For the second day running, the Ghanaian equity market posted notable gains in Tuesday’s trading session stemming from a rally in the share price of Standard Chartered Bank (SCB), a financial stock.
In the aggregate, 19 GSE listed equities participated in trading, ending with only one gainer, namely Standard Chartered Bank, with 1.55% share price appreciation. The trading session recorded no decliners.
SCB closed its last trading day (Tuesday, August 22, 2023) at GHS13.77 per share on the Ghana Stock Exchange (GSE), recording 21 pesewas gain over its previous closing price of GHS13.56. Tuesday’s gains made it two in two days gain just this week after a similar gain recorded in the beginning of the week. Meanwhile, this upward movement showcased the bank’s resilience in the face of a dynamic trading landscape.
However StanChart began the year with a share price of GHS20.16 but has since lost 31.7% off that price valuation, ranking it 35th on the GSE in terms of year-to-date performance.
Trading Value Declines
The positive sentiment extended beyond individual equities and reflected in the broader market as well. Trading volumes and values painted an interesting picture. Despite a 90.65% surge in trading volume, there was a contrasting decrease of 24.44% in trading value.
Scancom PLC (MTNGH) took a prominent position in trading, with 74,864 shares valued at GH¢112,296.00 changing hands. This represented 12.84% of the total value traded, emphasizing the significance of MTNGH’s market presence.
SCB, on the other hand, dominated the trading by constituting a substantial 63.79% of the total value traded. This attests to the bank’s significance within the trading landscape and its impact on overall market dynamics.
On the other hand, Fan Milk PLC (FML) recorded the least trades, amounting to a value of GH¢9,756.64. This showcases a varied spectrum of investor interest, ranging from major players to those on the periphery.
The broader market Indices, the GSE-Composite Index and the Financial Stocks Index, exhibited intriguing movements. The former posted a gain of 2.60 points, reaching a closing value of 3,064.40 points. Impressively, this marked a Year-to-Date return of 25.39%, underscoring the market’s remarkable growth trajectory.
Moreover, the Financial Stocks Index displayed a forward movement, with an increase of 4.91 points to settle at 1,682.69 points. However, this index reported a Year-to-Date return of -18.02%, reflecting the challenges faced by financial equities in the current market landscape.
The trading day showcased both the resilience and dynamism of the market, with SCB’s notable price growth serving as a focal point. While diverse equities saw varying levels of activity, the market indices held promise for investors, hinting at potential opportunities amidst the ever-evolving financial landscape.
SCB’s price uptick translated into bullish movement of the market capitalization. The market capitalization saw an impressive uptick of GH¢28.30 million, culminating in a total settlement of GH¢73.03 billion.