GSE remains steady amid low volumes
THE Ghana Stock Exchange (GSE) saw no significant movement during the third trading session of the week, with its benchmark indices holding steady.
The GSE Composite Index remained unchanged at 4,354.16 points, while the GSE Financial Stock Index also stayed flat at 2,198.88 points.
Despite stable index figures, the market saw a marginal decline in capitalization, which dropped by 0.01%, settling at GH₵ 99.06 billion. A key mover in the session was NewGold, which underperformed, dropping by GH₵3. 52 to close at GH₵399 per share.
Trading activity on the exchange slowed considerably, with volumes contracting by 82.07% to just 85,325 shares. However, the session saw a significant boost in turnover, which surged by 184.84% to GH₵ 3.88 million.
This increase was largely driven by substantial trades in GLD. SIC Insurance Company led the market in terms of activity, accounting for 38.92% of the total volumes traded.
In the foreign exchange market, the Ghanaian cedi continued to weaken against major international currencies. According to the Bank of Ghana’s interbank mid-rates, the cedi depreciated by 0.44% against the US dollar, closing at GH₵15.90 per dollar. This brings the year-to-date depreciation against the dollar to 25.28%.
The cedi also lost ground against the British pound, slipping by 0.30% to settle at GH₵20.78 per pound, reflecting a 27.20% depreciation for the year so far. Against the euro, the cedi depreciated by 0.25%, closing at GH₵17.40, marking a year-to-date decline of 24.58%. As the week progresses, market observers will keep a close watch on the cedi’s performance and any shifts in trading activity on the GSE, particularly in light of ongoing economic challenges facing the country.
