The overbought Ghanaian equities continued to rally on the last day of the month as it went on to end yet another day with gains.
The pattern analysis of the daily Ghana Stock Exchange (GSE) report showed three major stocks traded in uncharted territory with massive gains. After a major breakout in total volume and value of shares traded, the indices also moved higher.
In the intervening time, the positive traction experienced in the last trading session, September 30, can be attributed to bargain buying across selected large-cap stocks courtesy of gains in Fan Milk, MTN Ghana and Enterprise Group Limited.
Fan Milk Ghana led the gainers with 9.9% share price appreciation. Fan Milk Limited closed its last trading day (Thursday, September 30, 2021) at GHS3.22 per share on the Ghana Stock Exchange (GSE), recording a 9.9 percent gain over its previous closing price of GHS2.93.
Second on the gainers’ chart is Enterprise Group Limited (EGL) with 4.55% share price appreciation. EGL closed its last trading day at GHS2.30 per share on the Ghana Stock Exchange, recording a 4.5% gain over its previous closing price of GHS2.20.
MTN Ghana (MTNGH) completed the list with (+0.81%). MTNGH also closed its last trading day in September at GHS1.24 per share on the Ghana Stock Exchange (GSE), recording a 0.8% gain over its previous closing price of 1.23 GHS. MTN began the year with a share price of 0.64 GHS and has since gained 93.8% on that price valuation, ranking it third on the GSE in terms of year-to-date performance.
The gains led to an improvement in the level of market activity on the penultimate day of the working week and this was evidenced in the over 600 percent and over 800 percent growth in the total volume and total value of units traded respectively.
At the end of Thursday’s trading session on the Ghana Stock Exchange, a total of 517,692 shares, corresponding to a market value of GHS 1,655,237.63, were traded. Compared with the previous GSE trading day (Wednesday, September 29), Thursday’s data show 648% improvement in volume.
CAL Bank recorded the highest volume of 223,350 traded shares. It was followed by Ecobank Ghana with 153,094 total shares traded and MTN Ghana Limited also followed in that order with 89,428. Fan Milk Limited completed the list with 44,300 shares traded.
Market Indices
In addition, Thursday’s outing further dragged the market year-to-date performance to moderate at 47.06 percent. The benchmark GSE Composite Index (GSE-CI) also increased by 16.6 points to close at 2,855.29 points, representing a gain of 0.58 percent. This further represents a 1-week gain of 6.71 percent and a 4-week gain of 3.79 percent.
The performance of the benchmark index subsequently drove the market capitalization to GH¢64.2 billion. The market capitalization in the previous trading session, September 29, stood at GH¢63.7 billion.
In similar vein, the GSE Financial Stocks Index (GSE-FSI) also moved up by 0.14 percent to reach 2,055.20 points. Making it a 1-week gain of 2.33 percent, a 4-week gain of 6.53 percent, and a year-to-date gain of 15.28 percent.
However, after a relatively quiet start to the week, analysts predict volatility in trading activities in the coming days as investors kissed September goodbye
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