A three-day bearish streak continued on the Ghana Stock Exchange (GSE) as the bears came out on top yet again on Tuesday August 2, 2022 due to profit-taking activities.
At the end of trading session, trading was mixed with bellwethers such as MTN Ghana, Access Bank PLC, and Petroleum Ghana detating the direction of market. In all, 13 GSE listed equities took part in trading, ending with only one gainer, namely Access Bank Ghana, with 1.09% share price appreciation. The two losers on the day were MTN Ghana (-9.64%) and Total Petroleum Ghana (-0.24%).
The second half of last week and the first half of this week was particularly good for Access Bank PLC investors as it is currently on a four-day gaining streak. Access bank closed its trading day (Tuesday, August 2, 2022) at GHS2.78 per share on the Ghana Stock Exchange (GSE), recording a 3 pesewas gain over its previous closing price of GHS2.75. However, Access bank began the year with a share price of GHS3.15 but has since lost 11.8% off that price valuation. However, the current performance of the bank may allay the fears of shareholders, knowing that it has gained 11% increase in its share price since July 4, which is best on GSE.
Laggards on Tuesday’s Trading Session
MTN Ghana closed its trading day (Tuesday, August 2, 2022) at GHS0.75 per share on the Ghana Stock Exchange (GSE), recording a 8 pesewas drop from its previous closing price of GHS0.83. Adding to this, MTNGH has lost 17% of its stock’s value from July 4 to date.
Similarly, the second laggard on the day was Total Petroleum Ghana. It closed its trading day at GHS4.09 per share on the GSE, recording a pesewa drop from its previous closing price of GHS4.10.
Tuesday’s performance saw the benchmark index eased by 3.49 percent week on week to settle at 2,340.07 points while the market year to date return moderated further to 16.11 percent.
Across the various sectors, performance varied as the banking index on the other hand, led the table for the gainers. The GSE Financial Stocks Index (GSE-FSI), increased by 0.04 percent to reach 2,086.26 points, making it a 1-week loss of 1.34 percent, a 4-week loss of 4.17 percent, and a year-to-date loss of 3.05 percent.
Meanwhile, Tuesday’s trading session saw a barrage of activities with an unprecedented rise on previous trading session’s activities. At the end of Tuesday’s trading session, a total of 61,046,431 shares, corresponding to a market value of GHS 46,193,385.48, changed hands.
MTN Ghana alone accounted more than 95 percent of trading volumes on Tuesday’s session. It recorded the the highest volume of 60.8 million traded shares, followed by GCB Bank (70,292), SIC Insurance Company (61,234) and Access Bank Ghana (58,469).
The session ended with a market capitalization of GHS 62.2 billion.
Going into the second half of this new week, equity analysts said they are positive about the market and hold the view that there are recoveries to be made in the banking space given last week’s performance, while an increased in investors’ appetite is anticipated to rise for stocks in the telecoms space.
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