Trading on the Ghana stock market presented a variant of the scenario observed in recent days on Wednesday, June 22, 2022 with a rather enthusiastic start to the session giving way to stock sales over the course of the day.
This forced blue chip stocks to reverse their course and eventually ending on a flat base with no loss or gain.
Just like in the three previous bourse sessions– though this time the benchmark dived below the opening figure to register a half a percentage point loss, it was able to resurrect and recover on time before the closing hour mark, ending flat.
In the aggregate, an extended number of listed local equities numbering eighteen (18) participated in trading. All the major blue chip stocks that participated in Wednesday’s market closed the trading session without a gain or a loss. This means that the stock prices of these equities have neither increased nor decreased.
Some major equities share prices that remained unchanged are as follows: MTN Ghana started and ended the day with a share price of GHS0.86; Produce Buying Company PLC closed at GHS0.02, while Cal bank share price remained at GHS0.80; Total also opened and closed at GHS4.10; Clydestone Ghana Limited moreover, opened and closed at GH¢0.03; Societe Generale Ghana PLC closed the session at GHS1.19. Tullow Oil Company also did not see any change in share price of GHS11.92. Standard Chartered Bank PLC also opened and closed at GH¢20.30. Benson Oil Palm Plantation also closed at GHS6.00.
Benchmark GSE Composite Index
Consequently, the benchmark GSE Composite Index (GSE-CI) did not see any change, closing at the same mark as it opened at 2,495.57 points, representing a 1-week loss of 1.87 per cent, a month on month loss of 2.4 percent, and an overall year-to-date loss of 10.53 percent.
Similarly, the GSE Financial Stocks Index (GSE-FSI) also maintained its value at 2,170.33 points, making it a week on week loss of 0.06 percent, a 4-week loss of 1.18 percent, and a year-to-date gain of 0.86 percent.
Trading activity declined considerably as a result of lacklustre performance of these stocks. At the end of the Wednesday’s trading on the Ghana Stock Exchange, a total of 46,052 shares, corresponding to a market value of GHS 6,170.77, were traded.
Produce Buying Company recorded the highest volume of 20,401 traded shares, followed by Cocoa Processing Company (10,061), Clydestone Ghana (10,041) and MTN Ghana (3,843).
Some strategists see the market heading into a volatile period in which there could be a deeper pullback.
While it may seem like the stock market is going nowhere for weeks, it may be quietly winding itself up for a big climb. As a result, some analysts predict that there is going to be a rebound in stock market activity as the week comes to an end.