Prime News Ghana

GSE Financial Stocks Index stagnates with no movement

By Primenewsghana
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The Ghana Stock Exchange (GSE) witnessed a stagnation in its benchmark index, the GSE-Composite Index, on the trading day ending on May 10, 2023.

The index remained at 2,710.06 points, which represents a Year-to-Date (YTD) return of 10.89%.

Similarly, the GSE Financial Stocks Index remained constant at 1,722.74 points, indicating a YTD return of -16.07%. The market displayed no significant movements, as there were no gainers or decliners in the market, which led to the Market Capitalization remaining stagnant at GH¢67.95 billion.

This trading session was a departure from the previous two trading days that saw a consistent increase in market activity. However, on May 11th, 2023, there was a sharp 99.38% dip in the volume traded, while the value traded also declined by 99.73%.

A total of 30,365 shares were traded, valued at GH¢29,473.25, across fourteen (14) equities. Cal Bank PLC. (CAL) was the most traded equity with 11,177 shares, valued at GH¢5,588.50, representing 18.96% of the total value traded. Scancom PLC. (MTNGH) followed with 10,761 shares traded, valued at GH¢13,451.25, representing 45.64% of the total value traded.

Investors may have held off on participating in the stock market, citing uncertainty in the political and economic landscape. This apprehension could have contributed to the lack of movement in the market on this day. Furthermore, some market participants could be waiting for corporate earnings results before making any significant trading decisions.


It is noteworthy that the overall market sentiment remains cautious, with the financial stocks index still displaying a negative YTD return of -16.07%. Additionally, the market’s performance seems to be hampered by a lack of liquidity, as reflected in the low volume and value of shares traded. The market will require a significant boost in trading activity and investor sentiment to reverse this trend.

 

 

Norvareports