Movers for the day
Movers for the day

Volume of shares traded at the opening of this week?s session was impressive compared to figures recorded last Friday. The market nonetheless closed the session lower with four decliners pegging back the indices.

Ghana Oil was the lone gainer with a 2GHp gain to 81GHp.

On the flip side, four equities opened the week on the back foot. Profit taking in Stanchart saw its price drop 5GHp to GH?20.00. Mechanical Lloyd and UT Bank also lost 2GHp each to 35GHp and 43GHp respectively while Guinness Ghana eased a pesewa to close at GH?5.90.

Twelve equities changed hands with a total of 228,741 shares valued at GH?500,150 being recorded. Stocks that enjoyed investors? interest today were Ghana Commercial Bank, SIC Insurance, Ghana Oil, Enterprise Group and Societe Generale which together accounted for 80.5% of volume traded.

The benchmark Composite Index as a result declined by 1.93 points to close at 2,386.81. This corresponds to a year-to-date return of 11.26 %. The Financial Index (FI) also shed 2.63 points to 2,108.31, registering a year-to-date return of 18.01%.

Outlook

In the days ahead though analysts foresee Ecobank Ghana, Stanchart, UT Bank and Guinness Ghana extending their downward drift, it is likely demand for shares of Total Petroleum, SIC Insurance, Ghana Oil and HFC Bank may help steady the bourse.

The auction held last Friday March 21, 2014 saw all the treasury rates edging higher except the 182-day bill that slipped marginally. The Bank of Ghana?s policy direction and inflationary conditions continue to impact on rates.

The 91-day bill rose 34 basis points to 23.51% while the 1-Year and 2-Year Notes also gained 50 basis points each to 22.50% and 23.00% respectively. The yield on the 182-Day bill however lost 4 basis points to 21.21%.

The Bank of Ghana had targeted an amount of GH?612M for the auction but total bids submitted by dealers for bills and notes amounted to GH?667.11M. The Central Bank accepted GH?623.41M.

On the currency front, the Cedi opened the week on a lacklustre note against all the major trading currencies.

The Cedi depreciated by 0.22% and 0.30% against the Dollar and the Euro respectively with rates by interbank traders at GH?2.63 and GH?3.62.

The Cedi also gave up 0.13% against the Pound at a mid-rate of GH?4.33 on the currency market.

Against the Swiss Franc and the South African Rand, the Cedi shaved 0.24% and 1.06% to GH?2.97 and 24GHp respectively.

Movers for the day
Movers for the day

Source Merban Stockbrokers Ltd

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