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SIC Insurance PLC Leads Bourse to More Slides

April 21, 2023
Stephen M.Cby Stephen M.C
in Securities/Markets, Sub Top Stories2
0
SIC Insurance PLC Leads Bourse to More Slides

The Ghana Stock Exchange (GSE) recorded a bearish performance on the penultimate day of the week which saw the major index lose steam, aided by loss suffered by SIC Insurance PLC.

On the latest trading day, the Ghana Stock Exchange (GSE) experienced a downturn, with the GSE-Composite Index closing at 2,664.23 points, a 0.37 point decline from the previous trading session. This represents a YTD change of 9.02%, while the GSE Financial Stocks Index lost 0.68 points, closing at 1,756.32 points, with a YTD return of -14.43%. Unfortunately, there were no gainers on this day.

SIC Insurance Company Ltd. (SIC) was the only laggard on the day, shedding off GH¢0.02 to close at GH¢0.26.

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However, SIC began the year with a share price of GH¢0.31 but has since lost 16.1% off that price valuation, ranking it 31st on the GSE in terms of year-to-date performance.

SIC Insurance Company is the sixth most traded stock on the Ghana Stock Exchange over the past three months (Jan 19 – Apr 20, 2023). SIC has traded a total volume of 396,467 shares valued at GHS 122,207 over the period, with an average of 6,293 traded shares per session. A volume high of 316,352 was achieved on February 2nd for the same period.

The market capitalization of the GSE also suffered a loss of GH¢3.91 million, ending the day’s trading session at GH¢66.97 billion.

Market and Trading Activity

The market activity on the trading day saw a decline of 42.59% in volume traded and a 64.70% fall in value traded compared to the previous day. The total shares traded were 29,168, valued at GH¢22,617.57, across sixteen equities.

Ecobank Transnational Inc. (ETI) was the top traded equity with 11,112 shares valued at GH¢1,666.80, representing 7.42% of the total value traded. Scancom PLC. (MTNGH) followed closely behind, trading 10,980 shares valued at GH¢13,238.00, representing 58.92% of the total value traded.

The downturn In the GSE can be attributed to various factors, including the overall economic uncertainty brought about by the COVID-19 pandemic, the fluctuation in global oil prices, and the country’s current fiscal policies.

Investors in the GSE may be advised to exercise caution and maintain a long-term investment strategy that takes into consideration the current market conditions. It is essential to focus on companies with strong fundamentals and stable growth prospects, rather than short-term gains.

While the GSE may be experiencing a temporary downturn, it is important to keep in mind that the stock market is subject to fluctuations and volatility, and that a diversified investment portfolio can help mitigate risks.

READ ALSO: AVCA Report Shows Marginal Decline in Venture Capital Investments in 2022

Tags: Composite IndexGSEsharesSIC Insurance Company PLC.Trading Activity
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