Equity investors remain apprehensive as cedi depreciates

Investors continued to sell their holdings in Ghanaian equities as the Cedi depreciates. In effect, the benchmark index extended losses into yet another week, losing 2.4 per cent on a week-on-week basis to close at 2,918.3 points.

This represents a year-to-date return of 13.1 per cent, Nordea Capital Investment Stock Expert analysis of the third week of June (18 to 22) trading on the Ghana Stock Exchange made available to the Ghana News Agency in Accra reveals.

Profit taking deepens investor’s woes as Societe Generale led the laggards by dropping 17.6 per cent to close at GH¢1.36 per share. British petroleum explorer, Tullow Oil Plc dipped by 15 per cent to close at GH¢14.56 per share.

According to the Nordea Capital Investment review of the week, Ecobank Ghana lost 11.8 per cent to close at GH¢9.00 per share whiles CAL Bank fell 2.4 per cent to close at GH¢1.22 per share.

The other losers were Total Petroleum (-1.2 per cent), Standard Chartered (-0.7 per cent) and GCB Bank (-0.4 per cent).

ACCESS Bank however led the gainers with a 17.6 per cent appreciation over the period to close GH¢4.00 per share, Ecobank Transnational Incorporated (ETI) rose by 5 per cent to close at GH¢.21 per share.

The nation’s foremost indigenous oil marketing company, Ghana Oil Company Limited (GOIL) edged by 1.3 per cent to end the week at GH¢4.00 per share.

CAL Bank emerged as the most traded in value terms as a block trade in CAL Bank last June 18, saw the bank account for the largest transaction value on the  Exchange over the period.

CAL Bank therefore traded GH¢4.7 million which represented 43.2 per cent of the entire turnover for the period.

The total value traded for the week under review was GH¢10.9 million.

Meanwhile GSE trading activities opened the fourth week of June trading on the exchange with movements in 13 equities with five losers; this kept the benchmark GSE-Composite Index down by 1.1 per cent to close at 2,885.8 points.

Mechanical Lloyd Company dropped 8.3 per cent to close at GH¢0.11 per share, whilst Ecobank Ghana dipped by 5.7 per cent to GH¢8.49 per share and Societe Generale fell by 2.2 per cent to close at GH¢1.33 per share.

The others were CAL Bank which slipped by 1.6 per cent to GH¢1.20 per share and Standard Chartered which shed 0.6 per cent to GH¢27.00 per share.

A total of 162,053 shares exchanged which were valued at GH¢464,292.63.

Source: GNA