Weekly Stock Market Update – Ending March 1, 2019
The week closed the February rally as the GSE Composite Index touched 2,482.10 points, down 11.13 points from the previous week’s 2,493.23 points.
A declined confidence in financial stocks was evident this week. The year-to-date loss on Financial Stock Index further dipped 216 basis points from the previous week.
The market capitalization rose 0.15% to hit GH¢60.23B being a leap from GH¢60.14B a week ago.
Market saw shares of 20 companies trading on the bourse; this resulted in 5 gainers and 6 losers.
CAL gained 10.75% to close at GH¢1.03 thus leading the pack of gainers. RBGH reached a year low price with a dip of 8.33% to close at GH¢0.55; GCB led the deck of laggards with a 14.39% dip to close at GH¢3.51.
By close of week, volume surged 2.06% from 1,923,558 shares a week ago. This was due to a block trade of 1.3 million shares of Fanmilk Ltd. valued at GH¢11.12 million which occurred on the third trading session. The stock emerged as the most liquid stock for the week by trading 71%. ETI took 6% of the market volume while GCB and MTNGH had 5% apiece of market volume.
OUTLOOK
In the week ahead we expect an increased investor confidence in CAL due to a positive full year 2018 financial statement. TOTAL is expected to see a marginal rise. Investors may keep an eye watch over EGL. The likes of EGH, GCB and GOIL may see a continued decline; however investors may hold the stock