Traders at the Ghana stock market considered Mid-week, Wednesday, June 21 to be a good time to cash in their recent gains since the start of this week.
In the wake of the profit taking, two major stocks experienced decline, while several others remained steady throughout the trading session. In all, 11 GSE listed equities participated in trading, ending with disappointingly two losers, namely, MTN Ghana (-0.81%) and NewGold ETF (-0.36%). There were no gainers.
Scancom Plc, more commonly known as MTN Ghana closed its last trading day (Wednesday, June 21, 2023) at GHS1.23 per share on the Ghana Stock Exchange (GSE), recording a pesewa drop from its previous closing price of GHS1.24. In spite of the loss, the Telco giant made an appreciable gains since the turn of the year. MTN began the year with a share price of GHS0.88 and has since gained 39.8% on that price valuation, ranking it fourth on the GSE in terms of year-to-date performance.
MTN Ghana remains the number one most traded stock on the Ghana Stock Exchange over the past three months (Mar 21 – Jun 21, 2023). MTNGH has traded a total volume of 187 million shares valued at GHS 176 million over the period, with an average of 2.98 million traded shares per session.
NewGold ETF (GLD) is the second loser on the day. GLD closed its trading day at GHS221.60 per share on the Ghana Stock Exchange, recording a GHS0.80 drop from its previous closing price of GHS222.40. NewGold ETF also began the year with a share price of GHS217.80 and has since gained 1.74% on that price valuation, ranking it seventh on the GSE in terms of year-to-date performance.
In the indices sector, the Ghana Stock Exchange experienced a day of mixed fortunes as the benchmark GSE-Composite Index, concluded with a loss, conceding 11.78 points as a result of the profit taking situation, closing at 2,700.91 points. This decline represents a 10.52% year-to-date return.
Financial Stocks Index Remains Stagnant
However, the GSE Financial Stocks Index remains stagnant, ending the trading session at 1,694.29 points, with a year-to-date return of -17.46%. In the hindsight, this represents a week-on-week gain of 0.94% and a month-on-month gain of 0.51%.
Trading activity remained subdued, with a total volume of 21,324 shares changing hands, amounting to a value of GH¢1,011,889.14. This activity was observed across eleven equities, signaling a relatively quiet day on the exchange.
Scancom PLC (MTNGH) dominated the volume chart, trading 7,675 shares valued at GH¢9,451.32, representing 0.93% of the total value traded. Following closely was Fan Milk PLC (FML), which traded 4,553 shares valued at GH¢6,009.96, accounting for 0.59% of the total value traded. The rest were NewGold ETF (4,487) and SIC Insurance Company (4,126).
The market capitalization experienced a marginal dip, settling at GH¢67.90 billion, reflecting the cautious mood among investors.
The profit taking on the Ghana Stock Exchange in mid-week’s session indicated that investors are carefully assessing their investment strategies amidst ongoing uncertainties and cashing in at the least opportunity. Market participants will continue to monitor the market closely and make necessary adjustments going forward.
