GSE gains as MTN tops trading chart
The Ghana Stock Exchange Composite Index experienced a surge during the latest trading session, gaining 117.76 points to close at 2,802.85 points.
This impressive performance translates to a year-to-date change of 14.69%, reflecting the strong investor sentiment towards the Ghanaian equities market. The benchmark index’s strong showing is particularly noteworthy as it has bucked the recent trend observed in the GSE Financial Stocks Index, which did not record any changes, closing at 1,810.90 points.
The index’s current year-to-date return stands at -11.78%, highlighting the persistent challenges facing the financial stocks sector in the country.
During the trading session, Scancom PLC. (MTNGH) emerged as one of the top performers, recording a gain of GH¢0.10 to close at GH¢1.30. The lack of decliners on the day points to the overall positivity among investors, as market participants continue to seek opportunities for portfolio diversification and long-term value creation.
However, the market capitalization declined by GH¢1,229.05 million, closing at GH¢68.38 billion. This figure represents a year-to-date change of 6.01%, indicating that the market’s overall performance remains volatile in the face of external headwinds and domestic challenges.
Amid the market’s gyrations, investors traded 13,840 shares valued at GH¢17,713.14 across ten (10) counters. These figures reflect a decline of -99.40% and -99.67%, respectively, compared to the previous trading session.
Transactions in Scancom PLC. (MTNGH) were particularly noteworthy, topping the trading chart with 9,544 shares valued at GH¢12,211.20. This figure represents 68.94% of the total value traded, highlighting the stock’s popularity among investors.
Trust Bank Gambia Ltd. (TBL) also emerged as a strong performer, trading 2,800 shares valued at GH¢2,240.00, accounting for 12.65% of the total value traded.
The Ghanaian equities market’s current performance reflects the challenges faced by the wider economy, including the ongoing COVID-19 pandemic, inflationary pressures, and currency volatility.
However, the positive outlook for the country’s oil and gas sector, coupled with the government’s ongoing efforts to improve the business environment, presents opportunities for long-term growth and value creation in the market.
As such, investors are likely to remain cautious yet optimistic, as they navigate the market’s ups and downs in search of opportunities to create wealth and drive economic growth.
