The market trend continued shifting from the un-welcomed “One- way-traffic” situation which threatened to dominate trading activities.
The number of gainers, therefore, improved thus supporting the market to maintain its gradual and steady performance. That gradual and steady showing reflected in the major indicators during the week ended as follows:
• GSE year to date gain appreciated by 0.35 per cent from the previous week's figure of 0.76 per cent to 1.11 per cent;
• The GSE All Share Index went up by 17.34 points from the previous week's figure of 5,044.05 to 5,061.39 at the close of the period;
• Total market capitalisation also went up by ¢103.87 billion from the previous week's ¢112, 724.41billion to¢112, 828.87 billion as of the close of trading on Friday March 2 , 2007;
• Nine equities registered reasonable gains with a lone loser during the week under review.
The week's 1.11 per cent performance compared better than the negative 0.90 per cent in 2005 and still better than the negative 0.81 per cent recorded during the same period in 2006.
Share Price Movements:
Nine equities made reasonable gains with only one loser during the week. SCB registered the highest gain of ¢1,990 followed by EBG with ¢375 appreciation while GCB took the third place with a ¢25 gain.
TRANSOL went up by ¢20 while SG-SSB made ¢7 with ALW and EIC appreciating by ¢6 each. The rest were PZ and GGBL which recorded ¢4 and ¢2 respectively. CAL, the only loser went down by ¢1.
A total of 456,000 shares traded during the week was significantly lower than 2,672,100 traded the previous week.
Still the gradual but steady increase in share prices is a welcome and encouraging development, an indication that the increases are sustainable. It is also an indication that the outlook of the market is good.
It is, therefore, our expectation that the modest performance of 2006 and early significant gains will serve as the foundation upon which it will build on during 2007.
And as long as there are good but relatively cheap shares it is better to buy than to sell. So do not sell; either hold on or buy more and you will not regret you did. —
Source: Gold Coast Securities