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Bulls Regain Dominance at GSE

M.Cby M.C
March 5, 2024
Reading Time: 3 mins read
M.Cby M.C
in One Top Story, Securities/Markets
0
GSE Sees Positive Momentum as Bulls Return

After a rollercoaster performance in the previous week’s trading sessions, there was an upbeat on the Ghana Stock Exchange ( GSE) on the first trading day of the week as bulls returned with lots of positives for traders and investors.

The profit taking moment was buoyed by gains recorded in some of the tickers within the telecommunication sector stocks and mining sector stocks.

Overall, sixteen (16) GSE listed equities participated in trading, ending with two gainers and no loser. The two gainers were NewGold ETF (+6.67%) and MTN Ghana (+1.39%).

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NewGold ETF (GLD) closed its trading day (Monday, March 4, 2024) at GHS262.20 per share on the local bourse, recording a GHS16.4 gain over its previous closing price of GHS245.80.

NewGold ETF began the year with a share price of GHS218.50 and has since gained 20% on that price valuation, ranking it third on the GSE in terms of year-to-date performance. Shareholders can be optimistic about GLD knowing the stock has accrued 9% over the past four-week period— fifth best on GSE.

NewGold ETF is the 28th most traded stock on the Ghana Stock Exchange over the past three months (Nov 30, 2023 – Mar 4, 2024). GLD has traded a total volume of 174 shares valued at GHS 42,810 over the period, with an average of 3 traded shares per session. A volume high of 82 was achieved on January 12, for the same period.

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Moreover, MTNGH also closed its trading day (Monday, March 4, 2024) at GHS1.46 per share on the Ghana Stock Exchange (GSE), recording a 2 pesewa gain over its previous closing price of GHS1.44. MTN began the year with a share price of GHS1.40 and has since gained 4.29% on that price valuation, ranking it eighth on the GSE in terms of year-to-date performance.

MTN Ghana is the number one most traded stock on the Ghana Stock Exchange over the past three months (Nov 30, 2023 – Mar 4, 2024). MTNGH has traded a total volume of 86.5 million shares valued at GHS 115 million over the period, with an average of 1.37 million traded shares per session. A volume high of 52.7 million was achieved on November 30, and a low of 180 on December 8, for the same period.

Performance of GSE Market Indices

Regarding the performance of GSE market indices, the performance of the two blue chips caused benchmark GSE Composite Index (GSE-CI) to move up 24.34 (0.74%) points to close at 3,302.38 points, representing a 1-week gain of 3.68%, a 4-week gain of 3.89%, and an overall year-to-date gain of 5.5%.

That notwithstanding, the GSE Financial Stocks Index (GSE-FSI) on the other hand maintained its value at 1,996.71 points, making it a 1-week gain of 3.84%, a 4-week gain of 4.41%, and a year-to-date gain of 5%.

At the end of the first weekday of trading on the Ghana Stock Exchange (GSE), a total of 247,770 shares, corresponding to a market value of GHS 363,512.40, were traded. Compared with the previous GSE trading day (Friday, March 1), Monday’s data showed 90% decline in volume and 90% decline in turnover. The current market capitalization of the Ghana Stock Exchange is GHS 75.9 billion.

Across the telecom and mining sector, it was a strong performance as the week begins. In particular, MTN Ghana shareholders will particularly start to dream again, while anticipating more price upticks in the coming days.

READ ALSO: President Akufo-Addo Acknowledges Concerns Over LGBT Bill

Tags: BullsBulls Regain Dominance at GSEGhana Stock Exchange (GSE)Market ActivityMTNGHNewGold ETF (GLD)
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