Accra bourse closes southwards

Bearish sentiments dominated Ghana Stock Exchange (GSE) trading activities as the Bank of Ghana held its benchmark policy rate for the fifth consecutive time this year at 26 per cent. Total volume traded was 22.9 million shares which were valued at GH¢35.1 million.

Despite the expected inflows from COCOBOD’s $1.8 billion facility to purchase cocoa for the 2016/2017 season; the benchmark GSE-Composite Index dropped 0.6 per cent to close at 1,775.1 points, representing a year-to-date loss of 11 per cent.

A stock market analysis paper made available to the Ghana News Agency, in Accra, on Monday which focused on trading for the week ending September 23 indicated that GOIL emerged as the most traded equity in value terms.

GOIL experienced a block trade, accounting  for  97.3 per cent  of  all value  traded  during  the  week.

According to the analysis, PBC Limited was the worst performer for the week as it lost a fifth of its value (-20.0 per cent) to close at GH¢0.04 per share.

The company recently announced plans to restart operations of the Sheanut factory at Buipe in the Northern region, as engineers are finalising the re-installation of a new plant which is expected to operate at twice the initial capacity.

Societe Generale lost 8.8 per cent to close at GH¢0.73 per share.  The Bank’s offer period for the GH¢40.8  million Renounceable Rights Issue of 65,880,695 ordinary shares of no par value at GH¢0.62 per share ended last Thursday.

According to the analysis, Ghana Oil fell by 6.8 per cent to close at GH¢40.8 close at  close  at  GH¢1.24  per  share, while, Benson Oil  Palm  Plantation  declined  by  1.2 per cent to  close  at  GH¢2.45 per share.

Investors bid down the price of Tullow Oil for the second successive week, as the stock shed 0.2 per cent to close at GH¢26.95 per share, despite the company’s recent commencement of drilling from  the Tweneboa-Enyenra-Ntomme (TEN) Oilfields offshore  Ghana.

Tullow has  also  announced  the completion of drilling and testing of the Cara prospects in the Norwegian North Sea.

The UT Bank led the advancers as it bounced  back  from  losses  in  the last  three  preceding  weeks, appreciating by 33.3 per cent to close at GH¢0.04 per share.

Investors’ reiterated their confidence in CAL Bank as the stock advanced by 1.3 per cent to close at GH¢0.76 per share, while Ice cream maker, Fan Milk Ltd closed the week inching up by 0.1 per cent to close at GH¢9.76 per share.

Source: GNA