Ghana Stock Exchange suffers losses after record high

ghana stock exchange

After attaining a record high of 45.53% in the current year, the Ghana Stock Exchange suffers a fall-back in its performance indices. The GSE composite index (GSE-CI) which peaked at a year-to-date figure of 45.53% on 6th September 2017, started to decline on the following trading day (7th September 2017). This followed a continuous decline in subsequent trading days. At the end of trading yesterday (15th September 2017), the Ghana Stock Exchange closed with a year-to-date return of 36.78%. Overall, the stock market has therefore dropped by 8.75% over the past week. Furthermore, the GSE Financial Stocks Index (GSE-FSI) has similarly plunged from its year-to-date figure of 44.14% (recorded on 6th September) to 30.92% on 15th September 2017. This translates in a loss of 13.22%.

The losses were mainly contributed by some financial stocks on the bourse. Standard Chartered Bank Limited (SCB), for instance, suffered a cumulative loss of 23.11% between 6th September and 15th September 2017. The banking stock, which was trading at GH¢26.01 on 6th September 2017, closed trading at GH¢20 on 15th September 2017. GCB Bank Limited (GCB) similarly recorded a loss of 12.43% between 6th September and 15th September 2017. In addition, Enterprise Group Limited (EGL) registered a loss of 10.71% over the same period. The Insurance stock retreated from its trading price of GH¢5.6 (on 6th September 2017) to GH¢5.00 on 15th September 2017.