Bourse Remains Bearish

ACCRA, Ghana (PANA) - Shares traded on the Ghana Stock Exchange (GSE) closed nominally lower on Friday, after Guinness Ghana Limited (GGL) failed to sustain the impressive sales registered at the two previous sessions and the bourse continued to reel under bearish sentiments.

GGL, however, gained three cedis to push the All- Share Index up by 0.19 points to 812.76 from 812.57 points.

The equity, which sold 1.1 million and 782,200 shares in cross trading on Monday and Wednesday respectively, managed to sell only 500 shares Friday.

This saw total shares traded for the day tumbling from 849,300 to 17,500 shares.

A broker with DataBank Brokerage Limited said the fall in GGL was expected since such high block sales could not be maintained for a long time.

The change for the year to date went up by 0.3 percent to close at 10.48 percent.

Market capitalisation was up marginally closing the week at 3,556.95 billion cedis from 3,556.59 billion cedis at mid-week.

The market remained offer driven but shares posted were lower at 1.5 million from 2.6 million.

Demand was also slumped at 40,600 as against 947,200 shares.

In the broader market, there was only one price change - GGL that went up three cedis to close at 978 cedis.

Ghana Commercial Bank (GCB) sold the highest shares of 12,800 out of the 17,500 sold by eleven listed equities followed by SSB Bank with 1,500 shares.