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September 22, 2021

 

As part of measures to close the yawning budget deficit gap created by impacts of the coronavirus pandemic, the central bank has triggered its emergency financing provision that will allow it to support government to the tune of GH¢10billion this year.

Novel corona virus, a pandemic which has caused a halt in many activities resulting in job losses.Notwithstanding it has shockingly been defined as a mixed blessing to Ghana, according to the Poultry Farmers' Association in the Ashanti Region.

The Pharmaceutical Manufacturers Association of Ghana (PMAG) has appealed to government to impress upon banks to reduce interest rates on loan facilities intended to cushion local manufacturers as a COVID-19 stimulus package.

The Export-Import Bank (EXIMBank) Ghana is set to collaborate with Entrance Pharmaceuticals and Research Center, a member of the Tobinco Group of companies, to produce Hydroxychloroquine and azithromycin locally to treat Covid-19 patients.

The International Fund for Agriculture Development (IFAD), has approved the disbursement of $20 million loan for Ghana.

Government is constructing 80 warehouses with the capacity to store up to 80,000 metric tonnes(MT) of food items aimed at ensuring food security in the country.

The Controller and Accountant-General has implemented the three months’ tax relief granted to all health workers as directed by President Nana Addo Dankwa Akufo-Addo in his recent address to the nation on COVID-19.

The Shanghai Composite dropped nearly 8% as investors reacted to the ruling, which will prevent the brokers from opening new margin trading accounts for three months.

Shares of two affected brokerages -- Citic Securities and Haitong Securities -- quickly lost 10%, the daily limit for stocks trading in Shanghai. Guotai Junan Securities, the third broker, was trading down more than 10% in Hong Kong. The fallout was limited to stocks trading in China. Japan's Nikkei gained nearly 1%, and most regional indices finished higher.

Deng Ge, a spokesman for the China Securities Regulatory Commission, said the brokers were caught rolling over margin trading accounts for a large number of clients "and had been warned," according to Reuters.

After absolutely dominating the market last year, the technology sector has taken a mighty hit this week, down 3.3%, the same hit the S&P 500 has taken. There is no question that some of the tech leaders may have been the victim of start-of-the-year profit taking to roll 2014 gains in to 2015. In some cases, tax-loss selling may be the culprit to print against those gains. The real question for many investors is simple: Is the tech party starting to wind down?

A new research report from the Information Technology and Hardware analysts at UBS tracks the stocks that are the most overbought and oversold on a relative strength basis. Needless to say, this week’s volatility has skewed numbers for the stocks that were oversold even more. Here are five high-profile technology stocks that showed up on the UBS oversold screen.

IBM’s software unit missed earnings badly last year, and Citrix is poised to grab business in this arena. By reason, some investors could consider that Big Blue may be keeping an eye on the company, looking to strengthen existing business while eliminating a very formidable contender in the space.

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