On the Ghana Stock Exchange (GSE,) the stock market fell in terms of total volumes and values in the second day of trading for this week as total shares traded declined by 35.02% from week open level.
Further, the value of shares fell by 14.65%. The broader market returns [i.e. CI] which measures the average returns on the market inched up by 1.69 points owing largely to gains recorded on CAL and GCB shares.
Although the market is barely two weeks into the New Year, earnings report and strong fundamentals will be major drivers for the performance of equities on the Accra bourse in 2017. Listed companies that record impressive bottom-lines will be an attractive option especially for retail investors on the stock exchange.
GN Analysts anticipate better market performance in 2017 compared to 2016. Top 7 equities to look out for in terms of capital gains in the short term are FML, GOIL, EGH, UNIL, SIC, SOGEGH and ETI. Equities like UTB and TOTAL could see a turnaround of the company’s share performance if the fundamentals improve in 2017.
Trading activity on the bourse ended with 2 gainers [CAL & GCB] yesterday. UTB topped trading chart in terms of volume as 64,900 shares worth GHS 1,947.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 2.67% and 4.47% respectively.
Trading activity on the Ghana Alternative Market (GAX) was hushed as no shares changed hands yesterday.
HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.
The Cedi LOST marginally to all the major trading currencies yesterday.
The local currency exchanged at a mid-rate of GHS 4.2306 to the USD, GHS 5.2413 to the GBP and GHS 4.5338 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 1.19%