Ghana stock market hits marginal turbulence
Trading on the Ghana Stock Exchange (GSE) for the second week of February (6-10) hit marginal turbulence and as a result, the benchmark GSE-Composite Index lost 1.1 per cent on a week-on-week basis, to close at 1,805.1 points.
The lost represents a year-to-date return of 6.9 per cent, despite the advance to decline ratio coming in at 9:4; Nordea Capital Investment Stock Market analysis made available to the Ghana News Agency in Accra, on Monday indicated.
According to the Nordea Capital Investment Stock Market Expert, the Standard Chartered Bank led the laggards for the week, as the stock declined by 11.2 per cent to close at GH¢13.32 per share.
Ecobank Transnational Incorporated also lost 7.1 per cent to close at GH¢0.13 per share while, CAL Bank dropped 1.3 per cent week-on-week to close at GH¢0.75 per share.
The Nordea Capital Stock Market analysis also indicated that Fan Milk Limited fell by 0.9 per cent to close at GHc11.10 per share.
According to Nordea Capital Investment Stock Market Expert in spite of the marginal turbulence the UT Bank advanced by 33.3 per cent to lead the gainers for the week, as it stock closed at GH¢0.04 per share.
The SIC Insurance appreciated by 6.7 per cent to GHc0.16 per share, followed by Total Ghana Limited which gained by 6.4 per cent to close at GH¢2.34 per share.
The Ghana Oil Company Limited (GOIL) the foremost indigenous Oil Marketing Company also climbed by 5.4 per cent to GH¢1.17 per share. GOIL also posted profit after tax of GH¢62.4 million for 2016, despite a decline of 3.8 per cent in revenue.
According to Nordea Capital Investment Stock Market Expert said Benso Oil Palm Plantation also rose by 4.2 per cent to close at GH¢2.21 per share, whilst the GCB Bank, and Ecobank Ghana Limited edged by 3.3 per cent and 1.4 per cent each to close at GH¢4.33 per share and GH¢7.01 per share respectively.
Guinness Ghana Brewery Limited was up by 0.7 per cent to close at GH¢1.52 per share, whilst Unilever Ghana Limited inched up by 0.5 per cent to close at GH¢8.78 per share.
Unilever Ghana also reported an 11.5 per cent rise in profit after tax for 2016, even though revenue declined by 4.3 per cent to GH¢496.3 million.
According to Nordea Capital Investment Stock Market Expert, a block trade in CAL Bank kept turnover buoyant on the Accra Bourse as the week saw a total of value of GH¢228.4 million. CAL Bank accounted for 98.2 per cent of the week’s turnover.
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The GSE is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990.
It currently lists 42 equities from 37 companies and two corporate bonds. All types of securities can be listed.
Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency.