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Business News of Monday, 16 July 2018


Financial sector dominate Stock Market

The Financial Sector dominated the stock market, as indices point northwards leading to improved performance on the Ghana Stock Exchange (GSE), Nordea Capital Investment Stock Market review indicated.

The Nordea Capital Investment review of the second week of July (9th to 13th) obtained by the Ghana News Agency on Monday, indicated that, as a result of the improved performance, investors’ bid up listed equities across banking, Insurance and agribusiness sectors.

The Ghana Oil Company Limited (GOIL) emerged as the most traded equity in value terms, as a negotiated transaction during the week helped it as the most traded equity. It accounted for 42.4 per cent of all value traded during the week.

In effect, the benchmark GSE-Composite Index edged by 0.8 per cent to close at 2,946.3 points, this represents a year-to-date return of 14.2 per cent.

Trading was muted on the course compared to the preceding week, as Republic Bank Limited led the advancers by appreciating 10.3 per cent to close the week higher at GHC1.50 per share, whilst Ecobank Ghana rose by 8.6 per cent to GHC8.25 per share and Enterprise Group Limited edged by 0.3 per cent to end the period at GHC3.02 per share.

The Produce Buying Company Limited also led the laggards as the stock plummeted 20 per cent to close at GHC0.04 per share. PBC recorded a loss of GHS 29.9 million for year 2017.

Standard Chartered Bank backtracked by 2.3 per cent to close at GHC26.00 per share, whiles Societe Generale declined by 1.6 per cent to close at GHC1.24 per share and ACCESS Bank fell 0.7 per cent to close at GHC3.97 per share.

The GCB Bank for the second straight week lost 0.6 per cent to close at GHC5.00 per share.

Total volume traded for the week under review was 2.9 million shares, which were valued at GHC6.1 million.