The Ghana stock market has once again proved its mettle as it newly discovered resilience on the first weekday of the week, Monday October 24, 2022, as the country continues to face uncertainty in the macroeconomic front.

In what looked like the Accra bourse was once again destined to end on the losing end, the local bourse managed to offset all early losses on the day and closed with marginal growth for its benchmark, on yet another four-week high.

In total, 21 GSE listed equities participated in trading, ending with two gainers and no losers as the rest traded flat. The two gainers were MTN Ghana with +8.75% share price appreciation and NewGold ETF (+4.04%).

The Two Price Gainers

After coming back from more than one week hiatus with a loss, the telecommunication giant made it count this time by gaining seven (7) pesewas on its share price.

MTNGH closed its trading day at GHS0.87 per share on the Ghana Stock Exchange (GSE), recording 8.75 percent gain over its previous closing price of GHS0.80. However, MTN began the year with a share price of GHS1.11 but has since lost 21.6% off that price valuation, ranking it 35th on the GSE in terms of year-to-date performance.

MTN Ghana is the number one most traded stock on the Ghana Stock Exchange over the past three months (Jul 26 – Oct 24, 2022). MTNGH has traded a total volume of 119 million shares valued at GHS 97.3 million over the period, with an average of 1.9 million traded shares per session. A volume high of 60.8 million was achieved on August 2, for the same period.

NewGold ETF (GLD) on the other hand, also bounced back after Friday’s setback to continue on it’s winning ways. GLD closed its trading day at GHS255.00 per share on the local bourse, recording a GHS4.90 gain over its previous closing price of GHS245.10. Interestingly, NewGold ETF began the year with a share price of just GHS108.60 and has since gained 135 percent on that price valuation, ranking it second on the GSE in terms of year-to-date performance. Shareholders can be optimistic about GLD knowing the stock has accrued an outstanding 53% over the past four-week period alone- best on GSE.

NewGold ETF is the seventh most traded stock on the Ghana Stock Exchange over the past three months (Jul 26 – Oct 24, 2022). GLD has traded a total volume of 927,042 shares valued at GHS 171 million over the period, with an average of 14,715 traded shares per session. A volume high of 207,578 was achieved on August 17 for the same period.

Value of Shares Soar

At the end of the first weekday of trading, a total of 540,533 shares, corresponding to a market value of GHS 14,088,533.19, were traded. Compared with the previous GSE trading day (Friday, October 21), Monday’s data showed 358% improvement in volume and 779% improvement in turnover.

MTN Ghana recorded the highest volume of 471,355 traded shares, followed by NewGold ETF (53,577), Ecobank Transnational (8,610) and Ghana Oil Company (1,455).

Meanwhile, the performance translated to the uptick of the GSE market indices. The benchmark GSE Composite Index (GSE-CI) soared 82.43 (3.48%) points to close at 2,448.32 points, representing a week-on-week loss of 0.49%, a 4-week loss of 1.99%, and an overall year-to-date loss of 12.23%.

However, the GSE Financial Stocks Index (GSE-FSI) maintained its value at 2,068.16 points, making it a month-to-month loss of 0.26%, and a year-to-date loss of 3.89%.