The Ghana Stock Exchange made some recovery after sluggish trading session on the previous trading day on the Accra bourse, though sentiments were largely mixed.
In this trading week on Ghanaian domestic equities market, investors and traders were expected to get ahead in their projections that bargain buying activities would drive a modest positive performance on the market. However, the second trading day of the week (February 22, 2022) started off with mixed sentiment, amid cherry-picking activities.
On the local bourse on Tuesday, there was a slight recovery in the insurance space as investor sentiment across the banking equities space took a negative turn while the market traded bearishly with most of the sectors closing in the red.
As a result, the bourse recorded a marginal loss as the benchmark composite index fell 1.15 points (-0.04%) to settle at 2,696.03 points, representing a week on week gain of 0.01 percent. It moreover, recorded a month on month loss of 3.21 percent. As such, the market year to date return moderated to 3.35 percent from the previous 3.02 percent, while the market capitalisation fell from GH¢63,383.01 million to GH¢63,371.05 million.
Similarly, the GSE Financial Stocks Index (GSE-FSI) also decreased by 0.1 percent to print at 2,118.21 points, making it a 1-week gain of 0.03 percent, a month on month loss of 1.66 percent, and a year-to-date loss of 1.56 percent.
Level of Market Activity Up
The level of trading activities across the market ended in the green as the total value and volume traded at the end of the trading session soared.
At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 1,844,988 shares, corresponding to a market value of GHS 682,217.12, were traded. Compared with the previous GSE trading day (Monday, February 21), Tuesday’s data showed 200 percent advancement in volume.
Across the sectoral front, performance was mixed as one out of fifteen major stocks declined, while another one ended as a gainer. Access Bank Ghana (ACCESS) topped the laggards’ chart with 3.81 percent share price depreciation following a selling pressure. ACCESS closed its trading day (Tuesday, February 22, 2022) at GH¢2.02 per share on the Ghana Stock Exchange, recording a GH¢0.08 drop from its previous closing price of GH¢2.10.
On the other hand, SIC Insurance Company Limited (SIC) was the only gainer with 10 percent stock price appreciation. SIC closed its trading day (Tuesday, February 22, 2022) at GH¢0.11 per share on the Ghana Stock Exchange (GSE), recording a pesewa gain over its previous closing price of GH¢0.10.
MTN Trails SIC in the Volume Front
Leading the chart for the most traded sector by volume was the SIC Insurance Company. SIC recorded the highest volume of 1.58 million traded shares. This was followed by MTN Ghana, which most oftentimes dominated the volume chart. MTN closed the trading session with a total of 118,483 traded shares. Moreover, Access Bank Ghana managed to settle for 47,920 traded shares, while Produce Buying Company (PBC) also managed to squeeze list of top trades by volume with 43,500 traded shares.
According to Analysts, there are strong possibilities, that despite some technical pullback and some gains, the market may again see some corrective moves from the higher levels for the remaining days of the week.
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