In the face of uncertainty, the Ghana Stock Exchange (GSE) enjoyed greater gains on Thursday, with banks leading the local bourse to the growth at the time other sectors paused to reassess the market.
In total, 13 GSE listed equities participated in trading, ending with two gainers and no losers. The two gainers were Societe Generale Ghana (+3.45%) and GCB Bank (+2.94%). The rest of the equities traded flat.
Generale Ghana Limited (SOGEGH) is GHS 0.90. SOGEGH closed its last trading day (Thursday, August 17, 2023) at 0.90 GHS per share on the Ghana Stock Exchange (GSE), recording a 3.4% gain over its previous closing price of GHS0.87
Generale Ghana Limited (SOGEGH) extended it’s previous gains to a day more, closing the session at GHS0.90 per share on the Ghana Stock Exchange (GSE), recording a 3 pesewa gain over its previous closing price of GHS0.87
Similarly, GCB on the also closed its trading day (Thursday, August 17, 2023) at GHS3.50 per share on the Ghana Stock Exchange (GSE), recording a 10 pesewas gain over its previous closing price of GHS3.40. However, GCB began the year with a share price of GHS3.94 but has since lost 11.2% off that price valuation, ranking it 32nd on the GSE in terms of year-to-date performance. Meanwhile, in the space of one month, the bank managed to increase its share prices by 9%, which is sixth best on GSE.
Trading Volume and Value Skyrocket to Unprecedented Levels
The total volume of shares traded on Thursday, reached 83,177,260 indicating an increase in volume traded by 179,949.05%. The value traded demonstrated an equally impressive leap, soaring by 72,599.97% to touch GH¢ 107,316,780.85.
Leading the charge in trading volume and value, Scancom Plc. (MTNGH) emerged as the dominant force, accounting for an astounding 99.97% of the total value traded, with 83,165,727 shares valued at GH¢ 107,287,211.04 changing hands. A commendable second, SOGEGH traded 5,300 shares with a value of GH¢ 4,770.00. Conversely, GOIL, among the top 5 traded equities, displayed relatively muted activity, recording a trade value of GH¢ 990.00.
Turning to the indices, the benchmark GSE-Composite Index climbed by an impressive 4.39 points to culminate at 3,058.98 points. With a robust year-to-date gain of 25.28%, it has mirrored the market’s resilient ascent. The Financial Stocks Index also gained 8.29 points to close at 1,677.55 points. Despite a year-to-date return of -18.27%, the index’s recent performance adds an element of intrigue to the broader market narrative.
The Ghana Stock Exchange witnessed a surge in its total market capitalization, rising by a substantial GH¢ 47.77 million to culminate at an impressive GH¢ 73.05 billion. This unprecedented upswing further underscores the confidence investors have placed in the market’s trajectory.
Looking at the events of Thursday’s trading session, the exceptional rise in both volume and value pointed to the fact that confidence is returning to the financial sector.