AGA has notified its shareholders of an Extraordinary General Meeting scheduled for Wednesday, 5 July 2023. The main agenda of the EGM will be to consider and pass the resolution necessary to approve the remuneration payable to nonexecutive directors.

During its annual general meeting on May 15, 2023, the special resolution on non-executive directors' remuneration was withdrawn as the Board had decided to revise the proposal following shareholders' engagement.

The equity market was quiet today as none of the listed stocks saw any price movements. As such, the benchmark index ended the day unchanged at 2,637.55pts with a year-to-date gain of 7.92%. Similarly, the Financial Stocks Index held steady at 1,675.18pts (YTD loss: 18.39%) for the fourth consecutive session.

Trading activity in the market was relatively more vibrant compared to Friday, with participants generating a sum of ~GHS41,897.28 (+15.29x) from selling 61,958 shares (+5.19x) over 14 counters.

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.