The Ghanaian Equities market halted its corrective decline on the second day of the week, Tuesday, September 6, 2022 by ending on a flat base. However, it made advancement on the activity level.
At the close of Tuesday’s trading session, the market recorded zero price movement as the benchmark index also maintained its points at 2,508.99 points. Fortunately, the flat performance led to the week-on-week gain of 0.29 percent, but year-to-date loss of 10.05 percent.
On the sectoral front, trading was seen in metals, telecommunication, oil & gas and financial stocks. In total, 16 GSE listed equities participated in trading, ending with no gainers or losers.
MTN Ghana opened and closed its stock at GHS0.91, while Total Petroleum Ghana also closed at the same price it opened at GHS4.18. Benson Oil Palm Plantation also opened and closed its stock price at GHS6.34. In similar vein, Unilever Ghana also recorded no price movements as it closed at GHS5.31.
Despite the market trading flat, trading activity levels surged substantially on the local bourse. At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 1,300,973 shares, corresponding to a market value of GHS 1,174,256.55, were traded. Compared with the previous GSE trading day (Monday, September 5), Tuesday’s data showed 14 percent improvement in volume of shares traded.
MTN Ghana recorded the highest volume of 1.29 million traded shares. This was closely followed by Cocoa Processing Company with 13,125 traded shares. Cal Bank secured 955 traded shares. Societe Generale Ghana also secured 485 traded shares.
The Performance of GSE Financial Index
The GSE Financial Stocks Index (GSE-FSI) which records the value of all financial stocks also maintained its value at 2,079.94 points, making it a month on month gain of 0.63 percent, and a year-to-date loss of 3.34 percent.
The market capitalisation also maintained its performance by ending the day with GHS 64.5 billion.
According to some analysts, sentiments were dampened in the Ghanaian equities market owing to profit-takings on top stocks that posted their biggest wins in the previous weeks, forcing the local bourse to retreat to a bearish stance on the two trading days of the week.
This shows a strong indications 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.