The Ghana Stock Exchange (GSE) experienced a bullish run during the midweek trading session, reinforcing its trajectory of growth.
The trading day saw dominance by the bulls, driving market enthusiasm and positive momentum across the board.
Out of the 18 listed equities that participated in trading, three emerged as gainers, while none recorded losses. The Enterprise Group led the charge with a 1.44% increase, closing at GHS 1.41 per share. Following closely were MTN Ghana, which appreciated by 0.89%, and NewGold ETF, which saw a modest increase of 0.2%.
MTN Ghana was a standout performer, closing the day at GHS 2.27 per share, a gain of 2 pesewas from its previous closing price of GHS 2.25. Starting the year at GHS 1.40 per share, MTN Ghana has achieved an impressive year-to-date performance of 62.1%, ranking it fourth on the GSE.
NewGold ETF (GLD) also contributed to the market’s positive trend. GLD ended the trading session on July 24, 2024, at GHS 367.90 per share, marking a 65-pesewa gain from its previous close of GHS 367.15.
Beginning the year at GHS 218.50 per share, GLD has soared by 68.4% in year-to-date performance, making it the second-best performer on the GSE. Over the past four weeks, GLD has garnered a 7% gain, positioning it as the fourth-best stock in terms of short-term performance.
The midweek trading session saw a total of 145,163 shares exchanged, translating to a market value of GHS 692,806.87. This represents a 13% improvement in volume and a remarkable 117% increase in turnover compared to the previous trading day.
CalBank led in trading volume with 60,781 shares, followed by MTN Ghana (47,382 shares), SIC Insurance Company (10,091 shares), and Societe Generale Ghana (9,923 shares).
GSE Composite Index
The GSE Composite Index (GSE-CI) also benefited from the bullish trend, rising by 24.57 points (0.56%) to close at 4,405.20. This index has seen a 4.99% gain over the past week, a 15.03% gain over the past four weeks, and an impressive year-to-date gain of 40.73%.
Similarly, the GSE Financial Stocks Index (GSE-FSI) experienced a slight uptick, increasing by 0.01% to reach 2,090.80 points. This reflects a one-week gain of 0.33%, although it records a four-week loss of 1.15%. However, on a year-to-date basis, the GSE-FSI has posted a gain of 9.95%.
The market capitalization of the GSE saw a significant increase, adding GHS 200 million to reach a new total of GHS 92.4 billion. This substantial rise in market capitalization underscores the robust performance of the GSE and the positive investor sentiment driving this growth.
The bullish performance of key stocks such as Enterprise Group, MTN Ghana, and NewGold ETF, coupled with significant gains in market indices and capitalization, paints a promising picture for investors. The substantial improvements in trading volume and turnover further bolster confidence in the GSE’s continued growth trajectory.
As the GSE moves forward, the outlook remains optimistic, with the potential for sustained growth driven by the strong performance of leading stocks and the overall positive market sentiment. Investors are encouraged by the Impressive year-to-date gains and the robust market capitalization, indicating a vibrant and healthy stock market in Ghana.
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