Financial stocks expected to drive market performance

On the Ghana stock exchange

The performance of the stock market took a nosedive last week.. The Composite index traded down at 3246.61 losing 63.32 points week on week. The Financial stock index also dipped, loosing approximately 88.66 points.

The overall return on the market based on the Composite Index stands at 25.85%. SOGEGH lead the list of gainers with GHS 0.10 to trade at GHS 2. GGBL, GOIL and PZC gained GHS 0.02 each. HFC and UNIL appreciated by GHS 0.03 and GHS 0.01 respectively. GCB on the other hand topped the list of laggards once again shedding GHS 1.30 at week close. EGL, ETI and SPL lost GHS 0.09, GHS 0.03, GHS 0.01 respectively.

Trading activity in terms of volumes on the stock market decreased by 31.04% in the week under review. The total volume of shares traded declined by 860,556. Total values of shares traded however, increased to GHS 5,016,050 representing 26.55% appreciation week on week. Market performance is expected to improve this week with SCB and SOGEGH leading the list of gainers this week riding on the back of their strong financial performance in 2017.

On the Ghana Alternative market

Trading Activities on the Ghana Alternative market was hushed as no shares changed hands.

On the Currency market

The cedi lost marginally against the Dollar and the British Pound at week close. The cedi, however, appreciated against the Euro. The local currency exchanged at a mid-rate of GHS4.4186 to the USD, GHS6.1326 to the GBP and GHS 5.4451 to the EURO as at week close. GN Market Analysts posit that, the Cedi is poised to lose value marginally on the forex market in the short-term.

The GCFM cedi index, a measure of the holistic performance of the cedi on the interbank market now records a year-to-date depreciation of 1.36% losing at an average daily rate of 1.38% for the week under review.

 

Source: GN Research

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