Trading activities on the stock market opened the week with impressive volumes and turnover being recorded. Gains in two equities helped the market indices to inch up at the end of today?s trading session.
ETI climbed a pesewa to close at 21GHp. Starwin Products clawed back the pesewa it shed last Friday and currently trades at 4GHp.
A total of 880,002 shares valued at GH?867,692 changed hands in fourteen equities. CAL Bank was the most traded stock accounting for 92% of volume and 40% of value.
With these changes, the benchmark composite index closed the session up by 7.08 points to 2,159.62 representing a year to date return of 0.67%.
The gains in ETI boosted the GSE Financial Index (FSI) by 9.6 points to 1,811.02. This corresponds to a change of 1.37% this year.
Offers outstripped bids today on the broader market. We however expect the market to remain steady inspite of the selling pressure.
Ecobank, Ecobank Trans. Inc, Standard Chartered and Fan Milk are projected to give the market a boost as they registered outstanding bids at the end of the session.
On the other hand, Guinness Ghana, PZ Cussons, Cocoa Processing, Mechanical Lloyd and Enterprise Group may come under selling pressure.
The short term treasury rates edged higher at the auction held last Friday January 03, 2013. The 1-Year Note however remained unchanged while the 2-Year Note declined.
The 91-Day Bill and the 182-Day Bill were up by 1 basis point and 52 basis points to 19.23% and 19.18%.
The 1-Year Note was steady at the previous week?s level of 17.00%. The 2-Year Note on the other hand shaved 30 basis points to 16.50%.
The Bank of Ghana had targeted an amount of GH?294M for the auction but accepted all bids submitted by dealers of GH?296.58.
Investor optimism about the U.K. economy and mortgage data gave a boost to the Sterling today. The Cedi as a result trimmed 0.50% against the Pound with rates on the interbank board averaging GH?3.67.
The local currency gave up 1.26% and 0.33% against the Dollar and the Rand with week-opening rates on the interbank market averaging GH?2.24 and 21GHp respectively
On the currency market, the Cedi steadied against the Euro and improved against the Swiss Franc. The local currency however failed to recover from grounds lost on Friday against the Dollar, the Pound and the Rand slipping further.
Against the Euro, the Ghanaian currency remained unchanged from last Friday?s rate of GH?3.05. The Cedi appreciated by 0.23% against the Swiss Franc with dealers rates on the interbank market averaging GH?2.48.
Source Merban Stockbrokers Ltd