GSE Composite Index makes gains as Market Capitalization surges
The Ghana Stock Exchange (GSE) Composite Index opened the week on a positive note, recording a 12.3-point gain to close at 4,677.65 points. This marks a year-to-date increase of 23.20%, signalling continued investor confidence in the market.
Market capitalization surged by 3.38% to reach 108.03 billion cedis, representing an impressive year-to-date growth of 46.20%. The session saw Ecobank Transnational Incorporated (ETI) and TotalEnergies as the day’s top performers, with ETI gaining 2 pesewas to settle at 28 pesewas per share, while TotalEnergies’ share price rose by 2 pesewas to close at 12 cedis 90 pesewas.
Trading activity boosts Market Value
Trading activity on the exchange witnessed a significant uptick, with volumes increasing by 0.71% to 602,289 shares traded. This activity drove the total market value to 1.26 million cedis. MTN Ghana dominated the session, contributing 83.21% of the total trading volume, reaffirming its position as a key player on the exchange.
Cedi Strengthens Against Major Currencies
In the currency market, the Ghanaian cedi showed modest strength against major currencies. It appreciated by 0.51% against the US dollar, closing at 15 cedis 72 pesewas per dollar, though it remains 24.43% down in year-to-date terms. The cedi also gained 0.24% against the British pound, ending at 19 cedis 72 pesewas, reflecting a year-to-date depreciation of 23.27%. The positive start to the week on the GSE, coupled with the cedi’s improved performance, underscores a resilient market outlook amidst broader economic challenges. Analysts anticipate sustained activity on the exchange as investors react to favorable trends in the financial and energy sectors.
