Stocks extended losses, as the banking and beverage sector dragged the GSE-CI down by 0.14% to close with a 13.21% year-to-date return. Market capitalization declined by 0.06% to settle at GH¢65.07 billion.

Performance was mixed across sector indices. The manufacturing index ended a streak of declines, rising by 0.24% on the back of price appreciation in Fan Milk Ghana (FML) to close with a -6.27 year-to-date return. Access Bank (-0.32%), Enterprise Group Limited (-0.34%), GCB Bank (-0.56%), Ecobank Ghana Holdings (-0.57%) and Cal Bank (-3.70%) dragged the financial index down by 0.39% to close with a 5.05% year-to-date return.

Activity levels surged with 568,683 shares valued at GH¢3,568,009.62 changing hands compared to 205,301 shares valued at GH¢397,601.65 in the previous session. Fan Milk Ghana (FML) dominated trading value, accounting for 89.01% of total value traded while Cal Bank (CAL) accounted for 48.52% of trading volume.

The market was bearish with the aggregate bid/ask ratio closing at 0.1:1 from 0.2:1 in the previous session. We expect overall market performance to pick up this week as companies report on third quarter earnings.

Gainers & Losers

Interbank Exchange Rates

Top Trades by Volume

Market Indices

Company in Focus

Ecobank Transnational Incorporated (ETI)

Ecobank Transnational reported a 41% increase in Profit After Tax to GH¢1.17 billion for the first 9 months period ending 30th Sep 2018, supported by an increase in revenue and a 20% decrease in impairment losses on financial assets. Operating Income of the Bank increased by 9% to GH¢6.5 billion due to a 7% increase in interest income and 11% growth in non-interest income.

Loans and Advances climbed 1% to GH¢4.79 billion while Customer’s Deposits increased by 15% to GH¢7.90 billion for the 9 months period ending 30th Sep 2018. Shareholder’s Fund increased by 3% to Gh¢8.24 billion while Total Assets rose by 13% to GH¢104.39 billion.