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15.04.2008 Business & Finance

Market Buoyed With Activity

The trading floor of the Ghana Stock Exchange (GSE) buoyed with activities of buying and selling, as some hardly traded equities experienced the transfer of their shares from one investor to another.

A total of 28,214,900 shares, valued at GH¢51,127,523.70, were traded, as 27 out of the 36 equities listed on the exchange traded for the week.

Ecobank Transnational (ETI), the most traded equity of the week, had 25,032,000 of her shares going for GH¢49,062,720 exchanging hands. These represent 89 per cent and 96 per cent of the total volume and value of shares traded respectively.

The GSE All-Share Index jumped by 231.7 points to settle at 8632.40 points after beginning the week at 8400.70 points. This brings the year-to-date change at the close of the week to 30.80 per cent. The performance showed a rise of 3.51 per cent over last Friday's year to date of 27.29 per cent.

ETI once more became the top gainer for the week. The Pan- African bank saw its share price leaping up by approximately six per cent from the previous week's price of GH¢1.85 to the current price of GH¢1.96. Guinness Ghana Breweries (GGBL) also gained GH¢0.06 to have its share price growing from GH¢1.49 in the previous week to GH¢1.55 at close of trading this week.

Cal Bank (CAL) became the worst loser of the week with GH¢0.14 of its share being shed, leaving it with a closing price for the week at GH¢0.51. The bank accounted for 6.10 per cent of the total volume traded during the week.

There were eight stock advancers with three losers during the week. Cal Bank (CAL) become the worst loser of the week with GH¢0.14 of its share being shed off, leaving it with a closing price for the week at GH¢0.51. SG-SSB and Ghana Commercial Bank (GCB) lost by a pesewa each during the week under review.

The Ghanaian currency continued its downward trend against the three major international currencies on both the inter-bank and forex bureau markets last week.

On one-on-one basis, the cedi held on to the dollar for most of the trading days. It however, lost by 0.27Gp to the greenback, bringing its year-to-date depreciation rate to 1.06 per cent.

By the end of the week, the dollar was trading between GH¢0.9667 and GH¢0.9883 on the inter-bank market. The cedi again went down to the euro by 1.10Gp to move the trading price from GH¢1.5315 to GH¢1.5425 by close of trading last Friday.

On a brighter note, the local currency rose to the pound by 2.23Gp, moving its trading price from GH¢1.9504 to GH¢1.9282.

On the forex market, the cedi stabilised against the dollar and lost to the pound and the Euro. By the end of the week, the local currency was trading at GH¢0.9800 to the dollar, GH¢1.9200 to the pound and GH¢1.5200 to the euro.

The yield, quoted on both the short term and the long term government of Ghana securities, changed last week. The increase of the prime rate has started feeding into money market interest rates.

The 91-Day bill edged up by 0.04 basis point to close at 11.27 per cent, while the 182-Day bill also upped by 0.06 basis point to close at11.80 per cent.

The yields quoted on the One-Year note would be trading at 12.50 per cent for the week, while the Two-Year Note which went up by 0.30 basis point, would also be trading at a level of 13.80 per cent for the week.

— Gold Coast Securities

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