On the Ghana Stock Exchange (GSE,) the benchmark composite Index plummeted yesterday by 30.85 points following a 173% capital loss on Standard Chartered Bank (SCB) share price on the bourse.
GN Analysts in earlier reports indicated that the impressive performance streak on SCB was somewhat artificial, pegged to activities of increased retail investors on the market. SCB can however record marginal capital gains by week close on the back of market forces of demand and supply. The equity still remains fundamentally weak and can register huge capital losses in a short period.
The share price on Unilever Ghana Ltd., (UNIL) continues its upward trajectory after recording capital gains of GHS 0.24 in two consecutive trading days. The listed firm churned out positive bottom lines in addition to recording operational gains in its FY2016 financial report. UNIL will continue to record periodic marginal capital gains on the back of improved fundamentals. The equity has an upside potential of +9.6% in the short to medium term. UNIL is therefore recommended as a BUY.
Trading activity on the bourse ended with 4 gainers (BOPP, GCB, TOTAL and UNIL) and 2 losers (GOIL & SCB) yesterday. UTB topped trading chart in terms of volume as 62,000 shares worth GHS 1,860.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 6.26% and 8.99% respectively.
Trading activity on the Ghana Alternative Market (GAX) was hushed yesterday as no shares changed hands.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
The Cedi gained marginally to the British pound and Euro but Lost to the Dollar yesterday.
The local currency exchanged at a mid-rate of GHS 4.3042 to the USD, GHS 5.3525 to the GBP and GHS 4.6154 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 3.04%.
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