Bearish Sentiments Dominated Trading Activities

Bearish sentiments dominated trading activities on the Ghana Stock Exchange as Bank of Ghana held its benchmark policy rate for the first time this year at 17 percent; despite the expected inflows from the three year bond of USD98 million.

Consequently the benchmark GSE-Composite Index dropped by 0.3 percent to close the fourth week of July (23 to 27) at 2,932.8 points, representing a year-to-date return of 13.7 percent.

Nordea Capital Investment Stock market review of the fourth week trading obtained by the Ghana News Agency in Accra on Tuesday, indicated that losses were witnessed across multiple sectors led by Mechanical Lloyd Company, which lost 9.1 percent to close at GHC0.10 per share.

The SIC Insurance followed with a dip of 5.4 percent to close at GHC0.35 per share, Ecobank Transnational Incorporated dropped 4.5 percent, Guinness Ghana Brewery Limited (GGBL) slipped by 3.1 percent, and Tullow Oil also going down by 3.1 percent.

According to the report, CAL Bank also lost by 1.6 percent, Republic Bank dipped by 1.3 per cent, Benso Oil Palm Plantation dropped by 0.5 percent, GOIL losing 0.2 percent, and Fan Milk Limited by 0.1 percent.

Total Petroleum Ghana Limited however led the gainers for the week with a 2.5 percent rise to close at GHC4.10 per share, GCB Bank appreciated by 1 percent to close at GHC5.06 per share, and Societe Generale climbed by 0.8 percent to GHC1.25 per share.

According to the Nordea Capital report, Ecobank Ghana edged by 0.5 per cent to close at GHC8.21 per share, Enterprise Group Limited went up by 0.3 percent to GHC3.03 per share whiles ACCESS Bank inched up by 0.3 percent to close at GHC3.98 per share.

A total of 3.4 million shares exchanged hands in the week under review while value traded also dipped to GHC8.2 million. Guinness Ghana Brewery Limited emerged as the most liquid equity accounting for 49.1 percent of total value traded following a block trade in its shares last Thursday.

Meanwhile trading opened the last week of July with activities in 15 equities, as both gainers and losers evened out but both indices pointed downwards as the benchmark GSE-Composite Index shed 0.03 percent to close at 2,932 points.

SIC Insurance lost by 14.3 percent to close the session lower at GHC0.30 per share, Societe Generale also dipped 0.8 percent to close at GHC1.24 per share whilst Standard Chartered slipped by 0.04 percent to close at GHC25.99 per share.

According to the report, CAL Bank gained 0.8 percent, Enterprise Group Limited 0.3 percent and Ecobank Ghana moved up by 0.1 percent.

A total of 140,221 shares exchanged hands and these were valued at GHC437,683.06.