The stock market stretched its recent winning streak to six successive sessions, following gains in three stocks. The GSE-Composite Index closed at 1,644.23, up 3.20 points from 1,449.86. The GSE-Financial Stock Index followed suit, climbing 1.75 points to close trading at 1,451.61.
Liquidity was thin on the market today as the 0.02 million shares traded, is the lowest volume recorded in 2013. The corresponding trade value was GHS0.08 million, down 95% from the previous session’s turnover. Guinness Ghana (GGBL) dominated trading accounting for 32.43% of the shares traded and 40.03% of the total value traded.
GGBL closed at a record high of GHS3.51, up GHS0.05. Other gainers were CAL bank and Ghana commercial Bank (GCB). The downside saw SIC Insurance slip to GHS0.30 per share.
In the first day of trading this week, ETI, one of the most capitalized stocks on the stock market did not spare any major index but pulled them down. The major indices recorded negative return today, following a decline in ETI stock price. The GSE-Composite Index shed 7.05 points to close trading at 1,023.45. The financial stock index lost by -1.14%, to close at a year-low of 857.79 points.
The year-to-date return on financial stocks fell below the zero mark, at -0.61%, its lowest since the start of the year.
The Trade volume in the market declined by 53.91% compared to the previous session, as 1.16million shares were exchanged for GHS0.45 million, 45.84% lower than previous session. CAL Bank led the market with 86.59% and 70.51% of the trade volume and trade value respectively.
ETI recorded the only change, down by a pesewa to close at GHS0.10 but still had the potentials to pull down the major indexes.
Tuesday GSE Market Update:
Friday GSE Market Update:
Let’s look at what happened in the market today. The market closed on a bad note recording losses in four equities. The GSE-Composite Index closed the week at 1,050.34 points from 1,053.65 points.
Since ETI is a financial stock, the GSE Financial Stock Index also closed at 921.40 points from a previous of 910.92 points. This Index is still trading below the base index of 1000 points. As reported by CAL Brokers (CBL), the overall market return climbed to 9.35%.
The volume of shares traded increased by 57.81% amounting to a 12.93% increase in value, compared to the previous session. About 0.28 million shares valued at GHS 0.11 million were traded.
Out of the total volume traded, GOIL out-performed all other equities by trading 83.45 % of volume and this is about 77.09% of the traded value.
ETI was the only gainer and although it closed at GHS 0.14 from GHS 0.13 (1 pesewa gained), it had the capacity to move the market index up by some points despite the loses recorded by Standard Chartered Bank (SCB) [ -0.1%] and TOTAL [-0.15%] to close at GHS 51.30 and GHS 26.14 respectively.
With a vision ‘to achieve a comparative advantage among leading investment companies…’ and a mission ‘to become an outstanding provider of legitimate investment services…’ Onward Investment Limited, an indigenous Ghanaian company with registration number CA-75,073 is experiencing the sanction of Bank of Ghana (BOG) as they operate without a license in the financial market.