Market Indices Market Summary
The benchmark index (GSE-CI) declined by 1.02% on account of downward price movement in financial and telecom stocks to close with a 15.38% year-to-date return while market capitalization declined by 0.46% to close at GH¢65.82 billion.
Standard Chartered Bank (-0.38%), Cal Bank (-1.72%) and Republic Bank Ghana (-12.41%) dragged the financial index down by 1.37% to a 10.01% YTD return. Manufacturing stocks recorded no gains or losses, closing at the previous level of 5,549.86 with a -5.84% year-to-date return.
Trading activity strengthened with 150,081 shares valued at GH¢1,299,453.32 changing hands from 138,997 shares valued at GH¢1,084,796.05 in the previous session. This represents a 7.97% increase in total volume traded and a 19.79% climb in total value traded. Benso Oil Palm Plantation (BOPP) dominated trades by volume, accounting for 33.65% of total volume traded while Standard Chartered Bank (SCB) accounted for 77.38% of total value traded.
Market sentiment was bearish, with the aggregate bid/ask ratio closing at 0.2:1 from 0.3:1 in the previous session as a result of increased selling pressure in MTN Ghana Limited (MTNGH), Enterprise Group Limited (EGL), Ecobank Transnational Incorporated (ETI), Intravenous Infusions Limited (IIL) and Republic Bank Ghana Limited (RBGH). We expect trading activity to pick up as the third quarter earnings season nears.
Gainers & Losers
Top Trades by Volume Interbank Exchange Rates Company in Focus
Ecobank Ghana Holdings (EGH)
EGH has announced the change of its external auditors from Messrs. KPMG to Messrs. Pricewater House Coopers (Ghana) Limited effective 12th day of May, 2018.
Aluworks Limited (ALW)
ALW has announced that the company’s 31 st Annual General Meeting will be held at the Fiesta Royale Hotel, Dzorwulu, Accra (near the Nestle Head Office building) on Thursday, November 15, 2018 at 10 am.
