Accra Bourse closed the day shedding some points

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backtrack

The stock market closed the day shedding some points after a sturdy performance on Tuesday The indices as a result backtracked on the back of declines in three equities. Volume and value also declined from the last session.

Benso Oil Palm and Stanchart were the advancers today with each adding a pesewa to close at GH?3.21 and GH?18.01 respectively.

backtrack

Three other equities however saw price declines with Ghana Commercial Bank leading the list. GCB shed 3GHp to GH?4.96.? Ecobank Transnational Incorporated?s rally run shot today following a pesewa drop to 33GHp. Guinness Ghana also eased to GH?2.79 from GH?2.80.

Total volume and value traded were 5.68% and 65.38% lower than figures recorded yesterday. A total volume of 301,021 shares valued at GH?197,625.03 changed hands in thirteen equities.

With these changes, the benchmark Composite Index was down 8.51points to 2,259.65. This brings its year-to-date change to 5.34%. The Financial Index also dropped 11.32 points to 2,148.66, representing a year to date return of 20.27%.

Outlook

Trading activity is expected to steady in the days ahead inspite of today?s decline with demand for stocks like, Ecobank Ghana, Benso Oil Palm SIC Insurance and Ghana Oil giving the indices a lift. Although Ecobank Transnational Incorporated declined today, demand for its shares remained high at the end of the session.

Guinness Ghana, UT Bank and Fan Milk may however be under pressure as some investors look to exit their positions. Traders on the interbank market displayed stronger appetite for the Cedi as geopolitical concerns pushed the local currency into a safe-haven mode. The local currency thus appreciated against the major trading currencies with the exception of the Rand.

The Cedi outperformed the Euro on the back of poor German data which was hit by uncertainty caused by the

Ukraine crisis; this recent development added to signs of a slowdown in the euro zone recovery. The Cedi thus closed at an average rate of GH?4.06 versus the shared currency.

The Cedi also showed resilience against the Pound and the Swiss Franc adding 0.06%, and 0.22% to GH?5.09 and GH?3.35 respectively.

The local currency remained stable against the Dollar; it changed hands at GH?3.03 today against the green back.

The Rand on the other hand held steady against the Cedi as risk aversion due to Ukraine tensions also set a stronger tone for the South African currency. The Rand was traded at an average of 28GHp

Source Merban Stockbrokers Ltd

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