Fan Milk Limited has lost yet again and sent the main index into the red territory a day after releasing its financial statement for 2022 accounting year.

In the aggregate, 12 GSE listed equities participated in trading, ending with one loser, namely Fan Milk, with 9.4 percent share price depreciation.

FML closed its trading day (Wednesday, April 5, 2023) at GHS1.06 per share on the Ghana Stock Exchange (GSE), recording a GHS0.11 drop from its previous closing price of GHS1.17.

Fan Milk began the year with a share price of GHS3.00 but has since lost 64.7% off that price valuation, ranking it 38th on the GSE in terms of year-to-date performance. Shareholders’ worries are compounded by the fact that FML has lost 41% of the stock’s value from March 8, 2023 to date.

Fan Milk is the 12th most traded stock on the Ghana Stock Exchange over the past three months (Jan 5 – Apr 5, 2023). FML has traded a total volume of 58,256 shares valued at GHS 104,513 over the period, with an average of 925 traded shares per session. A volume high of 11,033 was achieved on January 27 for the same period.

Fan Milk Limited is a Ghanaian dairy retailer based in Accra. It was incorporated in 1960 as the Ghanaian Milk Company, initially specialized in pasteurized milk. The company has since begun operating in Benin, Togo and Burkina Faso. In 1962, the company changed its name to Fan Milk Limited, and branched out into the production and distribution of milk-based and fruit-based products such as ice cream, yoghurt, and ice lollies.

The brand name has since become a household name across the country. The company’s products include brands such as FanYogo, FanChoco, FanIce, FanDango, and FanPop—the latter two being fruit-based products. In June 2013, private equity firm The Abraaj Group of Dubai acquired Fan Milk International.

Fan Milk is traded on the GSE under the ticker symbol “FML”. The International Securities Identification Number (ISIN) of GSE:FML is GH0000000078. Fan Milk Plc is currently the 22nd most valuable stock on the GSE with a market capitalization of GHS 123 million, which is about 0.181% of the Ghana Stock Exchange equity market.

Decline in Volume and Turnover

At the end of the trading session on the Ghana Stock Exchange, a total of 39,330 shares, corresponding to a market value of GHS 58,476.48, were traded.

Compared with the previous GSE trading day (Tuesday, April 4), the data showed 74% decline in volume and 80% decline in turnover.

MTN Ghana recorded the highest volume of 29,316 traded shares, followed by Fan Milk (4,663), TotalEnergies Marketing Ghana (2,295) and Ecobank Transnational (1,507).

Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) pared 1.22 (-0.04%) points to close at 2,758.42, representing a 1-week loss of 1.51%, a 4-week gain of 15.33%, and an overall year-to-date gain of 12.87%.

The GSE Financial Stocks Index (GSE-FSI) maintained its value at 1,806.67 points, making it a 4-week loss of 4.2%, and a year-to-date loss of 11.98%.

The current market capitalization of the Ghana Stock Exchange is GHS 68 billion.