Accra bourse continues on bullish trend

Consumer Price Inflation dropped by 170 basis points (bps) to 16.7 per cent in July from 18.4 per cent in June on the relative stability of the cedi, base drift and seasonality effect on food pricing.

Consequently the benchmark Ghana Stock Exchange (GSE) – Composite Index rose by 0.3 per cent to close at 1,807.7 points, stock market analysis made available to the Ghana News Agency in Accra by Nordea Capital, an investment bank, has stated.

Nordea Capital is licensed by the Securities and Exchange Commission (SEC) and offers a comprehensive range of services in asset management, research and strategy, corporate finance and private equity to institutional, corporate and private clients.

According to the market analysis Agri-business firm, Produce Buying Company Limited (PBC) bounced back from a loss in the previous week to appreciate by 66.7 per cent to close at GH¢0.05 per share.

Investor confidence in PBC was aided largely by the impressive results released by the firm for the third quarter ending June 2016; PBC was able to recover from a loss of GH¢4.8 million in nine months of 2015 to record a profit after tax of GH¢11.7 million in nine months of 2016.

State Insurance Company (SIC) advanced by 13.3 per cent to close at GH¢0.17 per shar. SIC announced a dividend of GH¢0.0214 per share for the financial year 2015, a 20 per cent increase over last three years’ dividend.

CAL Bank rose by 3.6 per cent to close at GH¢0.87 per share, whiles Ghana Commercial Bank (GCB) gained 3.3 per cent to close at GH¢3.47 per share. Ecobank Ghana edged by 0.7 per cent to end the week at GH¢6.75 per share.

The UT Bank led the laggards as it plunged by 12.5 per cent to close at GH¢0.07 per share whilst Mechanical Lloyd backtracked by 11.1 per cent to close at GH¢0.16 per share.

Mechanical Lloyd recorded a 68 per cent drop in profit after tax to GH¢0.4 million in the first half of 2016 compared to GH¢1.4 million in 2015.

HFC Bank shed 9.0 per cent to close at GH¢0.71 per share. Aluworks lost 7.1 per cent to close at GH¢0.13 per share whiles Total Ghana Limited dipped by 2.7 per cent to close the week at GH¢3.30 per share.

Fan Milk continues to consolidate its position as the most traded equity, accounting for 53.5 per cent of all value traded during the week. Total volume traded was 0.4 million shares which were valued at GH¢0.3 million.

Source: GNA