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Cocoa rebounds as climate conditions dwindle

August 14, 2018
in Uncategorized
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Cocoa recovered some of its previous week’s losses, as favourable climatic conditions in top grower Cote d’Ivoire appear to have faded.

With less rains recorded in recent times in Cote d’Ivoire, the availability of the soft crop on the international commodities market was suppressed.

Cocoa thus advanced by US$79.50 to close the trading week at US$2,119 per metric tonne.

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Coffee, however, declined, as signs of a bumper harvest in top growers Brazil and Vietnam forced market participants to roll out of the September contract into the December contract.

Coffee thus shed a cent to end the week at US$1.07 per pound.

Brent crude also trimmed as investors worried that ongoing global trade disputes are likely to halt economic activities, thereby reducing the demand for energy commodities.

According to analysts, the US dollar, which appears to be the sole gainer from the ongoing uncertainties, was likely to make the commodity relatively expensive for non-dollar holders, as a result reducing its demand.

Brent crude oil thus dropped by 35 cents to settle at US$72.86 per barrel.

Gold dipped after the week’s trading, despite a strong rebound on the last trading session of the week.

Last-minute gains of the yellow metal, on the back of investors’ risk aversion towards the unceasing attempt by the US President in imposing tariffs on advanced and emerging countries, failed to fully cancel losses.

Gold thus lost US$4.80 to trade at US$1,219.50 per ounce.

Treasury securities

The week’s auction ended with the yield on the 91-Day T-Bill trimming by a basis point to 13.30 per cent.

The yield on the 182-Day T-Bill, on the other hand, rose by four basis points to settle at 13.86 per cent.

However, interest rates on other treasury securities remained the same.

The government accepted all the GH¢456.75 million bids tendered at the week’s auction. That fell below the intended target of GH¢528 million, with the 91-Day T-Bill dominating the government’s purchase with 83.95 per cent share.

Scheduled for August 17, the government anticipates raising GH¢621 million from the sale of the 91-Day and the 182-Day T-Bills and GH¢23 million from the issuance of the 1-year note.

The yield curve sustained its normality, despite the rate adjustment on the short-dated treasury securities and the relative higher yield of the three-year bond over the five-year bond.

Ghana Stock Exchange

The Ghana Stock Exchange (GSE) logged another positive weekly closure, amid elements of uncertainties steaming from the banking sector.

The collapse of five domestic banks being consolidated as one, as well as the revocation of the licences of the UT and the Capital banks by the central bank in the space of one year, raised red flags among investors.

The market indices, however, closed positive on the back of strong earnings report posted by most listed companies on the local bourse.

At the end of the trading week, the GSE Composite Index thus rose by 0.29 per cent to settle at an index point of 2,944.38, representing a year-to-date return of 14.14 per cent.

The GSE Financial Stocks Index also increased by 1.08 per cent to an index level of 2,694.69 points, corresponding to a year-to-date return of 16.62 per cent.

The week’s trading realised a total volume of 1.79 million shares, valued at GH¢7.06 million.

This represents a 31.11 per cent decline over the previous week’s total traded volume.

CAL Bank was the most actively traded stock, as it accounted for 23.18 per cent of the total traded volume.

The market capitalisation also increased by 1.18 per cent to settle at GH¢56,402.30 million.

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