The Ghanaian Equities market halted its corrective decline on the first day of the week, Monday, July 18, 2022 by ending on a flat base. However, it failed to make any advancement on the second day as it ended on a flat note on Tuesday, July 19, making it a second consecutive day of trading flat.
At the close of Tuesday’s trading session, the market recorded zero price movement as the benchmark index also maintained its points at 2,464.13 points. However, the flat performance led to the year-to-date (YTD) loss of 11.66 percent.
On the sectoral front, trading was seen in metals, telecommunication, oil & gas and financial stocks. In total, six GSE listed equities participated in trading, ending with no gainers or losers.
MTN Ghana opened and closed its stock at GHS0.83, while Total Petroleum Ghana also closed at the same price it opened at GHS4.10. Benson Oil Palm Plantation also opened and closed its stock price at GHS6. In similar vein, Cocoa Processing Company LTD also recorded no price movements as it closed at GHS0.2.
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 38,184 shares, corresponding to a market value of GHS 70,005.10, were traded. Compared with the previous GSE trading day (Monday, July 18), Tuesday’s data showed 105 percent improvement in turnover.
Total Petroleum Ghana recorded the highest volume of 12,945 traded shares. This was closely followed by Cocoa Processing Company with 12,195 traded shares. The telecommunication giant, MTN Ghana, secured 12,000 traded shares. Benso Oil Palm Plantation just managed a paltry 655 traded shares respectively.
The Performance of GSE Market Indices
The benchmark GSE Composite Index (GSE-CI) did not see any change, representing a week on week loss of 2.93 percent, a month on month loss of 1.29 percent, and an overall year-to-date loss of 11.66 percent .
The GSE Financial Stocks Index (GSE-FSI) which records the value of all financial stocks also maintained its value at 2,163.03 points, making it a month on month loss of 0.39 percent, and a year-to-date gain of 0.52 percent.
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.
The market capitalisation also maintained its performance by ending the day with GHS 63.7 billion.
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