Accra bourse records another week-on-week decline

The Accra Bourse sustained its bearish run as significant selling pressures recorded in some financial and energy sector stocks dragged the equities indices lower.

The ill-sentiments arising from the banking sector clean-up and investors anxiousness ahead of the release of the third quarter financials of listed companies are some contributory factors responsible for the slide on the Bourse.

At the end of the week’s trading activities, the GSE-Composite Index dipped by 125 basis points to settle at 2,173.98 points, representing a year-to-date loss of 15.48 per cent.

The GSE-Financial Stocks Index also posted a week-on-week decline of 1.80 per cent as it settled at 1,845.69 points, corresponding to a year-to-date loss of 14.30 per cent.

Market activities also slowed down in the week under review.

A total of 0.33 million shares valued at GH₵0.30 million exchanged hands as compared to the 16.37 million valued at GH₵12.11 million recorded in the previous trading week.

Ecobank Transnational Incorporated Ltd was the most actively traded stock as it accounted for 40.24 per cent of the overall traded volume.

Market capitalisation dropped further by 0.81 per cent to settle at GH₵55,760.26 million.

Stock price movements

A total of eight equities altered their week’s opening prices.

Fan Milk Ltd was the lone advancer recorded on the Bourse, as it recovered three pesewas of its recent losses to trade at GH₵4.53 per share.

Standard Chartered Bank Ltd was the worst performing stock on the bourse, losing 51 pesewas to trade at GH₵16.00 per share.

Ghana Oil Company Ltd followed suite with 25 pesewas decline to close at GH₵1.75 per share.

CAL Bank Ltd and Ecobank Ghana Ltd shed six pesewas and three pesewas to trade at 82 pesewas and GH₵7.92 per share respectively.

SIC Ltd, Ecobank Transnational Incorporated and GCB Bank Ltd also joined the laggards after losing a pesewa each.

Treasury securities

The Government of Ghana treasury securities recorded rate moderation in the week under review.

At the closing bell, the yield on the 91-Day T-Bill eased by a basis point to settle at 14.69 per cent.

The yield on the 182-Day T-Bill also dropped by a basis point to 15.14 per cent but that on the 364-Day T-Bill remained unchanged at 17.91 per cent.

Interest rates on the Government of Ghana treasury notes and bonds also remained unchanged as they were not scheduled for the week’s auction.

An amount of GH₵600.76 million was raised by the government after accepting all bids tendered.

This fell below the week’s target of GH₵678.00 million but exceeded the GH₵404.11 million raised in the previous week’s trading.

The 91-Day T-Bill was the most purchased bid, constituting 93.84 per cent of the total bids accepted by the government.

An amount of GH₵632.00 million is expected to be raised by the government in the upcoming auction from the sale of the 91-Day, 182-Day and 364-Day T-Bills.