On the Ghana Stock Exchange
The broader market return (i.e. benchmark composite index] climbed up hitting the 40% YTD mark at the close of trade yesterday.
The impressive streak on the bourse is largely due to lower market volatilities, stable Cedi performance and the downward trend in macro-economic indicators such as inflation and interest rates. Financial stocks continue to lead the gainers’ list on weekly basis.
Earnings performance reports of listed companies will continue to play a pivotal role in driving stock market returns for the last quarter of 2017. The value of the local bourse will remain on an upward trajectory supported by gains on equities such as SCB, FML, ETI and EGH. Investors should anticipate more stable gains on stocks for the last 4 months of the year.
Trading activity on the bourse ended with 5 gainers (EGL, FML, SOGEGH, UNIL and HFC) and 1 loser (SCB) yesterday. CAL topped the trading chart in terms of volume as 75,300 shares worth GH¢75,300.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 40.40% and 41.21% respectively.
On the Ghana Alternative Market (GAX)
Trading activity on the Alternative Market was hushed as no shares changed hands on the GAX. HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
On the Currency market
The Cedi GAINED marginally to all the major trading currencies on the inter-bank market yesterday. The local currency exchanged at a mid-rate of GHS 4.3989 to the USD, GHS 5.6814 to the GBP and GHS 5.6845 to the EURO.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market now records a year-to-date depreciation of 9.43%.
By GN Research
