GSE

Declines in three equities weighed on the market as gains in four equities failed to boost the indices. Volume and turnover were however impressive compared to figures registered in the last three sessions.

 

On price movements, the two equities in the petroleum retail sector saw price appreciations on Thursday. Total Petroleum bagged 31GHp to GH?5.80 while Ghana Oil added a pesewa to 79GHp.? SIC Insurance clawed back the 2GHp it lost last Wednesday to close at 52GHp. Fan Milk ended the list of advancers as it continued its upward surge adding a pesewa to end the session at GH?7.44.

 

On the other hand, three banking stocks lost grounds today. Ecobank Ghana and Stanchart on the back of profit taking shaved 20GHp and 2GHp to close at GH?7.50 and GH?20.05 respectively. UT Bank also slipped a pesewa to 44GHp.

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In all, fourteen equities changed hands today with a total of 237,855 shares valued at GH?624,901 being traded. Trade volume and turnover today were boosted by trades in UT Bank, SIC Insurance, Enterprise Group, Ghana Commercial Bank and Total Petroleum which together accounted for 82.1% of total volume and 69.3% of value.

 

At the closing bell, the benchmark Composite Index lost 4.27 points to close at 2,385.67. This gain in the benchmark index takes the year-to-date return on the bourse to 11.21 %.

 

The Financial Index (FI) also slipped as three financial banking stocks declined.? The FI decreased by 15.65 points to 2,110.94. The return on the financial index stands at 18.15%.

 

Outlook

We don?t foresee a change in market trends in the last session of the week. Fan Milk, SIC Insurance, Total Petroleum, Ecobank Ghana and Stanchart are expected to drive market activity tomorrow.

On the currency market the Cedi was again under pressure against the major currencies. It however recovered some losses it registered yesterday against the Rand.

 

The local currency was down 0.48% and 0.53% against the Dollar and the Euro with rates on the interbank market averaging GH?2.58 and GH?3.59 today.

 

Against the Pound and the Swiss Franc the local currency also shaved 0.62% and 0.41% with traders on the interbank market quoting GH?4.30 and GH?2.95 for the Pound and the Swiss Franc respectively.

 

The local currency however appreciated against the South African Rand; it gained 0.08% to trade at a mid-rate of 23GHp.

GSE?Source Merban Stockbrokers Ltd

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