GSE: Market activity declines by 98.23%, volume and value traded experience significant contractions
The stock market displayed a mixed performance during the week, with the GSE-Composite Index edging up by 0.30%, while the GSE-Financial Stocks Index recorded a more substantial increase of 0.94%.
Investors witnessed a divergent trend in year-to-date performances, with the broader GSE-Composite Index boasting a robust 17.46% gain, while the GSE-Financial Stocks Index struggled with a worrisome -17.01% decline.
Despite the notable strides in market capitalization, which settled at GH¢70.93 billion, up by GH¢100.94 million from the previous week, market activity was subdued. A total of 431,056 shares were traded during the week, with the cumulative value amounting to GH¢348,466.13.
Both volume and value traded suffered significant contractions of 98.23% and 76.03%, respectively, compared to the previous week.
Among the twenty-one (21) equities traded, Standard Chartered Bank (SCB) and GCB Bank experienced favorable fortunes. SCB surged by GH¢0.59, closing at GH¢13.50, while GCB Bank followed suit, gaining GH¢0.10, reaching a closing price of GH¢3.30.
Conversely, SIC Insurance Company (SIC) and Access Bank Ghana (ACCESS) faced downward pressure, shedding GH¢0.01 and GH¢0.07, respectively. As a result, SIC settled at GH¢0.20, while ACCESS closed at GH¢3.28.
SIC Insurance Company Ltd. (SIC) took center stage as the most actively traded stock of the week, contributing a total traded value of ¢55,108.13. SIC’s significant contribution accounted for approximately 15.81% of the week’s total traded value.
Market participants remain watchful amid prevailing uncertainties, both domestically and globally. While the GSE-Composite Index demonstrated resilience, the contrasting performance of the GSE-Financial Stocks Index reflects the broader economic challenges faced by financial institutions.
It is evident that investors are treading cautiously, resulting in a dip in market activity. As the market grapples with the interplay of internal and external factors, investors are advised to exercise prudence and diversify their portfolios to mitigate risks.
