GOIL shares maintained a winning streak for the first half of 2016 on the local bourse. The list OMC managed to keep the equity attractive by recording periodic capital gains over the other listed OMC (i.e. TOTAL).
The fundamentals of GOIL have remained robust throughout the first half of the year after it outperformed most of its OMC peers within the sector in terms of market share and earnings in 2016 through various expansion projects and brand franchising. Despite the rising number of actively operating OMCs within the sector, GOIL maintains the highest market share of 18%. Additionally; the company has remained a relatively attractive fuel price at the pump. This has been one main driver of revenue in the company. Sale of fuel products and engine oils have also contributed immensely to the total turnover of GOIL.
On the local bourse, the impressive 2016FY financial performance of GOIL has translated into an outstanding share performance for HY-2017. The equity currently returns Y-on-Y capital gains of 87.27%. At the start of 2017, the price of GOIL was at GHS 1.10 and it currently trades at GHS 2.06. Supported by strong company fundamentals, GOIL shares will continue to record week-on-week capital gains for the second half of 2017. Investors can benefit from the positive projection on share performance of GOIL to take advantage of future gains. GN Analysts expect a consistently good performance of the company in the next half of 2017. This could further boost gains on the stock.
Trading activity on the bourse ended with 4 gainers (FML, GCB, GOIL and SCB) yesterday. There were no decliners on the bourse. HFC shares topped the trading chart in terms of volume as 152,700 shares worth GHS 108,417.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 26.46% and 30.47% respectively.
Trading activity on the Alternative Market ended with Intravenous Infusions Limited [IIL] gaining 1 pesewa to close trade at GHS 0.09. 10,100 shares of IIL valued at GHS 909.00 changed hands on the GAX.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
The Cedi LOST marginally to the Dollar and Euro but GAINED to the British Pound on the inter-bank market yesterday. The local currency exchanged at a mid-rate of GHS 4.3638 to the USD, GHS 5.6804 to the GBP and GHS 50519 to the EURO.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market now records a year-to-date depreciation of 7.77%.
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