Profit taking in two stocks in the telecommunications and banking sectors sent the benchmark index 12.66 points (-0.42%) lower to close at 3,040.24 with a 17.85% year-to-date return. Market capitalization followed the trend, down 0.19% to close at GH¢66.47 billion.

Performance was mixed across sector indices. Ecobank Ghana Holdings (EGH) lost a pesewa to close at GH¢8.43, dragging the financial index down by 0.63% to close at 2,618.12 with a 13.31% year-to-date return.

Manufacturing stocks recorded no gains or losses for the session, closing at the previous level of 5,597.82 with a -5.03% year-to-date return.

Trading activity increased with 310,076 shares valued at GH¢703,120.92 changing hands from 221,885 shares valued at GH¢220,195.45 in the previous session. This represents a 39.75% increase in total volume traded and a 219.32% jump in total value traded. Cal Bank (CAL) dominated trades by volume, accounting for 67.73% of total volume traded while Ecobank Ghana (EGH) accounted for 53.95% of total value traded.

Market sentiment weakened, with the aggregate bid/ask ratio closing at 0.4:1 from 0.8:1 in the previous session as a result of an increase in offers in Cal Bank (CAL) and MTN Ghana (MTNGH). We expect trading activity to pick up as the third quarter earnings season nears.

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