Ghana’s main stock index fell on Wednesday, October 27, as Consumer Goods sector shares lost its footing as a result of Fan Milk PLC shares prices that slumped at the end of the trading session, while investors eagerly await the Finance Minister’s budget reading next month, November.
The Ghanaian equities market began the new trading day of Wednesday on a bearish note as sell pressure on Fan Milk PLC worsened, subsequently driving negative performance as the Ghana Stock Exchange Composite Index (GSE-CI) slid by 4.11 points to close at 2,851.90 points; formerly, the GSE Composite Index stood at 2856.01 points, representing a 0.14 per cent lost.
It is worth noting that Fan Milk Ghana Limited ( FML) closed its trading day (Wednesday, October 27, 2021) at GHS4.50 per share on the Ghana Stock Exchange (GSE), recording a 10 percent drop from its previous closing price of GHS5.00. Interestingly, Fan Milk began the year with a share price of GHS1.08 and has since gained 317% on that price valuation, ranking it first on the GSE in terms of year-to-date performance. Having this impressive performance in sight, shareholders can be optimistic about FML, knowing the stock has accrued an outstanding 54% over the past one month period alone—second best on GSE.
Fan Milk is the fifth most traded stock on the Ghana Stock Exchange over the past three months, dating from July 29, 2021 to October 27, 2021. Fan Milk Limited has traded a total volume of 1.28 million shares valued at GHS 4.58 million over the period, with an average of 20,326 traded shares per session. A volume high of 210,951 was also achieved on October 6, for the same period.
Gainers
However, a late comeback move from Benso Oil Palm Plantation (BOPP) which gained 9.09 percent and Total Petroleum Ghana which also appreciated by 0.2 percent have limited the impact of lost the Ghana Stock Exchange suffered from Fan Milk PLC, though not enough prevent the GSE-CI from crossing the red zone.
BOPP closed its trading day (Wednesday, October 27, 2021) at GHS4.80 per share on the Ghana Stock Exchange, recording a 9.09 percentage gain over its previous closing price of GHS4.40.
On the other hand, TOTAL Petroleum Ghana Limited also closed its trading day (Wednesday, October 27, 2021) at GHS5.02 per share on the Ghana Stock Exchange (GSE), recording a 0.2 percentage gain over its previous closing price of GHS5.01.
According to Wednesday’s market report, the level of trading activity declined as volume and value traded fell.
At the end of Wednesday’s trading session on the Ghana Stock Exchange (GSE), a total of 70,436 shares, corresponding to a market value of GHS 107,157.65, were traded. Compared with the previous GSE trading day (Tuesday, October 26), Wednesday’s data show 74 percent decline in volume and 67 percent decline in turnover.
Volume Leaders
The most traded stocks by volume were Republic Bank Ghana, MTN Ghana and Fan Milk Ghana. Republic Bank Ghana recorded the highest volume of 30,000 traded shares, toppling MTN Ghana from the top position in the process. Meanwhile, it was followed by MTN Ghana (26,090), Fan Milk (5,300) and Benso Oil Palm Plantation (4,319).
Moreover, the GSE Financial Stocks Index (GSE-FSI) maintained its value at 2,082.12 points, while the market capitalization declined by GHS100 million. The current market capitalization of the Ghana Stock Exchange stands at GHS 64.1 billion.
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