Shares of MTN Ghana have been on a free fall since the government of Ghana announced its decision to impose a flat rate electronic transactions tax of 1.75 percent, with the benchmark composite index also plunging to a 0.43 percent loss.
Sectors bled profusely along with broader markets. Four major stocks could not sustain heavy selling pressure and in the process entered the bearish territory. In the process, MTN Ghana declined for the third straight session and formed a large bearish candle on the daily chart.
In the aggregate, 11 Ghana Stock Exchange (GSE) equities participated in trading, ending with disappointingly four losers. Unfortunately, there were no gainers. MTN Ghana was the heaviest loser on the day with 0.8 percent share price depreciation. MTNGH closed its trading day (Monday, November 22, 2021) at GHS1.24 per share on the Ghana Stock Exchange (GSE), recording a GHS0.01 drop from its previous closing price of GHS1.25.
Next on the losers’ list is Guinness Ghana Breweries (GGBL). GGBL also closed its trading day (Monday, November 22, 2021) at GHS1.80 per share on the Ghana Stock Exchange (GSE), recording a 0.6 percent drop from its previous closing price of GHS1.81.
This was followed by Total Petroleum Ghana. TOTAL closed its trading session at GHS5.49 per share on the Ghana Stock Exchange (GSE), recording a 0.2 percent drop from its previous closing price of GHS5.50.
Ecobank Ghana (EGH) completed the losers list. EGH ended the session at GHS7.80 per share on the Ghana Stock Exchange (GSE), recording a 0.1% drop from its previous closing price of GHS7.81. It is worth noting that Ecobank began the year with a share price of GHS7.20 and has since gained a paltry 8.33% on that price valuation, ranking it 13th on the GSE in terms of year-to-date performance.
At the end of the first weekday of trading on the Ghana Stock Exchange (GSE), a total of 4,104,202 shares, corresponding to a market value of GHS 5,614,603.65, were traded. Compared with the previous GSE trading day (Friday, November 19), Monday’s data showed 44% decline in volume and 44% decline in turnover. The current market capitalization of the Ghana Stock Exchange is GHS 64.7 billion.
Trade By Volume
MTN Ghana recorded the highest volume of 3.91 million traded shares, followed by GCB Bank (123,389), Societe Generale Ghana (55,578) and Ghana Oil Company (5,160).
Regarding the performance of GSE market indices, the loss has impacted the indices. The benchmark Ghana Stock Exchange Composite Index (GSE-CI) shed 12.46 points to close at 2,907.10 points. This represents a decline of 0.43 percent. The lost also translated into a 1-week loss of 2.92 percent. However, it recorded a 4-week gain of 1.94 percent, and an overall year-to-date gain of 49.73 percent.
Similarly, the GSE Financial Stocks Index (GSE-FSI) also decreased by 0.03 percent to settle at 2,078.33 points, making it a 1-week gain of 0.23 percent, a 4-week gain of 0.19 percent, and a year-to-date gain of 16.58 percent.
As was evident in the last couple of days, the post budget presentation is having impact on the Accra bourse and analysts predict more sell off pressure and volatility in the coming days.
READ ALSO: Trade Balance Records Best Performance So Far This Year In October
