The Ghana Stock Exchange (GSE) commenced its trading week with a significant downturn in market activity.
On Monday, June 24, 2024, the GSE recorded a total of 199,758 shares traded, which amounted to a market value of GHS 301,009.56. This trading volume represented a stark 66% decline from the previous trading day, Friday, June 21, and an even more pronounced 72% decrease in turnover.
Despite the overall decrease in trading volume, MTN Ghana led the market with the highest volume of traded shares, recording 139,759 shares. This was followed by SIC Insurance Company with 49,448 shares, CAL Bank with 5,196 shares, and Ecobank Transnational with 1,416 shares. In total, 17 equities participated in the trading session.
Among these equities, Standard Chartered Bank Limited (SCB) emerged as the sole gainer, with its share price appreciating by 3.84%. SCB closed the trading day at GHS 20.00 per share, up by GHS 0.74 from its previous closing price of GHS 19.26.
This gain contributed to SCB’s impressive year-to-date performance, having begun the year at GHS 17.55 per share and accruing a 14% increase in value. This positions SCB as the seventh-best performing stock on the GSE for the year to date.
Over the past three months, from March 21 to June 24, 2024, SCB has been the 12th most traded stock on the GSE, with a total trading volume of 172,353 shares valued at GHS 3.32 million.
The bank saw an average of 2,736 shares traded per session during this period, with a notable peak of 102,200 shares traded on June 10.
Benchmark GSE Composite Index
The trading activity on the GSE had a positive impact on the benchmark GSE Composite Index (GSE-CI), which edged up by 9.17 points, closing at 3,798.01.
This represented a 0.24% increase from the previous session and contributed to a 1-week gain of 0.82%, a 4-week gain of 1.25%, and a robust year-to-date gain of 21.33%.
The GSE Financial Stocks Index (GSE-FSI) also reflected positive momentum, rising by 0.83% to close at 2,115.04 points. This increment contributed to a 1-week gain of 0.83%, a 4-week gain of 3.18%, and a year-to-date gain of 11.23%.
The Ghana Stock Exchange’s current market capitalization stands at GHS 84.6 billion, indicating the overall value of all listed companies on the exchange.
While the trading day on June 24, 2024, experienced a decline in volume and turnover, the performance of specific stocks and indices suggests a resilient market.
Standard Chartered Bank Limited’s upward trajectory and the consistent gains in both the GSE-CI and GSE-FSI indices reflect a level of investor confidence and potential for growth in the Ghanaian stock market.
Market analysts and investors will be closely watching the GSE in the coming days to gauge whether this decline in trading volume is an anomaly or indicative of a broader trend.
The performance of key stocks like MTN Ghana and SCB, along with the overall market indices, will provide valuable insights into the health and direction of the market.
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