SCB, GCB and BOPP SHARES to record gains this week

On the Ghana Stock Exchange-

Trading activity in terms of volumes on the stock market decreased by 60.79% in the week under review as volumes of shares traded scaled down by 2,550,479. Further, the total values of shares traded decreased to GHS 1,768,422 representing 76.21% week on week depreciation. There were 8 gainers and 4 losers at week-close.

Trading activity on the bourse will soar in numbers this week above prior week. GCB is likely to record some marginal gains by week close. Also, SCB and FML will continue to experience high buy pressure on the market as a result of their growing attractiveness among investors. This could potentially result in positive share price movements. BOPP continues to ride on the wave of impressive earnings and rising Crude Palm Oil [CPO] prices. Investors can channel some funds into BOPP shares this week as GN Analysts expect some price appreciation on the stock.
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 was hushed at week close as no shares changed 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 US Dollar but gained to the British Pound and Euro at week close on the interbank forex market. The local currency exchanged at a mid-rate of GHS 4.2091 to the USD, GHS 5.4252 to the GBP and GHS 4.5980 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 1.96% losing at an average daily rate of 1.72 percent for the week under review.

 

GN Research

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