Ghana Stock market inching higher

The Ghana Stock Exchange, which has been on a tear for 2013 having clocked up 71 percent up to the week ended October 11, went on to record further gains this past week with the market index closing at 2,088.92 points to be up 74.12 percent year-to-date after recording another positive week of gains.

Nine stocks recorded price gains for the week and 3 declined with Ecobank Ghana gaining 11 percent to close at GH¢5, still leaving the PE ratio under 2 times this year’s earnings. SIC Insurance Company gained 5 percent to end at GH¢0.40 but the stock still looks cheap with ongoing earnings resulting in a PE of just over 1 times earnings and Tullow Oil Plc traded up GH¢0.50 to close at GH¢31.70. At the close, the bid for this stock was GH¢32 and the stock now trades at around 25 times 2013 earnings after writing off exploration cost.

The Cedi is the Ghana currency with approximately GH¢2 equals US1 dollar.

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