Ecobank Transnational Inc. set for a rebound

The Ghana Stock Exchange floor
The Ghana Stock Exchange floor

 

The 1 pesewa gain in Ecobank Transnational Incorporated (ETI) share is a signal of the rebound anticipated by Groupe Nduom (GN) Analysts.

In spite of the news of expected material drop in ETI revenue, this equity was expected to be resistant to the resulting negative shocks.

This can be attributed to the large market cap of the stock, its liquid nature and the expectation that retail investors would take advantage of the dip in ETI share price to make some competitive returns.

Ecobank Ghana (EBG,) a subsidiary of ETI is expected to post positive FY2015 financials.

EBG having a market capitalization of GHS2.055 billion would drive up market returns should investors react positively to the yet-to-be-released FY2015 financials.

Trading ended yesterday with the Ghana Stock Exchange-Composite Index (GSE-CI) and the Ghana Stock Exchange-Financial Stock Index (GSE-FSI) moving up by 8.04 points and 11.12 points respectively.

Trading activity on the bourse ended with 2 gainers [Cal Bank (CAL) and ETI] and 1 loser [Standard Chartered Bank (SCB)] yesterday.

CAL topped the trading chart as 486,100 shares changed hands, representing a total value of GHS489,604.00.

Returns on the Composite and Financial Stock Index pegged at -3.97% and -5.24 % respectively.

Activity on the Ghana Alternative Exchange (GAX) was hushed as no shares traded yesterday.

Hords currently lead record capital gains on the GAX, appreciating by 25 % from year-open.

Meanwhile, the Cedi gained marginally to the Dollar, the Pound and the Euro at close of yesterday.

The local currency exchanged at a mid-rate of GHS3.8345 to the USD, GHS5.4141 to the GBP and GHS4.2871 to the EURO.

The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank market now records a year-to-date depreciation of 1.03 percent.

 

Source: Ghana/todaygh.com with data from GN Research

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1 Comment on "Ecobank Transnational Inc. set for a rebound"

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