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Ghanaian Stocks Reverse Course on Wednesday to Trade Higher

Stephen M.Cby Stephen M.C
October 7, 2021
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Securities/Markets
0
GSE Sees Positive Momentum as Bulls Return

Momentum and trend in the Ghana Stock Exchange (GSE) was positive on Wednesday’s trading session (October 6, 2021). Nonetheless, with some minor blips.

Pattern analysis shows bulls staged a very strong breakout above the red zone, as Societe Generale Ghana Limited (SOGEGH) struggled to cross the flat line and ended up with a lost.

In all, 12 GSE equities participated in last trading session, ending with three gainers and just one loser. Fan Milk (FML) led the gainers with 9.86% share price appreciation, closing at GHS 4.68 per share. Its previous closing price was GHS4.26, gaining GHS0.42 in the process to cap off an impressive show on the local bourse.

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It was followed by Benso Oil Palm Plantation( BOPP) which also gained 9.79% on its share price. BOPP closed its last trading day at GHS3.14 per share on the Ghana Stock Exchange, recording GHS0.28 gain over its previous closing price of GHS2.86. Benso Oil Palm Plantation began the year with a share price of GHS2.00 and has since gained 57% on that price valuation.

Next on the gainers’ list was CAL Bank Ghana Limited. CAL also closed its last trading day at GHS0.77 per share on the Ghana Stock Exchange, recording a 4.1% gain over its previous closing price of GHS0.74. It is worth noting that, CAL began the year with a share price of GHS0.69 and has since gained 11.6% on that price valuation, ranking it 11th on the GSE in terms of year-to-date performance.

CAL Bank is the second most traded stock on the Ghana Stock Exchange over the past three months (Jul 7 – Oct 6, 2021). CAL has traded a total volume of 13.1 million shares valued at GHS 9.54 million over the period, with an average of 208,367 traded shares per session.

SOGEGH Lost 4% Share Value

However, the only equity that lost value on the day was Societe Generale Ghana (4%). SOGEGH closed its last trading day (Wednesday, October 6, 2021) at GHS1.20 per share on the Ghana Stock Exchange (GSE). It recorded a 4% drop from its previous closing price of GHS1.25. Societe Generale began the year with a share price of GHS0.64 and has since gained 87.5% on that price valuation, ranking it fourth on the GSE in terms of year-to-date performance.

Despite the lost, shareholders can be optimistic about SOGEGH knowing the stock has accrued 24% over the past four-week period alone making it second best on GSE.

According to the market report, last trading session saw Ghana Stock Exchange (GSE) rake in a total transaction of 279,880 shares, corresponding to a market value of GHS 1,075,960.48. Compared with the previous GSE trading day (Tuesday, October 5), Wednesday’s data show 64% improvement in volume and over 100% improvement in value.

On the trade by volume, Fan Milk Limited recorded the highest volume of 210,951 traded shares, followed by CAL Bank (21,730), Societe Generale Ghana (20,000) and Ecobank Transnational (13,200).

Market Indices and Capitalization

Moreover, the gains translated in the performance of GSE market indices as the benchmark GSE Composite Index (GSE-CI) shot up by 4 points to close at 2,874.98 points, representing 0.14%. It subsequently led to a 1-week gain of 1.28% and a 4-week gain of 4.15%, and an overall year-to-date gain of 48.07%.

The GSE Financial Stocks Index (GSE-FSI), on the other hand, decreased by 0.14% to close at 2,052.31 points, making it a 4-week gain of 6.2%, and a year-to-date gain of 15.12%.

In addition, there was an upward trend as market capitalization also inched up by GHS100 million. The current market capitalization of the Ghana Stock Exchange is GHS 64.4 billion.

READ ALSO: SEC Rolls out Regional Sensitization Programme

Tags: CalBankFan Milk Ghana LimitedGhana Stock Exchange
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