•Losses in four counters in the banking, telecom and beverage sectors dragged the benchmark index down by 1.08% to 2,188.05 with a -3.06% year-to-date return while market capitalization declined by 0.44% to settle at GH¢56.28 billion.

•CAL Bank Limited (+2.22%) pushed the GSE Financial Index up by 0.04% to close at 1,965.36 with a -2.69% year-to-date return.

•A total of 9,896,381 shares valued at GH¢7,427,842 changed hands this week compared to 3,261,031 shares valued at GH¢1,816,989.

•MTN Ghana dominated trades for the sixth straight week, accounting for 79.10% of total value traded.

•We expect a pick up in trading activity as companies release audited FY19 results.

•Primary Market

•Government raised 76.18% (GH¢609.40 million) of its weekly auction target of GH¢800 million last week. Investors bought GH¢388.93 million of 91 day bills, GH¢91.32 million of 182 day bills and GH¢129.15 million of 364 day bills compared to GH¢675.53 million of 91 day bills and GH¢68.10 million of 182 day bills in the previous week.

•The yield on the 91 day bill declined by 14.73% while the yield on the 182 day bill remained at 15.17%. The 364 day bill traded at a yield of 17.71%.

•The target for the next auction is GH¢1,037 million in 91, 182 and 364 day bills.

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•Secondary Market

•Activity levels declined by 7.39% as 2,129 trades valued at GH¢1,310.98 million changed hands compared with 3,220 trades valued at GH¢1,415.53 million last week. Activity was concentrated in the medium term (2 – 10 years), accounting for 55% of trades while securities with short term maturities (less than 2 years) accounting for 41% of trades.