July 2019 appeared to have been the worst month for the year. The Composite Index’s record low performances for the year and    pro-longed decline in prices characterized the stock market. The Composite Index closed the month with a year-to-date loss of 8.77% compared to a year-to-date gain of 13.62% for the same period the previous year. This bearish market could be attributed to the low investor confidence in the financial sector resulting from the banking reforms that occurred last year. Surviving banks after the reforms posted some sterling financial performances as depicted by the mid-year financial results with significant rise in their net trading income. However, investors appear to be indifferent to the information, as confidence remains low. Analysts believe that the low   investor confidence may prolong in the short to medium term and investors may take advantage of low prices and take positions.

Liquidity was on the low side this month as 12.8 million shares of 28 companies traded on the bourse. MTNGH emerged as the most liquid stock in July by exchanging 7.2 million shares. This represented 56% of volume. The GSE Alternative market (GAX) saw some activity with 245,400 shares of IIL trading. This was 1.91% of total volume.

Trading sessions in July produced three gainers and twelve losers while thirteen remained    unchanged.  SPL gained 50% to close the month at GH¢0.03; thus leading the pack of gainers.

This month saw Fan Milk Ltd. (FML) lose 8.20% to touch GH¢4.59, the lowest price since its fall from GH¢17.60 last year April. However, Analysts have predicted a rebound after the    company announced changes in the composition of the Board of Directors due to Danone , a    leading global food & beverage company      increasing its stake in Fan Milk International A/S from 51% to 100% . The 49% stake they       acquired was previously held by Abraaj.