Stock market sentiments remain bearish

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Market sentiments remained bearish for May as the Ghana Stock Exchange (GSE) – Composite Index failed to find support at the 3,400 levels. The benchmark index closed the May transactions at 3,167.5 points.

According to Nordea Capital Investment Stock expert review of the May trading, made available to reporters indicated the news of a further cut in monetary policy rate to 17 per cent failed to calm investors as they exited Ghanaian equities.

According to the Nordea Capital Stock Expert, the selling pressures intensified across sectors as profit-taking led to several equities erasing some of their earlier gains, whiles some investors sought positions in certain dividend-paying stocks.

Consequently, ten equities edged higher whiles nine declined, but the quantum of losses was enough to keep the bourse lower. Enterprise Group Limited backtracked by 27.5 percent to close at GHS3.00 per share.

CAL Bank lost 26.4 per cent during the month to close at GHS1.45 per share; CAL’s profit after tax reduced by 6 per cent to GHS32.1 million on account of slower growth in interest income.

According to the Nordea Capital Stock review for the month, the Standard Chartered Bank dropped 25.6 percent as a result of profit-taking, which also affected Societe Generale.

Other losers for the month under review included Total Ghana Limited (-15 percent), GOIL (-10.6 percent), Ecobank Transnational Incorporated (-9.1 percent), Fan Milk Limited (-6.5 per cent) and Camelot (-6.3 percent).

According to Nordea Capital Investment Stock Expert review, the small caps recorded the biggest gains for the month; led by Produce Buying Company, which added a quarter to its value (+25 percent) to close at GHS0.05 per share.

Aluminium firm, Aluworks also bagged 12.5 percent to end at GHS0.09 per share. PZ Cussons and Unilever were also in demand as they both went up by 4.8 percent and 4.3 percent apiece.

The other significant gainers were SIC Insurance (+2.4 percent), Guinness Ghana Brewery Limited (+1.6 percent), the Republic Bank (+1.6 percent), Ecobank Ghana (+1.1 percent), Benso Oil Palm Plantation (+1.1 percent) and GCB (+1.1 percent).

Activity in 27 equities yielded a total transaction value of GHS260.8 million, which was 471.5 per cent better than the previous month’s performance.

AngloGold Ashanti emerged the most traded equity with respect to value, following successive block trades of 6,200,000 shares last month.

Nordea Capital is dedicated to growing and preserving client assets and building trust, in partnership with financial professionals and institutions worldwide.

The GSE is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990.

Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency.

Credit: GNA

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