It was a quiet day for most blue chips on the Ghana Stock Exchange (GSE) which saw the GSE Composite Index maintains stability.
In the aggregate, 14 GSE listed equities participated in trading, ending with only one gainer, namely CAL Bank, with 2% share price appreciation. Meanwhile, 13 equities recorded no uptick.
Cal Bank PLC’s (CAL) shares experienced a notable gain of GH¢0.01, closing at GH¢0.51. Notably, this trading day saw no decliners, reflecting an overall positive trend in the market.
CAL began the year with a share price of GHS0.65 but has since lost 21.5% off that price valuation, ranking it 33rd on the GSE in terms of year-to-date performance.
CAL Bank is the sixth most traded stock on the Ghana Stock Exchange over the past three months (Mar 14 – Jun 14, 2023). CAL has traded a total volume of 563,112 shares valued at GHS 282,018 over the period, with an average of 8,938 traded shares per session. A volume high of 91,829 was achieved on May 2 for the same period.
CAL Bank Limited is currently the 20th most valuable stock on the GSE with a market capitalization of GHS 320 million, which makes about 0.475% of the Ghana Stock Exchange equity market.
With a marginal increase in market capitalization, which closed at GH¢67.26 billion, investors eagerly watched the performance of various equities.
Trading activity saw a total volume of 60,710 shares, valued at GH¢51,892.70, across fourteen different equities. However, it was Cal Bank PLC that dominated both the volume and value charts, trading an impressive 47,445 shares valued at GH¢24,196.95.
This transaction represented a remarkable 46.63% of the total value traded, indicating significant investor confidence in the bank.
Following closely behind, Scancom Plc (MTNGH) exhibited its strength in the market, trading 5,396 shares valued at GH¢6,421.24. This accounted for 12.37% of the total value traded, cementing its position as a prominent player in the market. The rest of top movers were Ghana Oil Company (4,097) and Guinness Ghana Breweries (1,337).
With regards to the benchmark index, the GSE-Composite Index, demonstrated resilience as it recorded a modest increase of 0.60 points, closing at 2,639.42 points. This positive momentum translated into an encouraging 8.00% year-to-date (YTD) return, offering investors a reason to be optimistic about the market’s future prospects.
While the overall market performance was positive, the GSE Financial Stocks Index also experienced a noteworthy rise. It climbed by 1.09 points to close at 1,678.57 points.
However, it is important to note that the YTD return for this index stood at -18.22%, indicating a challenging period for financial stocks in general. Nevertheless, the index’s upward trajectory on this trading day might suggest the beginning of a potential recovery for financial sector equities.