The main index at the Ghana Stock Exchange (GSE) has rebounded from Monday’s losses on Tuesday, in an unexpected buying spree by investors who obviously thought the local market has been underpriced after the decline of the last few days.
The encouraging signs of the high turnover and the jump by bank stocks may point to a sustained recovery instead of a one-off reaction.
Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) inched up 4.80 (0.15%) points to close at 3,141.66, representing a 1-week loss of 0.99%, a 4-week gain of 1.49%, and an overall year-to-date gain of 28.55%.
In the same vein, the GSE Financial Stocks Index (GSE-FSI) also increased by 0.47% to reach 1,947.07 points, making it a 1-week gain of 1.72%, a 4-week gain of 9.34%, and a year-to-date loss of 5.14%.
In the aggregate, 16 GSE listed equities participated in trading, ending with only one gainer, namely Access Bank Ghana, with 9.68% share price appreciation.
Access Bank Ghana Gains In Shares
Access Bank Ghana (ACCESS) closed its trading day (Tuesday, October 10, 2023) at GHS3.40 per share on the Ghana Stock Exchange, recording GHS0.30 gain over its previous closing price of 3.10 GHS.
Access began the year with a share price of GHS4.01 but has since lost 15.2% off that price valuation, ranking it 33rd on the GSE in terms of year-to-date performance. Shareholders’ fears may be allayed by the 21% increase of ACCESS share price since September 11, which is third best on GSE.
Access Bank Ghana is the 11th most traded stock on the Ghana Stock Exchange over the past three months (Jul 12 – Oct 10, 2023). ACCESS has traded a total volume of 215,995 shares valued at GHS 669,395 over the period, with an average of 3,428 traded shares per session. A volume high of 50,000 was achieved on August 11th for the same period.
Access Bank Plc began its operations in Ghana on August 19, 2009 as one of the most capitalized commercial banks in the industry. Access Bank Ghana is currently the 16th most valuable stock on the GSE with a market capitalization of GHS 591 million, which is about 0.8% of the Ghana Stock Exchange equity market.
At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 350,940 shares, corresponding to a market value of GHS 1,033,744.81, were traded.
GCB Bank recorded the highest volume of 285,401 traded shares, followed by Ecobank Transnational (35,840), SIC Insurance Company (16,648) and Fan Milk (3,381).
Meanwhile, the market capitalization remains steady at GHS 73.9 billion.