INVESTMENT TERM OF THE WEEK

Price-to-Earnings Ratio (P/E): The Price-to-Earnings ratio (P/E) is one of the most widely used tools by which investors and analysts determine a stock's relative valuation. The P/E ratio helps one determine whether a stock is overvalued or undervalued. A company's P/E can also be benchmarked against other stocks in the same industry or against the broader market.

EQUITY MARKET HIGHLIGHTS: GSE Composite Index increases by 10.54 points to return 47.75% YTD.
At the close of the week under review, the benchmark GSE Composite Index (GSE-CI) improved as it gained 10.54 points to close at 2,867.71 translating into a YTD return of 47.75%. The GSE Financial Stock Index (GSE-FSI) however decreased by 2.89 points over the week to close at 2,052.31 translating into a YTD return of 15.12%, this is as a result of price loss made by Societe Generale PLC (SOGEGH) which lost 4.00% to close trading at GH¢1.20. Five equities recorded gains in the week, pushing the Market Capitalization up by GH¢110.32 billion to close trading at GH¢64.31 as FanMilk recorded a week’s gain of 43.91% to return an impressive 370.37% YTD. A total of 2.06 million shares valued at GH¢3.91 million traded, representing a significant decrease of 85.34% and 78.65% respectively compared to the previous week. Nineteen (19) stocks traded in the week as MTNGH accounted for 50.3% of the total value traded.

EQUITY UNDER REVIEW: FAN MILK PLC. (FML)
Share Price GH¢ 5.08
Price Change (YtD) 370.37%
Market Cap. (GH¢) GH¢ 590.33million
Dividend Yield 0.00%
Earnings Per Share GH¢0.1188
Avg. Daily Trade Volumes 7,035
Value Traded (YtD) GH¢ 4,108,676.00

SUMMARY OF SEP. 2021 GFIM ACTIVITIES
GHANA FIXED INCOME MARKET
YEAR Jan.-Sep. 2021 Jan.-Sep. 2020 Change
VOLUME 155,045,312,018 74,735,752,576 107.45%
VALUE (GH¢) 161,161,532,485.79 76,257,565,446.18 111.33%
Source: Ghana Stock Exchange

GSE EQUITY MARKET PERFORMANCE

Indicator Current Week Previous Week Change
GSE-Composite Index 2,868.71 2,858.17 10.54 pts
YTD (GSE-CI) 47.75% 47.21% 1.14%
GSE-Financial Stock Index 2,052.31 2,055.20 -2.89 pts
YTD (GSE-FSI) 15.12% 15.28% -1.05%
Market Cap. (GH¢ MN) 64,315.43 64,205.11 110.32
Volume Traded 2,069,466 14,118,056 -85.34%
Value Traded (GH¢) 3,911,407.05 18,317,228.74 -78.65%

TOP TRADED EQUITIES
Ticker Volume Value (GH¢)
MTN 1,016,874 1,252,664.59
FML 443,954 1,970,294.27
CAL 324,315 248,458.35
SOGEGH 80,280 96,836.00
GGBL 78,649 142,354.69

MTN 50.3% of value traded

GAINERS & DECLINERS
Ticker Close Price (GH¢) Open Price (GH¢) Change Y-t-D Change
FML 5.08 3.53 43.91% 370.37%
BOPP 3.45 2.86 20.63% 72.50%
GGBL 1.81 1.65 9.70% 101.11%
CAL 0.77 0.74 4.05% 11.59%
GLD 104.25 102.50 1.71% -5.14%
MTNGH 1.23 1.24 -0.81% 92.19%
SOGEGH 1.20 1.25 -4.00% 87.50%

SUMMARY OF SEP. 2021 EQUITY MARKET ACTIVITIES
EQUITIES
Indicator Jan.-Sep. 2021 Jan.-Sep. 2020 % Change
GSE-CI YtD CHANGE 47.06% -17.75%
VOLUME 400.60 M 403.91 M -0.82
VALUE (GH¢) 411.10 M 295.19 M 39.26
GSE-CI 2,855.29 1,855.56 53.88
MKT. CAP. (GH¢M) 64,170.83 53,153.76 20.73
ADVANCERS FML, SOGEGH, ETI, BOPP, EGL, TOTAL, SCB, GGBL, GOIL, EGH, GLD, UNIL, SCB Pref, CAL
DECLINERS GCB, RBGH
Source: Ghana Stock Exchange

FIXED INCOME MARKET HIGHLIGHTS
At last week’s auction, a total of GH¢827.17 million was raised in 91-Day bills and GH¢166.22 million in 182-Day bills compared to GH¢591.76 million in 91-Day bills, GH¢119.01 million in 182-Day bills and GH¢97.30 million in 364-Day bills at the previous week’s auction.
91-Day bill yield rose by 0.001% to close at 12.47% while 182-Day bills fell by 0.025% to 13.15%.
The target for the next auction is GH¢969.00 million in 91-Day bills, 182-Day bills and 364-Day bills.

KEY ECONOMIC INDICATORS
Indicator Current Previous
Monetary Policy Rate September 2021 13.50% 13.50%
Real GDP Growth Q2 2021 3.90% 3.10%
Inflation August 2021 9.70% 9.00%
Reference rate September 2021 13.46% 13.51%
Source: GSS, BOG, GBA

GOG Treasuries 04th– 08th Oct. 2021 27th– 01st Oct. 2021 Change (%)
91-Day T-Bill 12.47% 12.47% 0.001%
182-Day T-Bill 13.15% 13.18% -0.025%
364-Day T-Bill 16.21% 16.21% 0.000%
2-Year Bond 17.50% 17.50% 0.000%
BOG Offer (GH¢ MN) 1,475.00 972.00
Dealers Tender (GH¢ MN) 993.39 809.72
Amount Raised (GH¢ MN) 993.39 808.07
Source: Bank of Ghana

CURRENCY MARKET
Interbank Average Rates
Currency Closing Week Previous Week Y-t-D Change
(GH¢) (GH¢) %
DOLLAR 5.8688 5.8663 -1.85%
POUND 8.0089 7.9462 -1.68%
EURO 6.7938 6.7979 3.98%
YEN 0.0524 0.0529 6.68%
YUAN 0.9109 0.9105 -3.12%
CFA FRANC 96.5530 96.4310 -3.83%
Source: Bank of Ghana

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