The stock market showed a sturdy performance in spite of lower volumes traded at the close of the day?s session with the indices edging up on the back of five advancers.
With no decliners recorded today, UT Bank led price movers clawing back 4GHp to close at 34GHp. Ghana Commercial Bank sustained its recovery climbing 2GHp to GH?4.56. Three other gainers added a pesewa each. CAL Bank rose to 89GHp; Ghana Oil also inched up to GH?1.01 while Total Petroleum also closed at GH?6.11.
A total of 92,102 shares valued at GH?275,222changed hands in twelve equities. Ecobank Ghana was the most traded stock, accounting for 24.9% of total volume and 58.7% of total value.
By the closing bell the benchmark Composite Index was up 6 points to 2,204.87; bringing its year-to-date change to 2.78%. The Financial Index also gained 7.37 points to 2,118.53, representing a year to date return of 18.58%.
Outlook
Trading activity is expected to remain steady at the next session with growing demand for Ghana Commercial Bank, Guinness Ghana, Benso Oil Palm and Ghana Oil giving the indices a lift.
On the other hand, Fan Milk and PZ Cussons may be under selling pressure.
Traders on the interbank market showed stronger appetite for the Cedi as it appreciated against the major trading currencies with the exception of the Pound.
The Cedi was resilient against the Euro and the Swiss Franc adding 0.20%, and 0.29% to GH?4.12 and GH?3.41 respectively.
Against the Rand, the Cedi clawed back 0.53% from its recent slides with the local currency trading at an average of 29GHp per Rand today.
| Currency | Rate | Rate | Gain / Loss | |||
| 02-Sep | 01-Sep | Today | 1-Mth | 12-Mo | Y-T-D | |
| Dollar | 3.1333 | 3.1333 | 0.00 | -3.18 | -36.30 | -31.01 |
| Euro | 4.1157 | 4.1239 | 0.20 | -0.96 | -35.99 | -27.44 |
| Pound | 5.2062 | 5.1989 | -0.14 | -1.85 | -40.68 | -31.38 |
| Swiss Franc | 3.4088 | 3.4189 | 0.29 | -1.64 | -37.16 | -28.47 |
| Rand | 0.2922 | 0.2937 | 0.53 | -2.91 | -33.25 | -29.40 |
| SOURCE: Bank of Ghana | ? | ? | ? | ? | ? | |
The local currency remained stable against the Dollar although the greenback received massive boost on the international forex market after U.S manufacturing data released showed an unexpected growth. The Cedi changed hands at GH?3.13 against the green back.
The Cedi however depreciated against the Pound on the back of UK construction growth which accelerated in August and added to signs of the recovery of the British economy. The Cedi thus closed at an average rate of GH?5.21 versus the Pound Sterling.
Source Merban Stockbrokers Ltd
