GSE gains as Cedi strengthens against major currencies
THE Ghana Stock Exchange (GSE) recorded gains during the second trading session of the week, with both the GSE Composite Index and the GSE Financial Stock Index making progress amid increased trading activity.
The GSE Composite Index rose by 0.31 points to close at 4,706.49 points, reflecting a significant year-to-date increase of 50.37%. The GSE Financial Stock Index also gained 0.44 points, closing at 2,368.61 points, with a year-to-date growth of 24.56%.
Market capitalization increased marginally by 0.004% to settle at GH₵108.8 billion, marking a year-to-date growth of 47.23%.
SIC Insurance Leads Gainers
SIC Insurance Company emerged as the sole gainer for the day, appreciating by GH₵0.02 to settle at GH₵0.27 per share. No stocks recorded losses during the session.
Surge in Trading Activity
Trading activity saw a remarkable improvement, with volumes increasing by over 800% to 3,774,871 shares, valued at GH₵8.56 million. MTN Ghana dominated trading, contributing 99.9% of the total volume.
Cedi Strengthens Against Major Currencies
On the forex market, the Ghanaian Cedi appreciated against the US Dollar, British Pound, and Euro:
- US Dollar: The Cedi appreciated by 0.34%, closing at GH₵14.75 per dollar, with a year-to-date depreciation of 19.46%.
- British Pound: The Cedi appreciated by 0.57%, closing at GH₵18.81 per pound, with a year-to-date depreciation of 19.56%.
- Euro: The Cedi gained 0.97%, ending at GH₵15.50 per Euro, reflecting a year-to-date depreciation of 15.34%.
The improved performance of the stock market and the currency’s appreciation signal positive developments in Ghana’s financial sector, supported by increased trading volumes and renewed investor confidence.
