Some investors of MTN Ghana got caught in a bull trap on the local bourse on Thursday, May 19, 2022 when their biggest fear of the recent gains of MTN becoming a seven-day wonder manifested.
The domestic bourse bucked up the upward trend seen in most of African Stock Markets in the last couple of days when some blue chips bounced back in previous sessions, including MTN Ghana.
However, MTN Ghana share prices came back to ground zero after crashing on Thursday, losing its entire gains made in the previous sessions, thereby erasing all the recent gains made after the implementation of the e-levy.
MTNGH was the only loser on the day with 4.6 per cent share price depreciation. MTNGH closed its trading day (Thursday, May 19, 2022) at GHS0.90 per share on the Ghana Stock Exchange (GSE), recording 4 pesewas drop from its previous closing price of GHS0.94. MTN began the year with a share price of GHS1.11 but has since lost 18.9 percent off that price valuation, ranking it 32nd on the GSE in terms of year-to-date performance.
Nonetheless, MTN Ghana remains the most traded stock on the Ghana Stock Exchange over the past three months (Feb 15 – May 19, 2022). MTNGH has traded a total volume of 947 million shares valued at GHS 909 million over the period, with an average of 15 million traded shares per session. A volume high of 615 million was achieved on May 11, and a low of 1,188 on March 23, for the same period.
SIC Insurance PLC Stock Appreciates
In total, 12 GSE listed equities participated in trading, ending with only one gainer, namely SIC Insurance Company, with 3.7 percent share price appreciation.
SIC also closed its trading day at GHS0.28 per share on the Ghana Stock Exchange (GSE), recording a one pesewa gain over its previous closing price of GHS0.27. SIC began the year with a share price of GHS0.08 and has since gained 250 percent on that price valuation, ranking it first on the GSE in terms of year-to-date performance.
SIC Insurance Company is the second most traded stock on the Ghana Stock Exchange over the past three months (Feb 15 – May 19, 2022). SIC has traded a total volume of 12.3 million shares valued at GHS 1.64 million over the period, with an average of 195,406 traded shares per session. A volume high of 3 million was achieved on February 23 for the same period.
Concerning the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) declined 46.79 points, representing a decline of 1.79 percent to settle at 2,564.20 points.
The GSE Financial Stocks Index (GSE-FSI), on the other hand, increased by 0.02% to reach 2,210.43 points.
Meanwhile, the market capitalization which measures the total value of a company’s shares of stock on the domestic market slid. The market capitalization declined by GHS500 million to settle at GHS 62.5 billion after recording GHS63 billion.
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