Business & Finance | Sep 12, 2018

GSE Ends In Red Despite MTN Listing

The Ghana Stock Exchange (GSE) last week had Ghana’s telecommunication giant – MTN Ghana Ltd, listed after successfully attaining the minimum requirement for enlistment.

In spite of the wider options for trading, equity indices continued to nosedive on account of bearish closure of some top companies in the financial and energy sectors.

With the equity indices dropping in most trading sessions, the GSE Composite Index lowered by 0.91 per cent to settle at an index level of 2,871.06 points, corresponding to a year-to-date return of 11.29 per cent.

The GSE Financial Stocks Index also went down by 1.08 per cent to settle at 2,661.97 points, representing a year-to-date return of 15.21 per cent.

Following the wider options for investing activities, market outturns significantly outstripped previous week’s records. At the closing bell, total traded volume stood at 7.10 million shares valued at GH¢7.40 million.

This represented 212.56 per cent increment over previous week’s total traded volume.

The newly listed stock – MTN Ghana Ltd — was the main driver of liquidity on the bourse as it accounted for 70.58 per cent of the week’s total traded volume.

The market capitalisation also surged by 15.75 per cent to GH¢64,784.40 million

Stock price movements
The week’s market activities ended with three advancers and 11 laggards recorded.

CAL Bank Ltd was the highest price gainer as it added 20 pesewas to its opening price to close the week at GH¢1.30 per share. Total Petroleum Ltd and Standard Chartered Bank Ltd upped their opening prices by seven pesewas and a pesewa to settle at GH¢4.70 and GH¢26.03 per share respectively.

On the downside of the market, Ecobank Ghana Ltd suffered the most loss, trimming 47 pesewas of its opening value to close at GH¢8.50 per share.

Benso Oil Palm Plantation Ltd keenly followed with 24 pesewas loss to end the trading week at GH¢7.00 per share. Societe Generale Ghana Ltd and Access Bank (Ghana) Ltd slipped by 12 pesewas and 11 pesewas to close at GH¢1.06 and GH¢3.80 per share respectively.

Ghana Oil Company Ltd and Guinness Ghana Brewery Ltd went down by seven pesewas each to close at GH¢2.92 and GH¢2.41 per share respectively.

Enterprise Group Ltd and PZ Cussons dropped by two pesewas and a pesewa to close at GH¢3.07 and 49 pesewas per share respectively. Other laggards were Starwin Products Ltd, Ecobank Transnational Incorporated and GCB Bank Ltd.

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