Earnings results and dividend announcements failed to lift the market last week. Five equities registered gains but those were not enough as the indices were held back by nine laggards.

The benchmark Composite Index closed the week?s ending session down by 48.82 points to 2,333.05. This brings the market?s return to 8.76%.

The Financial Index (FSI), reeling from declines in seven stocks also shaved 68.17 points to close at 2,011.26. This represents a year to date return of 12.57%.

UT Bank, which was the most traded stock led movers as it added 4GHp to 45GHp. Ghana Oil and HFC Bank followed edging up by 3GHp each to 88GHp and GH?1.25 respectively. Mechanical Lloyd and Total Petroleum completed the list as they inched up to 35GHp and GH?6.56 respectively.

On the flip side, Ecobank Ghana and Stanchart led decliners shedding 63GHp and 24GHp to GH?6.50 and GH?19.65 respectively. Societe Generale was also down 10GHp to 90GHp while shares in CAL Bank trimmed 6GHp to 87GHp. GCB and SIC were also down 4GHp each to GH?4.04 and 48GHp respectively.

Other laggards were Fan Milk, Enterprise Group and BOPP which slipped to GH?7.52, GH?2.38 and GH?3.01 respectively.

Volume and value of shares traded were impressive with a total of 2.57 million shares valued at GH?2.14 million being recorded.

In the coming week CAL Bank, Fan Milk, Ghana Oil and HFC will be among the stocks in demand while Societe Generale, Enterprise Group and SIC Insurance may be under pressure.Generale11

The 91-day bill extended its northward drive at the auction held last Friday April 4, 2014 as some dealers sought higher rates for their investments. The 182-day bill however slipped while the 1-Year and 2-Year Notes remained unchanged.

The yield on the 91-day bill added 30 basis points to close at 23.99%. The 182-Day bill however trimmed 2 basis points on the previous weeks 21.24% to 21.22%.

The 1-year and 2-Year Notes were however unchanged from the previous week?s levels of 22.50% and 23.0% respectively.

A total of GH?309.35 million bids were tendered by dealers of which GH?307.14 million were accepted by the Central Bank. This was however 55% below the GH?477 million anticipated by the BoG.

At the auction to be held on Friday April 11, 2014 the Bank of Ghana hopes to raise GH?583 million.

On the currency market, the Cedi opened the week on a strong note against the major currencies but demand pressures and economic data for some advanced countries saw the local currency struggling to hold on to gains.

The Cedi slipped against the Dollar as the addition of 4.17 million U.S. jobs in February and a drop in jobless claims to the lowest level since May 2007 gave a boost to the greenback. The local currency as a result shaved 1.87% against the Dollar to trade at an average rate of GH?2.75.

The Euro was equally bullish against the Cedi as French deficit fell from 5.61B to 3.36B in February and German industrial production grew at a faster pace than expected. Rates by bankers for the shared currency versus the Cedi averaged GH?3.67 at the week?s close. This represents a slide of 3.18%.

A higher growth in the U.K.?s manufacturing output gave the Sterling an edge over the Cedi with the local currency shedding 3.04% during the week. Average rates by bankers for the Cedi versus the Pound Sterling stood at GH?4.61 on Friday.

Dealers in search of the Swiss Franc and the South African Rand had to pay more for the two currencies as midrates increased from GH?3.02? and GH?0.25 the previous week to GH?3.14 and GH?0.26 at the end of the current week. Overall, the Cedi shaved 3.68% and 3.67% against the Swiss Franc and the South African Rand.


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