Market performance expected to rise

The Composite and Financial Stock indices dipped by 4.45 points and 2.29 points at the close of trading yesterday. The declines in the market performance were as a result of the slump in prices of EGH, HFC, GOIL, ACCESS, and MLC.

The share price of SCB, BOPP, SOGEGH, UNIL, and GGBL appreciated at the end of yesterday’s trade.  HFC topped the charts in terms of volume as 159,800 shares worth GHS 195,013 changed hands.

The outlook on trading activities and the movement in the GSE CI index remains positive. The GSE Composite index reached a record high of 3334.84 since 2011 as shown in the graph below. In 2017 the index reached its highest peak at 2579.72. The finance and petroleum industry is expected to continue to drive the overall market return in the subsequent months, having recorded a YTD return of 46.63% and 47.84% respectively.

On the Ghana Alternative market

Trading on the GAX was hushed as no shares changed hands yesterday.

On the Currency market

The Cedi depreciated marginally against the Dollar, the British Pound, and the Euro at the close of trading yesterday. The local currency exchanged at a mid-rate of GHS 4.4178 to the USD, GHS 6.1784 to the GBP and GHS 5.4560 to the EURO. The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market recorded a year to date depreciation of 1.54%.

 

Story: GN RESEARCH

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