GSE experiences slight dip as NewGold and Fanmilk suffer setbacks
The Ghana Stock Exchange experienced a slight dip on the trading day, as the GSE-Composite Index closed at 2,759.64 points, representing a 1.34 point drop. The year-to-date (YTD) change in the index stood at -12.92%, indicating that market performance has been lackluster in the first quarter of 2023.
While the GSE Financial Stocks Index remained unchanged at 1,806.67 points, it registered a YTD return of -11.98%, reflecting the sluggishness in the financial sector of the market. Despite this, investors remained hopeful that there would be a rebound in fortunes, particularly given the potential for policy interventions by the government.
The day’s trading saw the biggest loser being NewGold (GLD), which lost GH¢3.09 to close at GH¢219.27. This represented a significant decrease in value, indicating that investors may have lost faith in the company’s prospects. Fanmilk (FML) also suffered a setback, losing GH¢0.12 to close at GH¢1.17.
The overall market capitalization declined by GH¢22.91 million to end the trading day at GH¢67.97 billion. This reduction could be attributed to the performance of NewGold and other companies that experienced drops in their stock prices.
However, there were some positive indicators that the market may be turning a corner. Market activity improved with an increase in volume and value traded compared to the previous trading day. A total of 148,984 shares were traded, with a total value of GH¢288,738.32 across seventeen (17) equities. This represents an increase in both volume and value traded, with total volume traded rising by 119.60% and total value traded increasing by 70.94%.
Scancom Plc. (MTNGH) led the way in terms of volume and value traded, with 129,179 shares valued at GH¢162,765.54. This represented 56.37% of the total value traded. Total Energies Marketing PLC. (TOTAL) followed closely behind, with 8,286 shares valued at GH¢52,947.54, representing 18.34% of the total value traded.
Investors will be keenly watching the market in the coming days and weeks to see if these positive trends can be sustained, or if the market will continue to experience challenges. Nevertheless, there is optimism that the market will eventually rebound, as the fundamentals of the Ghanaian economy remain strong.
