Financial sector dominant stock as indices point northwards

By Francis Ameyibor, GNA

Accra, Aug. 23, GNA
– The 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 GHȼ4 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 GHȼ4.07 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 GHȼ0.14 per share while
CAL Bank advanced 2.3 per cent to close at GHȼ0.89 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
ȼ63.5 million for the half year
of 2016.

Ecobank Ghana rose
by 1.8 per cent to close at GHȼ 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 GHȼ0.15 per share.

UT Bank backtracked
by 14.3 per cent to close at GHȼ0.06 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 GHȼ0.0214
per share for the financial year 2015.

The stock shed 11.8
per cent to close at GHȼ0.15 per share.

Ayrton Drugs and
Total Ghana Limited lost 9.1 per cent each to close at GH
ȼ0.10 and GHȼ3.00 per share, while PZ Cussons trimmed 4.8 per cent to close at GHȼ0.20 per share.

Ghana Oil Company
Limited declined by 2.2 per cent to close at GH
ȼ1.33 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
ȼ2.75 per share while Enterprise Group Limited dipped by 0.8 per cent to
close at GH
ȼ2.38 per share.

Guinness Ghana
Brewery Limited slipped 0.6 per cent to close at GH
ȼ1.79 per share while Standard Chartered Bank also
slid by 0.2 per cent to close at GH
ȼ14.20 per share.

GNA

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