In an impressive demonstration of resilience, the financial and telecommunications sectors in Ghana, represented by Enterprise Group and MTN Ghana respectively, joined forces to uplift the Ghana Stock Exchange (GSE) following an early setback caused by TotalEnergies on Tuesday’s session.
By the end of the trading session, a total of 16 equities listed on the GSE had participated in trading, with two notable gainers and one loser. Enterprise Group (+1.46%) and MTN Ghana (+0.9%) emerged as the day’s champions, while TotalEnergies Marketing Ghana (-0.32%) was the only equity to experience a decline.
Enterprise Group Limited (EGL) saw its share price close at GHS1.39, reflecting a 1.5% increase from its previous closing price of GHS1.37. Despite starting the year at GHS2.39, Enterprise Group has seen a 41.8% drop in its valuation, ranking it 39th on the GSE in terms of year-to-date performance. Notably, Enterprise Group recorded the highest trading volume for the day, with 43,996 shares exchanged.
MTN Ghana, on the other hand, ended the day at GHS2.25 per share, up by 2 pesewas from its prior closing price of GHS2.23. Starting the year at GHS1.40, MTN Ghana has enjoyed a remarkable 60.7% increase in its share price, placing it fourth on the GSE in terms of year-to-date performance. This marks a significant milestone for the telecom giant, reflecting its strong market presence and investor confidence.
TOTAL Experiences a Dip
TotalEnergies Marketing Ghana (TOTAL) faced a slight dip, closing at GHS12.33 per share, a decrease of 4 pesewas from the previous closing price of GHS12.37.
Despite this minor setback, TotalEnergies has performed robustly throughout the year, beginning at GHS9.00 and achieving a 37% increase, ranking it seventh on the GSE for year-to-date performance. Over the past four weeks alone, TotalEnergies has seen a 28% rise in its stock value, the second-best performance on the GSE.
The positive outcomes for Enterprise Group and MTN Ghana translated into gains for the broader market. The benchmark GSE Composite Index (GSE-CI) rose by 24.17 points (0.55%) to close at 4,380.63 points.
This growth signifies a 1-week gain of 7.22%, a 4-week gain of 15.34%, and a year-to-date gain of 39.95%. The GSE Financial Stocks Index (GSE-FSI) also experienced a modest increase of 0.04% to reach 2,090.51 points, resulting in a 1-week gain of 0.39%, a 4-week loss of 1.16%, and a year-to-date gain of 9.94%.
Tuesday’s trading session on the Ghana Stock Exchange saw a total of 128,279 shares traded, with a corresponding market value of GHS319,882.60. This represented a significant decline of 68% in trading volume and 53% in turnover compared to the previous trading day on Monday, July 22.
Currently, the market capitalization of the Ghana Stock Exchange stands at GHS92.1 billion, highlighting the substantial economic value represented by the GSE.
The gains by Enterprise Group and MTN Ghana have provided a much-needed boost to the GSE. Investors can draw confidence from the gains recorded, indicating a robust market recovery and the potential for continued growth.
