On the Ghana Stock Exchange
Trading activity on the bourse ended with more block trades and significant price movements in some financial stocks as predicted by GN Analysts in an earlier report.
EGH lost GHS 0.08 on its previous value. This loss is equivalent to 1.16% loss in equity value on the bourse. The loss on EGH share price is as a result of a retail investor withdrawing funds out of investments in EGH shares. High pressure on the sell side was marched by low pressure on the buy side leading to the shares of EGH trading at a discount.
GN Analysts do not foresee further drops in price of EGH. The loss in EGH is therefore a one-off loss. EGH currently holds strong fundamentals; therefore the equity possesses a huge upside potential. This implies that EGH can readily recover all the losses it recorded at the end of trade yesterday.
Benso Oil Palm Plantation [BOPP] share price could inch up due to increasing buy pressure on the equity. Investors have placed a premium on the share price of BOPP. A gain of up to GHS 0.10 is imminent. UNIL could also record some capital gains due to increasing buy pressure on the equity. Investors should therefore look out for the afore-mentioned equities.
Price drops in Tullow Oil [TLW], UT Bank [UTB] and Ecobank Ghana [EGH] dipped the broader market returns further into the negatives.
Trading activity on the bourse ended with 1 gainer [GOIL] and 5 losers [ALW, EGH, GCB, TLW & UTB] yesterday. UTB topped trading chart as 2,862,400 shares worth GHS 85,872.00 changed hands. Returns on the Composite and Financial Stock Index pegged at -10.84% and -12.61% respectively.
On the Ghana Alternative Market
Intravenous Infusions Limited [IIL] was the sole equity to trade on the alternative market. 21,000 shares of IIL valued at GHS 1,890.00 traded.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from year open.
On the Currency market
The Cedi LOST marginally to all the major trading currencies yesterday.
The local currency exchanged at a mid-rate of GHS 3.9550 to the USD, GHS 5.2206 to the GBP and GHS 4.4519 to the EURO yesterday.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market now records a year-to-date depreciation of 3.20%.
Source: Ghana/todaygh.com/GN Research