After weeks of dilly dally, the Ghana stock market’s benchmark has finally recaptured the psychologically significant 2,450-point mark, rising on Monday to levels unseen in the last couple of weeks.
The local bourse saw a growth in its index even though the market recorded a narrow session in terms of price fluctuations. Both volume and turnover failed to even make progress as some blue chips were apparently eager to close their books by end-November and wish to make the most out of underpriced Ghanaian stocks.
The benchmark GSE Composite Index (GSE-CI) inched up 1.15 (0.05%) points to close at 2,450.64 points. However, this represents a week-on-week loss of 0.39 percent, a further month-on-month loss of 0.4 percent, and an overall year-to-date loss of 12.14 percent.
In a similar bout, the GSE Financial Stocks Index (GSE-FSI) also increased by 0.1 percent to reach 2,073.71 points, making it a 1-week gain of 0.18 percent, a 4-week gain of 0.27 percent, and a year-to-date loss of 3.63 percent.
Surprisingly, the stock which formed the backbone of Monday’s rise in both the composite and financial index was the Trust Bank Gambia Limited (TBGL). Out of the 15 major equities that partook in trading session, only one made a gain, namely the Trust Bank Gambia Limited with 10 percent share price appreciation. Meanwhile, the rest of the 14 equities traded flat with no gain or loss.
TBGL Builds on Recent Momentum
TBL built on its 5 day gaining streak by closing its trading day (Monday, November 14, 2022) at GHS0.66 per share on the Ghana Stock Exchange (GSE), recording a 6 pesewa gain over its previous closing price of GHS0.60. However, to appreciate it’s progress throughout the year, it is worth noting that Trust Bank Gambia began the year with a share price of GHS0.34 and has since gained 94.1% on that price valuation, ranking it third on the GSE in terms of year-to-date performance. With this, shareholders can be optimistic about TBL knowing the stock has accrued 32% over the past four-week period alone- best on GSE.
Trust Bank Gambia is the 17th most traded stock on the Ghana Stock Exchange over the past three months (Aug 17 – Nov 14, 2022). TBL has traded a total volume of 68,370 shares valued at GHS 37,942 over the period, with an average of 1,085 traded shares per session. A volume high of 60,000 was achieved on October 25, 2022 for the same period.
At the end of the first weekday of trading on the Ghana Stock Exchange (GSE), a total of 36,186 shares, corresponding to a market value of GHS 21,166.98, were traded. Compared with the previous GSE trading day (Friday, November 11), Monday’s data showed 64% decline in volume and more than 50 percent in value.
MTN Ghana recorded the highest volume of 17,164 traded shares, followed by Ecobank Transnational (15,170), Trust Bank Gambia (3,000) and CAL Bank (297).
The current market capitalization of the Ghana Stock Exchange is GHS 64.7 billion.
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