Stock Market retreats while MTN Ghana leads trade activity

Market Summary

The benchmark index retreated today, closing 80.99 points (-3.76%) lower at 2,074.91 with a -8.07% year-to-date return due to three telecom, banking, and insurance counters. The market capitalization was down 1.51% to settle at GH¢54.93 billion.

Enterprise Group (-0.59%) and Standard Chartered (-4.00%) dragged the GSE Financial Index down by 18.28 points (-0.95%) to close at 1,900.84 with a -5.88% year-to-date return.

The SAS Manufacturing Index remained unchanged at 3,203.29 with a -7.99% year-to-date for the fifteenth successive session.

MTN Ghana (-8.82%) summed up the decliners’ chart as the major loser at GH¢0.62.

A total of 1,124,400 shares valued at GH¢732,823.00 changed hands from 235,228 shares valued at GH¢1,243,552 at the previous session. MTN Ghana dominated trades by volume and value, accounting for 99.80% of the total volume traded and 95.02% of the total value traded.

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