Stocks opened the week lower as the benchmark index shed 11.79 points (-0.46%) to close at 2,561.63 with a -0.41% year-to-date return. Today’s performance was due to losses in five counters in the banking sector. Market capitalisation declined by 0.20% to settle at GH¢61.03 billion.
Performance was bearish across sector indices. Standard Chartered Bank (-0.09%), Ecobank Ghana Holdings (-0.13%), Cal Bank Limited (-1.00%), GCB Bank Limited (-2.83%) and Access Bank Ghana Limited (-14.93%) dragged the financial index down by 23.01 points (-1.08%) to close at 2,134.89 with a -0.88% year-to-date return. Manufacturing stocks however closed 1.07 points (+0.02%) higher due to a pesewa gain in Aluworks Limited (+12.50%) to close with a -0.01% YTD return.
Trading activity strengthened with 128,819 shares valued at GH¢182,430.67 changing hands from 43,877 shares valued at GH¢159,580.51 recorded at the previous session. Ecobank Transnational Incorporated (ETI) dominated trades by volume, accounting for 55.04% of total volume traded while Standard Chartered Bank Limited (SCB) dominated trades by value, accounting for 64.12% of total value traded.
We expect trading activity to increase ahead of 2018 full year earnings results.
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