Accra, May 28, – The Ghana Stock
Exchange (GSE) bourse continued on its bearish trend as investors continued to
sell-off equities on the GSE largely on account of profit taking.
The benchmark GSE-Composite Index
thus dipped by 2.6 per cent on a week-on-week basis to close at 3,295.6 points,
the fourth week of May (21 to 24) trading, which represents a year-to-date
return of 27.8 per cent.
Nordea Capital Investment Stock
analysis’ report available to the Ghana News Agency on Monday indicated a total
of ten equities recorded price changes of which six backtracked.
Enterprise Group Limited topped
the laggards as it dropped 10.3 per cent to GH₵3.50 per share; CAL Bank came second on the leader board,
reducing its market value by 9.4 per cent to GH₵1.54 as the bank gears up for a bonus share issue in a ratio of
one for every seven existing shares, which amounted to GH₵78.3 million.
Societe Generale dipped by 7.7
per cent to close at GH₵2.05
per share, its net interest income declined by one per cent which impacted
profit after tax by 51.2 per cent to GH₵21.9
million for the first quarter of the year.
Standard Chartered lost by 7.6
per cent to end the week under review at GH₵30.00 per share; StanChart saw a two per cent increase in net
interest income to GH₵117.8
million in the first quarter of this year, but recorded a profit after tax of
GH₵80.8 million, which was
lower than the GH₵83.6 million
recorded for first quarter of 2017.
According to the Nordea Capital
Investment stock market watchers, Ecobank Transnational Incorporated (ETI)
declined by 4.2 per cent to close at GH₵0.23
per share. ETI reported net revenue of USD465 million, up nine per cent
year-on-year, compared to the first quarter of 2017, mainly driven by
non-interest revenue.
GCB Bank fell by 1.5 per cent to
GH₵6.40 per share; Produce
Buying Company added a quarter to its value to lead the advancers for the week,
closing at GHC0.05 per share.
Republic Bank gained 1.6 per
cent, it closed at GH₵1.30 per
share; Unilever Ghana Limited edged by 0.6 per cent to close at GH₵17.62 whiles Agribusiness firm,
Benso Oil Palm Plantation rose by 0.1 per cent to close at GH₵7.24 per share.
Turnover continued to decline by
80.7 per cent from the previous week on account of lower volumes traded. CAL Bank accounted for 63 per cent of
turnover for the week following 1.7 million shares traded last week.
Nordea Capital is an investment
bank, licensed by the Securities and Exchange Commission and offers a
comprehensive range of services in asset management, research and strategy,
corporate finance and private equity to institutional, corporate and private
clients.
Nordea Capital is dedicated to
growing and preserving client assets and building trust, in partnership with
financial professionals and institutions worldwide.
The GSE is the principal stock
exchange of Ghana. The exchange was incorporated in July 1989 with trading
commencing in 1990.
Criteria for listing include
capital adequacy, profitability, spread of shares, years of existence and
management efficiency.
GNA
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