The Ghana Stock Exchange in its mid-week outing on Wednesday October 18, 2023 has witnessed a surge in both trading volume and value, indicating renewed interest by investors in the local bourse.
According to the market data, a total of 180,540 shares changed hands on the day, representing a substantial increase of 188.56 percent in traded volume compared to the prior trading session.
Moreover, the total value of these transactions amounted to GH¢ 304,801.80, reflecting an even more remarkable surge of 256.71% when compared to the previous trading day.
At the forefront of this surge was MTNGH which emerged as the leader in both volume and value, solidifying its dominant position in the market. Notably, MTNGH shares, however experienced a modest decline, with the stock price dropping by GH¢0.02 to close at GH¢1.38.
MTN began the year with a share price of GHS0.88 and has since gained 56.8% on that price valuation, ranking it sixth on the GSE in terms of year-to-date performance.
Interestingly, MTN Ghana is the number one most traded stock on the Ghana Stock Exchange over the past three months (Jul 20 – Oct 18, 2023). MTNGH has traded a total volume of 154 million shares valued at GHS 206 million over the period, with an average of 2.44 million traded shares per session. A volume high of 83.2 million was achieved on August 17, and a lowest of 226 on August 21, for the same period.
Benso Oil Palm Plantation Emerges the Only Gainer
Benso Oil Palm Plantation (BOPP), a prominent player in the market was the only gainer on the day, as its stock price increased by GH¢0.01 to reach GH¢19.01. This increment, however, was moderated by the slip in MTNGH’s stock value.
Benso Oil Palm Plantation also began the year with a share price of GHS7.65 and has since gained 149% on that price valuation, ranking it first on the GSE in terms of year-to-date performance.
Benso Oil Palm Plantation is the 20th most traded stock on the Ghana Stock Exchange over the past three months (Jul 20 – Oct 18, 2023). BOPP has traded a total volume of 22,219 shares valued at GHS 381,526 over the period, with an average of 353 traded shares per session. A volume high of 3,054 was achieved on August 29 for the same period.
As a result of these fluctuations, the market capitalization experienced a dip of GH¢264.38 million, culminating in a closing figure of GH¢73.68 billion.
Examining the performance of key stock indices, the GSE-Composite Index witnessed a decline of 24.32 points (-0.77%), to close at 3,120.12 points. The year-to-date performance of this benchmark index stands at an impressive 27.67%.
On the other hand, the Financial Stocks Index remained stable, closing at 1,951.44 points, yet registering a year-to-date loss of -4.93%, making it a 1-week gain of 0.2%, a 4-week gain of 4.09%.
Going into the final stretch of the week, it is yet to be seen if the bargain hunting for MTN stocks will persist or not.
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