Local Bourse Extends Rally as Composite Index Surges Past 7,300 Points
Ghana’s equity market extended its winning streak last week, with the benchmark GSE Composite Index (GSE-CI) climbing 5.6% to close at 7,386.41 points, marking a year-to-date gain of 51.1%, according to data from the Ghana Stock Exchange.
The rise — an acceleration from the previous week’s 4.82% gain — came despite a sharp contraction in market activity. Trading volumes plunged 71.15% to 2.67 million shares, while turnover dropped 96.66% to GH¢11.26 million. Market capitalization rose to GH¢150.83 billion, buoyed by price gains in large caps.
Gold-backed ETF GLD led the week’s advancers, up 46.41 points to GH¢407.99. MTN Ghana rose 38 pesewas to GH¢3.93, ending the week as the most traded stock with 6.85 million shares worth GH¢24.72 million changing hands. GCB Bank and GOIL also posted modest gains.
The GSE Financial Stock Index (GSE-FSI), however, edged down 0.57% to 3,408.78 points, trimming its YTD return to 43.18% as selling pressure weighed on banking stocks, as ETI, CAL Bank, Access Bank and SIC Insurance led the decliners.
In the currency market, the cedi weakened against the US dollar, closing at GH¢10.60, down from GH¢10.50 a week earlier. It also fell against the pound and euro to GH¢14.25 and GH¢12.35, respectively.
On commodities, Brent crude slipped to $66.79 per barrel, while gold rose to $3,396.99 an ounce. Cocoa prices fell sharply to $7,687.97 per tonne.
