Listed Stocks on the Ghanaian equity market ticked higher in Wednesday’s session as investors are elated by gains made by major stocks to lift the Ghana Stock Exchange (GSE).
The positive traction in the Wednesday’s trading session, November 3, can be attributed to bargain buying across selected large-cap stocks courtesy of gains in MTN Ghana and Enterprise Group Limited.
All-share Index inched up higher by over 2 percent which subsequently drove the market capitalization to GH¢65 billion, gaining GHC700 million on the previous outing. The market capitalization in the previous trading session, November 2, stood at GH¢64.3 billion.
Wednesday’s outing further dragged the market year-to-date performance to moderate at 51.25 percent. The benchmark GSE Composite Index (GSE-CI) also soared by 70.62 points to close at 2,936.59 points, representing a gain of 2.46 percent. This further represents a 1-week gain of 2.97 percent and a 4-week gain of 2.15 percent.
Financial Indices
In similar vein, the GSE Financial Stocks Index (GSE-FSI) also increased by 0.01 percent to reach 2,082.42 points. This makes it a 1-week gain of 0.01 percent, a monthly gain of 1.47 percent, and a year-to-date gain of 16.81 percent.
There was an improvement in the level of market activity on Wednesday and this was evidenced in the over 20 percent growth in the total volume traded.
At the end of Wednesday’s trading session on the Ghana Stock Exchange (GSE), a total of 664,830 shares, corresponding to a market value of GH¢ 853,025.40, were traded. Wednesday’s data show 25 percent improvement in volume and 39 percent decline in turnover. Previously, a total of 530,246 shares, corresponding to a market value of GH¢ 1,397,797.00, were traded at the end of Tuesday’s trading session.
In hindsight, most sectoral indices closed in tandem with all share index. The banking sector, oil and gas sector stocks counters, all ended flat.
Gainers
In the aggregate, four GSE equities participated in trading, ending with two gainers and no losers. MTN Ghana (MTNGH) led the gainers chart with 4.96 percent share price appreciation. MTNGH closed its trading day (Wednesday, November 3, 2021) at GHC1.27 per share on the Ghana Stock Exchange (GSE), recording a GHC0.06 gain over its previous closing price of GHC1.21.
This was followed by Enterprise Group Ghana Limited (EGL). EGL closed its trading day (Wednesday, November 3, 2021) at GHC2.52 per share on the Ghana Stock Exchange (GSE), recording a 0.4 percent gain over its previous closing price of GHC2.51. Enterprise Group Limited began the year with a share price of GHC1.40 and has since gained 80 percent on that price valuation, ranking it sixth on the GSE in terms of year-to-date performance.
Enterprise Group is the eighth most traded stock on the Ghana Stock Exchange over the past three months (Aug 6 – Nov 3, 2021). EGL has traded a total volume of 757,750 shares valued at GHC 1.5 million over the period, with an average of 12,028 traded shares per session. A volume high of 615,893 was achieved on August 16, for the same period.
MTN Ghana again recorded the highest volume of 655,680 traded shares. It was followed by Enterprise Group with 7,550 total shares traded and Ghana Oil Company also followed in that order with 1,200. Fan Milk Ghana Limited completed the list of top movers with 400 shares traded.
However, analysts predict volatility in trading activities in the coming days as demand for bargain stocks increased.