Ecobank Transnational Incorporated stocks ended the second trading day of the week in green, making it the second consecutive day of gains, forming an uptrend continuation pattern.

Ecobank Transnational Incorporated (ETI) closed Tuesday, December 21, 2021 trading day at GHS0.11 per share on the Ghana Stock Exchange (GSE), recording a 10 percent gain over its previous closing price of GHS0.10. Ecobank has since the beginning of the year, gained 37.5 percent on that price valuation. The latest bullish performance by ETI leapfrogged it from the seventeenth (17th) position it was previously ranked to the current ninth (9th) position on the GSE in terms of year-to-date performance.

Ecobank Transnational is the seventh most traded stock on the Ghana Stock Exchange over the past three months (Sep 23 – Dec 21, 2021). ETI has traded a total volume of 842,173 shares valued at GHS 71,780 over the period, with an average of 13,368 traded shares per session. A volume high of 222,486 was achieved on November 30, for the same period.

The gains by Ecobank Transnational Incorporated in turn led to a jump in Price/Earning Ratio of 1.89.

In the aggregate, thirteen (13) GSE equities participated in trading, ending with only one gainer, namely Ecobank Transnational, with one pesewa share price appreciation. Meanwhile, the rest of the major stocks listed on the Ghana Stock Exchange traded flat, thus closing at the share price they opened.

At the end of Tuesday’s trading session on the Ghana Stock Exchange, a total of 105,409 shares, corresponding to a market value of GHS 119,017.85, changed hands. Compared with the previous GSE trading day (Monday, December 20), Tuesday’s data showed 53 percent decline in volume and 48 percent decline in turnover. In the previous trading session, a total of 226,049 shares, corresponding to a market value of GHS 230,749.47, were traded.

Volume of Shares Traded

According to the market report, MTN Ghana led the charge in terms of trading activity. MTN Ghana recorded the highest volume of 59,411 traded shares. It was followed by Ecobank Transnational Incorporated with 27,392 traded shares. Enterprise Group also secured 5,180 traded shares. Societe Generale Ghana followed closely with 5,161 total number of shares traded.

On the other hand, the benchmark indices also extended its gains to a second straight day on Tuesday amid buying interest seen in financial stocks. The benchmark GSE Composite Index (GSE-CI) climbed 7.18 points to close at 2,826.07 points, representing a 0.25 percent. The gain led to a 1-week gain of 0.57 percent and a month on month loss of 2.79 percent, but an overall year-to-date gain of 45.55 percent.

The GSE Financial Stocks Index (GSE-FSI) also increased by 0.62 percent to reach 2,102.99 points, making it a 1-week gain of 1.42 percent, a month on month gain of 1.19 percent, and a year-to-date gain of 17.96 percent.

Considering the strong up move in last two sessions by Ecobank Transnational Incorporated, investors are optimistic of ETI ending on the high.