MACROECONOMIC INDICATORS
Q3, 2020 GDP Growth -1.1%
Average GDP Growth for 2020 0.2%
2020 Projected GDP Growth 0.9%
BoG Policy Rate 14.50%
Weekly Interbank Interest Rate 13.58%
Inflation for Feb, 2021 10.3%
End Period Inflation Target - 2021 8.0%
Budget Deficit (% GDP) – Dec, 2020 11.7%
2020 Budget Deficit Target (%GDP) 11.4%
Public Debt (billion GH¢) – Dec, 2020 291.6
Debt to GDP Ratio – Dec, 2020 76.1%

STOCK MARKET REVIEW
The Ghana Stock Exchange edged higher for the week due to MTN Ghana Limited. The GSE Composite Index (GSE CI) added 19.48 points (+0.89%) to close at 2,214.58 points reflecting a year-to-date (YTD) gain of 14.06%. The GSE Financial Stocks Index (GSE FI) meanwhile remained flat at 1,849.04 points, reflecting YTD gain of 3.72%.

Market capitalization for the week was GH¢57,175.68, representing 0.36% increase from GH¢56,968.74 million at the close of the previous week. This reflects YTD increase of 5.15%.
Trading activity weakened for the week relative to activity in the prior week. A total of 1,084,142 shares, valued at GH¢1,830,192.38 changed hands for the week, compared with 10,045,138 shares, valued at GH¢8,491,484.62 in the preceding week.
Cal Bank PLC dominated volume of trades for the week, accounting for 33.25% of total shares traded. GCB Bank on the other hand dominated total trades by value, accounting for 53.10% of total value of shares traded.
The market closed the week with a lone price advancer and decliner as indicated on the table below.
Price Movers for the Week
Equity Opening Price Closing Price Gain/
Loss
MTNGH 0.83 0.85 2.41%
Unilever Ghana Ltd. 6.73 6.06 -9.96%

5 Best & Worst Performing Stocks
Best 5 Performing Stocks: YTD Return
MTN Ghana Ltd. 32.81%
Societe Generale Ghana PLC 15.63%
Standard Chartered Bank Gh. PLC 11.28%
GCB Bank Ltd. 11.11%
Total Petroleum Ghana Ltd. 9.89%

Worst 5 Performing Stocks:
Cal Bank PLC -1.45%
Access Bank Ghana PLC -2.05
Aluworks Limited -9.09%
Ecobank Transnational Inc. -12.50%
Unilever Ghana PLC -26.90%

CURRENCY MARKET
The Cedi strengthened against the USD at close of week. It traded at GH¢5.7268/$ on Friday, against GH¢5.7275/$ at week open, reflecting w/w and YTD appreciations of 0.01% and 0.58% respectively against the USD. This compares with YTD appreciation of 3.23% a year ago.
The Cedi also strengthened against the GBP at week close. It traded at GH¢7.9042/£, compared with GH¢7.9358/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.40% and 0.38% respectively against the GBP. This compares with YTD appreciation of 15.68% a year ago.
The Cedi again strengthened against the Euro for the week. It traded at GH¢6.7537/€, compared with GH¢6.8098/€ at week open, reflecting w/w and YTD appreciations of 0.83% and 4.60% respectively against the Euro. This compares with YTD appreciation of 7.97% a year ago.
The Cedi likewise strengthened against the CAD. It opened at GH¢4.5750/C$ but closed at GH¢4.5508/C$, reflecting w/w appreciation and YTD depreciation of 0.53% and 0.47% respectively against the CAD. This compares with YTD appreciation of 14.24% a year ago.
Weekly Interbank Foreign Exchange Rates
Currency Pair Year Open Week Open Week Close Change
% YTD
%
01-01-21 22-03-21 26-03-21
USD/GHS 5.7602 5.7275 5.7268 0.01 0.58
GBP/GHS 7.8742 7.9358 7.9042 0.40 -0.38
EUR/GHS 7.0643 6.8098 6.7537 0.83 4.60
CAD/GHS 4.5292 4.5750 4.5508 0.53 -0.47
Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
Government raised a sum of GH¢1,682.20 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢2,729.25 million raised in the previous week.
The 91-Day, 182-Day and 364-Day Bills shed 3bps, 1bp and 10bps each to settle at 12.87% p.a, 13.65% p.a and 16.57% p.a respectively.

Security Year Open Previous Yield % Current Yield % WoW Chg (%) YTD Chg (%)
01-01-21 19-03-21 26-03-21
91 Day TB 14.10 12.90 12.87 -0.17 -8.66
182 Day TB 14.15 13.66 13.65 -0.02 -3.50
364 Day TB 16.96 16.67 16.57 -0.57 -2.31
2-Yr FXR TN 18.50 17.60 17.60 0.00 -4.86
3-Yr Bond 19.25 17.70 17.70 0.00 -8.05
5-Yr Bond 19.85 18.30 18.30 0.00 -7.81
6-Yr Bond 19.50 19.25 19.25 0.00 -8.33
7-Yr Bond 20.50 20.50 20.50 0.00 0.00
10-Yr Bond 19.80 19.80 19.80 0.00 0.00
15-Yr Bond 19.75 19.75 19.75 0.00 0.00
20-Yr Bond 20.20 20.20 20.20 0.00 0.00
Source: Bank of Ghana

COMMODITY MARKET
Oil prices posted marginal gains for the week following a blockage of the Suez Canal by a huge container ship that disrupted the movement of oil vessels. Brent futures traded at US$64.57 a barrel on Friday, reflecting w/w and YTD gains of 0.06% and 24.65% respectively.
Gold prices closed stronger on Friday but ended the week lower pressured by the strength of the USD. Gold futures settled at US$1,732.30 per ounce on Friday, reflecting w/w and YTD losses of 0.54% and 8.59% respectively.
Prices of Cocoa weakened for the third straight week. Cocoa futures settled at US$2,458.00 per tonne, reflecting w/w and YTD losses of 1.40% and 5.57% respectively.
International Commodity Prices
Commodities Year Open Week Open Week Close Chg
% YTD
%
01-01-21 22-03-21 26-03-21
Brent crude oil (USD/bbl)
51.80 64.53 64.57
0.06
24.65

Gold (USD/t oz.)
1,895.10 1,741.70 1,732.30
-0.54
-8.59

Cocoa (USD/MT)
2,603.00 2,493.00 2,458.00
-1.40
-5.57
Source: www.investing.com

BUSINESS TERM OF THE WEEK
Face Value: Face value is a financial term used to describe the nominal or cedi value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the holder at maturity. The face value for bonds is often referred to as "par value" or simply "par."
Source :https://www.investopedia.com/terms/f/facevalue.asp

ABOUT CIDAN
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Disclaimer
The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation.
The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.