JAN 22, 2019: GHANA: INDEX DOWN 1.85%

The Ghana Composite Index tumbled by 1.85% or 47.24 points on Tuesday January 22, as 5 price drops and 2 gains were recorded.

It was indeed the highest % change in the GCI for a long while and contributes significantly to the 2.40% drop in the index since the beginning of this year.

The GCI closed at 2510.38 compared to 2557.62 on Monday which was a marginal increase due to higher impact of price change in Societe Generale compared to same GHs drop by Ghana Oil.

Leading decline on Tuesday was Ecobank Ghana down GHs 0.97 per share as it closed at last deal price of GHs 6.5 per share compared to GHs 7.47 previously. A total of 12,700 of its shares were traded and bid and offer price mismatch ended the day as offer rallied back to GHs 7.47 per share.

CAL Bank too went down but by GHs 0.14 per share as its 11,600 units were traded at GHs 0.85 per share, as against GHs 0.99  previously. Again, just like for EGH, offer price reverted to the old price leading to no new deals by end of day.

Ghana Oil shed GHs 0.02 per share in addition to GHs 0.03 lone decline on Monday. Its 500 shares were traded at GHs 3.05 per share compared to GHs 3.07 on Monday and even offer price eased further to GHs 3.04 per share later.

The other 2 price drops were GHs 0.01 per share each by Ghana Commercial Bank and MTN Ghana.

In MTN, 21,300 shares were traded while it closed at last deal price of GHs 0.77 per share. This was a new low because it fell below the GHs 0.78 MTN entered the market with.However, offer by the close of day was at GHs 0.79 per share.

On its part, GCB eased to GHs 4.49 per share compared to GHs 4.5 previously and as 3300 of its shares were traded.Bid price dropped further to GHs 4.1 per share with no takers.

Top of the gains was Access Bank's GHs 0.18 per share as its 200 units were exchanged at GHs 3.2 per share, compared to GHs 3.02 previously and offer price rose furthevti GHs 3.47 per share leading to mismatch.

The other gain was by Societe Generale  which added GHs 0.04 per share after Monday's lone GHs 0.03 per share top up. It closed the day at last deal price of GHs 0.92 per share as 13,500 shares were traded as against GHs 0.88 on Monday. What's more, offer rose further to GHs 0.95 per share.

Tuesday was far more active in terms of trade when compared to Monday with 18 equities ending with deals as against only 9 on Monday.

Top of the bill was 26,900 shares traded in SIC Insurance while staying firm at GHs 0.23 per share although offer price slipped to GHs 0.22 per share at the end of it all.

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