GSE indices stable as market capitalization sees slight uptick
The Ghana Stock Exchange (GSE) maintained stability in its key indices, with both the GSE Composite Index and GSE Financial Index remaining unchanged in recent trading. The GSE Composite Index held steady at 4,348 points, showing no percentage change for the day, while the GSE Financial Index remained fixed at 2,118.52 points, mirroring a similar pattern of no variation.
Despite the stability in indices, the market capitalization saw a modest increase of 0.02%, reaching 91.93 billion cedis. Notably, the new Gold ETF emerged as the sole advancer, posting a 1.65% rise to close at 387 cedis.
Trading activity sees mixed results
Trading volumes, however, experienced a contraction of 12.90%, settling at 402,247 shares. In contrast, the total value of trades surged by an impressive 1,631.86%, jumping from 285,128 cedis and 4 pesewas to 4.94 million cedis. The surge in trade value was largely driven by increased activity in the Gold ETF (GLD). Societe Generale led the session in terms of volume, accounting for 84.48% of the shares traded.
Currency market: Cedi declines against major currencies
In the foreign exchange market, the Ghanaian cedi faced depreciation against major international currencies. According to the Bank of Ghana’s closing interbank rates, the cedi weakened by 0.29% against the US dollar, settling at 15 cedis per dollar. This marks a year-to-date decline of 22.47%.
Against the British pound, the cedi depreciated by 0.48%, closing at 20 cedis per pound, reflecting a year-to-date decline of 25.03%. Similarly, the cedi dropped by 0.48% against the euro, ending the session at 17 cedis per euro, with a year-to-date decline of 22.83%.
Outlook The stability in the stock exchange’s indices, alongside the significant rise in trading value, paints a mixed picture of the market’s performance. While the exchange shows resilience, the depreciation of the cedi against major currencies remains a concern for the broader economic outlook.
