Stock Market closes lower as banking and oil marketing counters decline

Market Summary

The benchmark index was down 16.97 points (-0.78%), closing at 2,160.90 with a -4.26% year-to-date return as a result of downward price movements in five banking and oil marketing counters while market capitalization decreased by 0.31% to settle at GH¢56.00 billion.

Ecobank Ghana (-4.96%), Societe Generale (-1.32%) and GCB Bank (-1.26%) dragged the GSE Financial Index 24.74 points (-1.27%) lower to close at 1,926.31 with a year-to-date return of -4.62%.

The SAS Manufacturing Index remained unchanged at 3,215.74 with a -7.63% year-to-date return for the fourteenth consecutive session.

GOIL Company (-4.71%) and Total Petroleum (-1.69%) completed the losers’ chart at the session.

Trading activity strengthened as 117,373 shares valued at GH¢119,179 changed hands compared to 40,291 shares valued at GH¢54,620 at the previous session. Ecobank Transnational dominated trades by volume, accounting for 42.60% of the total volume traded while GOIL Company dominated trades by value, accounting for 24.55% of the total value traded.

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