Tuesday’s stock growth momentum weakened on the Ghana Stock Exchange (GSE), this time with Produce Buying Company Limited (PBC) which operates in the Consumer Goods sector of the Ghana Stock Exchange, at the losing end; and in the process, drove the market indexes deeper into the red for the second week of the year.
Produce Buying Company Limited slipped 33.33 percent after wobbling between gains and losses for much of the day.
PBC closed its trading day (Tuesday, January 11, 2022) at GH¢0.02 per share on the Ghana Stock Exchange, recording a share price depreciation of GH¢0.01 from its previous closing price of GH¢0.03.
Produce Buying Company Limited which is a Ghanaian cocoa bean company began the year 2022 with a share price of GH¢0.03 after missing out on most of the trading sessions on GSE in last year 2021. It has since lost 33.3 percent off that price valuation, ranking it third on the GSE in terms of year-to-date performance.
Produce Buying Company is now ranked the 12th most traded stock on the Ghana Stock Exchange over the past three months dated as far back 2019 (Jun 13, 2019 – Jan 11, 2022). This is as a result of years of the company’s inactivity on the Accra bourse. PBC has traded a total volume of 148,739 shares valued at GH¢4,400 over the period, with an average of 2,361 traded shares per session.
PBC’s highest volume was achieved this year on January 5, when it garnered 128,600 traded shares.
Trading Activities Declined
Stocks have been choppy this week, as MTN Ghana particularly suffered a disappointing outing on the first day of the week. The Telecommunication giant recorded 3.74 percent share price depreciation on the first day of the week, Monday January 10, 2022. While, other major stocks also suffered various degrees of losses.
At the end of Tuesday’s trading session on the Ghana Stock Exchange, a total of 68,498 shares, corresponding to a market value of GH¢ 61,145.95 changed hands. Compared with the previous GSE trading day (Monday, January 10), Tuesday’s data showed 34 percent decline in volume and 25 percent decline in turnover.
In the aggregate, 17 GSE equities participated in trading, ending with one loser, namely Produce Buying Company, with 33.33 percent share price depreciation.
On the volume front, MTN Ghana recorded the highest volume of 48,235 traded shares. This was followed by CAL Bank with 10,547. Produce Buying Company also managed to secure 6,200 traded shares and Ecobank Transnational with 2,745 traded shares.
GSE Composite Index
The Ghana Stock Exchange Composite Index (GSE-CI) also gave up an early gain, shedding 0.02 percent to close at 2,694.93 points. This resulted in a 1-week loss of 3.38 percent, a month on month loss of 3.86 percent, and an overall year-to-date loss of 3.38 percent.
On the flip side, the GSE Financial Stocks Index (GSE-FSI) maintained its value at 2,151.85 points.
The current market capitalization of the Ghana Stock Exchange stands at GH¢ 63.5 billion.
In the intervening time, investors are closely monitoring the country’s rising inflation’s impact on consumers and businesses. They are also keenly following the e-levy tax situations, together with the Monetary Policy Committee Meeting scheduled to take place this month, to make informed investment decisions.