The Ghanaian equity market continues to garner positive momentum, as both the Composite Index (GSE-CI) and the Financial Stocks Index (GSE-FSI) registered modest gains attributable to notable increases in SCB and SOGEGH stock prices.
As a result, the benchmark GSE-Composite Index exhibited a robust advancement at the close of Wednesday’s trading, climbing by 25.23 points, which is equivalent to a 0.82% increment, to conclude at an impressive 3,099.49 points. This surge translated to a substantial year-to-date return of 26.83%, signifying a commendable performance in the market.
Similarly, the Financial Stocks Index (GSE-FSI) capitalized on the upward movement of the banking stocks, recording a gain of 47.63 points (2.81%) to reach 1,745.04 points, albeit with a year-to-date loss of 14.98%.
In the aggregate, 16 GSE listed equities participated in trading, ending with two gainers and no loser, underscoring the market’s resilience and positive sentiment. The two gainers were Standard Chartered Bank (SCB) (+9.97%) and Societe Generale Ghana (SOGEGH) (+9.9%).
SOGEGH, in particular, continued its upward trajectory, experiencing an upswing of GH¢0.10 to settle at GH¢1.11.
Another significant contributor to the market’s growth was SCB, as its stock price experienced a substantial rise of GH¢1.51, ultimately closing at GH¢16.65.
The collective effect of these gains on the market was evident in the overall market capitalization, which witnessed an impressive surge of GH¢274.40 million. As a result, the total market capitalization reached an astounding GH¢73.41 billion, demonstrating the robustness of the market’s current state.
Trading Volumes and Values
Trading volumes and values provided insight into the day’s market activity. The total volume of shares traded amounted to 129,663, with an estimated value of GH¢195,923.31. Impressively, this mid-week’s session, Wednesday August 30, 2023 trading showcased a notable increase of 16.48% in volume and 20.17% in value compared to the previous trading day.
One of the prominent contributors to the trading volume and value was MTNGH, which accounted for a significant 85,879 shares valued at GH¢128,818.50. This accounted for a remarkable 65.75% of the total value traded.
Similarly, SOGEGH’s trades constituted 13.22% of the total turnover, underlining its significance in the trading landscape. On the other hand, SIC ranked among the top 5 traded equities in terms of volume traded. The rest are CAL Bank (14,368) and Ecobank Ghana (1,859).
This positive momentum, coupled with substantial gains and an increase in market capitalization, highlights the overall health and resilience of the market.