Trading activity surges while stock market declines

The Ghana Stock Exchange benchmark index closed 60.18 points (-2.81%) lower after seven financial with oil marketing and telecom counters shed off their prices, closing at 2,083.72 with a -7.68% year-to-date return.

Also, the market capitalization declined by 1.12% to settle at GH¢55.02 billion amidst COVID-19 negative impact on global economy.

Financial stocks led the loser’s chart as five of its counters, GCB (-0.22%), EGL (-2.37%), CAL (-2.50%), SOGEGH (-7.14%) and RBGH (-12.28%) dragged the GSE Financial Index down by 20.82 points (-1.09%) to close at 1,883.37 with -6.75% year-to-date return. GOIL (-2.44%) and MTNGH (-5.88%) summed up the losers’ chart.

“We expect trading activity to pick up as investors take advantage of bargain stocks”, SAS Research optimistic.

Meanwhile, the SAS Manufacturing Index stayed at level of 3,192.63 with a -8.30% year-to-date return as at last week, Wednesday.

Trading activity surged as 14,307,206 shares valued at GH¢9,180,920 changed hands from 13,253 shares valued at GH¢35,386 at the previous session. MTN Ghana dominated trades by volume and value, accounting for 99.47% of the total volume traded and 99.21% of the total value traded.

GCB has given notice that its Annual General Meeting (AGM) scheduled for 29th May 2020 has been put on hold.

The Bank’s decision to put the AGM on hold is a way of responding to the risk associated with the Covid-19 pandemic and the current state in the country.

Also, UNIL has announced that its Annual General Meeting scheduled for Thursday, May 14, 2020, has been put on hold until further notice.

Their decision is in compliance with the Directive on public gatherings issued by the President of the Republic of Ghana and the Ghana Stock Exchange as a result of the COVID-19 pandemic on the 15th and 16th of March 2020 respectively.

By Adnan Adams Mohammed

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