DEC 10, 2018: MTN DRIVES INDEX UP AT GHANA STOCK EXCHANGE

Since the listing of MTN Ghana earlier this year, the Composite Index of the market has been more or less at the mercy of shifts in its price.

This is mainly because its outstanding share tradeable on the market are comparatively ahead of that all other quoted companies.

On Monday December 10 2018 this fact was driven home in a very glaring way: The Ghana Composite index rose to 2612.42 from 2608.42 on Thursday before the Farmers day holiday last Friday but this was in spite of 3 price drops and 1 gain.

And the lone ranging gainer? MTN Ghana. There were 1800 shares of MTN sold this Monday and the last deal was struck at GHs 0.79 per share up GHs 0.01 per share which was sustained till day end.

However, MTN closed on bid at GHs 0.75 per share at the end of the day and the price it entered the market with months ago although offer remained at the closing price.

The 3 price drops were all banks led by Republic Bank down GHs 0.05 per share as it closed at its last deal price of GHs0.7 per share compared to GHs 0.75 per share previously. The bank though closed GHs 0.65 on bid and GHs 0.78 per share on offer. Only 5300 shares were exchanged.

CAL Bank and Societe Generale closed down GHs 0.03 per share each to round up the price losers. Societe closed at GHs 0.75 per share compared to GHs 0.78 previously but that was after 2710 shares were traded at GHs 0.78 per share.

CAL Bank, on the other hand, recorded last deal at GHs 0.95 per share compared to GHs 0.98 per share on Friday  and although 9000 units were traded, the tussle between both prices continued to bid and offer closing prices for the day.

Traded volume was once again low coming to only 64,280 shares as against 870,625 units on Friday with. 35,500 shares traded at GHs 2.5 per share in Enterprise Ghana Ltd was top volume.

The bond segment of the market was active all through the 4 trading days of last week, according to figures available this week. Top was GHs 148.275m worth on Tuesday followed by Wednesday's GHs 88.420m; Monday's GHs 79.591m then Thursday's GHs 69.417m.

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