Bulls made a comeback on the Ghana Stock Exchange (GSE) to end the week on Friday July 23, 2021. The close of last trading session saw major stocks make gains on the local bourse after days of continuous bearish run on the Ghana Stock Exchange.
Telecommunications and consumer goods counters led the rally as both the benchmark indices ended the session with decent gains.
Guinness Ghana Breweries led the gainers with 9.3% share price appreciation closing at GHc 1.41 per share, while the previous closing price of GGBL was GHc1.29 per share. It was followed by MTN Ghana whose share appreciated by 1.69%. In addition, Fan Milk shares also advanced by 1.48%.
Furthermore, MTN Ghana closed its last trading day (Friday, July 23, 2021) at GHc1.20 per share on the Ghana Stock Exchange (GSE), recording a gain of GHc 0.02 over its previous closing price of GHc1.18.
Moreover, Fan Milk Limited closed its last trading day at GHc1.37 per share on the Ghana Stock Exchange (GSE). Previously, it closed at GHc1.35 . Fan Milk began the year with a share price of GHc1.08 and has since gained 27% on that price valuation.
The sectorial rally was led by Information and Communications Technology stocks with other sectors also supporting the upward move.
Unsurprisingly, MTN Ghana once again led the charge. It recorded the highest volume of 1.51 million traded shares, followed by Fan Milk with 46,733 shares. Guinness Ghana Breweries followed with 42,309. Ecobank Ghana was also among the top movers with shares traded totaling 16,695.
According to market report, at the end of the last weekday of trading on the Ghana Stock Exchange (GSE), a total of 1,623,736 shares changed hands, corresponding to a market value of GHS 2,100,749.99, that were traded.
GSE Composite Index
Meanwhile, the benchmark indices staged a smart recovery on the Accra bourse.
The benchmark GSE Composite Index (GSE-CI) jumped by 27.23 points to close at 2,650.92 points, making it a 1.04 percentage gain on the previous trading session. This represents a 1-week loss of 0.4%, a 4-week gain of 0.28%, and an overall year-to-date gain of 36.53%.
Meanwhile, the GSE Financial Stocks Index (GSE-FSI) maintained its value at 1,890.61 points, making it a 4-week gain of 1.03%, and a year-to-date gain of 6.05%.
Fixed Income Market
Treasury yields inched higher by the close of the week as auction 1756 saw 82% oversubscription allowing Government of Ghana to Make up for the shortfall in the previous Auction. In all, GH¢1.86bn was raised against a target of GH¢1.02bn.
The 91-day Treasury bills was auctioned at the rate of 12.56 percent while the 182-day bills was also at the rate of 13.37 percent. In addition, the 3-year note was auctioned at 16.4 percent.
In spite of the markets showing boost in investors’ appetite, volatility is expected to stay high in the near term due to concerns of the new strain of the coronavirus also affecting market performance.