On the Ghana Stock Exchange (GSE,) The market continues to ride on the positive wave of increased business activity in Ghana since 2017 year start.
Indeed, the market numbers as rightly predicted by GN Analysts for this week has so far met expectations.
Increased retail investors activity on the market has contributed to the improvement of trade levels.
GN Analysts tip SCB, ETI and CAL to make additional marginal gains by week close due to the increased buy pressure on the afore-mentioned stocks.
GN Analysts expect the investment community in Ghana to positively react to the new ministerial appoints although appointments still awaits parliamentary approval. The appointments of astute individuals like Mr. Ken Ofori-Atta as minister-designate for Finance could further send positive signals to investors, especially foreign investors who desire to invest in the Ghanaian economy. GN Analysts however do not expect an immediate positive impact of the news of the on-going ministerial appoints on the stock market. However, a long term positive impact on some equities especially financial and manufacturing stocks is a guarantee. A positive turn-around of the economy will boost the stock market’s performance in the medium to long term.
Trading activity on the bourse ended with 4 gainers [EGH, ETI, GCB & SCB] yesterday. UTB topped trading chart in terms of volume as 152,200 shares worth GHS 4,566.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 1.08% and 1.95% respectively.
Trading activity on the Ghana Alternative Market [GAX] ended yesterday with no shares changing hands.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
The Cedi LOST marginally to all the major trading currencies yesterday.
The local currency exchanged at a mid-rate of GHS 4.2189 to the USD, GHS 5.1283 to the GBP and GHS 4.4687 to the EURO.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market now records a year-to-date depreciation of 0.22%.
By GN Research