Ghana stock market hits bearish trajectory
On the inter-bank market, the Cedi lost 0.02 per cent against the USD at GH¢4.4158.00, edged by 0.2 per cent against the Euro at GH¢5.1867.00 and rose by 0.5 per cent against the Pound at GH¢5.9214.
The GSE Market wrap for the second week (May 14-18) trading according to Nordea Capital Investment Stock Market analysis revealed that the bourse maintained downward trajectory but sentiments remained bearish across the week as the market closed a net loser as profit taking drove significant sell offs in multiple sectors.
The market analysis made available to Ghana News Agency in Accra showed that the benchmark index remained in negative territory following a loss of 2.1 per cent on a week-on-week basis to close at 3,384 points.
According to the Nordea Capital Stock watchers, bears dominate trading, whilst laggards for the week were from multiple sectors and in the lead was Standard Chartered which backtracked by 6.8 per cent to GH¢32.45, CAL Bank dipped by 6.6 per cent to GH¢1.70 largely on account of profit taking.
GOIL also shed 6 per cent to end the week’s trading at GH¢4.38; Fan Milk Limited shed 5.2 per cent at the last trading session of the week to close at GH¢16.47; Societe Generale also went down by 3.5 per cent to end the week at GH¢2.22 per share, whiles Enterprise Group Limited fell by 2.7 per cent to GH¢3.90 per share.
Equities in demand were skewed towards various stocks as Aluworks led the week’s list of advancers surging 12.5 per cent to GH¢0.09; Ecobank Transnational Incorporated, which increased its share value by 9.1 per cent to GH¢0.24; PZ Cussons rose by 4.8 per cent to close the week at GH¢0.44.
The others were Guinness Ghana Brewery Limited (+4 per cent), GCB Bank (+1.7 per cent) and Unilever (+0.1 per cent).
According to the stock analysis, liquidity and turnover declined by 56.1 per cent and 93.1 per cent respectively compared to the previous week’s numbers, as it came in below last week’s five million shares traded.
Turnover was also negatively impacted as trades took place in both higher and lower priced equities. A total value of GH¢8.3 million was traded over the week under review.
Nordea Capital is an investment bank, 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.
Nordea Capital is dedicated to growing and preserving client assets and building trust, in partnership with financial professionals and institutions worldwide.
The GSE is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990.
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