The sentiment was mixed on Ghana’s equity market in the month of November, as the Ghana Stock Exchange Composite Index (GSE-CI) climbed up marginally by 0.09 percent.
The stock market closed the month on mildly positive note with the GSE Composite Index inching up to settle at 2,866.76 points and registered a year-to-date return of 47.65 percent.
Among the 15 markets covered during the month, three advanced, while another three retreated with the rest remaining flat. Benso Oil Palm Plantation Limited (BOPP) and CAL bank were the top gainers, whiles stocks like, Fan Milk Limited (FML) and Access Bank (ACCESS) lost grounds within the month of November.
BOPP led the pack as its equities recorded a month on month appreciation of 33.0 percent to settle at GH¢ 6.65.
Cal Bank was the second highest gainer in the month of November. It recorded a monthly share price appreciation of 14.8 percent to take its share price to GH¢ 0.87 with the year to date hovering around 26.1 percent.
Ecobank Transnational Incorporated (ETI) completed the gainers’ list with 12.5 percent gain in its share value, adding GH¢ 0.01 in the process to settle at GH¢ 0.09.
Conversely, Fan Milk Limited was the biggest laggard. FML dropped this month by 11.1 percent to close at GH¢ 4.00 with a year to date of 270.4 percent.
Equities in financial sector counter such as: ACCESS bank and GCB cooled down this month, losing by 9.7 percent and 2.2 percent respectively.
Nonetheless, the lost by the banking sector blue chips did not hugely affect the financial index. The Ghana Stock Exchange Financial Index for the month of November, jumped by 0.4 percent to settle at 2,091.38 points, making a year to date gain of 17.3 percent in the process.
MTN Ghana Loss Following Budget Approval
A late selling spree inflicted a notable loss on MTN stocks on Wednesday, December 1, 2021 to extend the losing streak of the telecommunication giant since the announcement of an electronic transactions levy by government of Ghana, and the subsequent approval of same.
In all, eight (8) GSE equities participated in Wednesday’s trading session, ending with one loser, namely MTN Ghana, with 1.67 percent share price depreciation. MTNGH closed its trading day (Wednesday, December 1, 2021) at GH¢1.18 per share on the Ghana Stock Exchange (GSE), shedding GH¢0.02 from its previous closing price of GH¢1.20.
Investors are, however, worried about MTNGH’s recent bad performance, having lost 7 percent of its value in the past four weeks. Experts, on the other hand, has predicted that with the approval of the 2022 budget, MTN is set to have a tough time on the stock market.
The loss has dragged down the GSE market indices while the benchmark GSE Composite Index (GSE-CI) dropped by 23.49 (-0.82%) points to close at 2,843.27 points on Wednesday’s trading day, representing a 1-week loss of 0.59 percent.
At the end of Wednesday’s trading session on the Ghana Stock Exchange, a total of 60,501 shares, corresponding to a market value of GH¢ 90,768.75, were traded.
That notwithstanding, MTN Ghana recorded the highest volume of 26,898 traded shares, followed by Ghana Oil Company (26,664), Republic Bank Ghana (3,900) and CAL Bank (1,858).
In the intervening time, the current market capitalization of the Ghana Stock Exchange is GH¢ 64.2 billion.
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