Stocks retreated for the third straight session, closing at an 11 month low of 2,640.62, representing a decline of 44.94 points (-1.70%) from the previous session to close with a 2.36% YTD return. Market capitalisation fell by 1.04% to GH¢61.88 billion.
Today’s bearish performance was on account of downward price movement in eight counters in the insurance, banking, beverage and telecom sector. Losses in Enterprise Group Limited (-0.77%), Cal Bank Limited (-1.02%), Societe Generale (-1.12%), Ecobank Transnational Incorporated (-5.88%) and Republic Bank Ghana Limited (-14.55%) dragged the financial index down by 1.51% to close with a -3.87% year-to-date return. Fan Milk Ghana Limited (-1.33%) and Guinness Ghana Breweries Limited (-2.24%) dragged the manufacturing index down by 0.93% to close with a -18.36% year-to-date return.
Market turnover surged with 2,523,084 shares valued at GH¢3,269,306.86 changing hands from 536,583 shares valued at GH¢536,583 in the previous session. MTN Ghana (MTNGH) dominated trading activity, accounting for 84.86% of total volume traded and 52.40% of total value traded.
We expect the market’s performance to decline tomorrow as stocks remain net offered.
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