After a sluggish start to the week, a share price rally by Societe Generale Ghana (SOGEGH) and Benso Oil Palm Plantation (BOPP) on Tuesday sparked market momentum.
Meanwhile, the rally which was driven by the net positive gain in the share prices of BOPP and SOGEGH stocks, offset the dip in GOIL’s share price, causing both the GSE-CI and GSE-FSI to make noteworthy upward movement.
Owing to the gains of the financial equity and that of the agricultural equity, the Accra bourse also recorded a substantial uptick in volume and value of shares traded on the day. At the end of Tuesday’s trading session on the Ghana Stock Exchange (GSE), a total of 111,315 shares, corresponding to a market value of GHS 163,042.08, were traded. Compared with the previous GSE trading day (Monday, August 28), the data showed 100% improvement in volume and 191% improvement in turnover.
MTN Ghana recorded the highest volume of 36,989 traded shares, followed by Ecobank Transnational (31,696), Societe Generale Ghana (31,536) and Benso Oil Palm Plantation (3,054).
In all, 14 GSE listed equities participated in trading, ending with two gainers and just one loser. The two gainers were Benso Oil Palm Plantation (+10%) and Societe Generale Ghana (+1%). The only equity that lost value on the day was Ghana Oil Company (-0.63%).
BOPP closed its trading day (Tuesday, August 29, 2023) at GHS16.94 per share on the Ghana Stock Exchange (GSE), recording GHS1.54 gain over its previous closing price of GHS15.40.
SOGEGH also closed its trading day at GHS1.01 per share on the Ghana Stock Exchange (GSE), recording 1 pesewa gain over its previous closing price of GHS1.00.
Societe Generale began the year with a share price of GHS1.00 and has since gained 1% on that price valuation, ranking it seventh on the GSE in terms of year-to-date performance.
On the other hand, GOIL was the only laggard on the day, closing its trading day at GHS1.57 per share on the Ghana Stock Exchange, recording a pesewa drop from its previous closing price of GHS1.58. However, Ghana Oil began the year with a share price of GHS1.72 but has since lost 8.72% off that price valuation, ranking it 31st on the GSE in terms of year-to-date performance.
Composite Index Edges Up
As a result of the gains, the Composite Index (GSE-CI) edged up by 5.22 points (0.17%). The Composite Index closed the trading session at 3,074.26 points, showcasing a year-to-date return of 25.79 percent.
On the flip side, the Financial Stocks Index (GSE-FSI) experienced a modest upturn of 1.23 points (0.07%). This change was influenced by the rise in SOGEGH’s share price. The index settled at 1,697.42 points, revealing a year-to-date loss of 17.30%.
Despite Tuesday’s rally, the market capitalization remains unmoved, closing the day at GHS 73.1 billion.
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