GSE: Market capitalization drops by GHS 20.92 million
The Ghana Stock Exchange (GSE) on Monday witnessed a mixed performance, as the GSE-Composite Index dipped by 2.01 points to close at 2,710.74 points. This represented a year-to-date change of 10.92%. Meanwhile, the GSE Financial Stocks Index showed no change and remained at 1,855.33 points, with a year-to-date return of -9.61%.
The lack of positive gains for any stock was a sign of a bearish trading day, with only Fan Milk PLC (FML) experiencing a loss of GH¢0.18 to close at GH¢1.62. This dampened market sentiment, resulting in a decrease of market capitalization by GH¢20.92 million, with the total market capitalization ending the trading day at GH¢67.45 billion. This reflects a year-to-date change of 4.56%.
Despite this, trading volume saw an increase of 50.88% from the previous trading session, with a total of 169,826 shares valued at GH¢234,124.12 being traded across seventeen counters. However, total value traded dropped by 83.28%.
Transactions in Scancom PLC (MTNGH) dominated the market, accounting for 63.86% of the total value traded, with 124,584 shares being exchanged for GH¢149,500.80. Societe Generale Ghana PLC (SOGEGH) followed with 31,683 shares being traded for GH¢20,910.78, representing 8.93% of the total value traded.
This mixed performance in the GSE reflects the wider macroeconomic environment of Ghana, which has seen a gradual slowdown in economic activity over the past year, in part due to the global economic slowdown caused by the COVID-19 pandemic.
With the upcoming presidential elections in the country, investors are cautious and monitoring the political landscape, as well as any further developments in the global economy that could impact Ghana’s economic growth.
