The figures from Wednesday’s trading session suggest that the Ghana Stock market is losing momentum as the composite index declines by over 23 points.
According to the report, the performance of Ghana Stock Exchange market indices, the benchmark GSE Composite Index (GSE-CI) dropped -0.89 percentage points to close at 2,623.69 points. This represents a 1-week loss of 1.53 percent and a 4-week loss of 0.7 percent. In addition, it recorded an overall year-to-date gain of 35.13%.
Meanwhile, the decline is as a result of major stocks on the local bourse trading flat. In the aggregate, twelve (12) GSE listed equities participated in trading, ending with no gainers and one loser.
Unfortunately, MTN Ghana was the only equity that lost at the end of trading session. The current share price of MTN Ghana (MTNGH) is GHc1.18. MTNGH closed its last trading day (Wednesday, July 21, 2021) at GHc1.18 per share on the Ghana Stock Exchange (GSE), recording a 1.7 percent drop from its previous closing price of GHc1.20. MTNGH began the year with a share price of GHc0.64 and has since gained 84 percent on that price valuation, ranking it first on the Accra bourse.
Meanwhile, MTNGH has traded a total volume of 78.6 million shares valued at GHc 91.3 million over the period, with an average of 1.25 million traded shares per session. A volume high of 11.7 million was achieved on May 7th for the same period.
Moreover, Wednesday’s trading session on the Ghana Stock Exchange (GSE) has seen trading activity plummeted with over 200 percent. A total of 101,544 shares changed hands, corresponding to a market value of GHc 462,035.89, were traded.
Previously, according to Monday’s market report, at the end of the first weekday of trading on the Ghana Stock Exchange (GSE), a total of 6,660,222 shares, corresponding to a market value of GHc 6,926,682.26, were traded.
In the aggregate, 12 GSE equities participated in trading, MTN Ghana however, led the charge despite 1.67% share price depreciation. MTN Ghana recorded the highest volume of 64,606 traded shares. This was followed by Standard Chartered Bank with total shares traded totaling 19,487. CAL Bank on the other hand, followed with 9,781 shares and Societe Generale Ghana also with 4,101 shares.
The poor performance of these major equities pushed the indices downward.
However, the Ghana Stock Exchange Financial Stocks Index (GSE-FSI) maintained its value at 1,890.61 points, and in the process making it a 4-week gain of 1.16 percent, and a year-to-date gain of 6.05 percent.
The current market capitalization of the Ghana Stock Exchange is GHS 61.3 billion.
Meanwhile, an improvement in investor confidence alongside a compelling market valuation may drive the demand for stocks across the telecommunication, banking, insurance and oil sectors in the coming days.
Analysts expect trading activity to pick up in the coming days after the Moslem’s festival Eid-ul-Adha is over.
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