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Business News of Tuesday, 23 June 2020

Source: SAS Ghana

GCB Bank leads trading activity this week

The benchmark index declined marginally by 7.36 points (-0.38%)The benchmark index declined marginally by 7.36 points (-0.38%)

The benchmark index declined marginally by 7.36 points (-0.38%) this week to close at 1,921.29 with a -14.88% year-to-date return as three consumer products and banking stocks fell on declining rates while the market capitalization decreased by 0.45% to settle at GH¢53.17 billion.

Ecobank Ghana (+0.13%) was amongst the gainers at the session.

However, downward price movements in Ecobank Transnational (-14.29%) and GCB Bank (-11.11%) moderated the GSE Financial Index by 34.01 points (-1.89%) to close at 1,766.26 with a -12.55% year-to-date return.

The SAS Manufacturing Index shed 12.39 points (-0.47%) due to Fan Milk (-4.31%), closing the week at 2,644.01 with a year-to-date return of -24.06% in spite of a gain in Aluworks Limited (+10.00%).

MTN Ghana (+1.72%) summed up the gainers’ chart at GH¢0.59.

Trading activity weakened as 1,292,108 shares valued at GH¢4,209,534 changed hands compared to 5,554,537 shares valued at GH¢7,351,199 last week.

GCB Bank dominated trades by volume, accounting for 77.52% of total volume traded while GCB Bank led trades by value, accounting for 88.06% of the total value traded.

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