Home Business BUSINESS NEWS | GHANA AND BEYOND ???? 11/03/2019

BUSINESS NEWS | GHANA AND BEYOND ???? 11/03/2019

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????Ghana is in talks with Standard Chartered Plc and Standard Bank Group Limited for a bridge loan of $750 million and will repay the facility with the proceeds of a Eurobond sale, reports Bloomberg. The Ministry of Finance listed the proposal for a syndicated loan in the Friday March 8, 2019 Parliamentary order papers and said it was intended to “fund or refinance development projects and for liability management,” according to the document.The facility would be a short-term loan, Mark Assibey-Yeboah, chairman of the finance committee, told Bloomberg via telephone.

???? IFC, a member of the World Bank Group, is partnering with the Ghana Stock Exchange and over 70 other stock exchanges around the world to “Ring the Bell for Gender Equality”—an initiative linked with International Women’s Day that promotes increased women’s participation in the global economy to catalyze sustainable and inclusive private sector growth. Accelerating the pace of reforms to ensure gender equality could yield enormous benefits, with the potential to increase global gross domestic product by $12 trillion in the next six years, according to a McKinsey Global Institute report.

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???? Power Distribution Services (PDS) Ghana, which has taken over the operations of Electricity Company of Ghana (ECG), has resolved to focus on initiatives that will address the constraints to the supply of adequate and reliable power. The taking over of the operations of ECG by PDS follows the coming into effect of the agreement between the government and a consortium of investors led by Manila Electric Company (Meralco). The deal allows the private investors own majority shares in ECG.

???? At a time when some Ghanaians are coming to terms with the loss of their investments to gold dealership company, Menzgold, thousands in London are waking up to a similar reality. The BBC reports that thousands of people who invested in a high-risk bond scheme marketed as a “Fixed Rate ISA” fear they have lost everything after the company collapsed. London Capital & Finance (LCF), now in administration, took £236m following a marketing campaign that is now under investigation for mis-selling. Many were first-time investors – inheritance recipients, small business owners or newly retired.

???? The Minister of Environment, Science, Technology and Innovation (MESTI), Professor Kwabena Frimpong-Boateng, has cut the sod for the rehabilitation of 10 dams across the northern part of the country. The dams are expected to serve as reservoirs for the spilt water from the Bagre Dam in Burkina Faso which has been causing perennial flooding and damage to both crops and households in that part of the country. Each of the dams will be about 305 metres high and bordered by 2.5 acres of tree cover to prevent them from drying up.

???? As part of efforts to sanitize and regularize mining operations in the country, the Ministry of Transport (MOT) has called on owners of mining companies to register all earth moving equipment no later than March 31, 2019. According to the Ministry in a press statement, the registration of the vehicles should be done with the Driver Vehicle and Licensing Authority (DVLA), the Authority mandates by law to license and register all motorized vehicles.

???? European Union (EU) member states have unanimously rejected a proposal by the EU Executive Commission (EC) to blacklist 23 countries, including Ghana and territories, it believes pose a high risk of money laundering or terrorist financing. According to the EC, the countries were placed on the blacklist for having strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. In a rebuke of the EU Commission, the member states said in a statement yesterday that the proposal “was not established in a transparent and resilient process.”

???? The FCC has again stopped the clock on reviewing the proposed $26B merger of T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) – the nation’s No. 3 and No. 4 wireless carriers – to take comment on new information. The agency said on Wednesday that the companies’ lawyers had been in discussions about merger simulation modeling with chief of staff to Chairman Ajit Pai. On April 4, the FCC plans to resume the 180-day informal “shot clock” at Day 122.

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???? Tesla has signed an agreement with lenders in China for a 12-month credit facility of up to 3.5B yuan, or about $521M, for its Gigafactory in Shanghai. The company broke ground on the facility in January. Tesla has estimated the Gigafactory will cost about $2B to build and will allow it to better compete with Chinese EV makers by avoiding the worst of the trade tariffs.

✴INTERBANK FOREX RATES ????????
US$Gh¢ Buy 5.2176 Sell 5.2228
GB£Gh¢ Buy 6.8111 Sell 6.8199
CAD$Gh¢ Buy 3.8858 Sell 3.8898
JP¥Gh¢ Buy 0.0470 Sell 0.0471
ZARGh¢ Buy 0.3616 Sell 0.3620
EU€Gh¢ Buy 5.8615 Sell 5.8666
CHN¥Gh¢ Buy 0.7758 Sell 0.7766
Gh¢CFA Buy 111.81 Sell 111.91
Gh¢NG₦ Buy 58.64 Sell 58.70
BITCOIN Trading Price $3,898.84 ▲$1.01 ▲0.47%
ETHEREUM Trading Price $135.12 ▲$2.31 ▲1.79%
RIPPLE Trading Price $0.31 ▲ $0.01 ▲2.06%

