In yet another day of disappointment, two major stocks extended their losing run, thanks to the fag-end selling, which dragged the benchmark Composite Index sharply lower on Tuesday, December 13, 2022.
Out of the 12 GSE listed equities that participated in trading, the session ended disappointingly with two losers, namely, NewGold ETF (-18.6%) and Unilever Ghana (-9.98%), while there were no gainers.
NewGold ETF (GLD) was the biggest laggard on the day as it closed its trading day (Tuesday, December 13, 2022) at GHS165.00 per share on the Ghana Stock Exchange (GSE), recording a huge GH37.71 drop from its previous closing price of GHS202.71.
Notwithstanding the loss, NewGold ETF began the year with a share price of GHS108.60 and has since gained 51.9 percent on that price valuation, ranking it third on the GSE in terms of year-to-date performance. However , investors are beginning to be sceptical of GLD’s recent poor performance, having lost 37% of its value in the past four weeks.
NewGold ETF is the second most traded stock on the Ghana Stock Exchange over the past three months (Sep 14 – Dec 13, 2022). GLD has traded a total volume of 1.51 million shares valued at GHS 293 million over the period, with an average of 24,012 traded shares per session. A volume high of 545,125 was achieved on December 13 for the same period.
The second biggest loser on the day was Unilever Ghana Limited (UNIL). UNIL also closed its trading day at GHS3.88 per share on the Ghana Stock Exchange (GSE), recording a 43 pesewa drop from its previous closing price of GHS4.31. Unilever began the year with a share price of GHS5.89 but has since lost 34.1% off that price valuation, ranking it 38th on the GSE in terms of year-to-date performance. Meanwhile, shareholders’ worries are compounded by the fact that UNIL has lost 27% of the stock’s value from November 14 to date.
GSE Equity Indices
Equity indices plunged on the second day of the week, Tuesday, with the benchmark Composite Index crashing nearly 3 points amid heavy selloff across the mining and consumer goods sectors to settle at 2,458.81 points. On weekly basis, the composite index lost 0.07 percent, however, it gained 0.33 percent on monthly basis.
The financial index was the only index not to finish in red as it maintained its value at 2,078.23 points. This led to a weekly gain of 0.07 percent and monthly gain of 0.22 percent.
At the end of Tuesday’s trading session on the local bourse, a total of 819,486 shares, corresponding to a market value of GHS 90,188,485.46, were traded.
NewGold ETF recorded the highest volume of 545,125 traded shares, followed by MTN Ghana (268,019), Ecobank Transnational (2,700) and CAL Bank (1,115).
However, the highlight of Tuesday market performance was that investors become poorer by GHS100 million as the market capitalisation of all GSE-listed companies decreased to GHS 64.5 billion from GHS 64.6 billion formerly recorded.
READ ALSO: World Bank Injects US$150m Under GPSNP Toward Eradicating Poverty
