In what seemed to be a relatively quiet week, the stock market fell 18.08 points from the previous week’s 2,401.96 points. This led to a year-to-date loss of 7.32%.
The Financial Stock Index returned to losses after rallying two weeks ago. The Index lost 106 basis points to settle at a year-to-date loss of 4.61%.
Investors remained bearish on stocks causing the market capitalization to fall marginally by 0.14% to GH¢58.42 billion.
By close of week, the stock market was characterized by low level liquidity as liquidity dropped by 81% to result in 657,670 shares traded. This came on the back of the shares of 20 companies exchanging hands on the bourse. SIC emerged as the most liquid stock by trading 28% of total volume. CPC and MTNGH followed with 17% and 11% of volume respectively.
It was a good week for investors of RBGH as the stock attracted some investor confidence to surge 3.17% and closed at GH¢0.65 after several weeks of decline. The stock joined the pack of four gainers this week.
The Week Ahead…
In the coming week, the market is expected to remain bearish due to a continued lack of confidence in the financial sector resulting from the clean up by the Central bank. However, with macroeconomic indicators looking good, such as inflation dropping to 9.4% and the recent news of GDP recording a growth of 6.7%, confidence in the financial sector is expected to bounce back in the medium term.
In the news, E.S.L.A. Plc. announced to holders of the ESLA 2024 and 2027 Bonds of its intent to buy-back a portion of bonds issued under the GH¢10.00 billion program.
SAMBA announced its 4th AGM for 2018 to be held on the premises of Samba Foods Ltd (West Coast Dyeing Ltd. compound, Heavy Industrial Area, Tema, Ghana) on Friday 12th July 2019 at 11:00 AM.