Home Business Daily business news – Ghana and Beyond 28/06/2019

Daily business news – Ghana and Beyond 28/06/2019

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🚩 The 24 banks, currently operating in the country, registered an after-tax profit of GH¢1.1 billion, representing a year-on-year growth of 38.9 percent compared with 5.8 percent growth for the same period last year. The profit margin is a remarkable growth, after the clean-up of the banking industry.
Majority of the profits were recorded largely by the tier-one and tier-two banks. They include Ecobank Ghana, GCB Bank, Barclays Bank, Zenith Bank, Stanbic Bank, Stanchart, Cal Bank and UBA.

🚩 The GSM Association (GSMA) is forecasting that the mobile economy will reach $214 billion, representing 7.6 per cent of the overall GDP of Africa, by 2020. The association, therefore, believes Africa has an opportunity to harness the digital economy as a driver of growth and innovation, and failure to seize this opportunity will lead to economic isolation and stagnation. In a statement that was issued by the association, it said Africa had great potential to profit from a digital transformation that could provide the much-needed jobs and improve access to quality services, including finance, health care, education and agriculture.

🚩 Chief Executive Officer of the now-defunct The Beige Bank, Mr Michael Nyinaku, together with 12 of his subsidiary companies, are expected to cough up over Gh¢1.3 billion to the Receiver of the defunct company, Nii Amanor Dodoo. Mr Amanor Dodoo, who has dragged Nyinaku and 12 of his subsidiaries, including Legacy Pension Trust Ltd, The Beige Group Ltd, BBS Logistics and Beige Village to court, insists that the defunct bank transferred several millions of Ghana cedis to the said companies ranging between GHC1 million and over Gh¢100 million

🚩 President Addo Dankwa Akufo-Addo has assured Ghanaians that the Government will deliver major roads that are more robust and can stand the weather conditions of the country. This, he noted, is in furtherance of government’s massive road construction program in 2019 and 2020. The President’s comments were contained in a speech read on his behalf by the Minister of Energy, John Peter Amewu, at the sod cutting ceremony to mark the beginning of the GOIL/SMB Bitumen project in Tema.

🚩 The total cost of the financial sector cleanup could hit GH¢18 billion by the end of this year.
This amount is based on JoyBusiness’ calculation with regards to the amount spent so far since the exercise started and the GH¢3 billion that the Finance Minister Ken Ofori-Atta has projected to spend in cleaning up the Savings and Loans sector. According to Mr Ofori-Atta about GH¢14 billion has been spent so far in cleaning up the banking sector.

🚩 Huawei, a leading producer of technology devices says it has observed an increase in growth in its shipment of products. The company said it had shipped 100 million smartphones by 30 May, beating last year by 49 days when it clocked the same number on 18 July. A statement copied to the Ghana News Agency described the development as ‘highly impressive’. It said in 2015, it took a whole year to clock up 100 million smartphone shipments, now, in 2019, same volume of shipment had been done within five months.

🚩 The Gender and Social Inclusion Unit of the Millennium Development Authority (MiDA) has placed 200 young women pursuing science, technology, engineering and mathematics (STEM) courses from 30 tertiary educational institutions with energy sector institutions to gain practical experience. The interns would be assigned supervisors in those organisations for two months and would be taken through routine workplace ethics and responsibilities.

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✴INTERBANK FOREX RATES 💴💰
US$Gh¢ Buy 5.2564 Sell 5.2616
GB£Gh¢ Buy 6.6683 Sell 6.6775
CAD$Gh¢ Buy 4.0074 Sell 4.0100
JP¥Gh¢ Buy 0.0487 Sell 0.0488
ZARGh¢ Buy 0.3712 Sell 0.3717
EU€Gh¢ Buy 5.9741 Sell 5.9797
CHN¥Gh¢ Buy 0.7648 Sell 0.7654
Gh¢CFA Buy 109.70 Sell 109.80
Gh¢NG₦ Buy 58.20 Sell 58.26
BITCOIN Trading Price $10,895.49 ▼$-1,870.08 ▼-14.66%
ETHEREUM Trading Price $291.72 ▼$-40.14 ▼-12.09%
RIPPLE Trading Price $0.40 ▲ $-0.05 ▲-12.53%

🔼GSE DAILY GAINERS➖%CHANGE➖PRICE
ACCESS +13.33% ➡️Gh¢3.40

🔻GSE DAILY LOSERS➖%CHANGE➖PRICE
SPL -25.00% ➡️Gh¢0.03
TOTAL -4.76% ➡️Gh¢4.00
EGL -2.33% ➡️Gh¢2.10
CAL -0.99% ➡️Gh¢1.00
SCB -0.37% ➡️Gh¢19.02

〽️Inflation rate in Ghana ➡️ 9.50% (+2.15%)

