DEC 19, 2018: GHANA STOCK EXCHANGE STILL SEEKING BOTTOM

By the close of trading Wednesday December 19, 2018 it was obvious that Ghana Stock Exchange is still seeking a bottom to rally from.

Once again the Composite Index declined, this time to 2521.42 representing daily shifting new low for days now.

This time the decline was driven by 3 price drops amongst 2 gains with MTN Ghana one of the price losers.

All 3 drops were GHs 0.01 per share each only 1 of them was a bank: Ghana Commercial Bank. GCB witnessed deals for 51,500 units during the day with last deal and closing price at GHs 4.77 per share compared to GHs 4.78 per share previously.

MTN Ghana paced trade with 350,800 shares traded at GHs 0.77 per share against GHs 0.78 on Tuesday December 18.

For Fan Milk too losing GHs 0.01 per share was easy amidst deals for 19,100 shares exchanged. Its last deal and closing price was GHs 7.99 compared to GHs 8.0 per share the previous day.

The 2 price gainers were banks: CAL Bank and Standard Chartered Bank. SCB paced with GHs 0.26 per share top up after 400 units were exchanged. The units were traded at GHs 19.9 per share but SCB then shed some to close at GHs 19.54  per share from Tuesday's GHs 19.28.

Offer price still eyed GHs 19.9 per share though while bid stuck to GHs 19 leaving no room more deals on Wednesday.

For CAL Bank, the GHs 0.01 per share gained was straight forward and easy: It closed at last deal price of GHs 0.95 per share after 271,000 shares were traded as against GHs 0.94 per share previously.

Bid and offer prices closed at the 2 sides of the new price though: GHs 0.94 per share on bid and GHs 0.96 per share on offer.

The market was not as active as Tuesday since only 10 equities recorded deals compared to 18 on Tuesday, but volume traded at 790,029 shares was way higher than Tuesday's 65,993.

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