The Stock Market Remains Bearish!!!!!!
Ghanaian stocks delivered negative returns for the week as the Composite Index was down 2.63% from the previous week to record the worst performance for the year.
The Financial Stock Index recorded a year-to-date loss of 3.16%, down 261 basis points from the previous week.
Prices continue to be on the low side causing the market capitalization to decline 0.31% from the previous week.
By close of week, shares of 20 companies were of interest to investors compared to 12 companies a week ago.
Trading resulted in four gainers and six laggards while ten remained unchanged.
ETI gained 7.14% to close at GH¢0.15 to lead the pack of gainers. GCB and EGL followed came behind with a gain of 0.76% and 0.45% to close at GH¢3.97 and GH¢2.25 respectively.
On the other hand, by leading the deck of losers, ADB’s share price was diluted by 14.96% to close at GH¢5.06; which resulted from a successful completion of the Rights Issue which raised GH¢140.60 million for operational activities. GOIL also recorded a dip of 9.47% to close at GH¢2.20 in a week that the company declared a dividend of GH¢0.042, up 50% from the previous year’s GH¢0.028.
Liquidity was on the high side due to a block trade of 14,035,100 shares of MTNGH, making it the most liquid stock for the week. ETI and GOIL followed by trading 0.49% and 0.47% of market volume by close of week.
In the following week, analysts expect the stock market to remain low on the back of lack of demand for stocks. The share price of SOGEGH and CAL may drop as investors exit on their positions, based on this; a hold is recommended for the stocks.
In the news, Intravenous Infusions PLC. (IIL) announced the conclusion of a private placement offer which sought to issue 54,349,560 shares to raise GH¢3.2 million. The total outstanding shares of IIL have now been increased to 258,821,246.
ACCESS announced for the information of the general investing public that, the Company’s Annual General Meeting will be held at the Marriot Hotel, Accra on Thursday, May 16, 2019 at 3.00 pm