The telecommunication sector giant, MTN Ghana stocks, witnessed a volume burst in the last leg of trading session as it recorded its highest daily trading volume since the turn of the year.
The stock traded flat to positive for most of the time and gained momentum towards the end of trading session. It remained on the flat line and recorded a surge in volume which is greater than 60-day and 90-day average volumes.
By the close of Thursday’s trading session on the Ghana Stock Exchange (GSE), MTN single handedly took the total volume of shares traded to 68,656,297 shares, corresponding to a market value of GHS 72,929,555.36.
MTN Ghana recorded the highest daily volume of 67.8 million traded shares on the Ghana Stock Market. This was followed by CAL Bank with 810,972 traded shares. Meanwhile, Ecobank Ghana also secured 35,322 traded shares as compared to GCB Bank PLC which recorded 20,189 volume of shares traded.
In the intervening time, the increased volume shows buyers believe the stock is moving, and want to purchase the stock or sell. However, analysts linked the sudden rise in trading activity, particularly that of MTN Ghana to the Finance Minister’s statement he made the previous day that Parliament will pass the controversial Electronic Transactions Levy (E-levy) in the next 15 days. Analysts believed that investors may become worried about the stock’s potential as a result of that statement, which may have suddenly influenced the volume of trade and high trading activity.
MTNGH closed its trading day (Thursday, March 24, 2022) same as it opened at GHS1.06 per share on the Ghana Stock Exchange.
MTN Ghana remained the number one most traded stock on the Ghana Stock Exchange over the past three months (Dec 21, 2021 – Mar 24, 2022). MTNGH has traded a total volume of 175 million shares valued at GHS 188 million over the period, with an average of 2.78 million traded shares per session. A volume high of 67.8 million was achieved on March 24, and a low of 1,032 on February 4, for the same period.
GCB Bank PLC Suffers Defeat
Overall, six GSE listed equities participated in Thursday’s trading session, ending with one loser, namely GCB Bank PLC, with 0.39 per cent share price depreciation, while the rest traded flat.
The banking giant’s woes in the past 7 days continues as GCB Bank PLC closed its trading day (Thursday, March 24, 2022) at GHS5.16 per share on the local bourse, recording 2 pesewas drop from its previous closing price of GHS5.18. However, GCB began the year with a share price of GHS5.24 but has since lost 1.53 per cent off that price valuation, ranking it 31st on the GSE in terms of year-to-date performance.
GCB Bank is the eighth most traded stock on the Ghana Stock Exchange over the past three months (Dec 21, 2021 – Mar 24, 2022). GCB has traded a total volume of 685,298 shares valued at GHS 3.58 million over the period, with an average of 10,878 traded shares per session. A volume high of 178,419 was achieved on February 2, for the same period.
However, with rising volume, MTN stock is expected to be the hot topic among traders on the final trading session for the week and is expected to be trading on the upper side in times to come.