On the Currency market (GSE,) trading activity in terms of volumes on the stock market increased by 9,993.03%% in the week under review as volumes of shares traded scaled up by 156,704,896.
Further, the total values of shares traded increased to GHS 228,394,005 representing 12,947.69% appreciation week on week.
There were 9 gainers and 4 losers at week-close.
The stock market soared to incredible heights during the week under review in terms of volumes and values of traded equities. Financial stocks once again dominated the gainers list at week close. GN Analysts expect trading activities to dip slightly compared to last week. The total value of stocks traded however will remain high even as total market cap at week close is expected to rise above last week’s level on the back of anticipated gains on large cap equities like ETI, GCB, SCB and EGH. The week will be characterized by block trades and price movement in most low-priced equities and financial stocks.
An analytical outlook into 2017 pictures YTD key market indices closing the year relatively better than 2016. Commodity-based stocks are expected to follow in an upward trajectory following an anticipated relative stability of major commodity prices on the world market. Most financial stocks may fail again to drive returns on the market as the banking industry continues to record high levels of NPLs, financial stocks however may record lesser price volatilities as compared to 2016.
Trading activity on the On the Ghana Alternative Market (GAX) ended last week with Intravenous Infusions Limited [IIL] trading 11,600 shares valued at GHS 1,044.00.
HORDS remains the only equity listed on the GAX to return 25% in capital gains to investors for the year 2016.
The Cedi lost marginally to all the major currencies on the interbank FX market at week close. The local currency exchanged at a mid-rate of GHS 4.3724 to the USD, GHS 5.4500 to the GBP and GHS 4.6492 to the EURO as at week close. GN Market Analysts posit that, the Cedi is poised to exhibit some stability on the forex market in the short-term.
The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank market now records a year-to-date depreciation of 4.44% gaining at an average daily rate of 3.79 percent for the week under review.
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