The Ghana Stock Exchange Composite Index (GSE-CI) according to the Bank of Ghana (BoG) dipped by 12 per cent in the second quarter of 2020.
BoG attributed the fall in the GSE-CI to a rush by investors to secure their investments in safe-haven assets to minimize risk exposures on the account of the Covid-19 pandemic.
The drop in the GSE-CI consequently resulted in a reduction of the market capitalization of the local bourse by some 5.4 per cent.
Total volume of trade on the GSE for the quarter under review amounted to 162.74 million shares, valued at Ghs 117.16 million, while in the corresponding period in 2019 a volume of 78.82 million shares valued at Ghs 61.64 million was recorded.
The 12 per cent slippage in the GSE-CI was driven by losses in the value of stocks of Food & Brewery (-37.9 per cent; -450.38 points), Agriculture (-12.3 per cent; -70.00 points), Distribution (-8.0 per cent; -183.59 points) Finance (-10.3 per cent;-197.88 points) and IT (-13.2 per cent; -3.26 points) sectors.
Below is a breakdown of the stocks that gained and losed on the GSE in the Q2 2020
Top Gainer
- NewGold Issuer Limited (GLD), an Exchange Traded Fund (ETF), recorded an impressive share appreciation of 12 per cent (31.05 points).
- Aluworks Limited (ALW) recorded share appreciation of 10 per cent
- Ecobank Ghana Limited (EGH) also gained 8.7 per cent in share appreciation
Top Losers
- Fanmilk Limited (FML) shed value by 25 per cent
- Republic Bank (Ghana) Limited shed value by 55.8 per cent
- Guinness Ghana Breweries Limited (GGBL) lost value in stocks by 31 per cent
- Ecobank Transnational Incorporation (ETI) lost value in stocks by 25 per cent
- Ghana Commercial Bank (GCB) also lost stock value by 25 per cent
- Societe General Ghana Limited (SOGEGH) lost value in stocks by 20 per cent
- Total Ghana shed value by 18.4 per cent
The Mining, Education and Advertisement & Production sectors stocks recorded no changes during the quarter under review.
