It was a festive mood on the local bourse as bulls resurfaced on the second day of the trading week with major benchmark indices making a comeback which was aided by a surge in trading activity of SIC Insurance PLC.
The bullish wave which started early on the Accra bourse lasted for the entire trading session. Consequently, the GSE-Composite Index made impressive gains, beating the expectations of market watchers and analyst. In all, the GSE-Composite Index ended the day with an impressive 2,921.72 points. This led to a remarkable surge of 19.55% Year-to-Date (YTD) return.
Though the overall euphoria transmitted into the financial index, it recorded a subdued performance. At the end of the session, the financial index managed to gain 4.35 points. However, its only setback was the year-to-date performance. It garnered a negative YTD return of -16.80 percent, signalling that the lingering issues in the financial sector still persists.
In the midst of the jubilant mood, there was no room for decliners as no single equity recorded a decline in its shares. This magnanimous gains across the equities established a positive picture of the overall market sentiment and indicated a broad-based confidence in the Ghanaian stock market.
Cal Bank PLC. (CAL) and Scancom PLC. (MTNGH) emerged as the frontrunners, with each gaining GH¢0.04 during the session to close at GH¢0.64 and GH¢1.40, respectively. These robust upticks underscored the appeal of these stocks to investors and may hint at their underlying growth potential.
Total Volume and Value of Shares Traded
At the end of the trading session, the total volume of shares traded reached an impressive 143,913, amounting to a total value of GH¢34,474.39. These numbers exemplify the enthusiasm and robust trading activity witnessed on the exchange during the session.
The blue chip stock that took the centre stage was SIC Insurance Company Ltd. (SIC). The SIC Insurance topped the list of top movers, accounting for an impressive 60.31% of the total value traded for the day. Meanwhile, Investors’ keen interest in SIC Insurance reflects their appetite for this stock and their conviction in its potential.
Beyond the dominant SIC Insurance, ETI shares traded a total volume of 31,563 and was valued at GH¢4,734.45, clinching the second spot in trading activity. Other equities also experienced notable trades, albeit below SIC’s dominating performance. CAL traded 3,226 shares valued at GH¢2,058.92.
The overall positive performance reflected in the market capitalization. The Ghana Stock Exchange saw its total market capitalization wheeled to GH¢71.48 billion, marking a substantial GH¢554.51 million increase from the previous day’s valuation. This noteworthy surge reaffirms the attractiveness of the market to investors and underscores Ghana’s position as an emerging market with considerable growth prospects.
If the Ghana Stock Exchange maintains this pace and improves on its performance, the local bourse will be on course to better its first half performance by a wide margin and will certainly attract more investors on to the Accra bourse.