Stock Exchange goes down in see-saw trading

Accra (Greater Accra), 16 Feb,'99 -

The see-saw performance of the stock exchange continued today as the main market index, the GSE All-Share index, went down in thin trading after a steep rise last Friday. The GSE All-Share Index, weighed down by the loss in four equities, lost 0.72 points to close trading lower at 883.56 points thus eroding the 9.59 points gained in Friday trading. Total volume traded fell sharply to 17,950 from 235,600 mainly due to the refusal of investors to reduce their offer prices. Offers closed at 3.2 million ahead of bids of 381,550. There was a huge offer of 2.9 million shares of Pioneer Tobacco Company (PTC) at a last price of 400 cedis and no one was ready to pick any. Market capitalisation finished lower at 3,360 billion cedis down from the 3,393 posted on Friday. In the broader market, five equities saw price changes. There were four decliners and one gainer. AGC declined by 300 cedis to end at 18,700 as a result of the falling world market price of gold while Fan Milk Limited (FML) was down 50 cedis to close at 1,500 cedis. CFAO lost three cedis at 52 cedis and SPPC lost five cedis to end at 245 cedis. The only gainer on the market was Unilever (UNIL) which made 20 cedis to finish at 1,700 cedis. The following are the last prices of listed equities ABL 800 AGC 18,700 -300 ALW 2,600 CFAO 52 -3 EIC 2,000 FML 1,500 -50 GBL 1,700 GCB 1,100 GGL 1,150 HFC 750 MGL 225 MLC 250 MOGL 20,000 PAF 400 PTC 400 PZ 850 SCB 24,000 SPPC 245 -5 SSB 2,200 UNIL 1,700 +20 UTC-E 125