Ghana’s equity market posted some gains in Thursday’s trading session stemming from a rally in Societe Generale Ghana PLC (SOGEGH) stock, consequently leading to noteworthy moves by the two main benchmark indices.
At the end of the trading day, 17 GSE listed equities participated in trading, ending with only one gainer, namely Societe Generale Ghana, with 9.59% share price appreciation. The other 16 equities recorded no price movement as there was no loser on the day.
SOGEGH closed its trading day (Thursday, August 3, 2023) at GHS0.80 per share on the Ghana Stock Exchange (GSE), recording a 7 pesewa gain over its previous closing price of GHS0.73. Societe Generale began the year with a share price of GHS1.00 but has since lost 20% off that price valuation, ranking it 34th on the GSE in terms of year-to-date performance. Shareholders’ fears may be allayed by the 31% increase of SOGEGH share price since July 6, which is best on GSE.
Societe Generale Ghana is the 10th most traded stock on the Ghana Stock Exchange over the past three months (May 8 – Aug 3, 2023). SOGEGH has traded a total volume of 264,672 shares valued at GHS 160,921 over the period, with an average of 4,201 traded shares per session. A volume high of 42,801 was achieved on June 12 for the same period.
Societe Generale Ghana Limited is currently the 15th most valuable stock on the GSE with a market capitalization of GHS 567 million, which is about 0.77% of the Ghana Stock Exchange equity market.
Volume and Value Decline
Despite the general uptick, both volume and value of trade took a hit. At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 179,136 shares, corresponding to a market value of GHS 262,234.11, were traded. Compared with the previous GSE trading day (Wednesday, August 2), Thursday’s data showed 58% decline in volume and 60% decline in turnover.
MTN Ghana recorded the highest volume of 132,334 traded shares, followed by CAL Bank (33,784), Access Bank Ghana (4,664) and Ecobank Transnational (4,320).
At the end of the session, SOGEGH’s gains has contributed to the rise of the benchmark GSE-Composite Index. The Composite Index (GSE-CI) inched by 4.57 (0.15%) points to close the trading week at 3,127.43 points, reflecting a 27.97% YTD return. This represent a week-on-week gain of 6.64 percent and a month-on-month 10.89 percent.
Similarly, the GSE Financial Stocks Index (GSE-FSI) also experienced a modest gain of 8.61 (0.50%) points to settle at 1,723.78 points level, unfortunately reflecting a 16.02% YTD loss. However, in the weekly and monthly aggregation, it led to a 1-week gain of 0.5% and a 4-week gain of 2.1 per cent.
The market capitalization of the Ghana Stock Exchange rose to GHS 73.7 billion, signaling the gradual return of confidence in the local bourse, which is good for the Ghanaian economy.
