Three banking and telecom counters fell on declining rates, lowering the GSE Composite Index

Three banking and telecom counters fell on declining rates, lowering the GSE Composite Index by 30.11 points (-1.45%) to close at 2,043.11 with a -9.48% year-to-date return while the market capitalization decreased by 0.57% to settle at GH¢54.60 billion.

Standard Chartered (-2.78%) and CAL Bank (-1.28%) dragged the GSE Financial Index by 11.84% (-0.63%) to close at 1,865.08 with a year-to-date return of -7.65% in spite of a gain in Societe Generale (+1.56%).

The SAS Manufacturing Index was unchanged at 3,098.44 with a -11.00% year-to-date return.

Trading activity strengthened as 107,181 shares valued at GH¢111,953.86 changed hands from 71,500 shares valued at GH¢23,313 at the previous session. MTN Ghana dominated trades by volume and value, accounting for 79.68% of the total volume traded and 47.32% of the total value traded.

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