By
Francis Ameyibor, GNA
Accra, July 9, GNA –
Trading on the Ghana Stock Exchange (GSE) bounced back after eight consecutive
weeks of cautionary plays and profit-taking, investors turned slightly bullish
this week.
The benchmark
GSE-Composite Index rose by 1.5 per cent to close the week at 2,921.7 points,
Nordea Capital Investment Stock Expert review the first week of July trading
obtained by the Ghana News Agency in Accra revealed.
According to the
Nordea Capital Investment Stock review, the investors optimism was driven
largely by locals as foreigners remained virtually absent from the Bourse.
Consequently, price
movements focused on trends rather than fundamentals, Nordea Capital Investment
stock analysist concluded, projecting however that, the expect trend to be
short-lived on the assumption that market correction will ultimately bring
stock prices in line with fundamentals.
The week under
review saw price movements across multiple sectors; led by PZ Cussons, which
rose by 11.1 per cent to end at GH¢ 0.50; Ecobank Transnational Incorporated
also appreciated by 10 per cent to GH¢ 0.22
and the Republic Bank also rose by 3 per cent to GH¢ 1.36 per share.
The week under
review also saw CAL Bank climb by 1.6 per cent to GH¢ 1.30 while fast moving consumer goods giant,
Unilever Ghana Limited inched 0.1 per cent to end the week at GH¢ 17.81 per
share.
The laggards for the
week under review were by Ecobank Ghana, which saw lower profits in the first
half of 2018, with a decline on the back of selling pressure by 10.1 per cent
to GH¢ 7.60 per share.
The SIC insurance
trimmed by 2.6 per cent to close the week at GH¢ 0.38 while GCB also shed 2.3
per cent to GH¢ 5.03 per share; the Standard Chartered fell by 1.5 per cent to GH¢
26.60, as investors continue to sell-off their holdings.
The Enterprise Group
Limited dropped by 0.3 per cent to GH¢ 3.01, Fan Milk Limited slipped 0.1 per
cent to end the week at GH¢ 13.69 per share.
CAL Bank emerged as
the most traded following a successive block trades last Thursday and Friday,
the Bank saw its traded counter in value terms accounting for 74.5 per cent of
total value traded.
A total of 3.1
million shares exchanged hands in the week under review while value traded also
dipped to GH¢ 4.8 million.
Nordea Capital is an
investment bank, 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.
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