Listed Stocks on the Ghanaian equities market ticked higher on Thursday’s session, as investors were delighted by gains made by major stocks to halt a three-day bearish streak.
The positive traction in the day’s trading session, October 28, which saw both the volume and value traded swirled up more than hundred times, can be attributed to bargain buying across selected large-cap stocks courtesy of gains in Benso Oil Palm Plantation and MTN Ghana.
Moreover, all-share Index inched up higher by over 2 percent which subsequently drove the market capitalization to GH¢64.6 billion, gaining over GH¢500 million in the process. The market capitalization in the previous trading session, October 27, stood at GH¢64.1 billion.
In addition, Thursday’s outing further dragged the market year-to-date performance to moderate at 49.34 percent. The benchmark GSE Composite Index (GSE-CI) also increased by 47.64 points to close at 2,899.54 points, representing a gain of 1.67 percent. This further represents a 1-week gain of 1.81 percent and a 4-week gain of 1.55 percent.
Market Indices
The GSE Financial Stocks Index (GSE-FSI) which records all financial stocks including insurance, maintained its value at 2,082.12 points, making it a 1-week gain of 0.59 percent, a monthly gain of 1.31 percent, and a year-to-date gain of 16.79 percent.
According to market report, there was an improvement in the level of market activity on Thursday. This was evidenced in the over 600 and over 500 percent growth in the total volume traded and total market turnover.
At the end of Thursday’s trading session on the Ghana Stock Exchange (GSE), a total of 524,673 shares, corresponding to a market value of GHS 666,966.23, were traded. Compared with the previous GSE trading day (Wednesday, October 27), Thursday’s data show 645 percent improvement in volume and 522 percent improvement in turnover.
Most sectorial indices closed in tandem with all share index. The banking sector, Agriculture stocks and telecommunication stocks counters, all ended in green with none entering red. The other stocks traded flat, closing at the same price they opened.
Gainers
In the aggregate, seven GSE equities participated in trading, ending with two gainers and no losers. Benso Oil Palm Plantation led the gainers chart with 4.2 percent share price appreciation. BOPP closed its trading day at GH¢5.00 per share on the Ghana Stock Exchange (GSE), recording a 4.2% gain over its previous closing price of GH¢4.80.
Second on the gainers’ list is MTN Ghana (MTNGH). MTNGH closed its trading day (Thursday, October 28, 2021) at GH¢1.24 per share on the Ghana Stock Exchange (GSE), recording a 3.3 percent gain over its previous closing price of GH¢1.20. MTN began the year with a share price of GH¢0.64 and has since gained 93.8 percent on that price valuation.
Despite recent losses suffered by MTN Ghana, the telecommunication giant has maintained the top spot as the most traded stock on the Ghana Stock Exchange over the past three months (Jul 30 – Oct 28, 2021). MTNGH has traded a total volume of 51.4 million shares valued at GH¢ 62.8 million over the period, with an average of 816,027 traded shares per session. A volume high of 8.29 million was achieved on September 27, and a low of 1,330 traded shares on September 17, for the same period.
MTN Ghana recorded the highest volume of 495,505 traded shares on Thursday’s trading activities. It was followed by Republic Bank Ghana with 20,000 total shares traded and Benso Oil Palm Plantation also followed in that order with 8,181. Ecobank Transnational completed the list with 609 shares traded.
However, analysts predict volatility in trading activities in the last day of the week.
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