In a dramatic turn of events, GCB Bank, a blue-chip entity, has salvaged the Ghana Stock Exchange (GSE) from a precarious dip spurred by the underperformance of the NewGold ETF.
This timely intervention not only helped the composite index recover lost ground but also allowed it to gain some crucial points.
On the day in question, the benchmark GSE Composite Index (GSE-CI) rose by 6.10 points, a modest 0.16% increase, closing at 3,751.07. This uptick represents a 1-week gain of 0.18%, a 4-week gain of 7.04%, and an impressive year-to-date gain of 19.83%.
The GSE Financial Stocks Index (GSE-FSI) also saw an upward trend, increasing by 0.56% to reach 2,049.94 points. This marks a 1-week gain of 0.63%, a 4-week gain of 0.27%, and a year-to-date gain of 7.8%.
Overall, 16 GSE-listed equities participated in trading. Among these, GCB Bank stood out as the sole gainer, with its share price appreciating by 5.88%. Conversely, NewGold ETF emerged as the only loser, with a 2.54% decline.
GCB Bank’s Performance
GCB Bank closed its trading day on May 22, 2024, at GHS 4.50 per share, recording a 25 pesewa gain from its previous closing price of GHS 4.25.
Since the beginning of the year, GCB has seen a remarkable increase from GHS 3.40, marking a 32.4% appreciation in its share price, placing it fourth in terms of year-to-date performance on the GSE.
In the past four weeks alone, GCB has accrued a 7% gain, the third-best performance on the GSE during this period.
Furthermore, GCB Bank ranks as the seventh most traded stock on the GSE over the last three months, with a total volume of 416,572 shares valued at GHS 1.84 million, averaging 6,612 traded shares per session.
NewGold ETF’s Contrasting Performance
Contrastingly, NewGold ETF (GLD) closed its trading day on May 22, 2024, at GHS 337.46 per share, recording a significant drop of GHS 8.79 from its previous closing price of GHS 346.25.
Despite this recent decline, NewGold ETF began the year with a share price of GHS 218.50 and has achieved a remarkable 54.4% gain year-to-date, ranking it first on the GSE in terms of performance.
Over the past four weeks, NewGold ETF has accrued a 10% gain, making it the second-best performer on the GSE during this timeframe.
Additionally, it is the fifth most traded stock on the GSE over the past three months, with a total volume of 439,467 shares valued at GHS 133 million, averaging 6,976 traded shares per session, and achieving a volume high of 97,566 shares on April 3.
Market Activity and Overall Performance
At the end of the trading session, a total of 10,440,288 shares were traded, corresponding to a market value of GHS 19,800,471.52.
This marks a 15% improvement in volume and a 1% increase in turnover compared to the previous trading day on May 21.
MTN Ghana led the trading activity with 10.1 million shares, followed by GCB Bank with 350,108 shares, Ecobank Transnational with 6,423 shares, and Access Bank Ghana with 4,734 shares.
The current market capitalization of the GSE stands at GHS 83.9 billion.
While NewGold ETF continues to show strong year-to-date performance despite recent setbacks, GCB Bank’s consistent gains and significant trading volume highlight its impact on the GSE.
As the market steer through these fluctuations, the support from key players remains vital in maintaining investor confidence and sustaining market momentum.
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