Trading activity during the week saw improved turnover due to significant trades in the shares of Ecobank Transnational Incorporated. However, declines in nine equities weighed on the market indices.
As a result, the benchmark Composite Index dipped 12.50 points from 1,992.63 to 1,980.13; equivalent to a year to date yield of negative 0.74 per cent
| Top – 5 Most Actively Traded Stocks (By Volume) | |||||||
| Equity | Value of shares traded | % of Total Volume | Value of trades (GH¢) | % of Total Value | |||
| Ecobank Trans | 3,027,325 | 84.53 | 758,619 | 41.28 | |||
| Cocoa Processing Co. | 102,300 | 2.86 | 1,030 | 0.06 | |||
| Enterprise Group | 94,275 | 2.63 | 228,122 | 12.41 | |||
| CAL Bank | 69,090 | 1.93 | 67,539 | 3.68 | |||
| GCB Bank | 64,893 | 1.81 | 241,257 | 13.13 | |||
| ©UMBS Research; Data: GSE | |||||||
The Financial Index also had its share of losses as five financial stocks closed on the back foot. It trimmed 13.05 points from 1,932.00 to 1,918.95. Its year –to- date return thus declined to 0.58 per cent
Societe Generale and GCB Bank appreciated by a pesewa to close trading at 81GHp and GH¢3.71 respectively.
On the downward side, Ecobank Ghana, CAL Bank and PZ Cussons shed a pesewa each to GH¢7.05, 97GHp and 30GHp respectively.
Ecobank Transnational Incorporated and SIC Insurance also gave up a pesewa each to 25GHp and 19GHp respectively.
The other decliners were Total Petroleum and Guinness Ghana, dropping 3GHp each to GH¢5.12 and GH¢1.96 in that order. HFC Bank and PBC Ltd also declined by 2GHp each to GH¢1.03 and 8GHp respectively.
The week under review recorded impressive turnover of trades driven by significant trades in the shares of Ecobank Transnational Incorporated. In all, 3.58 million shares valued at GH¢1.84 million were exchanged in twenty one equities as against the previous week’s 473,747 shares valued at GH¢840,748 which were traded in nineteen equities.
In the week ahead market analysts foresee brisk activity as investors continue to take positions as they digest full year results. Stocks likely to be in demand include Fan Milk, CAL Bank, GCB Bank, Unilever and Ecobank Ghana.
On the money market, the Central Bank raised a total of GH¢821.10 million in bills and notes to meet maturing obligations in the auction held last Friday, February 19, 2016. This was lower than the GH¢1.33 billion the Bank had targeted to raise.
The short term instruments closed in the upward direction while the long term notes were stable at previous rates. The 91- Day bill and the 182- Day bill gained 4 basis points each to close at 22.68 per cent and 24.61 per cent respectively.
Remaining stable at their previous yields, the 1-Year Note and the 2-Year Notes stood at 23.00 per cent and 23.30 per cent respectively.
The Bank of Ghana expects to raise GH¢1.39 billion at the auction to be held on Friday, February 26, 2016.
The week under review saw the local currency recording impressive gains against all the major trading currencies.
The Cedi was upbeat against the Dollar and the Euro, appreciating by 0.70% and 0.53% and closing at midrates of GH¢3.88 and GH¢4.26 respectively.
Against the Pound and the Swiss Franc, the Cedi appreciated by 0.59% and 0.68% to close at GH¢5.40 and GH¢3.90 respectively.
The local currency was also unchanged against the Rand; it remained flat at the previous rate of GH¢0.25.
Source UMB/IFEJ News
