AUG 16, 2018: GHANA STOCK EXCHANGE STILL BOUNCING BUT...

On Thursday August 16, 2018, the Ghana Stock continued to bounce well but Nigerian and Nairobi slowed down.

GHANA STOCK EXCHANGE:

After recovering from a major drop on Monday, August 13, the Composite index at the Ghana stock exchange recovered to 2905.57 on Tuesday then took a leap of 28.33 points or 0.98% to 2933.9 on Wednesday.

By Thursday close, the climb continued but not as fast it was on Wednesday. In fact, lone ranging price change by Ghana Commercial Bank pushed it upwards to 2934.39, up 0.02% or 0.49 points.

GCB had recorded deals for only 700 units but at GHs 5.19 per share, up GHs 0.01 per share. Offer price did close the day further up at GHs 5.21 per share no takers because bid stayed firm at the new price.

Number of listed companies were few bit traded volume scaled Wednesday's 518,151 shares to close at 540,270 units.

The bulk of the day's trade was in Fan Milk as 460,000 of its shares were trades at GHs 13.7 per share thus closing firm on Wednesday's level.

Ecobank Ghana also recorded high volume in deals involving 77,500 shares at GHs 9 per share. At that price really, it gained GHs 0.04 per share but this was not sustained and it thus closed firm at previous day's GHs 8.96 per share.

Other trades were in CAL Bank in which 1600 units were sold at GHs 1.23 per shared and Societe Generale with only 100 shares changing hands at GHs 1.23 per share.

NIGERIAN STOCK EXCHANGE:

At the Nigerian Stock Exchange on Thursday August 16, 2018 it was still downswing all the way for the All share index as it went 1.29% into a new year low; 34,618.43.

This means that between Friday August 3 and August 16, the ASI shed 1,881.24 points cumulatively or 5.15% thus implying that at least the market capitalisation has dropped by that much inspire of new listing within the month.

The Thursday dive was understandably strong because top weighted Dangote Cement declined N8 per share as it touched and closed the day at N206 per share from previous day's N214.

This was as 54 deals for 0.213m shares worth N43.88m were struck.

Dangote cement was assisted by Total Nigeria with N7 per share decline to record 25 deals for 0.074m shares worth N13.641m as both ended as the only equities with above N1 per share drop.

On the side of price gainers, only Okomu Oil closed above N1 up with N1.45 or 1.98% per share for 19 deals involving 0.177m shares worth N13.6m.

Okomu hit day high of N79 per share, then closed at N74.55 per share compared to N73.1 previously.

There was further improvement in trade with traded volume closing at 2.37m shares compared to 2.09m previously; traded value rising to N3.09bn from N2.90bn although number of deals sealed dropped to 3162 from 4044.

UBA once again paced trade as 36.50m of its shares changed hands in 2nd ranked 224 deals worth N319.43.

However Guaranty Trust Bank led traded value as it closed with N892.37m from 165 deals involving 2nd ranked 23.46m shares. GTB gained N0.3 per share in the process.

Finally, Zenith Bank continued to led number of deals with 313 deals struck for 17.3m shares worth N398.38m.

NAIROBI SECURITIES EXCHANGE:

Since Friday August 10, the All share index at Nairobi stock market had been looking for a new high daily but that came to an end on Thursday August 16 2018 as it lost 0.76 points to close at 173.95.

Partly, this was because price drops at 21 were more than price gains but holding on to only that may miss the point.

On the gainers side,Diamond Trust Bank led with Ksh 14 per share leap while British American Tobacco led price losers with N10 per share decline.

DTB touched day high of Ksh 197, hit low of Ksh 181 then closed at Ksh 194 per share compared to Wednesday's Ksh 180 per share.

On the other hand, BAT closed at Ksh 610 per share after hitting day high of Ksh 620 and low of Ksh 605 compared to Ksh 620 Wednesday close.

Both equities were offered good supports by fellow weighted equities: Jubilee Holdings, down Ksh2 per share, Equity Group with Ksh 1.75 per share drop and Portland Cement and Standard Chartered Bank supported BAT on the price drops side.

And on the gainers side, Kapchorua Tea up Ksh 3.50 per share ;  Bamburi Cement, up Ksh 3 per share; joined Ksh 1 per share gains by Unga Group and Crown Paints to apply  on the ASI.

So, what did perhaps make the difference was Safaricom's Ksh 0.25 per share drop.

Trade slowed down too as 13.93m shares were traded from Wednesday's 16.358m but traded value rose to Ksh 812.72m from Ksh 567m alongside number of deals which closed at 1243 from 1052 previously.

Safaricom paced traded volume and value with deals for 6.699m shares worth Ksh 194m followed by Equity Group in which 2.246m shares changed hands for Ksh 112m at between Ksh 49.25 and 50 per share and ARM Cement with deals for 2.06m shares worth Ksh 10.5m.

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