Accra Bourse bounces up on CAL bank

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The stock market ended midweek trading in the green after an advancer pushed the indices higher.

Cal Bank was the only equity that recorded a price movement asit added 12 pesewas to close at GH?1.0.

In all a total of 124,633 shares valued at GH?383,526 were exchanged in nine equities. The most active stocks today were Fan Milk, Societe Generale, UT Bank, SIC Bank and HFC Bank which together accounted for 96.4% of volume traded and 94.5% of value traded.

The benchmark Composite Index as a result gained 12.08 points to 2,286.24. This brings its year to date return to 6.57%. The GSE Financial Index (FSI) also added 16.71 points to 1,954.32, representing a change of 9.39% this year.

Outlook

Market analysts expect an improved market activity at the next session.

bids offersEnterprise Group and SIC Insurance are some of the stocks likely to record higher offers as a number of investors seek to take profits. HFC Bank and Fan Milk may however be in demand.

The currency market ended the day with the Cedi appreciating against the Euro, the Swiss Franc and the Rand. On the contrary, the local currency continued to trade lower against the Pound and the Dollar.

The Cedi strengthened against the Euro as investors? interests in the currency continue to wane due to ?deflation scare? in the Eurozone. The local currency took advantage of the development and climbed 0.10% against the shared currency with rates by bank traders averaging GH?3.83.

The local currency also strengthened against the Swiss Franc and the Rand, adding 0.34% and 0.90% respectively. Traders on the forex market paid an average of GH?3.13 and GH?0.26 for the Swiss Franc and the Rand today.

The Cedi fell against the Dollar today as renewed concerns over Ukraine put pressure on emerging markets, the local currency thus depreciated by 0.20% against the greenback with rates by interbank traders hovering around GH?2.77

Forex traders also continued to pay more for the Pound Sterling as U.K. budget deficit unexpectedly narrowed? to ?107.7 billion in the financial year to April 2014, lower than the ?115.1 billion amount it borrowed the previous year. The Ghanaian currency dropped 0.26% against the Pound at a mid-rate of GH?4.67.

Source Merban Stockbrokers Ltd

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