MTN and New Gold among top performers on the GSE
The Ghanaian stock market showed mixed results in the latest trading session. The benchmark index, the GSE-Composite Index, gained 10.99 points to close at 2,398.87 points, representing a YTD change of -1.84%. Meanwhile, the GSE Financial Stocks Index remained unchanged, closing at 1,914.10 points, which represented a YTD return of -6.75%.
Scancom PLC (MTNGH), one of the leading telecom companies in Ghana, gained GH¢0.01, closing at GH¢0.93. New Gold (GLD), on the other hand, gained GH¢3.50, closing at GH¢229.00. Unfortunately, Fan Milk PLC (FML) saw a dip in its share price, decreasing by GH¢0.07 to close at GH¢1.80.
Despite the mixed performance of individual stocks, the market capitalization rose by GH¢124.92 million, closing at GH¢64.15 billion, representing a YTD change of -0.55%. This indicates that there was overall market growth, though not evenly distributed among all stocks.
In terms of trading volume, 224,323 shares were traded across seventeen (17) counters, which represented an increase of 721.15% compared to the previous trading session. However, the total value traded fell by 2813.07%, indicating that while more shares were traded, the overall value of those shares was lower.
Transactions in Scancom PLC (MTNGH) topped the trading chart, with 199,123 shares valued at GH¢185,084.52 representing 20.67% of the total value traded. This was followed by Ecobank Transnational Incorporation (ETI), which traded 11,080 shares valued at GH¢1,662.00, representing 0.19% of the total traded value.
Despite the mixed results of individual stocks, the overall market performance indicates that the Ghanaian stock market remains resilient. The market capitalization has increased, showing that investors are willing to put money into the Ghanaian economy. With the economic outlook for Ghana remaining positive, it is likely that the stock market will continue to show growth and stability in the coming months.
