The Ghana Stock Exchange (GSE) was adrift on mid-week of the week, as one major stock posted gains and another one also posted losses at the end of a mixed session, while the market continued to witness bargain hunting for value stocks from investors on a elevated trading activity.
Strong demand in the stocks of Fan Milk Limited was not enough to buoy the performance of the listed equities as GSE all-share index further inched down. Meanwhile, a loss in MTN Ghana reduced the performance of the local bourse.
In the aggregate, 17 GSE listed equities participated in trading, ending with only one gainer, namely Fan Milk, with 10% share price appreciation and also one loser, namely MTN Ghana (-0.9%).
Fan Milk Plc (FML) closed its trading day at GHS1.10 per share on the Ghana Stock Exchange (GSE), recording a 10% gain over its previous closing price of GHS1.00. However, Fan Milk began the year with a share price of GHS3.00 but has since lost 63.3% off that price valuation, ranking it 38th on the GSE in terms of year-to-date performance.
MTN Records Three Consecutive Losses
On the other hand, MTN Ghana’s losing streak since the beginning of the week continues into the third day of the week. MTNGH closed its trading day at GHS1.10 per share on the Ghana Stock Exchange, recording a pesewa drop from its previous closing price of GHS1.11.
MTN Ghana remains the number one most traded stock on the Ghana Stock Exchange over the past three months (Feb 20 – May 24, 2023). MTNGH has traded a total volume of 192 million shares valued at GHS 181 million over the period, with an average of 3.04 million traded shares per session. A volume high of 160 million was achieved on March 24 for the same period.
The lost translated into the benchmark GSE Composite Index (GSE-CI) shedding 10.66 (-0.42%) points to close at 2,524.14 points, representing a 1-week loss of 1.54%, a 4-week loss of 7.72%, but an overall year-to-date gain of 3.28%.
However, the lack of activity from the financial sector stocks means that the GSE Financial Stocks Index (GSE-FSI) maintained its value at 1,685.69 points, making it a 1-week loss of 0.14%, a 4-week loss of 4%, and a year-to-date loss of 17.87%.
At the end of Wednesday’s trading session on the local bourse, a total of 1,194,767 shares, corresponding to a market value of GHS 1,288,002.18, were traded.
Meanwhile, the current market capitalization of the Ghana Stock Exchange is GHS 65.9 billion, dropping GHS100 million from the previous capitalization of GHS 66 billion.
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