Supply of shares continued to be in excess over demand as the GSE Composite Index recorded its worst performance for the past six months and closed the week with a year-to-date loss of 9.46%.
ACCESS, EGH and CAL caught some positive reactions from investors with the Financial Stock Index rallying 217 basis points high from the previous week’s 2,004.40 points.
Significant price appreciation of some share prices caused the market capitalization to touch GH¢58.30 billion, 0.60% higher than the GH¢57.96 billion the previous week.
Shares of seventeen companies exchanged hands on the bourse compared to twenty-one companies the previous week. This resulted in seven gainers and three laggards; while seven remained unchanged by close of week.
As anticipated from the previous week, FML lost 3 pesewas on its share price to close at GH¢4.48. It however joined the pack of laggards with a dip of 0.67%.
Characterized by high level liquidity, compared to a week ago, the stock market saw a total of 2,859,826 shares trading. Liquidity was 88% higher than the previous week due to a block trade of 2.5 million shares of GGBL trading on the third trading session this week. This resulted in GGBL trading 85% of total volume and gained a pesewa in the course of trading to close at GH¢2.16. MTNGH and ETI came behind with a share of 7% and 4% respectively by close of the trading week.
As investors continue to contend the menace of the banking reforms; the market is expected to remain less active in the week ahead but will see some few stocks such as CAL and RBGH appreciate marginally due to positive quarterly financial reports.
In the news, MLC announced the resignation of Mr. Yaw Assah-Sam, a Non-Executive Director of the Company, effective June 6. 2019.
In related news, EGH announced the appointment of Mrs. Patience Akyianu as a Non-Executive Director of Ecobank Ghana Limited, effective 1st July, 2019.
Investors may contact SIC Brokerage Ltd. to buy/sell shares and T-Bill/Bonds on both primary and secondary markets.