Outlook

A block trade in the shares of SIC Insurance was one of the highlights of trading activity on the bourse today. The market however extended its southward drift with declines in seven equities weighing on the indices at the close of the midweek session.

A total of 3.73 million shares valued at GH?1.51 million were exchanged in nineteen equities. SIC Insurance, the most traded stock today accounted for 80% of volume and 70% of value respectively.

On price movements, Ecobank Ghana trimmed 27GHp to close at GH?7.30; GCB Bank also shaved 10GHp to GH?5.59. Five other equities closed the session down by a pesewa each. Stanchart slipped to GH?20.13; Enterprise Group was down to GH?1.71 while ETI, UT Bank and Cocoa Processing closed trading at 25GHp, 22GHp and 1GHp respectively.

On the back of these changes, the benchmark Composite Index gave up 31.35 points to 2,228.43. This brings its year-to-date change to -1.44%. The Financial Index also trimmed 38.22 points to 2,206.26, representing a year to date return of -1.674%.

OutlookOutlook

At today?s closing bell there were offers in Enterprise Group, GCB Bank and Ecobank Ghana. This is likely to put their shares under pressure at the next session as the search for discount deals by buyers continue to weigh on prices.

On the currency market, the Cedi clawed back grounds against the Euro and the Swiss Franc. It however failed to hold its own against the Dollar, the Pound Sterling and the South African Rand.

The Cedi was unable to take advantage of reports of the biggest drop in U.S. retail sales in eleven months, which pressured the Dollar. The local currency trimmed 0.23% against the green back with mid rates on the interbank market at GH?3.22.

The Cedi also gave up 0.18% and 0.59 % against the Pound and the South African Rand to change hands at GH?4.88 and GH?0.28 respectively.

The local currency however strengthened against the Euro and the Swiss Franc as it appreciated by 0.42% and 0.44% with rates on the interbank market averaging GH?3.78 and GH?3.15 for the Euro and the Rand respectively

Source UMB Stockbrokers Ltd

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