The benchmark GSE Composite Index (GSE-CI) which is a market capitalization-weighted index comprising all listed ordinary shares with the exception of those of listed companies that have shares listed on other markets, did not see any change at the end of the trading day.
At the end of Tuesday’s trading session, the benchmark GSE Composite Index (GSE-CI) closed at the same mark as it opened at 2,405.34 points, representing a week-on-week gain of 2.18 percent, a month-on-month loss of 1.49 percent, and an overall year-to-date loss of 1.58 percent.
Meanwhile, calculation of the benchmark Composite Index is based on the volume-weighted average closing price of the constituent stocks.
The GSE Financial Stocks Index (GSE-FSI) which records the value of all financial stocks also maintained its value at 2,005.81 points, making it a 1-week loss of 1.49 percent, a 4-week loss of 2.28 percent, and a year-to-date loss of 2.28 percent.
Market Capitalisation Remains the Same
The market capitalisation also maintained its performance by ending the day with GHS 64.3 billion. The market capitalization measures the market value of a company’s equity. It is a simple but important measure that is calculated by multiplying a company’s shares outstanding by its price per share.
The zero movement has impacted the market as trading activity levels declined substantially on the local bourse. At the end of Tuesday’s trading session on the GSE, a total of 42,284 shares, corresponding to a market value of GHS 59,644.22, changed hands. Compared with the previous GSE trading day (Monday, February 6), Tuesday’s data showed 85 percent decline in volume and a further 87 percent decline in turnover.
At the close of Tuesday’s trading session, the market recorded zero price movement despite a lot of listed equities participating in trade. In total, 18 GSE listed equities participated in trading with no gainer or loser.
MTN Ghana recorded the highest volume of 29,775 traded shares. It was followed by Ghana Oil Company with 4,938 traded shares, while CAL Bank followed with 2,895 traded shares and Asante Gold Corp (2,230).
According to some analysts, sentiments were dampened in the Ghanaian equities market owing to profit-takings on top stocks that posted big wins in the previous week, forcing the local bourse to retreat to the baseline.
This shows a strong indication that the market is on the threshold of consolidation, where market investors will see range bound movements till the end of the week to make a move.
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