Stock Market pulls back to start week

The GSE Composite Index tumbled by 12.46 points (-0.55%) due to losses in two banking and telecom counters to close at 2,236.29 with a -0.92% year-to-date return while the market capitalization declined by 0.23% to settle at GH¢57.96 billion.

CAL Bank (-1.02%) lowered the GSE Financial Index by 1.11 points (-0.05%) to close at 2,041.23 with a year-to-date return of 1.07%.

The SAS Manufacturing Index recorded no gains or losses for the eighth successive session, closing at 3,499.15 with a 0.51% year-to-date return.

MTN Ghana (-1.47%) completed the losers’ chart, closing at GH¢0.67.

265,949 shares valued at GH¢180,178 summed up the session’s trading activity as compared with 28,653 shares valued at GH¢60,370 at the previous session. MTN Ghana dominated trades by volume and value for the second straight session, accounting for 87.20% of total volume traded and 86.30% of the total value traded.

We expect trading activity to pick up as investors demand bargain stocks.