Ecobank Rescues GSE in a Mix Trading Day

A late surge in stock prices of Ecobank PLC on Wednesday helped the main index of the local bourse recover some of the ground lost due to the falling shares of Fan Milk Limited.

The revival led by Ecobank caused the rebound of the benchmark, to gain over 3 points. In all, seven GSE listed equities participated in trading, ending with only one gainer, namely Ecobank Ghana, with 3.02% share price appreciation and also one loser, namely Fan Milk (-0.66%).

Ecobank Ghana Limited (EGH) closed its trading day (Wednesday, September 20, 2023) at GHS4.10 per share on the Ghana Stock Exchange (GSE), recording a 12 pesewa gain over its previous closing price of GHS3.98.

However, despite the latest gain, Ecobank began the year with a share price of GHS6.64 but has since lost 38.3% 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 EGH has lost 5% of the stock’s value from August 23 to date.

Ecobank Ghana is the ninth most traded stock on the Ghana Stock Exchange over the past three months (Jun 22 – Sep 20, 2023). EGH has traded a total volume of 293,854 shares valued at GHS 1.16 million over the period, with an average of 4,664 traded shares per session. A volume high of 123,800 was achieved on September 14 for the same period.

Fan Milk Limited Loses Again

On the flip side, Fan Milk Limited (FML) closed its trading day at GHS3.03 per share on the Ghana Stock Exchange, suffering 2 pesewas drop from its previous closing price of GHS3.05, making the second consecutive day of losing.

Fan Milk began the year with a share price of GHS3.00 and has since gained 1% on that price valuation, ranking it eighth on the GSE in terms of year-to-date performance. Shareholders can be optimistic about FML knowing the stock has accrued an outstanding 123% over the past four-week period alone—best on GSE.

Fan Milk is the 14th most traded stock on the Ghana Stock Exchange over the past three months (Jun 22 – Sep 20, 2023). FML has traded a total volume of 110,710 shares valued at GHS 232,203 over the period, with an average of 1,757 traded shares per session.

Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) inched up 3.35 (0.11%) points to close at 3,168.35, representing a 1-week gain of 1.75%, a 4-week gain of 3.47%, and an overall year-to-date gain of 29.64%.

Similarly, the GSE Financial Stocks Index (GSE-FSI) also increased by 0.36% to reach 1,881.49 points, making it a 1-week gain of 5.1%, a 4-week gain of 11.89%, and a year-to-date loss of 8.34%.

At the end of Wednesday’s trading session on the Ghana Stock Exchange, a total of 48,818 shares, corresponding to a market value of GHS 78,994.52, were traded. Compared with the previous GSE trading day (Tuesday, September 19), Wednesday’s data shows 32% decline in volume and 65% decline in turnover.

CAL Bank recorded the highest volume of 20,000 traded shares, followed by MTN Ghana (8,538), Societe Generale Ghana (5,597) and Fan Milk (5,308).

Meanwhile, the current market capitalization of the Ghana Stock Exchange is GHS 74.1 billion.

READ ALSO: Russia Launches Missile Attacks On 8 Ukrainian Regions