Mr. Isaac Kwasi Mensah, a Financial Analyst and Portfolio Manager at SIC Financial Services Limited, has predicted that given last week’s performance on the Ghana Stock Exchange (GSE), the local bourse is likely to experience mix session to start off the new week.
According to the analyst, this is largely as a result of investors hunting bargains on price alignments as the local bourse failed to extend its positive and impressive result for the second straight week with broad-based losses. Mr. Isaac Kwasi Mensah made this known in an interview with the Vaultz News.
“With the prediction of the performance of the Ghana Stock Exchange going into new week, I anticipate a mixed session to start off the week amid slight profit-taking activities across the board. In the trading week, I expect the market to witness positive performance, driven by bargain purchases as investors continue to take advantage of pricing misalignments. This will bring the Exchange back to winning ways.”
Mr. Isaac Kwasi Mensah
In a similar take on the outlook, the market analyst posited that the volatility in the market will persist in the coming weeks and as such, he does not see any sustained and continuous northward trajectory in this third week of September.
“The GSE has been throwing everything at investors for some time now. Just as when investors started to believe the worst of the bear market was over, stocks reversed course and the benchmark index dropped again. That has been the nature of our market. This sort of volatility has been a reliable theme for the market this year. So, I think the market will follow similar path this week.”
Mr. Isaac Kwasi Mensah
Meanwhile, market index last week declined by 0.02 percent, representing a month-to-month loss of 2.03 percent, and an overall year-to-date loss of 10.07 percent. The benchmark GSE Composite Index (GSE-CI) closed the week at 2,508.39 points.
Trading Activity and Worst Performers
Trading activity recorded a total of 3,682,515 shares valued at GH¢4,953,397.14 changing hands, with market capitalization of GHS 64.5 billion.
Cal Bank was the biggest loser. The bank suffered a 1.3 percent share price depreciation. It closed the week at GHS0.75 per share on the Ghana Stock Exchange (GSE). Cal Bank began the year with a share price of GHS0.87 but has since lost 13.8 percent off that price valuation, ranking it 32nd on the GSE in terms of year-to-date performance.
The final day of the week recorded the worst performance as a total of 183,348 shares, corresponding to a market value of GHS 185,358.28, were traded
MTN dominated both volume and value of trades for the week, accounting for 38.59% and 26.11% of total volume and value of shares traded respectively.
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