What moved
What moved
    What moved

What moved

Gains in two equities were not enough to help the market halt its southward drift with declines in five others pegging back the indices at the end of the midweek session.

Ghana Oil and Total Petroleum were the gainers inching up a pesewa each to 87GHp and GH?6.56 respectively.

On the other hand, Societe Generale trimmed 10GHp to 90GHp while Stanchart shaved 7GHp to GH?19.82. Mechanical Lloyd and Ghana Commercial Bank gave up a pesewa each to 33GHp and GH?4.05 respectively.

In all, a total of 310,470 shares valued at GH?280,726 were traded in sixteen equities. CAL Bank was the most traded stock accounting for 60% of volume traded and 59% of value traded respectively.

With these changes, the benchmark Composite Index declined by 10.76 points to close at 2,339.36. This corresponds to a year-to-date return of 9.05%. The Financial Index (FI) also shed 15.68 points to 2,019.63, registering a year-to-date return of 13.04%.

Outlook

For the rest of the week we do not anticipate a change in market trends. Total Petroleum, CAL Bank, Fan Milk and Ghana Oil are expected to be amongst the gainers while Stanchart, GGBL, and Ecobank Ghana may head lower.

On the currency market, the Cedi struggled for stability as it lost grounds to the major currencies today.

Higher-than-expected jobs report in February gave the Dollar a boost with the local currency shedding 0.45% against the greenback today. The Cedi thus traded at a mid-rate of GH?2.71 to the Dollar.

The Cedi also weakened against the Euro failing to take advantage of German trade balance data which were below expectations. The local currency shaved 0.85% against the shared currency with rates by bank traders averaging GH?3.74.

Against the Pound Sterling and the Swiss Franc the local currency was down 1.20% to close at GH?4.54 and GH?3.07 respectively.

The Cedi also backtracked against the South African Rand dropping 1.75% with mid-week rates against the Rand averaging GH?0.26.

 

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