Bearish sentiments dominated trading activities

Bearish sentiments dominated trading activities on the Ghana Stock Exchange as Bank of Ghana held its benchmark policy rate for the first time this year at 17 per cent; despite the expected inflows from the three year bond of $98 million.

Consequently the benchmark GSE-Composite Index dropped by 0.3 per cent to close the fourth week of July (23 to 27) at 2,932.8 points, representing a year-to-date return of 13.7 per cent.

Nordea Capital Investment Stock market review of the fourth week trading obtained by the Ghana News Agency in Accra on Tuesday, indicated that losses were witnessed across multiple sectors led by Mechanical Lloyd Company, which lost 9.1 per cent to close at GH¢0.10 per share.

The SIC Insurance followed with a dip of 5.4 per cent to close at GH¢0.35 per share, Ecobank Transnational Incorporated dropped 4.5 per cent, Guinness Ghana Brewery Limited (GGBL) slipped by 3.1 per cent, and Tullow Oil also going down by 3.1 per cent.

According to the report, CAL Bank also lost by 1.6 per cent, Republic Bank dipped by 1.3 per cent, Benso Oil Palm Plantation dropped by 0.5 per cent, GOIL losing 0.2 per cent, and Fan Milk Limited by 0.1 per cent.

Total Petroleum Ghana Limited however led the gainers for the week with a 2.5 per cent rise to close at GH¢4.10 per share, GCB Bank appreciated by 1 per cent to close at GH¢5.06 per share, and Societe Generale climbed by 0.8 per cent to GH¢1.25 per share.

According to the Nordea Capital report, Ecobank Ghana edged by 0.5 per cent to close at GH¢8.21 per share, Enterprise Group Limited went up by 0.3 per cent to GH¢3.03 per share whiles ACCESS Bank inched up by 0.3 per cent to close at GH¢3.98 per share.

A total of 3.4 million shares exchanged hands in the week under review while value traded also dipped to GH¢8.2 million. Guinness Ghana Brewery Limited emerged as the most liquid equity accounting for 49.1 per cent of total value traded following a block trade in its shares last Thursday.

Meanwhile trading opened the last week of July with activities in 15 equities, as both gainers and losers evened out but both indices pointed downwards as the benchmark GSE-Composite Index shed 0.03 per cent to close at 2,932 points.

SIC Insurance lost by 14.3 per cent to close the session lower at GH¢0.30 per share, Societe Generale also dipped 0.8 per cent to close at GH¢1.24 per share whilst Standard Chartered slipped by 0.04 per cent to close at GH¢25.99 per share.

According to the report, CAL Bank gained 0.8 per cent, Enterprise Group Limited 0.3 per cent and Ecobank Ghana moved up by 0.1 per cent.

A total of 140,221 shares exchanged hands and these were valued at GH¢437,683.06.

Source: GNA