The mid-week session closed on a positive note as the indices on the back of gains in four equities bounce back from Tuesday?s reverse.
Ghana Commercial Bank leaped 7GHp to GHC4.99.Fan Milk gained 3GHp to close at GHC6.70 while Stanchart also climbed a pesewa to end the session at GH?15.02. Ecobank Transnational Incorporated completed the list clawing back the pesewa it shed yesterday to close at 23GHp.
There were no decliners today. A total of 345,095 shares valued at GH?1.5M changed hands in thirteen equities. GOIL, GCB and Unilever were the most traded stocks today accounting for of 78.13% of volume and 94.04% of value.
Market snapshot
With these changes, the benchmark composite index closed the session up by 11.2 points to 2,181.80 representing a year to date return of 1.71%.?
Gains in banking stocks boosted the GSE Financial Index (FSI) by 14.61 points to 1,840.49. This corresponds to a change of 3.02% this year.
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Outlook
We expect shares in Ecobank Transnational Incorporated, Produce Buying Company and PZ Cussons to be under selling pressure as there were excess offers at the end of today?s trading session.
Stocks expected to record gains in the days ahead include Ecobank Ghana, Standard Chartered Bank, CAL Bank, Ghana Commercial Bank and Fan Milk.
On the currency market, the Cedi was under pressure as it backtracked against the major currencies.
Stronger U.S consumer spending data which bolstered the dollar today saw the local currency shedding 0.93% against the green back. Rates on the interbank market averaged GH?2.29.
The Cedi lost grounds against the Euro after a report from the Federal Statistics Office noted that German Gross Domestic Product probably increased about 0.25% in the last quarter of 2013. The Ghana currency weakened by 1.17% to GH?3.13 per Euro.
The local currency trimmed 1.37% against the Pound to change hands at GH?3.77.
Against the Swiss Franc and the South African Rand the local currency shaved 1.11% and 0.14% respectively with midrates of GH?2.54 and 21GHp quoted by bankers.
Source Merban Stock Brokers Ltd
