AngloGold Ashanti increases its outstanding shares by 779,126 ordinary shares.

GCB Bank Plc to authorize the raise of GHS1 billion additional equity capital at its next virtual Annual General Meeting on June 30, 2023.

Intravenous Infusions Plc’s Annual General Meeting is scheduled for June 23, 2023.

Ms. Rosalinda Nana Emela Kainyah resigns as a Non-Executive Director of CalBank.

Hords Limited Trades For The First Time In 16 Months. Over the week, the bourse recorded five price movers, namely; Société Générale (GHS0.67/share, +9.84% w/w), TotalEnergies (GHS6.70/share, +9.48% w/w), SIC Insurance (GHS0.21/share, -8.70% w/w), Access Bank (GHS3.35/share, -6.94% w/w) and MTN Ghana (GHS1.36/share, -6.21% w/w). The net impact of the price changes led to a 3.5% weekly loss in the Composite Index to 2,862.27pts with a YTD gain of 17.12%.

This week, the market exhibited mixed performance as shares traded more than tripled to ~24.42 million while aggregate turnover shrunk by 81% to ~GHS1.45 million.

The final Treasury auction in 2022 posted a mixed performance for money market yields. The yield on the 91-day bill remained unchanged at 35.36% vs. the preceding week. The 182-day maturity saw an 8-basis-point w/w increase in its yield to 35.98% while the 364-day yield settled at 35.89% - down by 29bps from the previous issuance. Demand was 2.3% below target, with investors tendering GHS1.83 billion across the 91- to 364-day tenors (vs. auction target of GHS1.87 billion).

After three consecutive months of decline, SSA Eurobonds printed the strongest gains of the year in May (a much stronger month even than the January rally), on both fundamental and technical factors.

ZAMBIN (+9.1%), NGERIA (+9.1%), and GHANA (+6.8%) posted the largest gains with EGYPT (+3.2%) and ANGOL (+2.3%) also showing good strength in May.

Investor sentiment soured beginning in mid-February on a host of negative factors – Ghana’s default on interest payments and ratings downgrades, fears about the outcome of the Nigeria elections, the debt and currency crises in Kenya, increasing US inflation and fears of a US recession, and the Credit Suisse and selected American regional bank failures.