Accra Bourse Begins Week In Record Low

Accra, Ghana (PANA) - A hurried 25-minute trading session on the Ghana Stock Exchange Monday saw traded shares sink to a record low in recent times as the unimpressive run of the bourse continued.

Only a mere 3,100 shares changed hands in the session brokers described as "the fastest on the floor in the history of the exchange."

Generally, the market was dull with offers outstripping bids.

However, the All-Share Index, the main stock gauge, went up 1.76 points on the strength of a 20-cedi gain by Ghana Commercial Bank to continue the string of impressive performances since Wednesday.

On the broader market, there was only one price change, the 20-cedi gain by the bank which closed trading at 1,000 cedis (5,000 cedis = 1 US dollar).

Two equities - Accra Brewery Limited and Camelot - had positive pressure on them while five equities had no pressure at all.

The remaining 15 equities returned negative pressure.

Market capitalisation was up marginally at 3,573.04 billion cedis from 3,569.74 billion while the change for the year to date shot up 0.24 percent to stand at 11.57 percent.

Offers were lower at 2.1 million, down from 2.2 million while bids slumped from 96,400 to 85,000.

Brokers said the large offers reflect the attitude of investors who would want to get out of the market and invest particularly in Treasury Bills.

They said this heightens fears of a fall in the share prices of most equities on the exchange, adding that once demand exceeds supply, prices would find their levels.

Only five equities traded mere 3,100 shares. There were bids in seven equities with the highest of 79,300 bids coming from Accra Brewery Limited. It, however, did not sell any shares.