NewGold ETF (GLD) has been on a remarkable upward trajectory on the Ghana Stock Exchange (GSE) over the past seven trading days, but that streak came to an end as the ETF experienced a decline in its share prices.

This downturn marks a shift in momentum for GLD, which had been enjoying consistent gains. In the latest trading session, 14 GSE-listed equities were in play, with only one ending on the losing side— NewGold ETF.

NewGold witnessed a 0.98% depreciation in its share price. GLD concluded the day’s trading at GHS312.40 per share, representing a GHS3.1 drop from its previous closing price of GHS315.50.

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Despite this recent setback, NewGold ETF had an impressive start to the year, beginning with a share price of GHS218.50 and subsequently gaining 43% in valuation.

This performance places GLD as the second-best performer on the GSE in terms of year-to-date gains. Shareholders can take solace in the fact that GLD has accrued a substantial 19% increase in the past four weeks, making it the top performer on the exchange during this period.

Over the past three months (from January 10 to April 10, 2024), NewGold ETF has maintained its position as the eighth most traded stock on the Ghana Stock Exchange. During this period, GLD recorded a total trading volume of 331,959 shares valued at GHS 98.6 million, with an average of 5,269 traded shares per session. The highest volume of trades, reaching 97,566 shares, was achieved on April 3, highlighting investor interest in GLD during that time frame.

While the recent decline may give investors pause, the overall performance of NewGold ETF in both the short and long term demonstrates its resilience and attractiveness to investors on the Ghana Stock Exchange.

Market Shows Improvement in Activity

In the mid-week’s trading session on the Ghana Stock Exchange (GSE), investors witnessed increased activity, with a total of 125,419 shares exchanged, amounting to a market value of GHS 16,439,123.20. This represents a notable 52% improvement in volume compared to the previous trading day on Tuesday, April 9.

NewGold ETF emerged as the leader in terms of trading volume, with 51,737 shares traded, followed by Ecobank Transnational with 23,283 shares, MTN Ghana with 20,507 shares, and Ecobank Ghana with 9,951 shares.

Despite the uptick in trading activity, the performance of the GSE market indices remained relatively stable. The benchmark GSE Composite Index (GSE-CI) maintained its position, closing at the same mark as it opened at 3,439.21. This reflects a 1-week loss of 0.72%, a 4-week gain of 2.52%, and an overall year-to-date gain of 9.87%.

Similarly, the GSE Financial Stocks Index (GSE-FSI) retained its value at 2,013.72 points, indicating a 1-week loss of 0.05%, a 4-week gain of 0.52%, and a year-to-date gain of 5.9%.

The current market capitalization of the Ghana Stock Exchange stands at GHS 77.6 billion, underscoring the significance of the exchange in the region’s financial sector. As trading activity continues to evolve, investors will monitor market indices and individual stock performances for insights into market trends and investment opportunities.