GSE-CI opens the week with 39.26 points gain; posts 10.89% YTD returns
Ghana’s stock market saw mixed performances on May 8, 2023, with the benchmark index, the GSE-Composite Index, gaining 39.26 points to close at 2,710.06 points. This represents an impressive year-to-date (YTD) change of 10.89%. However, the GSE Financial Stocks Index, which tracks the performance of financial stocks listed on the Ghana Stock Exchange, lost 35.54 points to close the day at 1,722.74 points, representing a YTD return of -16.07%.
Scancom PLC. (MTNGH), a leading mobile telecommunications company in Ghana, was one of the notable gainers, adding GH¢0.05 to close at GH¢1.25. Meanwhile, GCB Bank PLC. (GCB) shed off GH¢0.01, while Standard Chartered Bank Gh. PLC (SCB) also lost GH¢1.50 to end the day at GH¢3.19 and GH¢13.90 respectively.
Despite the mixed performances, there was a significant uptick in market activity, with volume traded jumping by 211.01% and value traded rising by 294.34%. In total, 4,549,942 shares were traded across twenty-one (21) equities, valued at GH¢6,904,764.83. Scancom PLC. (MTNGH) topped the trading chart with 2,992,356 shares valued at GH¢3,740,090.20, representing 54.17% of the total value traded. This was followed by Guinness Ghana Breweries PLC. (GGBL), which traded 1,010,305 shares, valued at GH¢1,515,457.50, representing 21.95% of the total value traded.
The overall market capitalization climbed GH¢409.74 million to end the day at GH¢67.95 billion. The increased market activity indicates a positive outlook for the Ghanaian stock market and suggests that investors are increasingly bullish about the prospects of listed companies.
While the performance of the GSE Financial Stocks Index remains a concern, the gains made by Scancom PLC. (MTNGH) and the increased market activity provide some optimism for the stock market. However, investors should exercise caution and conduct proper due diligence before making investment decisions.
