Thursday, November 17, 2016

GSE-Composite Index retreated as ETI reaches year low

Following losses on three banking stocks, the GSE-Composite Index retreated to 1,667.26 points, from the previous closing of 1,676.59 points. The year-to-date return on the local bourse fell 47bps to -16.42%.

The GSE Financial Stock Index also lost ground. It closed 13.39 points lower at 1,558.69 points. The return on financial stocks fell to -19.24% from -18.55%.

The turnover on the market was 0.05 million, 89.13% less than the previous session's trade volume. Trades in ETI represented 76.73% of the turnover. The total value recorded from trading was GHS0.05 million, of which SCB chalked up 42.77%. 

ETI dropped by a pesewa to close at a year-low of GHS0.10, amidst excess supply of the stock. The stock price may slip further if the sell-side pressure persists. EGH and SCB also saw their share prices depreciate. No gainers were recorded.

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