The banking stocks led by Ecobank Ghana (EGH) on the domestic market compromised any determination by traders to see a rebound in the local bourse in mid-week, as they dragged the benchmark and the blue chip index marginally into negative territory, although most other stocks ended the day on the flat line.

In total, 10 GSE listed equities participated in trading, ending with one loser, namely Ecobank Ghana, with 9.87 percent share price depreciation. The session had a predictably low turnover, given that it recently failed to record a single gain on the market since the turn of the week.

EGH closed its trading day (Wednesday, July 20, 2022) at GHS6.85 per share on the Ghana Stock Exchange (GSE), recording GHS0.75 drop from its previous closing price of GHS7.60. Since the beginning of this year, the bank has not gained nor lossed part of its share values. Ecobank began the year with a share price of GHS7.60 but has since lost 9.87 percent off that price valuation, ranking it 32nd on the GSE in terms of year-to-date performance.

Ecobank Ghana is the 15th most traded stock on the Ghana Stock Exchange over the past three months (Apr 20 – Jul 20, 2022). EGH has traded a total volume of 36,859 shares valued at GHS 273,233 over the period, with an average of 585 traded shares per session. A volume high of 10,288 was achieved on May 5th for the same period.

Total Volume of Shares Traded

Wednesday’s session ended with a total of 1,024,381 traded shares, corresponding to a market value of GHS 903,512.81. This is a much improvement in previous trading session which recorded a total of 38,184 shares, corresponding to a market value of GHS 70,005.10

MTN Ghana recorded the highest volume of 1.01 million traded shares, followed by Ecobank Ghana (8,207), Aluworks (6,442) and GCB Bank (1,841).

Meanwhile, the loss suffered by Ecobank Ghana affected both the composite and the financial index. The benchmark GSE Composite Index (GSE-CI) dropped 20.92 (-0.85%) points to close at 2,443.21 points, representing a week on week loss of 2.53 percent, a month on month loss of 2.1 percent, and an overall year-to-date loss of 12.41 percent.

Similarly, the GSE Financial Stocks Index (GSE-FSI) also decreased by 1.94 percent to 2,121.05 points, making it a 1-week loss of 1.94 percent, a 4-week loss of 2.27 percent, and a year-to-date loss of 1.43 percent.

The market capitalization of the Ghana Stock Exchange declined from the previous value of GHS63.7 billion to GHS 63.5 billion.