ADB, Hords and ETI steal investor attention on GSE
A weekly analysis of events on the local bourse by stockbrokerage firm, UMB Stockbrokers, has showed that investor attention would be directed towards the initial public offers of ADB and Hords due to be launched on the Ghana Stock Exchange.
The impending bonus issue of Ecobank Transnational Incorporated would also attract the attention of investors seeking to cash-in on net-worth equities, the firm said in its weekly analysis of issues on the GSE.
A circular from the GSE quoted the bank as saying qualifying date for bonus would be July 21.
“Only shareholders on the register of members of ETI as at the close of business on Tuesday, July 21, 2015 will be entitled to the bonus shares,” the statement, which was copied to the Graphic Business said.
Advertisement
Given that the payment of bonus would make the share price of ETI attractive, UMB Stockbrokers said the equity would be a sought-for in the week commencing July 13.
“Activity on the bourse may, however, be dominated by the search for bargain deals in stocks like GCB Bank, Ecobank Ghana and Standard Chartered Bank,” UMB said in the report sent to the media and its stakeholders.
Trading
Trading on the Ghana Stock Exchange in the week ending July 10 was characterised by outstanding bids in a number of equities at most sessions.
Volume and turnover were impressive with three equities closing higher. The indices were however held back by declines in five equities.
The benchmark Composite Index shaved 2.87 points to close at 2,338.72 points. Its year-to-date return thus declined to 3.44 per cent.
The Financial Stocks Index (FSI) also gave up 4.12 points to 2,375.3 points. That brought its year-to-date return to 5.87 per cent
Movers
Standard Chartered Bank led movers. It climbed by 32GHp to end the week at GH¢19.84.
Ecobank Transnational Incorporated and Fan Milk inched up a pesewa each to close at 38GHp and GH¢5.76 respectively.
On the flip side, four equities lost a pesewa each; UT Bank, Unilever, GCB Bank and Ecobank Ghana closed at 17GHp, GH¢7.52, GH¢4.75 and GH¢8.60 respectively.
SIC Insurance also trimmed 2GHp to 17GHp. — GB