Trading activity at the midweek session closed on a positive note with the indices helped by six advancers to overcome two decliners. Activity was however largely muted with volume and turnover failing to match those of recent sessions.
Total Petroleum led advancers with an 8GHp appreciation to GH?5.15. Societe Generale and HFC Bank also added 5GHp to GH?1.07 and GH?1.09 respectively. Stanchart and the Insurance stocks completed the list of advancers today with a pesewa gain each. Stanchart and Enterprise Group rose to GH?20.56 and GH?2.41 respectively; SIC insurance also closed at 40GHp.
On the flip side, Ghana Commercial Bank continued its downward drift trimming 5GHp to GH?4.45. Benso Oil Palm also shed the pesewa it gained yesterday to close at GH?3.29.
A total of 177,375 shares valued at GH?262,432.76 changed hands in eighteen equities.
Top traded equities
The benchmark Composite Index as a result of the changes, climbed 5.74 points to 2,433.58, representing a change of 13.44% this year.
The Financial Index also added 5.76 points to 2,190.44. The return on the Financial Index stands at 5.76%
Today?s trading session closed with outstanding bids in Total Petroleum, UT Bank, HFC Bank and Societe Generale, this is likely to drive the market into a northward direction tomorrow.
Stocks expected to be under selling pressure however include Ghana Commercial Bank and PZ Cussons.
Outlook
We do not foresee a change in market trends for the remainder of the week though volume and value may improve.
On the currency front, the Cedi was under pressure today closing lower against the major trading currencies; it however clawed back some gains against the South African Rand.
The Ghana Cedi failed to sustain its second day rally against the Dollar, it shed 0.26% against the greenback to close at GH?2.44.
The Pound also bounced back from yesterday?s reverse against the Cedi. The local currency depreciated by 0.3% to an average rate of GH?4.08 quoted on the interbank market.
The Cedi also weakened by 0.59% against the Euro on Wednesday due to strong economic data which boosted the shared currency. The Ghana cedi changed hands at GH?3.36.
Against the Swiss Franc, the Cedi also dropped 0.61% with mid-rates by bank dealers hovering around at GH?2.75.
The Local currency however, appreciated by 0.29% against the Rand today as South African?s inflation rate for January showed a 4%? increase to 5.8%, the rand as a result traded at 22GHp versus the Cedi.
Source Merban Stockbrokers
