Market Summary

The benchmark index closed flat at 2,451.81 with a -4.68% year-to-date return due to the holiday. Market capitalization remained unchanged of GH¢59.71 billion.

The GSE Financial Index and the SAS Manufacturing Index also recorded no changes today, closing at -0.75% and -3.79% year-to-date return, respectively.

Trading activity surged with 3,315,628 shares valued at GH¢2,435,540.18 changing hands from 44,045 shares valued at GH¢35,354.12 at the previous session. Scancom PLC (MTN Ghana) dominated trades, accounting for 89.73% of total volume traded and 87.95% of total value traded.

We expect trading activity to increase as investors take advantage of bargain stocks.

Company in Focus

Ecobank Transnational Incorporated (ETI)

ETI announced that it has successfully tapped the international capital markets for an additional $50 million in Eurobonds due April 2024. The Bonds will be consolidated and form a single series with the $450 million 9.5% issued in April 2019 and due in April 2024.

This tap issuance was launched as a RegS 5-year USD denominated senior unsecured bond offering. It was oversubscribed by over 4.6 times. The issue price is 104.915% of the principal amount reflecting a yield of 8.25%, a solid improvement from the yield of 9.75% for the initial issue.

The proceeds will be used for ETI’s general corporate purposes and will further strengthen the liquidity of ETI. The transaction is in line with ETI’s strategic objectives and forms part of the proactive management of its balance sheet to diversify funding sources and extend the average debt maturity profile.

The Bonds have been placed with a broad range of institutional debt investors across Europe and Africa. Both Standard and Poor’s and Fitch have confirmed credit ratings of B and B- Stable respectively to this tap issue, in line with ETI’s corporate rating.

Gainers & Losers

Market Indices

Top Trades by Volume