The third week trading on the Ghana Stock Exchange (GSE) continued upward trajectory as the bullish sentiments which characterized trading persisted on the Accra Bourse as investors’ appetite for Ghanaian equities ascended.
In effect, the benchmark GSE-Composite Index rose by 1.4 per cent on a week-on-week basis to close at 1,759.3 points.
This represents a year-to-date return of 4.2 per cent, as total volume traded hit 1.7 million shares which were valued at GH¢3.1 million, Nordea Capital Investment Stock Market analysis made available to the Ghana News Agency in Accra, on Monday indicates.
According to the Nordea Capital Stock Expert, the financial sector continued to dominate trading as optimism clearly overshadowed caution as the advance to decline ratio came in at 5:1, with the financial sector dominant. The SIC Insurance and Ecobank Transnational Incorporated (ETI) tied-in, as they both advanced by 7.7 per cent each to close at GH¢0.14 per share respectively, to lead the gainers for the third week.
“This is the second consecutive rise for ETI”. According to Nordea Capital Stock Expert, the Asia and Africa focused Bank, Standard Chartered rose by 4.9 per cent to close the third week of the month at GH¢12.90 per share, and this is the highest price since the year opened.
The GCB Bank also continued its upward trend, as it climbed by 3.5 per cent to close at GH¢ 3.80 per share; Total Ghana also edged by 2.9 per cent to close at GH¢2.10 per share; whilst on the flip side, Aluworks emerged as the only laggard for the week, the stock dropped by 6.7 per cent to close at GH¢0.14 per share.
According to the Nordea Capital Expert, a negotiated transaction in the shares of Ice cream maker, Fan Milk Limited last Thursday helped it emerge as the most traded equity on the bourse, as a result, it accounted for 56.3 per cent of all value traded within the week.
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. 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. It currently lists 42 equities from 37 companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, the spread of shares, years of existence and management efficiency.