Two banking and telecom counters drive stock market higher

The benchmark index closed the week 14.87 points (+0.80%) higher on the back of two banking and telecom counters at 1,877.64 with a -16.81% year-to-date return while the market capitalization increased by 0.29% to close at GH¢52.72 billion.

CAL Bank (+7.69%) pushed the GSE Financial Index up by 5.57 points (+0.32%) to close at 1,730.78 with a -14.30% year-to-date return while the SAS Manufacturing Index recorded no gains or losses, closing at last week’s level of 2,581.74 with a year-to-date return of -25.84%.

MTN Ghana (+1.79%) summed up this week’s gainers’ chart.

Trading activity waned as 233,527 shares valued at GH¢298,698 changed hands compared to 32,772,544 shares valued at GH¢19,513,304 last week.

MTN Ghana dominated trades by volume accounting for 29.78% of the total volume traded while GCB Bank dominated trades by value, accounting for 36.24% of the total value traded.

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