On Thursday, the market closed with a total market capitalization of GH¢56.95 billion and a year-to-date fall in the composite index (GSE-CI) of -12.27%, after opening the year with capitalisation of GH¢ 61.51 billion.
The GSE Composite index (GSE-CI) continue to decline having recorded a year to date drop of -12.27%, and this included a -9.90% year to date decline for the financial stocks index (GSE-FSI), as at Thursday, September 12, 2019.
The market seems to be in a free-fall, with no sign of recovery at the moment.
The GSE Composite Index (GSE-CI) measures the weighted average price changes of all the equities listed on the market, and the GSE Financial Stock Index (GSE-FSI) – tracks the weighted average price changes of financial services equities.
The slowdown in the performance of the financial services industry has largely been attributed to the decline in the GSE-FSI.
But the decline in the GSE-FSI has not been as fast this year compared with the decline of the GSE-CI and so the data indicates there are other factors at work too.
Meanwhile, an analyst with UMB stockbrokers, Ben Ackah told Goldstreetbusiness that the market is not expected to crawl back to a positive range in terms of the year-to-date figures any time soon.
A positive position may be recorded, unless the market receives some new spectacular information, he stated.
“Either too, I do not expect a significant decline, because a lot of the information out there has already been priced into the market, at the moment. That is why there has been the decline,” Mr Ackah stated.