T THE DAILY MARKET REPORT October 23, 2014 Poor investor education affects capital market growth - SEC Financial securities players happy with sector regulation Cal bank custody services notice of relocation Starwin turns to equity as loan cost surges The Ghana Cedi stabilizes to the Dollar on the interbank market Poor investor education affects capital market growth - SEC Investor interest in the capital market and investment instruments in general will grow if Ghanaians are properly educated on the operations and benefits of that segment of the financial market to their everyday life, the Director General (DG) of the Securities and Exchange Commission (SEC), Mr Adu Anane Antwi, has observed. Investor education, he said, was a necessary ingredient to the growth of the market hence the decision by SEC, which regulates capital market activities in the country to actively educate the populace on the industry. “Investor education is not a mandatory requirement of the SEC in Ghana,” Mr Antwi said, citing the mission statement of the commission. “But we undertake it under the overall goal of investor protection. The SEC believes that investor education is the right thing to do as it informed and educated investors as one of the key drivers to the growth of the securities,” the DG said at the launch of this year’s Capital Markets Week in Accra. THE DAILY MARKET REPORT Daily Market Outlook Treasury Securities Rates Previous Yield Current Yield % % Security Change (%) 91 Day 25.71% 25.69% 0.10% 182 Day 26.42% 26.39% 0.10% 1yr Note 22.50% 22.50% 0.00% 2yr Fixed Note 23.00% 23.00% 0.00% Currency Buying Selling Midrate Currency USDGHS 3.1945 3.1969 3.1957 GBPGHS 5.1345 5.1390 5.13675 EURGHS 4.0461 4.0484 4.04725 GHSXOF 162.03 162.12 162.08 Gold Coast Fund Management Cedi Index Previous Level Current Level Change Year to Date 311.50 310.80 -0.71 43.30% Commodities (Prices as at 9:00 GMT) Current Price Previous Price Change (%) 84.37 86.40 -2.35% ▼ Gold (USD/t oz) 1,241.29 1,246.92 -0.45% ▼ Cocoa (USD/MT) 3,113.00 3,110.00 0.10% ▲ Coffee (USD/lb) 191.10 199.60 -4.26% Sugar (USD/lb) 16.45 16.57 -0.72% Commodities Oil Brent Crude (USD/bbl) Credits: Bloomberg Reuters Graphic/GBN Joy Business News Gold Coast Fund Management Ltd Research ▼ ▼ Financial securities players happy with sector regulation Players in the financial securities market have commended the level of regulation and operational frameworks put in by depository operators of the securities market in Ghana -- the Central Securities Depository. The CSD is now a single depository after two depositories -- namely the Central Securities Depository Ghana and the GSE Securities Depository Company -- merged in January this year. The merger of the two has been accompanied by relevant legal framework to safeguard operations of the market. William Sowah, Head, Investor Services, Transactional Products and Services of Stanbic Bank Ghana Limited, in interview with the B&FT said Ghana’s securities market has much of the requirements and regulatory framework serious investors look for in an economy. Cal bank custody services notice of relocation CAL announces the relocation of CAL Bank Custody Services effective October 7, 2014 to its new rd office space on the 3 Floor in the CAL Bank Osu Branch Building on the Osu RE road lying about opposite the Shell Filling Station. The move is in line with the bank’s strategy to offer the public better services within a convenient environment as they develop their Head Office Building. CAL Bank Custody Services can immediately be reached through the following telephone numbers: 0302 798334-37 and 026 3018235 whilst efforts are made to restore its previous contact numbers which are 0302 661260 and 0302 661261 (Fax) in due course.They can be contacted for any further enquires. Any inconvenience caused as a result of the relocation is deeply regretted. Starwin turns to equity as loan cost surges Starwin Products Limited (SPL), the pharmaceuticals maker, says the GH¢10million it is targetting to raise from shareholders from now to November will be used to clear interest-bearing debts and payables, cushion operating capital and invest in projects that will reposition it to tap opportunities in the growing industry. The company this week began a renounceable rights issue, in which it has offered a total of 333,359,264 new shares to shareholders at a unit price of GH¢0.03. Managing Director of the company Mr. Kwasi Yirenkyi, speaking to journalists in Accra on the rationale for seeking additional capital, said the decision forms part of an aggressive recapitalisation drive to reverse the current situation wherein most of the company’s profits are used to service highinterest-bearing loans. The Ghana Cedi stablises to the Dollar on the interbank market The Cedi continued to stabilize to the US Dollar and also appreciated to the GB Pound, Euro and the CFA on the interbank market today. The Ghana Cedi maintained its YTD decline to the Dollar at 47.84 percent. To the European currencies, the local currency registered a YTD depreciation of 43.84 percent and 35.53 percent to the Pound and Euro each as the Cedi gained 1.99 Pesewas and 2.15 Pesewas to each. The West African common currency also lost CFA 0.85 to the Cedi to peg a YTD decline of 43.30 percent. The GCFM Cedi Index which measures the average performance of the major trading currencies under review recorded an accumulated YTD depreciation of 43.30 percent. On the interbank market today, the Dollar continues to buy and sell at GHS 3.1945 and GHS 3.1969 respectively. The Pound trades at GHS 5.1345 and GHS 5.1390 and the Euro goes for GHS 4.0461 and GHS 4.0484. The CFA exchanges between CFA 162.03 and CFA 162.12. Disclaimer: This is published solely for informational purposes. All expressions of opinion are subject to change without notice. The information is obtained from internal and external sources which Gold Coast Fund Management (GC) considers reliable but GC has not independently verified such information and GC does not guarantee that it is accurate or complete.
© Copyright 2024