Total Petroleum Ghana and MTN Ghana could not stand the sell off pressures on the penultimate day of the week, forming bearish candles as they drifted into the red zone territory on reduced transactions.
Total Petroleum Ghana stocks experienced a black Thursday of its own, suffering its worst daily loss of over 8 percent in almost three months. MTN Ghana could also not build on the flat trade experienced yesterday December 29; losing yet again on the Ghana Stock Exchange.
In the midst of the forgoing, experts attributed the latest bearish performance of the GSE to buyback pressure as a factor.
In all, 10 GSE equities participated in trading, ending with disappointingly two losers, namely, Total Petroleum Ghana (-8.39%) and MTN Ghana (-0.88%). There were no gainers with the rest of the stocks trading flat.
Total Petroleum Ghana closed its trading day (Thursday, December 30, 2021) at GHS5.02 per share on the Ghana Stock Exchange (GSE), recording a loss of GHS0.46 from its previous closing price of GHS5.48. However, Total Petroleum began the year with a share price of GHS2.83 and has since gained 77.4 percent on that price valuation, ranking it sixth on the GSE in terms of year-to-date performance.
MTN Ghana on the other hand, lost one pesewa to close its trading day at GHS1.12 per share on the Ghana Stock Exchange, recording a 0.9 percent drop from its previous closing price of GHS1.13. Despite the rampant recent losses, it is worth noting that MTN began the year 2021 with a share price of GHS0.64 and has since gained 75 percent on that price valuation, ranking it seventh on the GSE in terms of year-to-date performance.
Decline in Transactions
According to the market report, total transactions on the local bourse declined appreciably at the end of the uninspired trading session. A total of 43,912 shares, corresponding to a market value of GHS 66,004.06, changed hands.
Comparatively, Thursday’s outing saw over one thousand percent decline in trading activity. At the end of the first trading session after the holidays, December 29, 2021, the Ghana Stock Exchange (GSE) recorded a total transaction of 4,858,993 shares, corresponding to a market value of GHS 6,492,593.57.
In Thursday, December 30, trading session, Ecobank Transnational Incorporated recorded the highest volume of 13,964 traded shares. This was followed by CAL Bank with 10,382. Total Petroleum Ghana (7,644) and Societe Generale Ghana (3,842), followed in that order.
Benchmark Indices
Thursday’s loss sent key indices nose-diving. The benchmark GSE Composite Index (GSE-CI) dropped 16.66 (-0.59%) points to close at 2,801.08 points. This subsequently led to a week on week loss of 0.88 percent and a month on month loss of 2.05 percent, but an overall year-to-date gain of 44.27 percent.
Nonetheless, the GSE Financial Stocks Index (GSE-FSI) maintained its value at 2,151.85 points, making it a 1-week cumulative gain of 2.32 percent, a 4-week gain of 3.54 percent, and a year-to-date gain of 20.7 percent.
The market capitalization also shed GHS200 million from. The current market capitalization of the Ghana Stock Exchange stands at GHS 64.6 billion, down from GHS 64.8 billion that was recorded previously.
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