Accra Bourse ends week in the green

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The stock market ended the first week of the month in the green as advances in ten equities helped the indices to recover from last week?s slide.

Stock marketThe benchmark Composite Index defied six laggards to end the week up 33.19 points to 2,300.11. This corresponds to a year to date return of 7.22%.

On the strength of five financial stocks, the financial stocks Index (FSI) also returned to winning ways adding 49.03 points to close at 2,301.49. This brings its year to date return to 28.82%.

Top – 5 Most Actively Traded Stocks (By Volume)
Equity Shares Traded % of Total Volume Value of trades (GH?) % of Total Value
Ecobank Trans. Inc ????? 358,103 34.63 ?????????? 107,391 6.73
UT Bank ???? 256,903 24.84 ?????????? 56,697 3.55
Enterprise Group ?????? 89,338 8.64 ????????? 154,497 9.69
Unilever ??????? 73,271 7.09 ???????? 790,488 49.56
Sam Woode Ltd ??????? 51,000 4.93 ???????????? 2,550 0.16
?MSL Research; Data: GSE

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Top – 5 Most Actively Traded Stocks (By Value)
Equity Value of trades (GH?) % of Total Value Shares Traded % of Total Vol
Unilever ?????????? 790,488 49.56 ?????????? 73,271 7.09
GCB Bank ????????????? 211,113 13.24 ????????? 37,559 3.63
Enterprise Group ??????????? 154,497 9.69 ????????? 89,338 8.64
Ecobank Trans. Inc ???????????? 107,391 6.73 ???????? 358,103 34.63

 

What Moved last Week

Stanchart and GCB Bank continued their upward rallies last week with their share prices shooting up by 37GHp and 31GHp respectively to GH?21.09 and GH?5.76. Ecobank Ghana leaped to GH?7.62 from GH?7.40 while Enterprise Group on the back of an interim dividend announcement added 9GHp to GH?1.73. Benso Oil Palm, Fan Milk and Societe Generale also rose to GH?4.06, GH?5.12 and 95GHp respectively.

Three other equities completed the list inching up a pesewa each. Mechanical Lloyd which was steady the previous week rose to 26GHp; Guinness Ghana also edged up to GH?3.21 while Sam Woode Limited on large volumes recorded its first gain since May to close at 5GHp.

On the other hand, Unilever, still reeling from selling pressure shed 10GHp to GH?10.70. PZ Cussons and UT Bank also in the same vein slipped 3GHp and 2GHp to 35GHp and 22GHp respectively; CAL Bank, PBC Limited and Aluworks were each weighed down by a pesewa each to GH?1.04, 12GHp and 3GHp respectively.

The rebound in investor interest continued this week but volume and turnover registered for the holiday shortened week failed to match figures recorded last week. A total of 1.03 million shares valued at GH?1.59 million changed hands in twenty – four equities.

Outlook

The stock market is likely to sustain its positive run this week on the back of demand for some of the market?s drivers exceeding offers at the closing bell. Stanchart, GCB Bank, Ecobank Ghana and Benso Oil Palm are expected to sustain their rally. The activities of speculators may see Fan Milk and Guinness Ghana continuing their climb while CAL Bank may recover this week?s pesewa loss.

On the flip side, Unilever and UT Bank may be under selling pressure.

The 91 and 182-day bills edged higher at the auction held last Friday Dec 04, 2014 as the BoG?s policy direction and higher quotes by investors? continue to impact on rates.

On the other hand, the 1-Year and 2-Year Notes were stable at 22.50% and 23.0% as investors continued to lock-in rates for the long term.

A total of GH?806.14 million bids were submitted by dealers with the Central Bank accepting GH?797.27 million, although the Bank Of Ghana (BoG) had targeted GH?846M. At the next auction to be held on Dec 04, 2014, the BoG hopes to raise GH?836 million in bills and notes.

The Cedi strengthened on the forex market this week despite demand pressures from importers towards year end activities. Data from advanced countries were also unable to dampen investors? interest in the local currency.

The Cedi edged up against the Euro on mounting signs of weaknesses in the Eurozone economy. The local currency climbed 1.52% against the shared currency with rates by bank traders averaging GH?3.93.

The release of better than predicted manufacturing PMI, from Market and CIPS, which came in at 53.5 was unable to lift the Pound as lower construction data also gave the Cedi an advantage. The local currency rose by 0.48% against the Sterling to trade at a mid-rate of GH?5.01.

Against the Rand, the Cedi appreciated by 2.28% during the week. Reports by the SA Revenue Service showing weaker exports and a widened trade deficit in October gave the Cedi an edge over the Rand. Average rates by bankers for the Cedi versus the South African currency stood at GH?0.28 on Friday.

Ghanaian forex dealers in search of the Swiss Franc also paid less as midrates decreased to GH?3.29 from GH?3.32 the previous week. Overall, the Cedi added 86% against the Swiss Franc.

The Cedi however shaved 0.04% against the greenback last week. Despite the daunting figures for November?s U.S. manufacturing growth, 208,000 additional jobs created in November lifted the US economy. The local currency closed the week at GH?3.20 per Dollar.

Source Merban Stockbrokers Ltd

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