
| 91-Day GoG Bill | 28.4174 | 28.3386 |
| 182-Day GoG Bill | 28.9713 | 28.9642 |
| 364-Day GoG Bill | 30.2867 | 30.1763 |
Source(s): Bank of Ghana
GHANA FIXED INCOME MARKET VOLUME TRADED
The Ghana Fixed Income Market closed the week with a total volume traded of GH₵ 3.76billion, an incline compared to GH₵ 3.49 billion posted last week. A total of 11,517trades were made of which 99.26% were Treasury bills, and 0.58% were attributed to New GoG Notes & Bonds.
Week's Ghana Fixed Income Market Total Volume Traded
Trading activity for the week began on January 13 with a robust volume of GH₵928 million, primarily driven by Treasury Bills. On January 14, market activity surged, with volumes climbing to GH₵1,132 million, still supported largely by Treasury Bills. The market activity dipped on January 15, with volumes declining to GH₵596 million, fueled by Treasury Bills & New GoG Notes & Bonds. On January 16, volumes slightly rebounded to reach GH₵660 million. However, the week ended on a weaker note, with traded volumes dropping significantly to GH₵439 million, largely by Sell/Buy Back Trades.
EQUITY MARKET
This week, trading on the local stock exchange booked a bullish performance, with total share volume climbing by 822% to 4,308,065 shares, down from last week's 467,238 shares. The total traded value also increased by 9.86%, reaching GH₵ 13.81 million, indicating higher-value transactions than last week’s GH₵12.57 million. Market capitalization experienced a marginal downturn, closing at GH₵111.38 billion, down from the previous week's value of GH₵ GH₵111.37 billion.
Regarding market indices, the GSE Composite Index (GSE-CI) closed at 5057.20, showing a gain of 3.15% week on week, and a strong year-to-date gain of 3.450%.
Week's Equities Top Gainers & Laggards
Moreover, The GSE Financial Stocks Index (GSE-FSI) also increased to reach 2,388.38 points, making it a weekly gain of 0.10%, and a year-to-date gain of 0.32%.
EQUITY MARKET MOST TRADED STOCKS
| Ticker | Traded Volume | Price (GHS) |
|---|---|---|
| MTNGH | 2,567,358 | 2.65 |
| CAL | 1,434,820 | 0.38 |
| ETI | 156,090 | 0.32 |
| RBGH | 45,165 | 0.60 |
| SIC | 41,460 | 0.27 |
Source(s): Ghana Stock Exchange
The equity market's trading session was dominated by MTN Ghana (MTNGH), leading with a traded volume of 2,567,358 shares at GHS 2.65, followed by CAL Bank (CAL) with 1,434,820 shares at GHS 0.38. Moderate activity was observed in Ecobank Transnational Incorporated (ETI), trading 156,090 shares at GHS 0.32, while Republic Bank Ghana (RBGH) and SIC Insurance (SIC) recorded lower volumes of 45,165 shares at GHS 0.60 and 41,460 shares at GHS 0.27, respectively. MTNGH and CAL attracted the most investor interest, driving market activity.
COMMODITY MARKET
The commodities market exhibited bullish performance this week, driven by significant fluctuations. Gold pricessurged from $2,685.6/t.oz to $2,701.0/t.oz, during which January 16 recorded $2,714.5/t.o, reaching its highest level in 2025.
Brent crude oil futures surged from $79.76to settle at $80.79 per barrel on Friday, levels not seen since October, as traders are also awaiting further details on sanctions targeting major oil exporters, including Russia, Iran, and Venezuela.
Cocoa futures declined to close at $11,167 from $10,563per ton last week, booking a weekly gain of 5.72. The latest data showed ICE-monitored cocoa inventories held in US ports have been trending lower for the past 1-1/2 years and fell to a 21-year low of 1,292,153 bags as of January 16 and strong demand despite high prices.
Source(s): Trading Economics
CURRENCY MARKET
Exchange rates exhibited a slight upward trend compared to the previous week, reflecting a marginal depreciation of the Ghanaian cedi against major currencies. The USD/GHS increased from 14.75 to 14.95. Similarly, GBP/GHS increased to 18.24 from 17.99, and EUR/GHS increased to 15.40 from 15.09.
Source(s): Bank of Ghana
UPCOMING
Ghana Inflation Rate Update for January 2025: 17th February, 2025
International Conference on Enterprise Resource Planning and Financial Management Solutions : 22nd January, 2025
