Market capitalization declines by GHS 300m as GSE suffers downturn
The Ghana Stock Exchange on Wednesday experienced a downturn as both the GSE-Composite Index and the GSE Financial Stocks Index suffered losses. The GSE-Composite Index lost 25.78 points, closing at 2,685.09 points, representing a 9.87% YTD change. Similarly, the GSE Financial Stocks Index lost 44.43 points, closing at 1,810.90 points, indicating a YTD return of -11.78%. This bearish sentiment was echoed across the trading floor, as no gainers were recorded on the day.
Fan Milk PLC (FML), Standard Chartered Bank Gh. PLC (SCB), and NewGold (GLD) also experienced losses, with FML losing GH¢0.12, SCB losing GH¢1.90, and GLD shedding off GH¢10.53. This resulted in market capitalization declining by GH¢300.52 million, ending the day at GH¢67.15 billion, representing a YTD change of 4.10%.
Despite this downturn, the total volume traded and total value traded saw significant increases compared to the previous trading session. The volume traded saw a whopping 571.09% increase, with 2,315,753 shares valued at GH¢5,298,744.65, trading across fourteen (14) counters. This increase in volume was accompanied by a 1023.26% rise in the total value traded, highlighting the significant shift in market sentiment.
Scancom PLC (MTNGH) topped the trading chart, with 1,256,189 shares valued at GH¢1,507,426.80, representing 28.45% of the total value traded. This was followed by GCB Bank PLC (GCB), which traded 1,010,440 shares valued at GH¢3,182,886.00, representing 60.07% of the total value traded.
The bearish sentiment on the Ghana Stock Exchange may be attributed to a multitude of factors, such as political uncertainty or global economic shifts. It remains to be seen if this trend will continue, or if the Ghanaian stock market will experience a rebound in the coming trading sessions.
Investors and analysts alike will undoubtedly be keeping a close eye on the Ghanaian market to identify any potential opportunities and risks that may arise. With the total volume and value traded increasing significantly, it is clear that there is still significant interest in the Ghana Stock Exchange, and it will be interesting to see how this translates into future trading sessions.
