GSE update: Ecobank closes day on low

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Most traded equities
Most traded equities
Most traded equities
Most traded equities

The market Indices pared at the midweek trading session weighed by declines in Ecobank Ghana and PZ Cussons? shares.

Ecobank Ghana closed the day on the low as it shaved 6GHp to GH?7.41. PZ Cussons also came under pressure and dipped to 63GHp from 64GHp.

On the flip side, Two equities advanced at the close of the session. UT Bank clawed back the pesewa it shed yesterday to close at 43GHp; Total Petroleum also added 5GHp to its gains to close the session at GH?6.21.

Volume and turnover were impressive but failed to match figures recorded yesterday. Fourteen equities had their shares being traded in with a total volume of 218,333 shares valued at GH?433,583 being recorded. Ghana Commercial Bank, PZ Cussons, SIC Insurance, CAL Bank and Ecobank Transnational Incorporated enjoyed investors? interest today together accounting for 86.4% and 80.1% of the volume and value traded.

As a result of these changes, the benchmark Composite Index was down 1.68 points to close the session at 2,387.51 representing a change of 11.30% this year. The Financial Index also gave up 3.31 points to 2,102.04. The year to date return on the Financial Index stands at 17.66%.

Outlook

Activity on the market is expected to improve in the next trading session. We expect the Indices to bounce back from today?s slide.? Fan Milk, Total Petroleum and HFC Bank are likely to drive the recovery. CAL Bank, Ecobank Ghana and Guinness Ghana on the other hand may continue to be under selling pressure

HFC Bank (HFC) has released its audited financial statements for the year ended 31 December, 2013.

The bank saw its net Income increase by 77.4% to GH?80.65M following a 74.4% rise in Interest Income.

Despite increases in Impairment Loss (80.3%) and Operating Expenses (40.7%), the bank recorded a profit after tax of GH?39.79M in 2013; 157.9% higher than the 15.42 achieved in 2012.

Total assets increased by 67.8%; loans and advancers as well as Customers? deposits also inched up by 56.2% and 45.2% respectively. Shareholders funds also improved from GH?132.95M to GH?172.7M.

HFC Bank is currently trading at GH?1.14 representing a P/E of 9.07X and a P/B ratio of 2.09X.

On the Currency market, the Cedi was under pressure declining against all the major trading currencies. It however recovered though marginally against the Swiss Franc.

The Dollar continues to enjoy support from an improving U.S economy and a reduction in unemployment rate. The Dollar surged by 0.13% against the Cedi to an average rate of GH?2.65 on the interbank market.

The Cedi failed to rebound from yesterday?s reverse against the Euro and the Pound; it dropped 0.09% and 0.26% with bank traders quoting mid-rates of GH?3.65 and GH?4.37 respectively.

Against the Rand, the local currency was also under pressure trimming 0.98% to 25GHp.

The Ghanaian currency however recorded marginal gains 0.04% against the Swiss Franc and traded at an average rate of GH?2.99.

Source Merban Stockbrokers Ltd

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