In the penultimate trading session of the week, the bulls on the local bourse, led by Enterprise Group Limited and MTN Ghana, dominated in a fierce battle with the bears, represented by Fan Milk Limited and NewGold ETF.
This captivating session on the Ghana Stock Exchange (GSE) saw a mixed performance, with two gainers and two losers among the nine GSE-listed equities that participated in trading.
Enterprise Group Limited (EGL) led the gainers’ table by the close of the day. EGL closed its trading day on Thursday, July 25, 2024, at GHS1.50 per share, marking a GHS0.09 gain over its previous closing price of GHS1.41.
Despite this daily gain, Enterprise Group has had a challenging year, beginning 2024 with a share price of GHS2.39 but subsequently losing 37.2% of its value. This places EGL 39th on the GSE in terms of year-to-date performance.
MTN Ghana (MTNGH) was the second gainer, closing the trading day at GHS2.32 per share, a 2.2% increase from its previous closing price of GHS2.27.
In contrast to Enterprise Group, MTN Ghana has enjoyed a robust year, starting 2024 at GHS1.40 per share and achieving a remarkable 65.7% gain, securing its position as the second-best performer on the GSE year-to-date.
The Losers
Fan Milk Plc (FML) was one of the two losers, closing its trading day at GHS3.50 per share, reflecting a GHS0.20 drop from its previous closing price of GHS3.70.
Another equity that faced a downturn was NewGold ETF (GLD), which closed at GHS359.53 per share, a GHS8.37 decrease from its previous closing price of GHS367.90.
Despite this drop, NewGold ETF has had a strong year overall, beginning 2024 at GHS218.50 and gaining 64.5% in value, ranking it fourth on the GSE in terms of year-to-date performance.
Market Indices Performance
The triumph of the bulls positively impacted the performance of GSE market indices. The benchmark GSE Composite Index (GSE-CI) increased by 59.94 points (1.36%) to close at 4,465.14, representing a 1-week gain of 6.42%, a 4-week gain of 16.6%, and an overall year-to-date gain of 42.65%.
Meanwhile, the GSE Financial Stocks Index (GSE-FSI) saw a modest increase of 0.13% to reach 2,093.44 points, resulting in a 1-week gain of 0.46%, a 4-week loss of 1.02%, and a year-to-date gain of 10.09%.
The trading session on the GSE saw a total of 47,983 shares traded, corresponding to a market value of GHS 2,046,469.89. This marked a 67% decline in volume but a 195% improvement in turnover compared to the previous trading day on Wednesday, July 24.
Notably, CalBank recorded the highest volume of traded shares at 22,637, followed by MTN Ghana with 10,394 shares, NewGold ETF with 5,543 shares, and Enterprise Group with 5,009 shares.
The market capitalization of the Ghana Stock Exchange also saw a rise, reaching GHS 93 billion.
In all, the penultimate trading session of the week on the Ghana Stock Exchange was marked by a dynamic battle between bulls and bears. With Enterprise Group and MTN Ghana leading the gains, and Fan Milk and NewGold ETF facing losses, the overall market indices experienced significant boosts.
The session highlighted the volatility and competitive nature of the stock market, showcasing the ongoing tussle between optimistic and pessimistic sentiments among investors.
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