By
Francis Ameyibor, GNA
Accra, June 20, GNA – Market sentiments
remained bearish for May as the Ghana Stock Exchange (GSE) – Composite Index
failed to find support at the 3,400 levels. The benchmark index closed the May
transactions at 3,167.5 points.
According to Nordea Capital Investment Stock
expert review of the May trading, made available to Ghana News Agency in Accra,
the news of further cut in monetary policy rate to 17 per cent failed to calm
investors as they exited Ghanaian equities.
According to the Nordea Capital Stock Expert,
the selling pressures intensified across sectors as profit taking led to
several equities erasing some of their earlier gains, whiles some investors
sought positions in certain dividend paying stocks.
Consequently ten equities edged higher whiles
nine declined, but the quantum of losses was enough to keep the bourse lower.
Enterprise Group Limited backtracked by 27.5 per cent to close at GH¢3.00 per
share.
CAL Bank lost 26.4 per cent during the month
to close at GH¢1.45 per share; CAL’s profit after tax reduced by 6 per cent to
GH¢32.1 million on account of slower growth in interest income.
According to the Nordea Capital Stock review
for the month, the Standard Chartered Bank dropped 25.6 per cent as a result of
profit taking, which also affected Societe Generale.
Other losers for the month under review
included Total Ghana Limited (-15 per cent), GOIL (-10.6 per cent), Ecobank
Transnational Incorporated (-9.1 per cent), Fan Milk Limited (-6.5 per cent)
and Camelot (-6.3 per cent).
According to Nordea Capital Investment Stock
Expert review, the small caps recorded the biggest gains for the month; led by
Produce Buying Company, which added a quarter to its value (+25 per cent) to
close at GH¢0.05 per share.
Aluminium firm, Aluworks also bagged 12.5 per
cent to end at GHC 0.09 per share. PZ Cussons and Unilever were also in demand
as they both went up by 4.8 per cent and 4.3 per cent apiece.
The other significant gainers were SIC
Insurance (+2.4 per cent), Guinness Ghana Brewery Limited (+1.6 per cent), the
Republic Bank (+1.6 per cent), Ecobank Ghana (+1.1 per cent), Benso Oil Palm
Plantation (+1.1 per cent) and GCB (+1.1 per cent).
Activity in 27 equities yielded a total
transaction value of GH¢260.8 million, which was 471.5 per cent better than the
previous month’s performance. Anglogold
Ashanti emerged the most traded equity with respect to value, following
successive block trades of 6,200,000 shares last month.
Nordea Capital is dedicated to growing and
preserving client assets and building trust, in partnership with financial
professionals and institutions worldwide.
The GSE is the principal stock exchange of
Ghana. The exchange was incorporated in July 1989 with trading commencing in
1990.
Criteria for listing include capital adequacy,
profitability, spread of shares, years of existence and management efficiency.
GNA