Cal Bank Ghana Ltd. continued its impressive performance on the local bourse of the Ghana Stock Exchange (GSE) for second consecutive day running.
A summary of market performance on the Ghana Stock exchange by close of market activities on Thursday, June 17, 2021 suggests Cal Bank, one of the bulls in the stock market, topped trading by volume.
Cal Bank’s trade volume amounted to 251,638 shares. However, this is a decline in the previous trading session which saw Cal Bank dominate the market with 1,004,453 volume of shares traded. Meanwhile, Cal Bank’s total value traded by close of the last trading session on Thursday was GHc177,646.60 compared to GHc713,189.89 recorded on Wednesday.
Meanwhile, Ghana Oil Company was the next company that recorded an impressive performance with its volume of trade on the GSE amounting to 240,657 shares as of June 17. Furthermore, MTN Ghana Limited traded a total of 176,560 shares, the third best performer in the market.
Moreover, the local bourse traded flat as there was no change in both the opening and closing price of the various stocks at the end of the last trading session. Cal Bank, Ghana Oil and MTN Ghana opened the market with GHc0.71, GHc1.55 and GHC1.20 per share respectively.
GSE- Composite Index (GSE-CI)
In addition, the Benchmark GSE- Composite Index (GSE-CI) closed last trading session at 2,647.12 points. This is about a- one-point drop in the previous session’s index of 2,648.21 points.
However, the GSE-Financial Stock Index maintained its value at 1,882.83 points. Meanwhile, the GSE-Financial Stock Index recorded a year-to-date gain of 5.61%. Also, stocks of the financial and oil sectors including, State Insurance Company, Societe General (SOGEGH) and Ghana Oil Company performed well.
At the end of yesterday’s trading session on the GSE, a total of 734,016 shares, corresponding to a market value of GHS 789,662.04 were traded. Overall, yesterday’s data shows that stock volumes declined by 63% whilst turnover also dropped by 57%.
More so, the current total market capitalization of the Ghana Stock Exchange stood at GHS 61.52 billion as of the end of the trading session on June 17.
On the commodities market, world market prices showed mixed results over the week. Oil prices slightly increased to $72.29 per barrel as of today, June 18, 2021. However, the increase was lower than the previous week’s price of $69.62 per barrel.
Forex market
However, on the forex market, the cedi continues to show some stability as against other currencies since the start of the week.
Additionally, the government auctioned foreign exchange at its bi-weekly forex forward auctions which were largely oversubscribed by over $50 million.
The money market has also witnessed a gradual pick up with oversubscription of 14 percent of the various Government of Ghana 91-Day, 182-Day and 364-Day Treasury bills.
As the markets largely recorded some positive returns during the week, with Inflationary pressures low, the stock market is showing signs of positive medium-term prospects on the financial market. However, investors must remain cautious as economic challenges continue to persist in the country.
