Shares continue falling in bearish market mood

Accra (Greater Accra Region) 12 Oct. 1998 Shares on the stock market extended trading in narrow ranges closing weaker today, as the bearish sentiments of the third quarter continued. The official GSE All-Index dipped two points to finish at 852.24 points from previous 854.24. Losses in Mobil Oil Ghana Limited (MOGL) shares, which plunged 800 cedis to 14,000 cedis, mainly accounted for the index's drop. Ghana Commercial Bank's (GCB) one cedi increase to 1,161 could not avert the mis-matches between buying and selling limits. Selling pressure has consistently piled up to 4.2 million shares with demand lagging far behind at 190,300 shares. In the broader market, volumes continued to be low, dropping today to a sluggish 11,200 shares from Friday's 12,300.

This is a reflection of the general low liquidity as the market's big players continued to stay out of floor. The market capitalisation also slumped slightly from Friday's close of 3,109.57 billion cedis to 3,106.50 billion cedis.

Following are the last prices of the listed equities;

ABL 1,100

AGC 17,000

ALW 2,800

CFAO 69

EIC 2,440

FML 1,608

GBL 2,350

GCB 1,161 +1

GGL 900

HFC 750

MGL 139

MLC 200

MOGL 14,000 - 800

PAF 400

PTC 565

PZ 1,000

SCB 21,000

SPPC 250

SSB 2,000

UNIL 2,000

UTC-E 120