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Saturday, November 18, 2017

BG Capital issues weekly market watch

BG Capital, formerly Galt & Taggart Securities, the wholly-owned investment arm of the Bank of Georgia, recently issued its market watch report for the week of Feb. 17-21.

The London traded Bank of Georgia Holdings closed at GBP 23.90, up 10.34 percent week-on-week, with more than 620,000 shares traded in the range of GBP 21.55-24.29.

Eurobond prices for the Bank of Georgia, Georgian Railway and Georgian Oil were up in the debt world, while Georgian Sovereign's Eurobond price remained unchanged.

There were no trades on the Georgian Stock Exchange, leaving the BG Index at the same level - GEL 800.0.

During the week, according to the report, the National Bank of Georgia issued seven-day refinancing loans in the amount of GEL 500 million with an average yield of 4.04 percent, up 3.5 percent week-on-week. NBG also sold 182-day, GEL 20 million certificates of deposits with an average yield of 4.54 percent, up by 27 bps.

BG Capital said that Georgia's money transfer inflows grew by 4.9 percent year-on-year in January, reaching $98.7 million as foreign workers sent $92 million - 93.2 percent of the total money transfers - in remittances back from 12 big donor countries. Russia accounted for approximately 47.2 percent of total foreign money transfers in January followed by Greece at 15.1 percent and Italy at 9.2 percent.

Georgia's external merchandise trade -excluding non-organized trade - amounted to $761 million, up 15 percent year-on-year. Exports grew by 14 percent year-on-year, reaching $224 million, while imports grew by 15 percent year-on-year, amounting to $538 million. The trade deficit equaled $314 million and its share in trade turnover constituted 41 percent.