Volume and value of shares traded on Tuesday were impressive

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Volume and value of shares traded on Tuesday were impressive but the indices closed trading on the back foot as they were weighed down by decliners.

The trading session ended with no gainers, eight equities however slipped with Stanchart leading the list of laggards, it dropped 60GHp to close at GH?19.00.

Societe Generale followed with a 5GHp drop to 85GHp; Ecobank Ghana and Enterprise Group also shaved 3GHp and 2GHp to GH?6.27 and GH?2.35 respectively.

Four other equities completed the list trimming a pesewa each. Guinness Ghana was down to GH?5.80 while SIC Insurance eased to 46GHp. Ecobank Transnational Incorporated and UT Bank also closed at 21GHp and 45GHp respectively.

In all, seventeen equities had their shares changing hands with a total volume of 4.7M shares valued at GH?1.43M being recorded. Notable trades in the shares of Sam Wood gave a boost to activity on the bourse as it accounted for 75.5% of the volume and 7.4% of value traded.

On the back of the foregoing, the benchmark Composite Index lost 26.41 points to 2,284.22, representing a change of 6.48% this year. The Financial Index also declined by 35.98 points to 1,947.86. The year to date return on the Financial Index stands at 9.03%.

Outlook

Outlook

In the days ahead market watcher foresee the market indices losing some grounds based on trends observed at recent sessions. With some investors exiting their positions, shares of StanChart, Ecobank Ghana, Enterprise Group, SIC Insurance and Societe Generale are likely to come under pressure and also weigh on the bourse.

On the flip side, Fan Milk, Ghana Oil and HFC are some of the stocks that are likely to appreciate on demand.

The currency market ended the day with the Cedi appreciating against the Euro, the Swiss Franc and the Rand. The local currency however lost grounds against the Pound and the Dollar, failing to hold on to gains registered yesterday.

The euro remained under pressure from weekend comments from the President of European Central Bank, Mario Draghi, who rekindled speculation about more easing in the euro zone. The local currency climbed 0.58% against the shared currency with rates by bank traders averaging GH?3.12.

The local currency also strengthened against the Swiss Franc and the Rand, adding 0.44% and 0.29% respectively. Traderson the forex market paid an average of GH?3.12 and GH?0.26 for the Swiss Franc and the Rand.

The local currency however depreciated by 0.02% and 0.05% against the greenback and the Pound Sterling with rates by interbank traders hovering around GH?2.75 and GH?4.60 respectively

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