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Sunday, May 19, 2013
News Making Money

Georgian Weekly Market Watch (November 19 – November 23)

26/11/2012 04:29 (173 Day 22:48 minutes ago)

The FINANCIAL -- Last week, London traded Bank of Georgia Holdings share price increased 0.2% to GBP 10.94. During the week, up to 827,000 shares were traded in the range of GBP 10.69-11.40.

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In the debt world, Georgia Sovereign (GEORG), Georgian Oil and Gas Corporation (GEOROG) and Bank of Georgia (GEBGG) Eurobonds prices were up  0.2% to 115.6 (4.6% YTM), 0.2% to 104.2 (5.8% YTM) and 0.4% to 102.4 (7.1% YTM), respectively. Georgian Railway (GRAIL 07/22) Eurobonds price was down 0.1% to 112.6 (6.0% YTM).

 

On the Georgian Stock Exchange, Teliani Valley (WINE GG), Liberty Consumer (GTC GG) and Liberty Bank (BANK GG) shares were traded closing at GEL 0.14 (down 6.7% w/w), GEL 0.09 (down 10.0% w/w) and GEL 0.008 (down 11.1% w/w), respectively, while the BG Index declined 0.08% to 529.9.

Last week, the National Bank of Georgia (NBG) issued 7-day refinancing loans in the amount of GEL 357.4mn with an average yield amounting 5.51% (down 26bps). NBG also sold 84-day, GEL 30mn Certificates of Deposits last week. The average yield was 6.31% (down 3bps).

 

As for the treasury debt, Ministry of Finance sold five-year T-notes in the amount of GEL 10mn with the yield ranging between 8.09-8.50%. Average yield equalled 8.34% (up 27bps). The next ten-year T-notes auction is planned for November 28 with total estimated emission of GEL 5mn.

The National Bank of Georgia (NBG) decided to reduce its refinancing rate by 25bps to 5.50%. The bank noted that core and headline inflation were low in October and inflation to start moderate growth in the beginning of the next year.

International Monetary Fund (IMF) will not probably revise its GDP forecasts of Georgia despite the global economic slowdown as well as Georgia’s political changes according to the fund’s local representative. IMF expects Georgia’s annual real GDP growth of 7% and 6% in 2012 and 2013, respectively.

 

 

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