GSE-Composite Index surges 5.31% as market capitalization reaches GH¢73.71 billion
The stock market witnessed a robust rally during the past week, with the GSE-Composite Index surging by an impressive 5.31%. Investor sentiment remained bullish, propelling the index to new heights and driving the year-to-date performance to a remarkable 27.97%.
Despite broader market gains, the GSE-Financial Stocks Index managed only a modest increase of 0.50%, highlighting the ongoing challenges faced by the financial sector in the country. The year-to-date performance for financial stocks stands at -16.02%, signaling a tough road ahead for this segment of the market.
In a significant development, market capitalization witnessed a substantial leap, adding GH¢1714.88 million in value from the previous week, resulting in a new milestone of GH¢73.71 billion. This surge in market cap reflects growing investor confidence in the Ghanaian economy and its prospects.
Trading activity remained vibrant, with a total of twenty-one (21) equities changing hands during the week. Notable gainers included Guinness Ghana Breweries Limited (GGBL), Scancom PLC. (MTNGH), and Societe Generale Ghana Limited (SOGEGH). GGBL posted an impressive gain of GH¢0.25, closing at GH¢2.80, while MTNGH and SOGEGH recorded gains of GH¢0.12 and GH¢0.07, respectively, closing at GH¢1.55 and GH¢0.80.
Scancom PLC (MTNGH) emerged as the standout player, accounting for a dominant 94.15% of the week’s total traded value. The company’s traded volume amounted to ¢8,609,720.64, highlighting its significant influence on overall market activity.
During the week, a total of 5,832,677 shares were traded, cumulating to a total value of GH¢9,145,160.18. This represented a notable increase in market activity, with both volume traded and value traded advancing by 19.08% and 8.61%, respectively, compared to the previous week.
Despite prevailing uncertainties in global markets, Ghana’s equities market demonstrated resilience, attracting domestic and international investors alike. The week’s gains underscore the potential opportunities and growth prospects present in the country’s stock market.
