Trading activity soars while two banking counters inch stock market lower

Market Summary

The GSE Composite Index shed 17.30 points (-0.81%) as a result of downward price movements in five counters in the financial and oil sectors to close at 2,116.74 with a -6.22% year-to-date return while market capitalization decreased by 0.34% to settle at GH¢55.36 billion.

The GSE Financial Index declined by 30.90 points (-1.65%) to close at 1,846.88 with a year-to-date return of -8.55% due to Standard Chartered (-0.21%), Societe Generale (-1.33%) and Ecobank Ghana (-7.69%).

The SAS Manufacturing Index remained unchanged at 3,203.29 with a -7.99% year-to-date.

Trading activity strengthened as 12,492 shares valued at GH¢73,336 changed hands from 3,783 shares valued at GH¢3,728 at the previous session. Ecobank dominated trades by volume and value, accounting for 80.85% of the total volume traded and 82.63% of the total value traded.

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

Preference Share Dividend Payment

Standard Chartered Bank Limited (GSE: SCB)

SCB has announced a dividend payment of GH¢0.0471 per preference share in respect of the dividend period 31st March, 2020 to 30th September, 2020. The Dividend Rate (interest) is 18.1519%.