On the Ghana Stock Exchange (GSE,) the stock market performed impressively in the week under review as the market was dominated by block trades and high levels of trade volumes and values.
The benchmark composite Index recorded YTD returns of 4.67% at week close while the Financial Stock Index recorded YTD returns of 7.01%.
Trading activity in terms of volumes on the stock market increased by 25.67% in the week under review as volumes of shares traded scaled up by 442,017.
Further, the total values of shares traded decreased to GHS 1,128,877 representing 63.47% depreciation week on week. There were 8 gainers and 1 loser at week-close.
The market is expected to follow similar trade patterns this week. Financial Stocks will continue to move the market this week; GCB, EGH, SCB, CAL and GOIL are expected to record capital gains at week close.
An analytical outlook into 2017 pictures YTD key market indices closing the year relatively better than 2016. Commodity-based stocks are expected to follow in an upward trajectory following an anticipated relative stability of major commodity prices on the world market. Most financial stocks may fail again to drive returns on the market as the banking industry continues to record high levels of NPLs, financial stocks however may record lesser price volatilities as compared to 2016.
Trading activity on the Ghana Alternative Market [GAX] ended last week with 13,300 shares of Intravenous Infusions Limited [IIL] valued at GHS 1,197.00 changing hands, all other equities on the GAX traded flat throughout the week under review.
HORDS remains the only equity listed on the GAX to return 25% in capital gains to investors for the year 2016.
On the Currency market, The Cedi lost to marginally to all the major trading currencies at week close. The local currency exchanged at a mid-rate of GHS 4.2689 to the USD, GHS 5.3628 to the GBP and GHS 4.5697 to the EURO as at week close. GN Market Analysts posit that, the Cedi is poised to exhibit some stability on the forex market in the short-term.
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 2.32% gaining at an average daily rate of 1.90 percent for the week under review.
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