•The benchmark index declined for the second consecutive week, down 2.79% due to losses in nine counters in the banking, insurance, telecom and petroleum marketing sectors to close at a new year low of 2,042.05 with a -9.53% year-to-date return. Market capitalization followed the market’s trend, down 1.10% to settle at GH¢54.59 billion.

•Sector performance was bearish. The GSE-FI declined by 1.70% to close at 1,874.05 with a     -7.21% year-to-date return.

•No stock advanced this week.

•A total of 24,261,385 shares valued at GH¢15,315,136 changed hands this week compared to 27,413,831 shares valued at GH¢19,716,661 last week.

•MTN Ghana dominated trades, accounting for 98.90% of total value traded.

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

•Primary Market

•Treasury securities were oversubscribed by 3.38% at last week’s auction. Government accepted GH¢484.01 million of 91 day bills and GH¢139.38 million of 182 day bills compared to GH¢821.48 million of 91 day bills, GH¢172.73 million of 182 day bills and GH¢140.64 million of 364 day bills in the previous week.

•The yield on the 91 day bill declined by 10 bps to 13.92% while the average yield of the 182 day bill declined from 14.03% to 14.01%.

•The target for the next auction is GH¢991 million in 91, 182 and 364 day bills.

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•Secondary Market

•Trading activity declined by 40.95% as 2,194 trades valued at GH¢1,057.89 million changed hands last week compared with 1,422 trades valued at GH¢1,791.39 million last week. Securities maturing in the medium term (2 – 10 years) dominated trading, accounting for 57% of trading activity while securities with short term maturities (less than 2 years) accounted for 38% of trades.