September 14, 2010 / 4:05 PM / 8 years ago

STOCKS NEWS AFRICA-Financial stocks boost Ghana index

STOCKS NEWS Reuters

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Stocks on the move [HOT-RTRS] Real-time Equity News [E] [ZA/EQUITY]

1555GMT 14Sept2010 - Financial stocks boost Ghana index ————————————————————————————————

Financial stocks gain on strong demand from institutional investors to help the Ghana all-share index .GSEGH snap a three-session losing streak, with the index rising 23.36 points, or 0.34 percent, to 6,782.48 points.

Financial stocks have been among the best performing stocks on the bourse this year because of benefits from high interest rates.

“The fundamentals of most of the financial companies look attractive and this is inspiring investors,” one trader says.

CAL Bank Limited (CAL.GH) leads the advancers with a rise of 3.4 percent to 0.30 cedis on 760,700 shares.

Enterprise Insurance Company EIC.GH jump 5.9 percent to 1.61 cedis on 30,900 shares and Ghana Commercial Bank (GCB.GH) adds 1.1 percent to 1.82 cedis on 35,600 shares.

Ecobank Ghana Limited EBG.GH and SG-SSB Limited SGSSB.GH also gain.

Some 1.19 million shares change hands, valued at 622,909 cedis.

(Christian Akorlie; dakar.newsroom@reuters.com)

1317GMT 14Sept2010 - S.Africa’s FirstRand down after FY earnings

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Shares of FirstRand (FSRJ.J) drop 2.4 percent to 20.06 rand, becoming the biggest percentage loser among South Africa's Top-40 index .JTOPI as investors take profit from recent gains after the lender posts a rise in full-year earnings in line with expectations.

Shares of FirstRand had gained more than 5 percent over the previous four sessions, and techical indicators had suggested the stock was due for a pull-back. As of Monday’s close, its 14-day relative strength index, or RSI, had stood at 63.7, not far off the overbought mark of 70.

While FirstRand’s 34 percent rise in annual profit was expected by the market, the absence of organic earnings growth at South African banks remains a concern, says Johann Scholtz, an analyst at Afrifocus Securities.

“We’re seeing very little growth in the economy, so any sort of recovery is almost a technical recovery coming through from the bad-debt side and the non-recurrence of certain trading losses.”

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