Prime News Ghana

Investors Maintain Positive Outlook for Ghana’s Market

By Sam Edem
GSE
GSE
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Following the impressive performance of the stock market last week, investors have maintained a positive outlook of the Ghanaian market, resulting in a higher flow of investments to the country’s equities.

Ghana stock market, despite the uncertainty surrounding the actual date for ending the IMF program, last week experienced a bullish run: with the value as well as volume of trade activities on the market rising steadily.

The market closed last week Friday with Treasury Bills rates yielding slightly with an increase from 12.55 – 12.57% and eight features on the equities adding up to their investors capital.

They equity market particularly had only two losers last week: GGBL and Golden Star Resource who lost by 2 and 5 pesewas respectively on their week’s opening prices.

The top gainers of the week included Cal bank, Fan Milk, GOil, among others. The topmost gainer was Standard Chartered bank whose stock value appreciated by Ghc3.68p representing a 16.77% gain at the close of the market last Friday.

Comparatively, the Treasure Bills rate has decreased as the equity market grows. Some market analyst are of the view that there is actually an inverse relationship between the two: such that when one increases, the other experiences a corresponding decrease.

 On the currency front, the Ghana Cedi performed poorly against the major foreign currencies.

Against the US dollar it closed at Ghc4.37 p per $; the Pounds – Ghc 5.67p and; Ghc5.08p per Euro respectively.

Now, with the announcement of the new Monetary Policy Rate by the Bank of Ghana yesterday, the country’s macroeconomic prospects looks even more promising: pushing more investors to go for its equities and resulting in a week’s opening performance of approximately 11.6% rise in Composite Index (CI) of the Ghana Stock Exchange market on Monday.