4 equities edged up whiles 3 others dropped

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Trading activity on the bourse for the shortened week ended with four equities edging up

The benchmark index was however unable to sustain gains for a fourth straight week as the search for some stocks at discount prices saw three other equities backtrack.

At the close of the week?s ending session, the benchmark Composite Index dropped 4.12 points to 2,142.79. The market?s outturn remained positive with a year to date gain of 78.61%.

The Financial Stock Index (FSI), on the strength of the advancers climbed 3.45 points to close the week under review at 1,783.75. This brings its year to date return to 71.54%.

Market movers

Total Petroleum was the lead gainer climbing 4GHp to GH?5.06. The three other movers bagged a pesewa each. ETI was up to 19GHp; Fan Milk rose to GH?6.61 while Unilever edged up to GH?18.31 respectively.

On the flip side Guinness Ghana failed to cling to gains registered during the previous week shedding 20GHp to GH?6.20. Ghana Commercial Bank also shaved 5GHp to GH?4.85 while CAL Bank was down 2GHp to 96GHp.

 

Top five most traded equities

    Trading Activity

Trading Activity

Volume and turnover were given a boost by a handful of block trades in some equities. A total of 13.86M shares valued at GH?33.40M were exchanged in twenty-one equities. The top-5 most traded equities accounted for 96% of total volume.

Bids have outstripped offers in recent sessions. We however foresee the market closing the last two sessions of the year lower as some buyers hope to clinch deals below market. As well, the drive by a number of investors to unwind their positions is also expected to weigh on the bourse.

Money and forex markets

The 91-Day bill edged higher at the auction held last Friday December 20, 2013. The other treasury rates however lost grounds.

The 91-Day bill was up 12 basis points to 18.79%. The 182-day bill however lost 6 basis points to 18.77% while the 1-Year Note shaved 50 basis points to 17.0%. The 2-Year Note was unchanged from the previous week?s 17.0%.

The Bank of Ghana had targeted an amount of GH?451M for the auction but total bids submitted by dealers for bills and notes amounted to GH?452.69M. The Central Bank accepted GH?452.66M.

On the currency market the Cedi was under strain failing to bounce back from the previous week?s slide.

The Cedi was down 2.33% against the Euro as economic data released by France, Spain and Greece came in better than anticipated. Average rates for the Cedi versus the Euro at the end of the week was at GH?2.95.

The Pound also strengthened during the week as speculation continues to build that the UK economy will become the best performing Western economy after the US over the next five-years.? The Cedi as a result dropped 2.28% against the Pound with rates by dealers on the interbank market averaging GH?3.54 at the week?s close.

The Cedi also slipped by 2.32% and 2.3% against the Dollar and the Swiss Franc to close the week at GH?2.16 and GH?2.40 respectively.

Against the South African Rand the Cedi also trimmed 2.81% to change hands at GH?0.21.

Source Merban? Stockbrokers Ltd

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