Indices point to different directions
Four equities edged higher during the week under review as supply for a number of blue chip stocks were at a premium.
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The indices, however, ended the week in different directions as declines in six other equities weighed.
The Financial Index (FI) on the strength of gains in three banking stocks added 2.51 points to 1,673.8. The return on the FI currently stands at -13.28 per cent.
The benchmark Composite Index, however, shaved 0.33 points to 1,787.17. This brings its year to date return to –10.41 per cent.
Movements
Aluworks, Societe Generale and CAL Bank climbed a pesewa each to 10GHp, 78GHp and 81GHp respectively. GCB Bank also bagged 2GHp to GH¢3.09.
On the flip side, four equities went downward by a pesewa each; these were Unilever, Guinness Ghana, Ghana Oil, closing at GH¢8.47, GH¢1.84, GH¢1.35 and 8GHp respectively.
The others were Tullow Oil and Total Petroleum which shed 4GHp and 2GHp to GH¢27.88 and 8GHp respectively.
Trading
At the end of trading, 350,618 shares were exchanged in twenty three equities. This was valued at GH¢407,806.
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At the end of the auction on June 30, the Bank of Ghana raised approximately GH¢1.27 billion in bills and notes. This was 16 per cent higher than the GH¢1.09 billion that the Bank had projected to raise.
The 91-Day Bill, the one-year note and the two-year note remained stable at previous rates while the 182-Day Bill gained some grounds. The 182-day bill gained two basis points from 24.60 per cent to 24.62 per cent; the 182-day bill, the one-year notes and the two-year notes remained at 22.79 per cent, 23 per cent and 24.25 per cent respectively.
At the auction to be held on July 8, the Bank of Ghana expects to raise a total of GH¢1.36 billion to meet maturing obligations.
Cedi appreciates against Euro and Pound
The Pound sterling registered fresh lows on the international forex market as growing worries about Britain’s vote to leave the European Union saw investors seek for safe haven assets, mostly the U.S Dollar.
As a result, the Cedi was bullish against the Pound; recording a week-on-week appreciation of 3.69 per cent and settled at GH¢5.12 per Pound.
The cedi was also upbeat against the Euro, climbing by 3.34 per cent to GH¢4.35. Although the dollar tumbled against a basket of currencies, before a US payrolls report to be released on July 8, which could signal an anticipated rates hike by the Fed, the cedi recorded a bearish trend against the greenback.
It slid 0.17 per cent to close trading at GH¢3.93
Against the Swiss Franc, the local currency closed in the red; forex traders offered a midrate of GH¢4.02 as the cedi lost 0.43 per cent to the Swiss currency.
Despite the Rand’s retreat on the back of worries over the domestic impact and global concerns of the impact of Britain’s breakaway from the EU, the Cedi closed in the negative direction against the Rand.
The local currency thus backtracked by 0.32 per cent to exchange hands at 27GHp per Rand.