AUG 23, 2018: GHANA'S COMPOSITE INDEX INCHES UP BUT.....

As all 3 monitored stock markets opened doors on Thursday, August 23, 2018, the Ghana Stock Exchange composite index eased by 0.008% to 2944.62 but Nigerian and Nairobi stock exchanges dived or rose more remarkably.

GHANA STOCK EXCHANGE:

The low drop for the GCI at the Ghana stock Exchange composite index occurred as two price drops and just one gain made up recorded price changes.

Lead drop price change in cedi terms was Total Ghana's GHs 0.11 per share as it recorded deals for 4700 shares at GHs 4.52 per share but went on to close at GHs 4.51 per share, up on GHs 4.40 the previous day.

Interestingly, by the close of day more deals could not be struck  because bid price stayed at GHs 4.52 per share while offer price moved up ambitiously to GHs 5.05 per share.

In contrast, drops by both Fan Milk and Aluworks amounted to GHs 0.11 as well with FML going down GHs 0.10 per share to record deals for leading 150,000 shares at GHs 13.60 per share and ALW dropping GHs 0.01 per share as 44,300 units changed hands at GHs 0.08 per share.

Aside from just 7 listed companies ending with deals, the day closed with unusual 17 Shares on offer without matching bids while only 3 were on bid and 9 closed with offer and bid prices poles apart.

Amongst the 17 was African Champion Industries to be delisted September ending and equities like Clystone Ghana: Intravenous Infusions ltd, Hords ltd and Sam Wood ltd with unchanged for at least a year.

Traded volume closed at 251,937 shares, down on 379,144 units on Wednesday after the market resumed after the holiday on Tuesday.

NIGERIAN STOCK EXCHANGE:

The Nigerian Stock Exchange closed Thursday August 23 after two-day holiday the All share index rose significantly by 1.57% to 35,206.16 from 34,663.48.

This was however, mainly driven by solo N15 or 6.98% per share increase by Dangote Cement as it found and closed at N230 per share from N215.

This was as it recorded 56 deals for 1.359m shares worth N296.34m and there were no other price gains above N1 per share.

On the other hand, there were at least 7 equities down by above N1 per share amidst the 25 drops recorded and 11 price gains.

Total Nigeria led gainers with N5.4 or 2.95% per share again as it found and closed at N177.6 per share with just 8 deals for 0.015 per share worth N2.76m.

Other major drops were Okomu Oil & Palm's N3.35 or 4.49% decline; La Farge Africa's N1.55 or 5.58% per share; Ecobank Transnational's N1.3 or 6.34% per share; international Breweries N1.2 or 3.41% per share and Flour Mills N1 per share drop.

Traded volume rose marginally to 220.71m shares from Monday's 220.495m but traded value decreased from N3.187bn to N2.53bn although number of deals closed up at 3287 from 3054.

Once again, United Bank For Africa paced traded volume as 54.33m of its shares were exchanged in leading 321 deals worth N436.11m while traded value was led by Zenith Bank's N571.41m worth of 281 deals involving 25.99m shares.

NAIROBI SECURITIES EXCHANGE:

At the Nairobi stock market, there was no way the All share index could have closed up as 25 price drops were recorded compared to only 9 gains on Thursday August 23, 2018.

With no change in Safaricom price to tilt the scale Diamond Trust Bank led price drops with Ksh 8 per share as it found and closed at Ksh 186 per share compared to Ksh 194 previously.

It was trailed Stanbic Holdings, down Ksh 3 per share and Nation Media with Ksh 2 per share drop.

Crown Paints, on the other hand, set the paced for gains by closing at Ksh 79 per share, up Ksh 7 per share on Wednesday's Ksh 72.

From relative distance, Kapchorua Tea added Ksh 1.50 per share to follow Crown Paints just ahead of Portland Cement which rose by Ksh 1.35 per share and Car & General which topped with Ksh 1.20 per share.

Trading activities dropped too although investors interest rose somehow to record 1312 deals from Wednesday's 1032 despite the drop.

Traded volume closed at 10.5m shares, compared to 19.967m shares on Wednesday while traded value declined to Ksh 345.696m from Ksh 467.938m 

The pace was barely set by Safaricom as many sectors recorded enough deals to chip above 1% shares to traded value.

It recorded deals for 3.045m shares worth Ksh 88m or 25.57% of total traded value while the banking sector chipped in Ksh 108m or 31.32% and the rest % shares were well spread out between Manufacturing (29.02% or Ksh 100m contributed mainly by East African Breweries as 477,200 units were sold); and four other sectors.

The banking chip in was paced by KCB Group with deals for 1.59m shares worth Ksh 76m at between Ksh 47.75 and 48.50 per share.

WPP Scan, down 3.03% contributed Ksh 15m to the Commercial sector's Ksh 16.3m traded value as 948,800 units changed hands and East African Breweries chipped the bulk of manufacturing sector's traded value with deals for 477,200 shares worth Ksh 100m at between Ksh 207/210 per share.

Trading at the bond market eased further to Ksh 1bn traded value and so, holiday aside, this week is likely to be well below previous week's level.

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