The Ghana stock market continued to edge forward on Tuesday, August 30, 2022 as many blue chips maintained positive momentum for a number of stocks.

The tremendous outing of the exchange on Tuesday was spurred by investors’ buying extravaganza. GSE data showed that the total number of listed equities that participated in trade rose significantly from 11 listed equities that previously took part in trade to 20 listed equities.

The broad-based bullish performance was spurred by buying interest in tickers like Access Bank PLC, Societe Generale, Ecobank Transnational Incorporated and Total Petroleum Ghana.

The session ended with five gainers and just one loser. Access Bank Ghana led the gainers with 10% share price appreciation closing at GHS 3.63 per share, followed by Societe Generale Ghana (+9%), Ecobank Transnational (+7.69%) and Total Petroleum Ghana (+4.5%). The only equity that lost value on the day was NewGold ETF (-5.85%).

Gainers And Losers

Access Bank closed its trading day at GHS3.63 per share on the Ghana Stock Exchange (GSE), recording a 33 pesewas gain over its previous closing price of GHS3.30.

Similarly, Societe Generale closed its last trading day at GHS1.09 per share on the Ghana Stock Exchange (GSE), recording 9 pesewas gain over its previous closing price of GHS1.00.

Another gainer on the day was Ecobank Transnational Incorporated (ETI). It closed its trading day at GHS0.14 per share on the Ghana Stock Exchange (GSE), recording a pesewa gain over its previous closing price of GHS0.13.

TOTAL completed the gainers list and closed its trading day at GHS4.18 per share on the Ghana Stock Exchange (GSE), recording a 18 pesewas gain over its previous closing price of GHS4.00.

However, the only loser at the end of trading session was NewGold ETF (GLD). GLD closed its last trading day (Tuesday, August 30, 2022) at GHS161.00 per share on the Ghana Stock Exchange (GSE), recording a GHS10.00 drop from its previous closing price of GHS171.00. NewGold ETF began the year with a share price of GHS108.60 and has since gained 48.3 percent on that price valuation, ranking it second on the GSE in terms of year-to-date performance. That notwithstanding, shareholders can be optimistic about GLD knowing the stock has accrued 5% over the past four-week period—fifth best on GSE.

Market Activities Increases

A snapshot of investor activities on the Ghanaian bourse on Tuesday showed a stellar performance as market investors became upbeat in their mood, embarking on aggressive positioning in the market with particular focus on financial and Telecommunication stocks, as well as oil companies, which subsequently, prompted a buying spree, as investors’ interest jagged to a new level.

At the end of the trading session on the Ghana Stock Exchange, a total of 2,152,477 shares, corresponding to a market value of GHS 3,723,873.59, were traded. Compared with the previous GSE trading day (Monday, August 29), Tuesday’s data showed 696 percent improvement in volume and 325 percent improvement in turnover.

The spectacular performance of the local bourse resonated with the market indices. The benchmark GSE Composite Index (GSE-CI) increased by 28.79 (1.16%) points to close at 2,501.79 points.

Further analysis of the data showed that the GSE Financial Stocks Index (GSE-FSI) also increased by 2.41 percent to reach 2,066.89 points. However, the market capitalization of the Ghana Stock Exchange remains at GHS 64.2 billion.

According to market analysts, the positive performance should feed price growth in the coming days too.