Trading activity on the stock market opened the week on a positive note with gains in two equities helping the indices recover from Friday?s slide.
Societe Generale was the lead advancer adding 2GHp to close at 98GHp. SIC Insurance, the other mover inched up a pesewa to 37GHp.
On the flip side, Tullow Oil was under pressure shaving GH?1.01 to GH?34.99 while PZ Cussons also trimmed 2GHp to 30GHp.
In all, nineteen equities had their shares changing hands with a total volume of 458,183 shares valued at GH?401,673 being recorded.
With these changes, the benchmark Composite Index (CI) defied the laggards adding 0.31 points to close at 2,298.03, representing a year-to-date return of 7.12%.
The Financial Stocks Index (FSI) also gained 2.19 points to close the week at 2,298.78. The return on the financial index stands at 28.67%.
We expect the market to be relatively steady at the next session. Although volumes are likely to be lower as investors wind down for the upcoming holidays CAL Bank, Societe Generale and Enterprise Group are some of the stocks likely to be in demand based on trends observed at today?s closing bell.
On the money market, the 182-day bill trimmed points at the auction held last Friday December 19, 2014. The 91-Day bill and the long term treasury notes were however stable.
The Bank of Ghana accepted almost all bids submitted by dealers. A total of GH?507.75 million was raised from bids of GH?507.76 million. The Central Bank had targeted raising funds to the tune of GH?756 million.
The 182-Day bill eased to 26.39% from the previous week?s 26.40%. The 91-Day bill was however steady at GH?25.80; the 1-year and 2-Year Notes were also stable at last week?s levels of 22.50% and 23.0% respectively.
On the currency market, the Cedi struggled for stability as it recorded a mixed outturn against the major currencies. The local currency steadied against the Pound and the South African Rand but lost grounds to the Dollar, the Euro, and the Swiss Franc today.
The Cedi was down 0.03% against the Dollar at the week?s opening session and traded at a mid-rate of GH?3.20.
The local currency also trimmed 0.09% and 0.14% against the Euro and the Swiss Franc to change hands at GH?3.93 and GH?3.27.
The Cedi however gained 0.02% and 0.40% against the Pound and the South African Rand respectively. Bank traders quoted mid-rates of GH?5.01 and GH?0.28 respectively.
Source Universal Merchant Bank Stockbrokers Ltd