Shares on Ghana Stock Exchange Stumble

Ghana Stock Exchange
Ghana Stock Exchange

Accra, July 28, 2017//-Trading on the Ghana Stock Exchange (GSE) slipped during the session, as both the Composite Index and the Financial Stock Index dipped on the back of losses in big caps.

The benchmark GSE-Composite Index slipped by 0.2 per cent to close at 2,256.2 points. In all, 14 equities traded 637,930 shares and these were valued at GHc1,375,654.92, Nordea Capital Investment Stock Market watchers analysis obtained by CDA Consult in Accra, on Friday revealed.

The companies which were hit by the marginal turbulence were Starwin Products Ghana Limited the first pharmaceutical company to be listed on the GSE dipped by 20 per cent to close at GHc0.04 per share.

Tullow Oil a leading global independent exploration and Production Company operating in Ghana lost 15 per cent off its value to close at GHc17.80 per share,

whilst GCB Bank Limited ascribed as the second largest bank in Ghana by net profit and total assets slipped by 1 per cent to close at GHc5.15 per share.

Banking giants Ecobank, Regional Commercial Bank operating in many African Countries including Ghana and Standard Chartered Bank Ghana, a banking and financial services company both gained marginally by 0.1 per cent and 0.04 per cent each to close at GHc7.00 per share and GHc16.22 per share respectively.

The Nordea Income Growth Fund is priced at GHc0.3516 with a Year-to-date return of 27.90 per cent.

Nordea Capital is an investment bank licensed by the Securities and Exchange Commission (SEC) offering a comprehensive range of services in asset management, research and strategy, corporate finance and private equity to institutional, corporate and private clients.

Nordea Capital is dedication to growing and preserving client assets and building trust, in partnership with financial professionals and institutions worldwide.

Nordea Capital develops investment products that are relevant to the market and that we believe are designed to produce consistent, competitive investment performance.

The GSE is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990.

But figures from the Bank of Ghana (BoG) indicated that foreign exchange market conditions remain stable supported by improved liquidity conditions, the trade surplus and increased reserves.

In the year to June 2017, the Ghana cedi recorded a depreciation of 3.7 percent against the US dollar, compared with a depreciation of 3.3 percent reported in June 2016.

Gross International Reserves stood at US$5.9 billion, translating into 3.4 months of import cover at end June 2017, compared with US$4.9 billion (2.8 months of import cover) at end December 2016.

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