On the Ghana Stock Exchange
Trading activity in terms of volumes on the stock market decreased by 16.15% in the week under review as volumes of shares traded scaled down by 585,626. Further, the total values of shares traded increased to GHS7,612,025.00 representing 15.43% appreciation week on week. There were 8 gainers and 2 losers at week-close.
The market will remain very active this week mimicking last week’s trade pattern in terms of volumes and values despite managers of the local bourse employing stringent measures to deal with some listed companies. Market liquidity will remain on the high side this week as volatility levels continue to stay low due to buoyant investors’ confidence. At the close of next week, the market is expected to maintain a positive YTD outlook while returning positively on its benchmark composite Index.
An analytical outlook into 2017 pictures YTD key market indices closing the year relatively better than 2016. Commodity-based stocks are expected to follow in an upward trajectory following an anticipated relative stability of major commodity prices on the world market. Most financial stocks may fail again to drive over-all returns on the market as the banking industry continues to record high levels of NPLs, financial stocks however may record lesser price volatilities as compared to 2016.
On the Ghana Alternative Market (GAX)
Trading activities on the Ghana Alternative Market closed the week with no shares changing hands.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
On the Currency market
The Cedi lost marginally to all the major trading currencies at week close. The local currency exchanged at a mid-rate of GHS4.3994 to the USD, GHS5.6629 to the GBP and GHS5.2215 to the EURO as at week close. GN Market Analysts posit that, the Cedi is poised to exhibit some stability 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 9.26% losing at an average daily rate of 9.35 per cent for the week under review.
By GN Research