GSE sees little movement in Wednesday’s trading session
The Ghana Stock Exchange (GSE) witnessed a tepid trading session on Wednesday, with the benchmark GSE-Composite Index closing down by 0.38 points at 2,391.80, representing a marginal decline of 0.02% compared to the previous trading day.
The subdued performance was driven by a lack of gainers, as the GSE Financial Stocks Index remained unchanged at 1,885.95 points. The YTD change of the GSE-Composite Index stood at -2.13%, while the GSE Financial Stocks Index registered a YTD return of -8.12%.
The trading day saw a significant volume of shares traded, with 71,450 shares changing hands across seventeen counters. However, the total value of shares traded was relatively low, with transactions amounting to GH¢110,211.37, reflecting a decline of 151.69% compared to the previous trading session.
This drop in value was offset by an increase in the market capitalization, which rose by GH¢3.92 million to reach GH¢64.08 billion, signifying a YTD change of -0.67%.
The trading activity was led by Scancom PLC (MTNGH), with 35,724 shares valued at GH¢33,277.78 traded, representing 30.19% of the total value traded. Guinness Ghana Breweries PLC (GGBL) was the second most active stock, with 20,489 shares valued at GH¢28,069.93 traded, representing 25.47% of the total traded value.
GOIL, the state-owned oil marketing company, was the biggest loser of the day, dropping by GH¢0.01 to close at GH¢1.64. The company’s stock has experienced mixed fortunes so far this year, with a YTD change of -7.02%.
Despite the lackluster performance of the exchange, there are hopes that the Ghanaian stock market will pick up in the coming weeks, following the recent announcement by the Bank of Ghana to maintain the monetary policy rate at 13.50%, signaling a continuation of accommodative monetary policy.
Additionally, the government’s commitment to stabilizing the economy, coupled with the ongoing rollout of COVID-19 vaccines, is expected to boost investor confidence and attract more foreign investment into the country.
