GSE: Stocks up 77%

November 16, 2013 by

The Ghana Stock Exchange is up 77.36 percent so far this year with the market index moving up to 2,127.79 points at the end of this week.

The financial index is at 1,778.22 points for a 71 percent gain for the year to date. During the week, only two stocks rose versus 6 that recorded declines, an unfavourable position compared to the prior week when there were 10 declining stocks to 8 that advanced. Changes in price was marginal in most cases during the past week.

HFC Bank Ltd, the bank that Trinidad’s Republic Bank has 40 percent ownership in, gained 6.4 percent during the week to close at GH¢0.83, the week before it gained 13 percent. Generally, price movements last week were more pronounced, ranging from a 25 percent drop in the price of Transol Solutions (Ghana), a 9 percent decline in Societe Generale Ghana and 6 percent fall in Ayrton Drugs Manufacturing Company and Ecobank Transnational and a 7 percent gain in Standard Chartered Bank Ghana Ltd.

Related posts: Republic ups stake in Ghanaian Bank |  Ghana chucking along, up 76.72% 

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Ghana chucking along, up 76.72%

November 4, 2013 by

At the end of September, the African country’s stock market was up 68 percent but it has put on additional 8 percentage points by the first trading day in November.

In the week to November 1st, ten stocks gained versus only two to fall as the Ghana Stock Exchange index climbed to 2,120.18 points up from 2,094.70 at the end of the prior week.

The main movers for the week are, Ayrton Drugs Manufacturing which gained 6 percent in the week and closed at GH¢0.18. Ecobank Ghana closed up 8 percent at GH¢5.50, Mechanical Lloyd gained 3 percent for the week and closed at GH¢0.36, SIC Insurance was up 3 percent to GH¢0.39, UT Bank gained 2 percent to end at GH¢0.45.

The market is still showing signs that it will be going higher, with a number of stocks having bids higher than the last sale price and in some cases no stock on offer, and a number with bids placed at the last sale price with no supply around the last selling price.

Related posts | Ghana Stock market inching higher | Ghana stocks now up 71.4% | Ghana Stock Exchange rated best performing in Africa

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Ghana Stock market inching higher

October 22, 2013 by

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.

Related posts | Ghana stocks now up 71.4% | Big gains in Ghana Stocks 

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