UT BANK [UTB] for two consecutive days traded the highest volumes of shares on the bourse according to a report research hub, GN Research.
Shares of UTB have become unattractive to shareholders hence investors desire to pull funds out of UTB shares has increased the sell pressure on the equity.
The share has lost approximately 60% of its value from year open price level. Ongoing managerial and staff restructuring has slowed down profitability of the listed bank.
UT bank has also failed to report any periodic financial results after recording huge loss of GHS 27,267,000 in Q3-2015.
The equity has become unattractive to investors as uncertainty among investors and stakeholders of the company grows.
The ongoing exodus of staff from the bank coupled with management laying-off some workers earlier this year as part of staff restructuring exercise has impacted negatively the future outlook of the bank.
The consistent dip in share price of UTB provides an opportunity for investors to buy UTB shares at a low price and HOLD the shares until the company returns to making profits.
UTB currently trades at GHS 0.04 per share after falling from highs of GHS 0.13 this year. UTB is deemed an ideal growth stock worthy of the long term investment. GN analysts do not anticipate a further fall in share price of UTB form now till year end. UTB however could record periodic marginal capital gains as a result of stock market dynamics of trade.
Trading activity on the bourse ended with 1 gainer [HFC] and 2 losers [BOPP & GOIL] yesterday. UTB topped trading chart as 40,900 shares worth GHS 1,636.00 changed hands. Returns on the Composite and Financial Stock Index pegged at -10.07% and -11.25% respectively.
Activity on the Ghana Alternative Market (GAX) saw 7,000 shares of ILL worth GHS 630.00 change hands yesterday.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from year open.
The Cedi LOST marginally to the USD and EURO but GAINED British Pound yesterday.
The local currency exchanged at a mid-rate of GHS 3.9499 to the USD, GHS 5.2737 to the GBP and GHS 4.4397 to the EURO yesterday.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank market now records a year-to-date depreciation of 3.22%.