Three financials push stock market activity upward

Market Summary

The benchmark index advanced by 11.19 points (+0.61%) on the back of three financials to close the week at 1,845.66 with a -18.23% year-to-date return while the market capitalization increased by 0.22% to close at GH¢53.05 billion.

Standard Chartered (+3.32%), Republic Bank (+2.50%) and Ecobank Ghana (+2.19%) pushed the GSE Financial Index up by 20.40 points (+1.23%) to close at 1,677.11 with a -16.96% year-to-date return while the SAS Manufacturing Index recorded no gains or losses, closing at last week’s level of 2,028.66 with a year-to-date return of -41.73%.

Trading activity strengthened as 7,388,036 shares valued at GH¢7,865,963 changed hands from 1,705,402 shares valued GH¢1,705,402 last week.

Fan Milk dominated trades by volume and value, accounting for 92.84% of the total volume traded and 90.69% of the total value traded.

We expect trading activity to pick up as investors take advantage of bargain stocks.