Sentiment was relatively bearish on the Ghanaian equity market on the opening day of the week as the Ghana Stock Exchange Composite Index (GSE-CI) suffered a decline at the end of trading day, owing largely to losses in key financial sector stocks.
The benchmark GSE Composite Index (GSE-CI) shed 8.52 (-0.33%) points to close at 2,543.22 points, representing a week on week loss of 0.3 percent, a month on month loss of 0.73 percent, and an overall year-to-date loss of 8.82 percent.
Meanwhile, among the 14 major stocks that participated in trade, two (2) retreated, while one (1) advanced. The only gainer, namely SIC Insurance Company, recorded 3.33 percent share price appreciation. However, the two losers on the day were Ecobank Transnational (-5.56%) and GCB Bank (-1.19%).
SIC moved a step further from the recent flat results it recorded by closing its trading day (Monday, June 13, 2022) at GHS0.31 per share on the domestic market, recording a one pesewa gain over its previous closing price of GHS0.30. Interestingly, SIC began the year with a share price of GHS0.08 and has since gained 288 percent on that price valuation, ranking it first on the GSE in terms of year-to-date performance. Based on the recent performances, shareholders can be optimistic about SIC knowing the stock has accrued 15% over the past four-week period— best on GSE.
Losers on the First Day of the Week
On the other hand, ETI which was the biggest laggard on the day, closed its trading day (Monday, June 13, 2022) at GHS0.17 per share on the Ghana Stock Exchange (GSE), recording a 5.6% drop from its previous closing price of GHS0.18. That notwithstanding, Ecobank began the year with a share price of GHS0.14 and has since gained 21.4 percent on that price valuation, ranking it fifth on the GSE in terms of year-to-date performance. The loss extended ETI’s recent poor performance, having lost 11% of its value in the past four weeks.
Similarly, GCB Bank also extended its losing streak stretching over a month, as it closed its trading day (Monday, June 13, 2022) at GHS5.00 per share on the local bourse, recording 6 pesewas drop from its previous closing price of GHS5.06. GCB began the year with a share price of GHS5.24 but has since lost 4.58 percent off that price valuation, ranking it 29th on the GSE in terms of year-to-date performance.
The loss suffered by the above major financial stocks led to a decline in the financial index. The GSE Financial Stocks Index (GSE-FSI) also decreased by 0.71% to settle at 2,171.56 points, making it a 1-week loss of 0.64 percent, a 4-week loss of 1.59 percent, and a year-to-date gain of 0.92 percent.
At the end of the first weekday of trading, a total of 744,981 shares, corresponding to a market value of GHS 605,871.93, changed hands.
MTN Ghana recorded the highest volume of 326,444 traded shares, followed by CAL Bank (271,948), SIC Insurance Company (128,361) and Produce Buying Company (4,900).
The market capitalization of the Ghana Stock Exchange, meanwhile, stands at GHS 62 billion.
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