The benchmark index closed the week 48.51 points (-2.52%) lower at 1,872.79 with a -17.03% year-to-date return as five insurance, oil marketing, telecom and banking stocks fell on declining rates while the market capitalization decreased by 0.96% to settle at GH¢52.67 billion.
CAL Bank (+8.70%) was the major gainer this week. However, downward price movements in Enterprise Group (-0.69%), GCB Bank (-5.56%) and Standard Chartered (-5.88%) dragged the GSE Financial Index downward by 27.01 points (-1.53%) to close at 1,739.25 with a -13.88% year-to-date return.
The SAS Manufacturing Index recorded no gains or losses, closing the week at 2,644.01 with a year-to-date return of -24.06%.
Trading activity surged as 36,078,708 shares valued at GH¢23,565,696 changed hands compared to 1,292,108 shares valued at GH¢4,209,534 last week. MTN Ghana dominated trades by volume and value, accounting for 97.20% of total volume traded and 83.33% of the total value traded.
We expect trading activity to pick up as investors take advantage of bargain stocks.