MAR 19, 2019: GHANA: JIGSAW INDEX RECOVERY

The Ghana Composite index closed up 9.59 points to 2460.73 on Tuesday at the Ghana Stock Exchange thus checking 5 days downwards but it came with a jigsaw.

The jigsaw had to do with the fact that this was despite 4 price drops and only 1 gain which implies a market more inclined to be bearish and bullish as at then.

The GCI had been sliding since Tuesday last week and was perhaps saved from going down further because the Ghana index though tries to reflect all market capitalisation trend, is computed while excluding equities quoted in other stock exchanges.

In other words, that the GCI increased on Tuesday may now necessarily be due to top market capitalisation by the lone gainer but could also be due to exclusion of some with price drops.

The lone price gainer was MTN Ghana listed only last year. It finally found a bottom to rebound from at GHc 0.71 per share after dropping consistently to all time low of GHc 0.7 per share from all time high of GHc 0.8 per share after being listed at GHc 0.75.

A total of 9700 of its shares were traded with last deal at GHc 0.71 per share. What's more, offer price moved further up to close at GHc 0.72 per share. This raises the prospect that the Tuesday's GHc 0.01 per share gain may not be the last.

The 4 price drops were paced  Enterprise Group in which 1000 shares were exchanged with last deal at GHc 2.1 per share; down GHc 0.11 per share on GHc 2.21 previously. A closing mismatch however occurred as bid price dropped further to GHc 2 per share.

The rest price drops were of the GHc 0.01 per share range. Benso Oil Palm Plantation hit another year low as it closed at last deal price of GHc 4.14 per share while 1000 shares were exchanged.

This was BOPP's 2nd day down because it shed the same GHc 0.01 per share on Monday as another 1000 units were traded. Perhaps, encouraged, bid price dropped more drastically to close at GHc 3.55 per share.

CalBank recorded exchange of 25,800 shares on Tuesday while closing at last deal's GHc1.02 per share.

The 4th decline was by Ghana Commercial Bank although only 30 units of its shares were traded at GHc 20.99 per share compared to GHc 2.1 per share previously.

There was strong growth in traded volume to 201,233 from Monday's 51,301 shares. Leading volume traded was Republic Bank Of Ghana's 136,800 shares sold while staying firm at GHc 0.55 per share. However, Republic Bank ended with mismatch as bid and offer closed at GHc 0.5 and 0.63 per share respectively.

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