The Ghana Stock Exchange (GSE) exhibited high levels of trading activity yesterday as rightly predicted by GN Analysts in an earlier report.
The pending mid-week holiday could trigger higher market activity on the bourse. Market participants especially retail investors are likely to increase the selling and buying pressures on most liquid stocks through block trades. Investors are expected to quickly close their market positions in today’s trade session.
GN Analysts predict a possible drop in the share price of UTB by close of today on the back of high selling pressure and lower bid price on UTB shares.
Large block trades on the shares of GOIL could see the equity record a price movement on the bourse. SOGEGH lost on its previous share price as a result of a lower selling price on the equity. The equity’s fundamentals remain strong giving the stock an inherent potential for high capital gains through share price appreciations.
Trading activity on the bourse ended with 3 losers [GCB, PBC & SOGEGH] yesterday. GOIL topped the trading chart as 22,348,383 shares worth GHS 34,193,025.99 changed hands. Returns on the Composite and Financial Stock Index pegged at -10.65% and -12.74% respectively.
On the Ghana Alternative Market (GAX,) SAMBA lost a pesewa to close trading at GHS 0.72. 200 shares of SAMBA valued at GHS 144.00 changed hands. Intravenous Infusions Limited [IIL] also traded 4,400 shares valued at GHS 396.00.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from year open.
The Cedi GAINED marginally to the Pound but LOST to the Dollar and the Euro yesterday. The local currency exchanged at a mid-rate of GHS 3.9572 to the USD, GHS 5.1663 to the GBP and GHS 4.4232 to the EURO as at week close. GN Market Analysts posit that, the Cedi is gradually on a steady fall against the 3 major trading currencies on the forex market.
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 2.84%.
Source: Ghana/GN Research