BOPP Share Price at the Verge of a 3 Year High

Benso Oil Palm Plantation’s (BOPP) resurgence in recent weeks has seen the palm oil Production firm posting 233% YTD at the close of the week. Share price stands at GH¢ 6.65, the highest since September 2018.

BOPP was the only gainer at the end of Friday’s trading session. Benso Oil Palm Plantation continued its rally on the Ghana Stock Exchange by appreciating by GHS0.60. BOPP closed its trading day (Friday, November 12, 2021) at GHS6.65 per share on the Ghana Stock Exchange (GSE), recording a 9.9 percent gain over its previous closing price of GHS6.05.

Benso Oil Palm Plantation began the year with a share price of 2.00 GHS and has since gained 233 percent on that price valuation, ranking it second on the GSE in terms of year-to-date performance. Shareholders can be optimistic about BOPP knowing the stock has accrued an outstanding 66 percent over the past four-week period alone—best on GSE.

Benso Oil Palm Plantation is the 14th most traded stock on the Ghana Stock Exchange over the past three months (Aug 17 – Nov 12, 2021). BOPP has traded a total volume of 114,047 shares valued at GHS 476,130 over the period, with an average of 1,810 traded shares per session. A volume high of 25,950 was achieved on August 25, for the same period.

Trading on Final Weekday

At the end of the final weekday trading on the Ghana Stock Exchange (GSE), a total of 31,699 shares, corresponding to a market value of GHS 124,345.52, were traded.

In the aggregate, seven GSE equities participated in trading, ending with only one gainer, namely Benso Oil Palm Plantation, with 9.92% share price appreciation.

MTN Ghana recorded the highest volume of 14,656 traded shares. This was followed by Benso Oil Palm Plantation with total share traded of 11,327. GCB Bank also recorded 3,972 volume of shares traded and Ecobank Ghana had 1,001 shares that changed hands.

The current market capitalization of the Ghana Stock Exchange is GHS 65.4 billion.

Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) inched up by 1.99 points to close at 2,971.00 points, representing 0.07 percent. This led to a 1-week gain of 1.34 percent, a 4-week gain of 4.32 percent, and an overall year-to-date gain of 53.02 percent.

The GSE Financial Stocks Index (GSE-FSI) which includes banking sector stocks and insurance, on the other hand, maintained its value at 2,073.46 points, making it a 1-week loss of 0.27 percent, a 4-week gain of 0.17 percent, and a year-to-date gain of 16.31 percent
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Despite being confronted by high credit risk environment, banking stocks are projected to perform well as banks are well-positioned to cope with the weak operating environment and sustain profitability given their strengthened capital base.

Despite the aforementioned and the expectation that profit-taking activities will take a toll on growth prospects in some sectors, including agriculture sector, analysts appeared upbeat for modest growth potential, on account of solid corporate profit growth supported by the ongoing economic recovery to enhance market valuations.

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