Friday: 18-Mar-11 >> - Seven equities close the week higher
- Advancers lift GSE Composite Index
- Treasury rates slide
- Cedi backtracks on the currency market
STOCK MARKET The stock market was bullish during the week on the back of gains in seven equities which offset the effects of eight laggards. The benchmark Composite Index gained 24.56 points to 1,076.36. This brings its year to date change to 7.64%. Standard Chartered Bank was the lead gainer jumping GH¢1.84 to close at GH¢49.90. Total Petroleum also rose GH¢1.49 to GH¢15.49 while Unilever Ghana added 41 GHp to close at GH¢6.47. Other gainers during the week were Ghana Commercial Bank which rose 8 GHp to GH¢2.50 and Ecobank Transnational Incorporated which inched up
a pesewa to 15 GHp. Completing the movers list were UT Bank and PZ Cussons which gained a pesewa each to 27 GHp and GH¢¢1.39.
Golden Star Resources led decliners dropping 60 GHp to GH¢3.40. Enterprise Group also lost 3 GHp to 45 GHp while Benso Oil Palm and SG-SSB eased a pesewa each to 81 GHp and 74 GHp respectively.
HFC Bank and CAL Bank also slipped to 40 GHp and 28 GHp while Camelot and Cocoa Processing close the week down at 11 GHp and 2 GHp respectively. TRADING EQUITY Volume and value of trades improved significantly
A total of 6.42 million shares changed hands in twenty-seven equities, up from the previous week’s volume of 3.02 million.
Value of trades also increased to GH¢6.34 million as Against GH¢3.44 million recorded a week earlier.
SIC Insurance was the most traded stock as it accounted for 48% of total volume traded. TREASURY MARKET Treasury rates with the exception of the 1-Year Note slipped at the last tender auction. The 1-Year Note was unchanged from the prior week's 12.50%. The 91 and 182 Day Bills dropped to 12.10% and 12.51% from 12.12% and 12.52% respectively. The 2-Year Note also lost 3 basis points to 12.47%. Total amount offered for bills and notes fell to GH¢253 million from GH¢288 million. FOREIGN EXCHANGE MARKET The Cedi lost further grounds during the week extending its decline against the major currencies this year. The Cedi was down 0.12% and 2.01% against the Dollar and the Euro to close at GH¢1.53 and GH¢2.16 respectively. Against the Pound Sterling and the Swiss Franc it depreciated by 0.20% and 3.28% to close at GH¢2.47 and GH¢1.70 respectively. The Cedi however gained 2.07% against the South African Rand to close at GH¢0.22. The table below shows the performance of the Cedi against the major trading currencies. BOURSE OUTLOOK The bourse was lifted by advancers this week. We expect the market to consolidate gains in the week ahead as investors increase their demand for dividend paying stocks.
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