MAR 29, 2019: GHANA: 1.45% REBOUND TO END WEEK

After a rather strong 1.27% or 31.13 points drop in the Ghana Composite Index to 2419.49 on Thursday March 28, Friday March 29 closed with a stronger recovery.

The GCI on Friday, rallied by 1.45% or 35.02 points to 2454.51, the 2nd highest level for the week .

The first 2 days of the week had closed to the GCI appreciating to a week high of 2460.90 on Tuesday compared to 244.50 on previous Friday.

It however eased to 2450.62 on Wednesday before diving rather fast on Thursday to the week's low.

The Friday rally was as 4 price gains and one drop were recorded mainly by companies not listed in other markets.

The lone decline was by Ghana Oil down GHc 0.02 per share to GHc 2.51 per share from previous day's GHc 1.53 per share. But that was after in the course of exchanging 1400 of its shares, last deal price was GHc 2.5 per share.

The rally thus recorded after the deals may not last though because bid and offer prices mismatched  at GHc 2.16 and 2.5 per share respectively at the close of day.

The gainers were led by Ghana Commercial Bank with GHc 0.19 per share rise to last deal price of GHc 4.0 per share compared to previous GHc 3.81 per share.

A total of 170,500 shares of GCB changed hands during the day and higher price looks likely in near future because bid price ended at same GHc 4.0 per share but offer rose further to GHc 4.05 per share.

Two other price gains were of the GHc 0.02 per share range.  Benso Oil Palm Plantation closed at last deal price of GHc 4.15 pee share compared to GHc 4.13 previously while 1300 of it's shares were exchanged. 

Again, more gains seem possible ahead because even as bid price firmed at closing price, offer moved slightly upwards to GHc 4.73 per share.

MTN Ghana had hit a new low of GHc 0.68 per share on Thursday amidst that day's GCI dive but on Friday, it regained lost grounds to close at last deal price of GHc 0.7 per share while recording deals for 31,400 units worth GHc 22,008.

The other price gainer was Cal Bank up GHc 0.1 per share to close at GHc 1.05 per share after the last of its 8300 shares traded were exchanged for GHc 1.04 per share. Bid price however, ended the day at GHc 0.95 per share.

Traded volume was above 100,000 shares daily except on Thursday when only 83,645 units changed hands. All week high remained Monday's 233,314 shares but Friday's volume was 224,685 shares with GCB accounting for more than 50%.

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