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GSE Trading Activity Witnesses Stratospheric Surge in Mid-week Session

October 19, 2023
Stephen M.Cby Stephen M.C
in Securities/Markets
0
Ghana Stock Market Posts Swift Recovery After Independence Day Celebration

The Ghana Stock Exchange in its mid-week outing on Wednesday October 18, 2023 has witnessed a surge in both trading volume and value, indicating renewed interest by investors in the local bourse.

According to the market data, a total of 180,540 shares changed hands on the day, representing a substantial increase of 188.56 percent in traded volume compared to the prior trading session.

Moreover, the total value of these transactions amounted to GH¢ 304,801.80, reflecting an even more remarkable surge of 256.71% when compared to the previous trading day.

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At the forefront of this surge was MTNGH which emerged as the leader in both volume and value, solidifying its dominant position in the market. Notably, MTNGH shares, however experienced a modest decline, with the stock price dropping by GH¢0.02 to close at GH¢1.38.

MTN began the year with a share price of GHS0.88 and has since gained 56.8% on that price valuation, ranking it sixth on the GSE in terms of year-to-date performance.

Interestingly, MTN Ghana is the number one most traded stock on the Ghana Stock Exchange over the past three months (Jul 20 – Oct 18, 2023). MTNGH has traded a total volume of 154 million shares valued at GHS 206 million over the period, with an average of 2.44 million traded shares per session. A volume high of 83.2 million was achieved on August 17, and a lowest of 226 on August 21, for the same period.

Benso Oil Palm Plantation Emerges the Only Gainer

Benso Oil Palm Plantation (BOPP), a prominent player in the market was the only gainer on the day, as its stock price increased by GH¢0.01 to reach GH¢19.01. This increment, however, was moderated by the slip in MTNGH’s stock value.

Benso Oil Palm Plantation also began the year with a share price of GHS7.65 and has since gained 149% on that price valuation, ranking it first on the GSE in terms of year-to-date performance.

Benso Oil Palm Plantation is the 20th most traded stock on the Ghana Stock Exchange over the past three months (Jul 20 – Oct 18, 2023). BOPP has traded a total volume of 22,219 shares valued at GHS 381,526 over the period, with an average of 353 traded shares per session. A volume high of 3,054 was achieved on August 29 for the same period.

As a result of these fluctuations, the market capitalization experienced a dip of GH¢264.38 million, culminating in a closing figure of GH¢73.68 billion.

Examining the performance of key stock indices, the GSE-Composite Index witnessed a decline of 24.32 points (-0.77%), to close at 3,120.12 points. The year-to-date performance of this benchmark index stands at an impressive 27.67%.

On the other hand, the Financial Stocks Index remained stable, closing at 1,951.44 points, yet registering a year-to-date loss of -4.93%, making it a 1-week gain of 0.2%, a 4-week gain of 4.09%.

Going into the final stretch of the week, it is yet to be seen if the bargain hunting for MTN stocks will persist or not.

READ ALSO: Partisanship Dominates Media Attacks Amidst Ghana’s Dwindling Press Freedom

Tags: Benso Oil Palm Plantation (BOPP)Ghana Stock ExchangeGSE Trading Activity Witnesses Stratospheric Surge in Mid-week SessionGSE-Composite IndexMTNGH
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