Ghana Stock Exchange’s remarkable performance in the first week of October continues in earnest as it recorded an impressive results on Tuesday with both indices swelling up considerably.

The northbound performance was led by Ecobank Ghana. Out of the 18 GSE listed equities that participated in trading, Ecobank Ghana emerged the only gainer while the other equities traded flat with none losing on the day.

Ecobank Ghana Limited (EGH) closed its last trading day (Tuesday, October 3, 2023) at GHS4.73 per share on the Ghana Stock Exchange (GSE), recording a 10% gain over its previous closing price of GHS4.30.

Ecobank began the year with a share price of GHS6.64 but has since lost 28.8% off that price valuation, ranking it 37th on the GSE in terms of year-to-date performance. Shareholders’ fears may be allayed by the 21% increase of EGH share price since September 4, which is fourth best on GSE.

Ecobank Ghana is the 10th most traded stock on the Ghana Stock Exchange over the past three months (Jul 5 – Oct 3, 2023). EGH has traded a total volume of 300,577 shares valued at GHS 1.19 million over the period, with an average of 4,771 traded shares per session. A volume high of 123,800 was achieved on September 14 for the same period.

Ecobank Ghana has made very good returns to its shareholders with Return On Average Equity (ROAE) and Return On Average Assets (ROAA) averaging above 35% and 4% respectively over the past 5 years.

Ecobank Ghana Limited is currently the eighth most valuable stock on the GSE with a market capitalization of GHS 1.53 billion, which makes about 2.05% of the Ghana Stock Exchange equity market.

Both Indices Increase

The gains by Ecobank Ghana PLC translated in lifting both the composite and financial index. The benchmark GSE Composite Index (GSE-CI) climbed 12.75 (0.4%) points to close at 3,172.93 points, representing a week-on-week gain of 0.22%, a month-on-month gain of 3.96%, and an overall year-to-date gain of 29.83%.

Similarly, the GSE Financial Stocks Index (GSE-FSI) also increased by 1.27 percent to reach 1,914.20 points, making it a 1-week gain of 1.92 percent, a 4-week gain of 9.07 percent, and a year-to-date loss of 6.74 percent.

At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 55,145 shares, corresponding to a market value of GHS 63,199.63, were traded. The current market capitalization of the Ghana Stock Exchange is GHS 74.3 billion.

MTN Ghana recorded the highest volume of 20,144 traded shares, followed by CAL Bank (10,219), Cocoa Processing Company (7,200) and Produce Buying Company (5,415).