Positive sentiments continued on the Ghana Stock Exchange (GSE) as major indicators showed bullish feeling, while the market continued to witness bargain hunting for value stocks from investors.
Strong demand in the stocks of market bellwethers such as: Ghana Oil Company Limited (+5.88%), CAL Bank (+1.22%), MTN Ghana (+0.76%) and Enterprise Group (+0.4%), buoyed a sterling performance of the listed equities to further inch up the GSE all-share index.
Across the sectors, it was mixed on Tuesday, November 16, as the consumer and industrial goods indices closed flat while the oil & gas index led the gainers category.
Tuesday’s outing saw 16 GSE equities participate in trading, ending with four gainers and no losers. Ghana Oil Company led the charge with 5.88 percent share price appreciation, closing at GHS 1.80 per share. Previously, its closing price stood at GHS1.70.
Next on the gainers’ list was Cal Bank with 1.22 percent gain over its previous closing price of GHS0.82 to close at GHS0.83. MTN Ghana also secured GHS 0.01 gain, closing at GHS1.33. Enterprise Group Ghana completed the gainers’ list with 0.4 percent share price appreciation. Enterprise Ghana Limited closed its trading day (Tuesday, November 16, 2021) at GHS2.54 per share on the Ghana Stock Exchange (GSE), which previously closed at GHS2.53.
Market Index
Tuesday’s performance led to an improvement in the market’s year to date. It inched up to 55.07 percent. The market capitalisation also advanced to GHS 65.8 billion from GHS 65.4 billion as recorded on the previous day.
With regards to the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) crossed the 3,000 points mark for the first time as a result of 16.25 points gained to close at 3,010.74 points, representing 0.54 percent. This subsequently led to a weekly gain of 2.44 percent and a month on month gain of 5.71 percent.
A brief snapshot of the warm outing on Tuesday by Cal Bank forced the financial sector counter out of its flat territorial base to northward. The GSE Financial Stocks Index (GSE-FSI) mildly increased by 0.07 percent to reach 2,074.84 points. Nonetheless, the gain was not enough as it made a week on week loss of 0.37 percent, but made a month on month gain of 0.23 percent, and a year-to-date gain of 16.38 percent.
Consequently, the level of market trading activity dipped as total traded volume of 370,564 shares, corresponding to a market value of GHS 555,418.41, were traded. Compared with the previous GSE trading day (Monday, November 15), Tuesday’s data showed 84 percent decline in volume and 82 percent decline in turnover.
The top four most traded stocks by volume on Tuesday were Ghana Oil Company, Cal Bank, Societe Generale and Enterprise Group Ghana. However, MTN Ghana conspicuously missed out.
Ghana Oil Company recorded the highest volume of 150,019 traded shares. This was followed by CAL Bank with 94,047 traded shares. Societe Generale Ghana also managed to secure 82,090 traded and Enterprise Group 24,380 traded shares.
Analysts, however, maintained that the bullish performance will be extended on the back of bargain hunting activities in the market.
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