GLD suffers as Benso Oil Palm Plantation and MTN make gains
The Ghana Stock Exchange saw some positive momentum in the trading day ending on April 4th, 2023, as the benchmark index, the GSE-Composite Index, rose 15.65 points to close at 2,760.98 points. This represented a 12.97% year-to-date (YTD) change, indicating a positive trend in the performance of the stock market in Ghana. However, the GSE Financial Stocks Index remained unchanged, closing at 1,806.67 points, which translated to a YTD return of -11.98%.
It is noteworthy that Benso Oil Palm Plantation (BOPP) emerged as a top performer during the trading day, as the stock gained GH¢1.16 to close at GH¢12.83. Meanwhile, Scancom PLC. (MTNGH) also recorded a marginal gain of GH¢0.01 to close at GH¢1.26. However, GLD, the stock of Golden Star Resources Ltd, shed GH¢6.64 to end the day at GH¢222.36, indicating a negative trend for the company’s stock.
In terms of market capitalization, there was a modest increase, as it rose GH¢144.02 to end the trading day at GH¢67.99 billion, representing a YTD change of 5.40%. This increase in market capitalization suggests that investors are showing increased interest in the Ghanaian stock market, with the potential for growth in the near future.
Despite the positive momentum in the stock market, trading activity saw a decline compared to the previous trading session. 67,842 shares valued at GH¢168,907.91 were traded across fourteen (14) counters, indicating a decrease of 94.49% in the total volume traded and an 89.61% decrease in the total value traded. This suggests that investors are taking a cautious approach to investing, perhaps due to uncertainty in the global economic climate or other macroeconomic factors.
Looking at the trading chart, Ecobank Transnational Inc. (ETI) emerged as the top trading stock, with 51,265 shares valued at GH¢7,689.75, representing 4.55% of the total value traded. This was followed by Benso Oil Palm Plantation (BOPP), which traded 8,050 shares valued at GH¢103,223.50, representing 61.11% of the total value traded. This indicates that investors are showing significant interest in BOPP, perhaps due to its strong performance during the trading day.
Overall, the performance of the Ghana Stock Exchange during the trading day ending on April 4th, 2023, can be seen as a positive trend, with increased market capitalization and some stocks performing well. However, caution should be exercised by investors, as trading activity saw a significant decline. Investors should keep a close eye on the performance of the stock market and monitor any global economic factors that may affect their investments in the near future.
