Buying interest in Enterprise Group Limited (EGL) was triggered on the Ghana Stock Exchange (GSE), leading to a surge in the Insurance Company’s share prices.
The EGL Stocks started on the peripheral when the stock market opened. However, it slightly edged down but remained high and upheld a strong momentum as the day closed.
Though eleven (11) GSE equities participated in trading, the bourse ended with only one gainer, namely Enterprise Group.
Enterprise Group Limited share price appreciated by 7.53 percent. EGL closed its trading day (Monday, January 17, 2022) at GH¢3.00 per share on the Ghana Stock Exchange as its share price shot up by GH¢0.21. Previously, Enterprise Group Limited share price stood at GH¢2.79.
Enterprise began the year 2022 with a share price of GH¢2.79 and has since gained 7.53 percent on that price valuation, ranking it first on the GSE in terms of year-to-date performance. Shareholders can be optimistic about EGL knowing the stock has accrued 19 percent over the past four-week period—second best on GSE.
However, Enterprise Group Ghana is the eighth most traded stock on the Ghana Stock Exchange over the past three months (Oct 14, 2021 – Jan 17, 2022). EGL has traded a total volume of 633,300 shares valued at GHS 1.7 million over the period, with an average of 10,052 traded shares per session. A volume high of 313,503 was achieved on December 24, 2021 for the same period.
Trade By Volume
At the end of the first weekday of trading on the Ghana Stock Exchange, a total of 126,481 shares, corresponding to a market value of GH¢ 125,747.21, were traded. Compared with the previous GSE trading day (Friday, January 14), the data released by the GSE showed 88 percent decline in volume.
MTN Ghana retreated as it relinquished its position of the highest volume of shares traded to CAL Bank. CAL Bank recorded the highest volume of 74,392 traded shares on the day. It was followed by MTN Ghana with 23,213 traded shares. Societe Generale Ghana also managed to secure 8,000, while Ghana Oil Company recorded 6,018 traded shares.
In the intervening time, with regards to the GSE market indices, the composite index opened on an upbeat note and rose steeply, reaching its highest level of 2,765.46 points in 2022. It inched up by 3.43 points, representing 0.12 percent. This led to a week on week gain of 2.6 percent. Nonetheless, a month on month loss of 1.59 percent, and an overall year-to-date loss of 0.86 percent.
The GSE Financial Stocks Index (GSE-FSI) which constitute stocks from the financial sector and insurance, also increased by 0.29 percent to reach 2,152.99 points, making it a 1-week gain of 0.05 percent, a 4-week gain of 3.83 percent, and a year-to-date gain of 0.05 percent. This gain was driven mainly by the insurance sector.
The current market capitalization of the Ghana Stock Exchange stands at GH¢ 64.2 billion.