The sentiment was mainly positive on the Ghana equity market on the penultimate day of the week.

Among the 17 major stocks that participated in Thursday’s (November 11, 2021) trading, one advanced, while none retreated and the rest remained flat.

The market heavyweight, MTN Ghana, led the pack as its equities rallied 0.78 percent after its previous day’s lost. MTN Ghana closed its trading day (Thursday, November 11, 2021) at GHS1.30 per share on the Ghana Stock Exchange (GSE), recording a 0.78 percent gain over its previous closing price of GHS1.29. Despite the rollercoaster performance in the recent outings, shareholders can be optimistic about MTN Ghana, knowing the stock has accrued 8 percent over the past four-week period with year to date (YTD) gain of 103 percent.

In the intervening time, MTN Ghana remains the number one most traded stock on the Ghana Stock Exchange over the past three months, spanning from August 16 to November 11, 2021. MTN Ghana has traded a total volume of 49.8 million shares valued at GHS 60.9 million over the period, with an average of 791,050 traded shares per session. A volume high of 8.29 million was achieved on September 27, and a low of 871 on November 5, for the same period.

Trading Activity Surges by 290%

At the end of Thursday’s trading session on the Ghana Stock Exchange (GSE), a total of 2,616,219 shares, corresponding to a market value of GHS 2,746,849.32, were traded. Compared with the previous GSE trading day (Wednesday, November 10), Thursday’s data show 290 percent improvement in volume and 293 percent improvement in turnover. Previously, a total of 670,672 shares, corresponding to a market value of GHS 699,053.74, were traded.

Some of the major movers on Thursday’s session were: SIC Insurance Company, CAL Bank, MTN Ghana and Clydestone Ghana. CAL Bank recorded the highest volume of 1.35 million traded shares. This was followed by MTN Ghana with 1.26 million. SIC Insurance Company also secured 2,900 shares and Clydestone Ghana recorded 2,000 traded shares.

With regards to the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) edged up by 11.75 points to close at 2,969.01 points, representing 0.4 percent. The index also made a week on week gain of 1.34 percent and a month on month gain of 4.27 percent. This led to an overall year-to-date gain of 52.92 percent.

Financial Index Maintains it Value

The Ghana Stock Exchange Financial Stocks Index (GSE-FSI) which measures stocks of financial sector and insurance, however, maintained its value at 2,073.46 points. Despite the financial index maintaining its value, it did not suffice to avert a net weekly loss. It recorded a 1-week loss of 0.27 percent and, month on month gain of 0.22 percent, and a year-to-date gain of 16.31 percent.

The market capitalization on the other hand, jumped by GHS200 million from GHS 65.2 billion that was previously recorded. The current market capitalization of the Ghana Stock Exchange is GHS 65.4 billion.

In the wake of this performance, analysts expect the market to end on high footing with more gains in stocks. Experts also predicted trading activity to dip going into the final day of the week.