Volume and value of shares traded at mid week session failed to match last
Tuesday?s numbers.
The broader market also backtracked with price declines in four equities offsetting gains in two others. The benchmark Composite Index (CI) shed 7.73 points to 2,247.67. This brings its year-to-date return to 4.78%.
The Financial Stocks Index (FSI) also trimmed 11.72 points to 1,903.47. This brings its year to date return to 6.54%.
Tullow Oil was the lead gainer with its share price rising by 43GHp to GH?30.51. Ghana Oil also edged up by a pesewa to 90GHp.
On the other hand, four banking stocks were under selling pressure shedding a pesewa each. Stanchart and Ghana Commercial Bank eased to GH?18.96 and GH?4.0 respectively, while UT Bank and Ecobank Transnational Incorporated slipped to 41GHp and 20GHp respectively.
In all a total of 36,911 shares valued at GH?229,958 were exchanged in nine equities. Ecobank Ghana had the lion?s share of trades accounting for 36% of total volume.
Outlook
Bids failed to match offers but analysts expect the market to be given a boost in the next session on the back of demand for stocks like HFC Bank and Tullow Oil. Demand for Ecobank Ghana has started building up but its share price may remain firm. Enterprise Group, UT Bank and Guinness Ghana may however see a swelling up of offers as some investors seek to cash-in.
The Cedi retreated against all the major trading currencies today as it failed to recover from yesterday?s slide.
Federal Reserve Chairperson Janet Yellen emphasized that easy monetary policy remains necessary because of the slack in the US economy. This weighed on the Dollar globally but greenback climbed against the Cedi. The local currency was down 0.09% against the greenback to close the day at GH?2.81.
The Euro also extended its gains today. The local currency shaved 0.46% against the Euro with average rates by bankers at GH?3.92.
The Pound also ascended against the local currency with the Sterling given a boost by impressive U.K. retail sales data. The Cedi was down 0.76% against the Pound with rates by interbank traders averaging GH?4.78. The Cedi also slipped against the Swiss Franc and the South African Rand dropping 0.58% and 0.17% to GH?3.22 and GH?0.27 respectively.
Source :Merban Stockbrokers Ltd
