Stocks rebounded after recording a loss in the previous session. The benchmark index climbed 0.80 points (+0.03%) to close with an 18.34% year-to-date return as a result of gains in two counters in the banking sector. Market capitalization followed the trend, up 0.01% to close at GH¢66.60 billion.

Performance was mixed across sector indices. Banking stocks, Ecobank Ghana Holdings (EGH) and GCB Bank (GCB) gained 0.48% and 0.19% respectively, pushing the financial index up by 1.80 points (+0.07%) to close with a 13.34% year-to-date return. The manufacturing index however declined by 2.02 points (-0.04%) on the back of losses recorded in Unilever Ghana (-0.06%) and Benso Oil Palm Plantation (-0.31%) to close at 5,597.82 with a -5.03% year-to-date return.

Activity levels surged with 221,885 shares valued at GH¢220,195.45 changing hands from 20,725 shares valued at GH¢35,244.84 in the previous session. This represents a 1,070.62% jump in total volume traded and a 624.76% increase in total value traded. MTN Ghana (MTNGH) dominated trades by both volume and value, accounting for 94.91% of total volume traded and 88.51% of total value traded.

Market sentiment strengthened, with the aggregate bid/ask ratio closing at 0.8:1 from 0.1:1 in the previous session as a result of an increase in bids for Starwin Products Limited (SPL). We expect trading activity to pick up as the third quarter earnings season nears.

Gainers & Losers

Interbank Exchange Rates

Top Trades by Volume

Market Indices

Company in Focus

Ecobank Transnational Incorporated (ETI)

S&P Global Ratings has affirmed the ‘B-/B’ long- and short-term issuer credit rating on Ecobank Transnational Incorporated (ETI) and a ‘B/B’ long- and short-term issuer credit ratings on Ecobank Nigeria Ltd with stable outlook for both firms.

The affirmation reflected S&P’s expectation that ETI’s financial performance will improve gradually over the next 12-24 months, with lower problematic assets and slightly higher profitability on the back of more stable macroeconomic conditions in key operating markets.