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

¶ TREASURY BILLS RATE💸
91 – Day Discount Rate 14.2453% Interest Rate 14.7714%
182 – Day Discount Rate 14.1492% Interest Rate 15.2264%
364 – Day Discount Rate 15.1988% Interest Rate 17.9228%
1 Year Fixed Note Interest Rate 16.5672%
2 Year Fixed Note Interest Rate 19.7500%
3 Year Bond Interest Rate 19.7000%
5 Year Bond Interest Rate 19.7500%
6 Year Bond Interest Rate 21.0000%
10 Year Bond Interest Rate 19.8000%

🐂GHANA GOV’T EUROBOND RATES 🏦
7 Year Bond Coupon Rate 7.8750%
12 Year Bond Coupon Rate 8.1250%
31 Year Bond Coupon Rate 8.9500%

🔼 GSE 2019 GAINERS ➖ YTD% ➖ PRICE
SPL +50.00% ➡️Gh¢0.03
TOTAL +17.65% ➡️Gh¢4.00
AYRTN +14.29% ➡️Gh¢0.08
ALW +12.50% ➡️Gh¢0.09
GCB +7.17% ➡️Gh¢4.93

🔻GSE 2019 LOSERS ➖ YTD% ➖ PRICE
TBL -47.83% ➡️Gh¢0.12
SIC -42.11% ➡️Gh¢0.11
FML -37.50% ➡️Gh¢5.00
ETI -31.25% ➡️Gh¢0.11
BOPP -31.24% ➡️Gh¢3.50

🛢Average Petrol & Diesel Price Per Litre – Gh¢5.19 (-1.14%)

🏧 MARKET INDEXES
*Dow Jones Index🚂⛽ 26,548.22 -179.32 -0.67%
*S&P 500 🏦 2,917.38 -27.97 -0.95%
*Nasdaq Index📲💻 7,884.72 -120.98 -1.51%
* NYSE Composite Index 12,936.65 -83.33 -0.64%
*London FTSE 100 7,422.43 +5.74 +0.08%
*Germany DAX 12,228.44 -46.13 -0.38%
*Japan NIKKEI 225 21,048.02 -145.79 -0.69%
*Hong Kong HANG SENG 28,189.30 +3.32 +0.01%
* Shanghai Shenzhen 300 3,794.82 -6.49 -0.17%
*S&P/ASX 200 Index 6,648.40 -9.63 -0.14%
*Bloomsberg EU 500 256.70 -0.36 -0.14%
*FTSE/JSE South Africa Top40 52,279.51 -481.45 -0.91%
*Nairobi SE 20 Share 2,649.11 +9.89 +0.37%
*Nigeria SE Main-Board Index 29,668.68 -140.52 -0.47%
*GSE Composite Index 2372.99 
2.02 (+0.09%)
*GSE Financial Index 2048.10 
8.51 (+0.42%)

💧MUTUAL FUNDS IN GHANA♣️ RETURNS
📈EQUITY FUNDS ➰YTD%
Anidaso Fund 🔼+0.79%
EPAcK 🔼+2.04%
Dalex Vision 🔼+7.99%
HeritageFund 🔻-0.84%
NTHC Horizon 🔼+2.83%
SAS Fortune 🔻-1.07%
Republic Equity 🔼+0.67%

⚖BALANCED FUNDS ⏸YTD%
Bfund 🔼+4.12%
CCMF 🔼+5.83%
CDH Balanced 🔼+6.89%
EDC Balanced 🔼+2.60%
Republic F Plan 🔼+3.73%
UMB Balanced 🔼+7.47%

⚙FIXED INCOME FUNDS 🛡AY%
EDC Fixed Income 🔼+17.72%
FirstFund 🔼+16.17%
Republic Unit 🔼+11.08%
SEM MoneyPlus 🔼+13.41%
TTL IncomeHaven 🔼+20.04%

⚙FIXED INCOME FUNDS 🛡YTD%
EdiFund T1 🔼+5.81%
Mfund 🔼+6.83%
SEM Income 🔼+5.04%
SiriusOpportunity 🔼+6.37%
STANLIB Income 🔼+7.87%
SikaFund 🔼+7.91%

✴ COMMODITIES MARKET
*Brent Crude $/barrel⛽ $66.06 +1.01 +1.55%
*Natural Gas 🏭 $/million BTUS $2.29 -0.01 -0.61%
*Gold 👑 $/troy ounce $1,411.60 -7.10 -0.50%
*Silver 💍 $/troy ounce $15.28 -0.10 -0.67%
*Corn 🌽 $/bushel $454.75 -2.75 -0.60%
*Cocoa 🍫 $/metric ton $2,464.00 -23.00 -0.92%
*Coffee ☕ ¢/pound $107.45 +4.45 +4.32%
*Sugar🎂 ¢/pound $12.57 +0.10 +0.80%

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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