Stock market
stock market

Trading activity on the stock market closed on a positive note as gains in two equities helped the indices regain some lost grounds.

Stock marketThough two equities closed the session lower, the benchmark Composite Index defied the laggards as it edged up by 0.05 points to 2,228.48. The Composite Index however remains in the red as the year to date change stood at ?-1.44% at the close of trading.

The Financial Index also clawed back 0.07 points to 2,206.33, representing a year to date return of -1.66%.

On price movements, Ecobank Ghana bagged 5GHp to close at GH?7.35; CAL Bank was also in demand inching up a pesewa to GH?1.03. Enterprise Group and GCB Bank however ended the session on the losing side shedding1GHp and 7GHp to GH?1.70 and GH?5.52 respectively.

At the closing bell, a total of 123,387 shares valued at GH?197,941 were exchanged in sixteen equities.

Outlook

At Thursday?s closing bell interest in CAL Bank, Ghana Oil and UT Bank gained momentum as witnessed by the outstanding bids. They are likely to be amongst advancers at the next session. GCB Bank, Enterprise Group and Ecobank Ghana may however shed some grounds as buyers continue to look for discounted deals

On the currency market, the Cedi was unable to hold on to gains registered against the Euro and the Swiss Franc yesterday. The local currency was stable against the Dollar but extended its slide against the Pound SThe Cedi could not take advantage of reports of a rise in U.S. jobless claims to its highest level in four months.? The local currency was unchanged against the green back with mid rates on the interbank market at GH?3.22.

The Cedi however gave up 0.23% against the Swiss Franc as the Swiss National Bank?s removal of a three-year cap of the Franc to the Euro sent the export reliant economy?s currency ascending. Traders on the interbank market quoted GH?3.16 for the franc.

The local currency also trimmed 0.22% and 0.41% against the Euro and the Pound Sterling with rates on the interbank market averaging GH?3.79 and GH?4.90 for the Euro and the Pound Sterling respectively. Against the South African Rand the Cedi shed 0.53% to GH?0.28.

HFC Bank (HFC) has informed the investing public that two shareholders of the bank have gone to Court against thirteen (13) defendants including SSNIT and Ernest Thompson, Director General of SSNIT. The two shareholders are seeking an interlocutory injunction against the Extraordinary General Meeting scheduled for Tuesday, January 20, 2015.

In the light of these circumstances, the meeting will no longer be held as previously indicated.

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