On a manic Tuesday, Ghanaian equity investors were left looking for relief as the market-crash extended to Fan Milk Limited which recorded its heaviest loss since the turn of the year to continue its uninspiring performance in the first month of 2022.
The late selling spree by investors of Fan Milk Limited on Tuesday, January 25, saw Fan Milk Ghana stock price depreciate by a wide margin of 9.6 percent.
The Ghanaian dairy retailer closed its trading day (Tuesday, January 25, 2022) at GHS3.57 per share on the Ghana Stock Exchange (GSE), recording a GHS0.38 drop from its previous closing price of GHS3.95. However, Fan Milk began the year 2022 with a share price of GHS4.00 but has since lost 10.8 percent off that price valuation, ranking it fifth on the GSE in terms of year-to-date performance.
Since the beginning of 2022, Fan Milk Limited has not recorded any gain in price. On January 14, it recorded a share price depreciation of 1.25 percent, while trading flat on majority of the trading sessions.
For the past three months (Oct 22, 2021 – Jan 25, 2022), Fan Milk is the seventh most traded stock on the Ghana Stock Exchange. FML has traded a total volume of 858,623 shares valued at GHS 3.44 million over the period, with an average of 13,629 traded shares per session. A volume high of 275,861 was achieved on December 29th for the same period.
As a result of the losses suffered in 2022, Fan Milk PLC’s year to date has dipped to the red zone. Currently, Fan Milk Limited has a year to date loss of 10.8 percent.
Major Indexes Plummet
On the whole, the Ghana Stock Exchange suffered one of its nightmarish outing as all indicators sank deeper.
At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 124,661 shares, corresponding to a market value of GHS 245,319.99, were traded. Compared with the previous GSE trading day (Monday, January 24), Tuesday’s data showed 58 percent decline in volume and 33 percent decline in turnover.
Altogether, 14 GSE equities participated in trading, ending with one loser, namely Fan Milk, with 9.62% share price depreciation while the other major stocks ended on a flat note. CAL Bank recorded the highest volume of 45,329 traded shares, followed by Enterprise Group (36,551), MTN Ghana (14,502) and Cocoa Processing Company (8,973).
Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) pared 4.22 points to close at 2,785.30 points, representing 0.15 percent decline. However, this led to a 1-week gain of 0.7 percent and a month on month loss of 0.45 percent. The overall year-to-date also suffered sharp decline to enter into the negative territory. The GSE recorded a year to date loss of 0.14 percent.
The GSE Financial Stocks Index (GSE-FSI) on the other hand, maintained its value at 2,154.03 points, making it a 1-week gain of 0.02 percent, a month on month gain of 1.8 percent, and a year-to-date gain of 0.1 percent.
In the intervening time, the current market capitalization of the Ghana Stock Exchange stands at GHS 64 billion.
READ ALSO: Ghana Fails to Make Progress in Corruption Fight- CPI Report
