Stocks pulled on account of profit taking in four counters in the financial, oil and telecom sectors. Consequently, the GSE-CI closed 0.52% lower with a 14.79% year-to-date return while market capitalization declined by 0.23% to close at GH¢65.67 billion.
Financial stocks closed 0.08% lower on account of downward price movement in SIC Insurance (-13.33%) and Ecobank Ghana Holdings (EGH). Manufacturing stocks recorded no change, closing with a -5.84% year-to-date return. MTN Ghana closed 1.11% lower as a result of profit taking from its impressive performance post IPO.
A total of 294,308 shares valued at GH¢491,994.98 changed hands from 150,081 shares valued at GH¢1,299,453.32 in the previous session. This represents a 96.10% jump in total volume traded and a 62.14% decline in total value traded. MTN Ghana (MTNGH) dominated trades by both volume and value, accounting for 93.41% of total volume traded and 49.68% of total value traded.
Market sentiment was bearish, with the aggregate bid/ask ratio closing at 0.2:1, same as in the previous session as a result of continuous selling pressure in MTN Ghana Limited (MTNGH), Enterprise Group Limited (EGL), Ecobank Transnational Incorporated (ETI), Intravenous Infusions Limited (IIL) and Republic Bank Ghana Limited (RBGH). We expect trading activity to pick up as the third quarter earnings season nears.
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