Business

Stock Market ends week lower as MTN Ghana dominates trade by volume

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The benchmark index shed 36.53 points (-1.62%) W-o-W to close at 2,212.21 with a -1.99% year-to-date return following losses in eight banking, oil marketing and consumer products counters. Market capitalization followed the market’s trend, decreasing by 0.66% to settle at 56.71 billion.

The GSE Financial Index declined by 39.83 points (-1.95%) W-o-W to close at 2,002.52 with a year-to-date return of -0.85% as a result of a fall in the prices of GCB Bank (-1.77%), CAL Bank (-2.04%), Standard Chartered (-3.33%), Republic Bank (-3.33%) and Access Bank (-10.00%).

Fan Milk (-0.24%) and Unilever Ghana (-14.63%) dragged the SAS Manufacturing Index down by 231.45 points (-6.61%) to close at 3,267.70 points with a year-to-date return of -6.14%.

GOIL Company (-0.56%) summed up the losers’ chart.

This week’s trading activity weakened as 3,625,470 shares valued at GH¢2,703,767 changed hands with 42,030,468 shares valued at GH¢33,602,321 last week. MTN Ghana dominated trades by volume and value for the third straight week, accounting for 91.14% of total volume traded and 83.04% of the total value traded.

We expect trading activity to pick up as investors await earnings announcements.

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