Financial Stocks Buoy GSE Indices Despite GH¢8.5m Dip in Market Capitalisation
The Ghana Stock Exchange (GSE) closed the week with a mixed performance, as gains in key financial stocks lifted the benchmark indices even as the broader market shed value.
Data from the Ghana Stock Exchange show that the GSE Composite Index (GSE-CI) inched up by 0.15% to finish at 8,622.64, supported largely by advances in the banking and energy counters. The Financial Stock Index (GSE-FSI) recorded a stronger outturn, rising 0.71% to settle at 4,487.85 on the back of renewed demand for select financial equities.
However, the market’s total capitalisation declined by GH¢8.53 million to GH¢166.48 billion, weighed by contractions in some heavyweight counters.
Equity gainers were led by Ecobank Ghana (EGH), which surged by GH¢1.02 to GH¢24.02. CAL Bank followed with a GH¢0.03 uptick to GH¢0.43, while GOIL advanced by GH¢0.02 to close at GH¢2.85. On the decliners’ board, MTN Ghana (MTNGH) slipped by GH¢0.01 to GH¢4.20, ETI also eased by GH¢0.01 to GH¢0.80, while TOTAL Petroleum shed GH¢0.04 to GH¢40.37. Gold-backed ETF, GLD, dropped GH¢0.51 to GH¢449.35.
Trading activity slowed sharply during the week as total volume traded fell to 7.64 million shares from 20.36 million shares in the previous week, while the value traded plummeted to GH¢8.38 million from GH¢76.32 million. CAL Bank dominated the volume and value charts, accounting for 6.5 million shares valued at GH¢2.72 million.
In the currency market, the Ghana cedi weakened against major trading currencies. The US dollar closed the week at GH¢11.41, up from GH¢11.27, marking a year-to-date appreciation of 29.32%. The pound traded at GH¢15.26, the euro at GH¢13.32, and the Chinese yuan at GH¢1.61.
Commodities presented a mixed picture as Brent crude closed lower at US$63.24 per barrel, while gold posted a marginal uptick to US$4,211.32 per ounce. Cocoa prices, however, fell sharply to US$5,432.10 per metric tonne.
Meanwhile, Ghana’s equity market continues to outperform its African peers, with the GSE-CI posting a year-to-date return of 76.36%, ahead of the EGX-30, Kenya’s NSE ASI and Nigeria’s NGSE ASI.
