This week has begun on the Ghana Stock Exchange with smiles on the faces of some investors as equities from different sectors of the economy gained some cedis. There were five gainers namely AngloGold Ashanti, AGA (Mining), Enterprise Group Ltd, EGL (Insurance), Ecobank Transnational Inc. ETI, (Banking), Ghana Oil, GOIL (Oil) and
UT Bank, UTB.
The local bourse started the week impressively, following the positive price changes in these equities.These changes in the market on Monday perfectly contradict the weekend effect; A phenomenon in financial markets in which stock returns on Mondays are often significantly lower than those of the immediately preceding Friday. Meanwhile, there were two losers, Cocoa Processing Company, CPC and SIC Insurance Company.
The GSE-Composite Index went up 4.37 points to close trading at 1,032.34 points. The financial stock benchmark also rose 11.03 points above the previous closing, at 870.77 points, pushing the year-to-date return on financial stocks to 0.89% from -0.39%.
The market recorded its highest volume of trade this year as 12.52 million shares were traded for a year-high of GHS3.20 million. Trade volume increased nearly 10 fold from the previous session with the market turnover more than quadrupling. EGL was the dominant equity with 65.68% of the volume traded and 82.19% of the value traded.