The equity market experienced a stumble in mid-week trading session which halted its recent two-day winning streak as bears dominated market proceedings mid-way session to the end.
In the aggregate, 15 GSE listed equities participated in trading, ending with disappointingly two losers, namely, Ghana Oil Company (-3.03%) and CAL Bank (-1.56%). There were no gainers.
GOIL, after trading flat for a long period of time, closed its current trading day (Wednesday, August 23, 2023) at GHS1.60 per share on the Ghana Stock Exchange (GSE), recording a 5 pesewa drop from its previous closing price of GHS1.65.
In all, Ghana Oil began the year with a share price of GHS1.72 but has since lost 6.98% off that price valuation, ranking it 30th on the GSE in terms of year-to-date performance.
Ghana Oil Company is the 13th most traded stock on the Ghana Stock Exchange over the past three months (May 25 – Aug 23, 2023). GOIL has traded a total volume of 103,043 shares valued at GHS 168,912 over the period, with an average of 1,636 traded shares per session. A volume high of 30,080 was achieved on June 7 for the same period.
The second loser on the day – Cal Bank also followed a similar path as GOIL, surfacing with a loss after an extended period of trading flat. CAL closed its trading day (Wednesday, August 23, 2023) at GHS0.63 per share on the Ghana Stock Exchange (GSE), recording a 1 pesewa drop from its previous closing price of GHS0.64.
CAL also began the year with a share price of GHS0.65 but has since lost 3.08% off that price valuation, ranking it 29th on the GSE in terms of year-to-date performance.
CAL Bank is the fifth most traded stock on the Ghana Stock Exchange over the past three months (May 25 – Aug 23, 2023). CAL has traded a total volume of 1.86 million shares valued at GHS 1.1 million over the period, with an average of 29,480 traded shares per session. A volume high of 704,578 was achieved on June 27 for the same period.
At the end of Wednesday’s trading session on the Ghana Stock Exchange (GSE), a total of 63,250 shares, corresponding to a market value of GHS 97,851.32, were traded. Compared with the previous GSE trading day (Tuesday, August 22), the data showed 63% decline in volume and 89% decline in turnover.
Ghana Oil Company recorded the highest volume of 22,231 traded shares, followed by CAL Bank (14,358), Societe Generale Ghana (6,930) and MTN Ghana (5,694).
Indices Decline
The share price drops in GOIL and CAL stocks had a marginal impact on the Composite Index (GSE-CI), leading to a decline of 2.38 points (0.08%). Consequently, the index rounded off the day at 3,062.02 points, with a year-to-date return of 25.29%.
Similarly, the Financial Stocks Index (GSE-FSI) followed suit, responding to the dip in CAL’s share price. This led to a minor decrease of 1.09 points (0.06%) for the index, closing the day at 1,681.61 points with a year-to-date loss of 18.07%.
In the intervening time, the market capitalization of the local bourse remains stagnant, standing at the weeklong GHS73 billion.
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