Ghana Stock Exchange continues upward trajectory, no decliners in latest trading session

The Ghana Stock Exchange (GSE) closed the trading day on a positive note as the benchmark index, the GSE-Composite Index, gained 3.67 points to close at 2,741.46 points, representing a 12.18% year-to-date change. Meanwhile, the GSE Financial Stocks Index also gained 2.30 points to close at 1,758.28 points, albeit with a year-to-date return of -14.34%.

Notably, GCB Bank PLC. (GCB) gained GH¢0.05 while Unilever Ghana PLC. (UNIL) gained GH¢0.40 to close at GH¢3.20 and GH¢4.80 respectively. Interestingly, there were no decliners in this trading session, indicating a bullish market sentiment.

Market capitalization also witnessed a substantial increase as it climbed GH¢38.25 million, ending the day’s trading session at GH¢68.28 billion. However, the market also experienced a spike in trading activity, with a 729.99% rise in volume traded, but a 967.02% slump in value traded.

In total, 268,152 shares were traded across thirteen (13) equities, valued at GH¢ 305,221.61. It is worth noting that Ecobank Transnational Inc. (ETI) emerged as the top traded equity with 123,804 shares valued at GH¢18,570.60, representing 6.08% of the total value traded. This was followed by SIC Insurance Company Ltd. (SIC), which traded 65,480 shares valued at GH¢16,370.00, representing 5.36% of the total value traded.

The GSE has shown some resilience in recent times, having navigated the pandemic-induced economic downturn and related market volatilities. The upward movement in market indices, coupled with the relatively high trading volumes, is an indication of the market’s renewed optimism.

Despite the recent gains, however, the Ghanaian economy still faces significant challenges. For instance, the country’s debt-to-GDP ratio currently stands at over 76%, and rising fuel prices could further stoke inflationary pressures. Nevertheless, investors remain cautiously optimistic about the prospects of the Ghanaian market, with several opportunities for growth and investment.

Source: norvanreports.com