Impressive trades in the shares of Ghana Commercial bank gave a boost to activity on the bourse on Monday April 14, 2014. CAL Bank also clawed back a pesewa but the indices closed the week?s opening session lower as nine equities slipped.

CAL was up to 88GHp but Ecobank Ghana dropped 20GHp to GH?6.30. Benso Oil Palm also shaved 10GHp to GH?3.0 while Stanchart slipped from GH?19.65 to GH?19.60. Ghana Commercial Bank trimmed 3GHp to GH?4.01; Guinness Ghana was down to GH?5.81 while TOTAL and Enterprise eased to GH?6.55 and GH?2.37 respectively. SIC and ETI completed the list closing the session at 47GHp and 22GHp respectively.

At the closing bell, fifteen equities had had their shares being traded in with a total volume of 658,937 shares valued at GH?2.71 million being recorded. Ghana Commercial Bank had the lion?s share of trades as it accounted for 89% of volume traded and 87% of value traded respectively.

With these changes, the benchmark Composite Index declined by 22.42 points to close at 2,310.63. This corresponds to a year-to-date return of 7.71 %. The Financial Index (FI) also shed 27.42 points to 1,983.84, registering a year-to-date return of 11.04%.

market watchersLooking ahead, market watchers foresee BOPP, Fan Milk and HFC Bank edging higher during the course of the week on the back of their dividend announcements. Ghana Oil may also be in demand but profit taking may see Enterprise Group, SIC Insurance and Societe Generale backtracking.

The Directors of Benso Oil Palm Plantation (BOPP) have proposed a final dividend of GH?0.0334 per share for the 2013 financial year. This is however subject to approval at its upcoming Annual General Meeting.

In this regard, shareholders registered in the books of BOPP at the close of business on Wednesday, 7th May, 2014 will qualify for the final dividend.

The ex-dividend date has been set as Monday, 5th May, 2014. Consequently, an investor purchasing BOPP shares before this date will be entitled to the final dividend.

The final dividend if approved will be paid on Friday, 20th June, 2014

The 91 and 182-Day bills climbed at the end of the auction held last Friday April 11, 2014. The 1-Year and 2-Year Notes however remained unchanged.

The yield on the 91-day bill rose by 8 basis points to close at 24.07%. The 182-Day bill also added 3 basis points on the previous weeks 21.22% to 21.25%.

The 1-year and 2-Year Notes were however unchanged from the previous week?s levels of 22.50% and 23.0% respectively.

A total of GH?528.28 million bids were tendered by dealers of which GH?516.14 million were accepted by the Central Bank. This was however below the GH?583 million anticipated by the BoG.

At the auction to be held on Thursday April 17, 2014 the Bank of Ghana hopes to raise GH?536 million.

On the currency market, the Cedi opened the week on a strong note against the Dollar, Euro, Pound and the South African Rand. It was however flat against the Swiss Franc.

A higher reading of the U.S. producer price index and strong consumer sentiment failed to give the Dollar a boost with the local currency appreciating by 0.10% against the greenback today. The Cedi thus traded at a mid-rate of GH?2.75 to the Dollar.

The Euro also lost grounds to the Cedi with comments by ECB president Mario Draghi that a further rise in the currency would lead to further monetary easing. The local currency climbed 0.06% against the shared currency with rates by bank traders averaging GH?3.82.

Against the Pound Sterling and the South African Rand the local currency gained 0.39% and 0.21% to close at GH?4.59 and GH?0.26 respectively.

The Cedi was almost flat against the Swiss Franc with weak opening rates unchanged from Friday?s GH?3.14.

Source Merban Stockbrokers Ltd

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