The market retreated a further 1.10% today, weighed down by downward price movement in financial, telecom, beverage and publishing sectors. Consequently, the GSE-CI closed at 2,852.83 with a 10.59% year-to-date return while market capitalization declined by 0.48% to settle at GH¢64.39 billion.

Access Bank Ghana (+0.33%) was the sole gainer for the second straight session, while MTN Ghana (-1.10%), Enterprise Group Limited (-1.68%), Guinness Ghana Breweries Limited (--2.54%), GCB Bank (-2.83%), Ecobank Ghana Holdings (-3.33%), Camelot Ghana Limited (-10.00%) and Standard Chartered Bank (-9.36%) recorded losses. Accordingly, the manufacturing index dropped by 0.53% to close at a -10.33% YTD return while the financial index declined by 1.42% to close at a 0.48% YTD return.

Trading activity shot up with 274,407 shares valued at GH¢374,991 changing hands from 21,320 shares valued at GH¢41,163 in the previous session. This represents a 1,187.09% increase in total volume traded and a 810.98% jump in total value traded. Ecobank Transnational (ETI) dominated trades by volume, accounting for 31.41% of total volume traded while Ecobank Ghana Holdings (EGH) accounted for 26.29% of total value traded.

 Market sentiment weakened with the aggregate bid/ask ratio closing at 0.1:1 from 0.2:1 in the previous session, resulting from selling pressure in Enterprise Group Limited (EGL), Ecobank Transnational Incorporated (ETI), Republic Bank Ghana (RBGH), Intravenous Infusions Limited (IIL), MTN Ghana (MTNGH) and Starwin Products Limited (SPL).

We expect trading activity to pick up tomorrow as companies continue to release third quarter earnings results.

Company in Focus

Energy Commercial Bank Limited (ECBL)

Energy Commercial Bank Limited has announced that the Securities and Exchange Commission has granted the Bank an extension to its Initial Public Offer Period which was scheduled to end on 02 November 2018. As a result of the Extension, the Offer Period will end on 16 November 2018.

Per the press release sent out by the Ghana Stock Exchange, the allotment will end on 28^th November, 2018 and listing and first day of trading of all ECBL shares on the Ghana Stock Exchange has been scheduled for 18^th December, 2018.

Gainers & Losers

Market Indices

Top Trades by Volume

Interbank Exchange Rates