The telecommunication giant MTN Ghana has seen tremendous improvement in it’s trading activity which pushed the Ghana Stock Exchange (GSE) to a record high volume and value traded by the close of trading session on Monday July, 19.
According to Monday’s market report, at the end of the first weekday of trading on the Ghana Stock Exchange (GSE), a total of 6,660,222 shares, corresponding to a market value of GHc 6,926,682.26, were traded. This is the highest volume and value traded so far since the beginning of the year 2021.
Compared with the previous GSE trading day (Friday, July 16), Monday’s data shows 309% improvement in volume and value.
In the aggregate, five GSE listed equities participated in trading, ending with one loser, namely Unilever Ghana, with 8.68% share price depreciation.
The current share price of Unilever Ghana Limited (UNIL) is GHc2.00. UNIL closed Monday’s trading day at GHc2.00 per share on the Ghana Stock Exchange (GSE), recording an 8.7% drop from its previous closing price of GHc2.19
Meanwhile, other equities listed on the Accra bourse traded flat. This means that the opening prices of stocks was the same as the closing prices with no gain in price.
The sectorial rally was led by Information and Communications Technology stocks with other sectors also supporting the bullish run.
MTN Ghana Dominates the Market
Moreover, MTN Ghana again led the charge as it recorded the highest volume of 5.5 million traded shares. This was followed by Unilever Ghana which also recorded a whooping 1.07m with Societe Generale Ghana trading 1,500 shares and GCB Bank recording 410 shares.
MTN Ghana is the number one most traded stock on the Ghana Stock Exchange over the past three months (Apr 20 – Jul 19, 2021).
In addition, MTN Ghana has traded a total volume of 78.7 million shares valued at GHS 91.4 million over the period, with an average of 1.25 million traded shares per session.
The current share price of MTN Ghana (MTNGH) is GHS 1.20. MTNGH closed its last trading day (Monday, July 19, 2021) at GHc1.20 per share on the Ghana Stock Exchange (GSE). MTNGH began the year with a share price of GHc0.64 and has since gained 88% on that price valuation, ranking it first on the GSE in terms of year-to-date performance.
Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) pared 1.14 (-0.04%) points to close at 2,647.17, representing a 1-week loss of 0.21%, a 4-week gain of 0.07%, and an overall year-to-date gain of 36.34%.
The GSE Financial Stocks Index (GSE-FSI) maintained its value at 1,890.61 points, making it a 4-week gain of 0.47%, and a year-to-date gain of 6.05%.
In addition, total market capitalization however remained the same at GHc 61.55 billion from the previous session.
According to analysts, the demand for bargain stocks also contributed to the gradual pick up in market performance. The bargain stocks are shares trading at a lower price than a company’s intrinsic value or performance.