Stocks stay flat; Trading activity stalls as MTN Ghana leads

Market Summary

The benchmark index closed 26.66 points (-1.23%) lower due to downward price movements in three banking and telecom stocks to close at 2,132.72 with a -5.51% year-to-date return while market capitalization eased to GH¢55.71 billion.

The GSE Financial Index shed 5.48 points (-0.28%) to close at 1,917.44 with a year-to-date return of -5.06% as a result of CAL Bank (-3.49%) and Trust Bank (-15.00%).

The SAS Manufacturing Index remained unchanged at 3,212.19 with a -7.74% year-to-date.

MTN Ghana (-2.94%) completed the losers’ chart at GH¢0.66.

Trading activity strengthened as 123,543 shares valued at GH¢101,227 changed hands from 6,719 shares valued at GH¢14,962 at the previous session. MTN Ghana dominated trades by volume and value, accounting for 65.56% of the total volume traded and 52.67% of the total value traded.

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