GSE rallies with benchmark gains as Cedi strengthens against major currencies

The Ghana Stock Exchange (GSE) saw notable activity in the fourth trading session of the week, with the GSE Composite Index rising by 1.17% to close at 4,610.96 points, marking an impressive year-to-date gain of 45.60%. The GSE Financial Stock Index, however, held steady at 2,264.25 points, maintaining its own significant year-to-date growth of 19.07%. The GSE’s market capitalization rose by 0.60%, reaching 103.21 billion cedis, reflecting a 39.67% increase year-to-date.

MTN Ghana, one of the day’s standout performers, recorded a gain of 5 pesewas, closing at 2 cedis, 35 pesewas per share. In contrast, the exchange-traded fund New Gold saw a decline, dropping by 16 cedis, 93 pesewas to end at 427 cedis, 7 pesewas per share. Despite these movements, trading volumes declined sharply, with total shares traded falling by 58.86% to 174,846, generating a value of 323,336 cedis and 36 pesewas. Cow Bank dominated trading activity, accounting for 93.81% of total volume.

On the currency market, the Ghanaian cedi showed strength against major currencies. It appreciated by 1.35% against the US dollar, closing at 16 cedis, 20 pesewas, though it remains down 26.67% year-to-date. The cedi also gained 0.40% against the British pound, reaching 21 cedis, 6 pesewas, with a 28.17% depreciation year-to-date. Against the euro, the cedi rose by 0.60% to close at 17 cedis, 52 pesewas, showing a 25.11% depreciation year-to-date.

This positive performance in both equity and currency markets suggests growing resilience, despite the challenges posed by inflation and currency fluctuations over the past year.