The indices shed some points at the week?s opening session as declines in three equities outweighed two advancers.?
Mechanical Lloyd led two advancers today adding 2GHp to close at 28GHp. UT Bank, the other gainer recouped last Friday?s pesewa loss to 23GHp.
On the flip side, the search for bargain deals in Standard Chartered Bank and Ecobank Ghana resulted in their prices slipping 8GHp and a pesewa to GH?21.17 and GH?7.61 respectively. Sam Woode Limited also shed the pesewa gained last week to close at 4GHp.
In all, fifteen equities had their shares changing hands with a total of 803,551 shares valued at GH?1.92 million being recorded.
The benchmark Composite Index (CI) held back by three laggards shed 1.25 points to close at 2,305.48, representing a year-to-date return of 7.47%.
The Financial Stocks Index (FSI) also trimmed 1.93 points to close the week at 2,308.37. The return on the financial index stands at 29.20%.
Outlook
At the next session, we expect the market to be relatively steady. Positive investor sentiments may see Fan Milk tick higher. Standard Chartered Bank on the back of outstanding bids may bounce back from today?s slide.
However, limited bids for UT Bank and PZ Cussons may result in marked down deals in these stocks.
On the money market, the 91-day bill gained firmer footing at the auction held last Friday December 12, 2014. The 182-day bill and the long term treasury notes however remained unchanged.
With investors? anticipating higher government needs in the near term, the 91-day bill extended its northward drive by a basis point to close at 25.80%.
The 182-Day bill was however unchanged at the previous week?s rate of GH?26.40. ?The 1-year and 2-Year Notes were also stable at last week?s levels of 22.50% and 23.0% respectively.
The Bank of Ghana accepted all bids submitted. A total of GH?1,022.87 million was raised. At the auction to be held on Friday December 19, 2014, the Bank of Ghana hopes to raise GH?756 million.
On the currency market, the Cedi struggled for stability as it recorded a mixed outturn against the major currencies. The local currency steadied against the Dollar and appreciated against the Rand but failed to recover against the Euro, the Pound and the Swiss Franc today.
The Cedi held steady against the Dollar at the week?s opening session and traded at last Friday?s mid-rate of GH?3.20.
The Cedi managed to outperform the Rand as it appreciated by 0.80% at an average rate of GH?0.27 today in spite of a favourable credit rating of South Africa by Fitch.
The Cedi however depreciated by 0.53%, 0.31% and 0.48% against the Euro, the Pound and the Swiss Franc respectively. Bank traders quoted mid-rates of GH?3.98, GH?5.03 and GH?3.31 for the shared currency, the Sterling and the Swiss Franc respectively.
Source Universal Merchant Bank Stockbrokers Ltd
