Financial sector dominant stock as indices point northwards

GSEThe Ghana Stock Exchange started the fourth week of August with an improved performance as investors’ bid up listed equities across multiple sectors.

The total volume traded was 1.5 million shares which were valued at GH¢4 million.

Fan Milk emerges as the most traded equity in value terms as it continued to maintain its position as the most traded equity, accounting for 61.9 per cent of all value traded.

In effect the benchmark GSE-Composite Index edged 0.2 per cent to close at 1,810.9 points.

This represents a year-to-date loss of 9.2 per cent stock market analysis made available to the Ghana News Agency in Accra on Monday by Nordea Capital, an investment bank, has stated.

Nordea Capital is licensed by the Securities and Exchange Commission and offers a comprehensive range of services in asset management, research and strategy, corporate finance and private equity to institutional, corporate and private clients.

According to the analysis, the financial sector leads the advancers as GCB Bank opens the week with stock appreciated by 17.3 per cent to close at GH¢4.07 per share.

The stock price has been trending upwards from the week ending June 30, 2016 on the back of improved earnings in the half year of 2016 and the appointment of Ernest Agbesi as Managing Director.

Aluminium manufacturer, Aluworks climbed 7.7 per cent to close at GH¢0.14 per share while CAL Bank advanced 2.3 per cent to close at GH¢0.89 per share.

Even though the bank reported a lower profit after tax, which fell by 16.7 per cent on a year-on-year basis to GH¢63.5 million for the half year of 2016.

Ecobank Ghana rose by 1.8 per cent to close at GH¢6.87 per share. Ecobank has received in full the $25 million medium term facility it advanced to Golden Star Resources Limited.

According to the analysis Ecobank Transnational Incorporated led the laggards for the week as the stock devalued by 16.7 per cent to close at GH¢0.15 per share.

UT Bank backtracked by 14.3 per cent to close at GH¢0.06 per share. This is the lowest price since it was listed on the bourse.

Investors bid down the price of SIC Insurance despite the company announcing a dividend of GH¢0.0214 per share for the financial year 2015.

The stock shed 11.8 per cent to close at GH¢0.15 per share.

Ayrton Drugs and Total Ghana Limited lost 9.1 per cent each to close at GH¢0.10 and GH¢3.00 per share, while PZ Cussons trimmed 4.8 per cent to close at GH¢0.20 per share.

Ghana Oil Company Limited declined by 2.2 per cent to close at GH¢1.33 per share, the foremost indigenous oil marketer recently launched a national roadshow to interact with vehicle owners about the efficacy of its lubricants.

Benso Oil Palm Plantation dropped 1.8 per cent to GH¢2.75 per share while Enterprise Group Limited dipped by 0.8 per cent to close at GH¢2.38 per share.

Guinness Ghana Brewery Limited slipped 0.6 per cent to close at GH¢1.79 per share while Standard Chartered Bank also slid by 0.2 per cent to close at GH¢14.20 per share.

Source: GNA

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