Average Interbank Rate
Average Interbank Rate

The stock market recovered from the losses of the previous session with gains in two equities helping the indices close the session higher.

 

Business24

Demand for Total Petroleum and HFC Bank shares resulted in gains at the close of business on Tuesday March 24. Total Petroleum leaped from GH?5.94 to GH?6.16 while HFC added a pesewa to GH?1.14.

 

On the flip side, Ecobank continued to drift downward as it lost 3GHp to GH?7.47. UT Bank and Enterprise Group also eased a pesewa each to close the session at 42GHp and GH?2.39 respectively.

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Total volume and value of shares traded were given a boost by a block trade in HFC Bank which accounted for 91.9% of volume and 86.4% of value traded. In all, fifteen equities changed hands today with a total of 3.86M shares valued at GH?4.46M.

 

On the back of the foregoing, the benchmark Composite Index increased by 2.38 points to close at 2,389.19 representing a year-to-date return of 11.37 %.

 

The Financial Index (FI) defied the laggards adding 2.96 points to 2,105.35, registering a year-to-date return of 17.84%.

 

Outlook

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The stock market is likely to steady in the next session. Total Petroleum, Ghana Oil, SIC Insurance and HFC are some of the stocks which may inch up. On the other hand, Ecobank Ghana, Stanchart and UT Bank may be under selling pressure.

 

SCB announces that the bank?s Annual General Meeting is scheduled to take place on Wednesday, May 28, 2014 at the National Theatre, Accra at 11:00am.

 

AngloGold Ashanti has announced the appointment of Mr David L. Hodgson as an independent non-executive director to its Board of Directors, with effect from 25 April 2014.

 

Mr Hodgson has extensive experience in the international mining sector. He held a series of senior and executive positions during his three decades with the Anglo American and De Beers group of companies, and also held the post of Chief Operating Officer of AngloGold Ashanti from November 2001 through to his retirement in April 2005

 

On the currency market the ?cedi extended losses on the forex market as it depreciated against the major trading currencies.

 

The Dollar was under pressure on the international front as U.S. flash manufacturing PMI data dropped from a previous 57.1 to 55.5. The cedi however failed to take advantage of the development; it shed 0.66% against the greenback at an average rate of GH?2.64.

 

Against the Euro, the Cedi gave up 0.61% and traded at a mid-rate of GH?3.64 on the interbank market.

 

With Britain?s inflation rate for February 2014 dipping to 1.7% from the previous month?s rate of 1.9%, the Pound steadied on the currency market. The cedi as a result shaved 0.65% against the Sterling to close at GH?4.36.

 

Against the Swiss Franc and the Rand, the local currency also trimmed 0.5% and 1.01% with bank traders quoting average rates of 2.99 and 24GHp for the Swiss Franc and the Rand respectively.

 Average Interbank Rate

Average Interbank Rate

Source Merban Stockbrokers Ltd

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