????GSE DAILY GAINERS➖%CHANGE➖PRICE
EGL +0.90% ➡️Gh¢2.23

????GSE DAILY LOSERS➖%CHANGE➖PRICE
ETI -6.25% ➡️Gh¢0.15
TOTAL -0.66% ➡️Gh¢4.52

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〽️Inflation rate in Ghana ➡️ 9.00% (-4.26%)

✳Policy Rate in Ghana ➡️ 16.00% (-5.88%)

¶ TREASURY BILLS RATE????
91 – Day Discount Rate 14.1855% Interest Rate 14.7071%
182 – Day Discount Rate 14.0810% Interest Rate 15.1474%
364 – Day Discount Rate 15.2749% Interest Rate 18.0287%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 20.0000%
5 Year Bond Interest Rate 17.0000%
6 Year Bond Interest Rate 21.0000%
10 Year Bond Interest Rate 17.5000%

???? GSE 2019 GAINERS ➖ YTD% ➖ PRICE
TOTAL +33.82% ➡️Gh¢4.55
SOGEGH +20.00% ➡️Gh¢0.90
AYRTN +14.29% ➡️Gh¢0.08
ALW +12.50% ➡️Gh¢0.09
ACCESS +7.04% ➡️Gh¢3.80

????GSE 2019 LOSERS ➖ YTD% ➖ PRICE
RBGH -20.29% ➡️Gh¢0.55
GCB -17.39% ➡️Gh¢3.80
SIC -15.79% ➡️Gh¢0.16
MTNGH -8.86% ➡️Gh¢0.72
GOIL -7.05% ➡️Gh¢2.90

????Average Petrol & Diesel Price Per Litre – Gh¢5.18 (+4.96%)

???? MARKET INDEXES
*Dow Jones Index????⛽ 25,450.24 -22.99 -0.09%
*S&P 500 ???? 2,743.07 -5.86 -0.21%
*Nasdaq Index???????? 7,408.14 -13.32 -0.18%
* NYSE Composite Index 12,415.13 -28.30 -0.23%
*London FTSE 100 7,104.31 -53.24 -0.74%
*Germany DAX 11,457.84 -59.96 -0.52%
*Japan NIKKEI 225 21,025.56 -430.45 -2.01%
*Hong Kong HANG SENG 28,228.42 -551.03 -1.91%
* Shanghai Shenzhen 300 3,657.58 -151.27 -3.97%
*S&P/ASX 200 Index 6,203.76 -60.12 -0.96%
*Bloomsberg EU 500 249.31 -2.17 -0.86%
*FTSE/JSE South Africa Top40 49,233.13 -432.42 -0.87%
*Nairobi SE 20 Share 2,915.54 +10.04 +0.35%
*Nigeria SE Main-Board Index 31,924.51 -125.22 -0.39%
*GSE Composite Index 2476.55 -4.01 (-0.16%)
*GSE Financial Index 2127.79 -7.04 (-0.33%)

????MUTUAL FUNDS IN GHANA♣️ RETURNS
????EQUITY FUNDS ➰YTD%
SEM All-Africa ????+9.92%
Republic Equity ????+1.68%
Omega Equity ????+3.50%
Legacy Trust ????+1.02%
EPAcK ????+4.77%
Dalex Vision ????+2.58%
Anidaso Fund ????+0.06%
HeritageFund ????-1.25%

⚖BALANCED FUNDS ⏸YTD%
MyWealth Trust ????+1.43%
UMB Balanced ????+2.42%
Republic F Plan ????+1.79%
Kiddifund ????+0.73%
EdiFund T2 ????+2.95%
EDC Balanced ????+0.66%
CM Fund ????+3.49%
CDH Balanced ????+2.29%
Bfund ????+2.21%

⚙FIXED INCOME FUNDS ????AY%
EDC Fixed Income ????+20.83%
FirstFund ????+16.34%
Republic Unit ????+10.89%
TTL IncomeHaven ????+19.02%
SEM MoneyPlus ????+14.92%

⚙FIXED INCOME FUNDS ????YTD%
STANLIB Income ????+3.05%
SikaFund ????+1.60%
Omega Income ????+2.33%
EdiFund T1 ????+2.45%
Mfund ????+2.14%
NGIS Mfund +1.36%

✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $65.74 -0.56 -0.84%
*Natural Gas ???? $/million BTUS $2.87 0.00 -0.03%
*Gold ???? $/troy ounce $1,299.30 +13.20 +1.03%
*Silver ???? $/troy ounce $15.35 +0.31 +2.05%
*Corn ???? $/bushel $364.25 -1.00 -0.27%
*Cocoa ???? $/metric ton $2,198.00 +16.00 +0.73%
*Coffee ☕ ¢/pound $98.50 +1.65 +1.70%
*Sugar???? ¢/pound $12.18 +0.04 +0.33%

Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Myjoyonline, Ghanaweb, Doobia, BBC, Graphic Business, B&FT, StarFmonline.

Compiled By:
Prince Henry Danquah
Bora Capital Advisors Ltd.
+233(0)50-002-3155

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