By Nelson Ayivor
The Ghana Stock Exchange concluded the week with a remarkable surge, buoyed by widespread advancements in the banking, telecom, and agro-industrial sectors.
Market capitalization soared by over GH¢7 billion, propelling both the composite and financial indices to unprecedented levels, maintaining the robust performance witnessed throughout the year.
Market Performance:
The primary market benchmark, the GSE Composite Index, ascended steadily over the week, commencing at 7,316.08 points on Monday and culminating at 7,779.15 points on Friday. This marks a weekly uptick of 463.07 points, or approximately 6.3%. Additionally, the GSE Financial Stocks Index displayed growth, escalating from 3,566.05 points on Thursday to 3,653.69 points on the final trading day, showcasing robust demand for banking shares.
The aggregate value of listed companies escalated from GH¢150.28 billion at the week’s inception to GH¢157.37 billion by Friday’s closure. Year-to-date, the composite index has surged by 59.13%, while the financial index has seen an uptick of 53.47%, positioning Accra as one of the top-performing stock markets in 2025 across the continent.
Trading Activity:
Wednesday, September 17, saw the most intense trading session, with 4.47 million shares valued at GH¢18.13 million changing hands, with MTN Ghana accounting for the majority of transactions. This single day’s activity accounted for nearly half of the total market volume for the week, which crossed 8.8 million shares.
The week began on a subdued note, witnessing the exchange of 355,634 shares worth GH¢1.2 million on Monday. Subsequently, trading picked up midweek before tapering slightly towards Friday, with 746,677 shares valued at GH¢2.18 million being traded. Despite fluctuations in daily volume, investor interest remained concentrated on prominent, actively traded stocks, particularly in the telecom and banking sectors.
Key Movers:
Leading the market activity, MTN Ghana witnessed the trade of over 4.4 million shares worth GH¢17.7 million on Wednesday alone. The stock saw a consistent upswing, closing the week at GH¢4.09, up from GH¢3.76 on Monday, reinforcing its dominant standing on the exchange.
In the banking sector, Ecobank Ghana concluded the week at GH¢9.35, showing an increase from GH¢9.02, while GCB Bank surged to GH¢13.50 from GH¢13.31. Ecobank Transnational Incorporated stood out by soaring nearly 10% in a single session to GH¢0.89. Societe Generale and CAL Bank also experienced gains earlier in the week, uplifting the financial index.
Consumer and insurance stocks also saw positive movement, with Fan Milk climbing by GH¢0.13 to GH¢4.80, and Enterprise Group rising to GH¢3.10. Benso Oil Palm Plantation recorded the most substantial price upsurge, rallying by 10% on Thursday to GH¢37.78, driven by heightened investor interest stemming from strong earnings prospects and firmer commodity prices.
Various commodity-linked shares exhibited gains as well, with the gold-backed exchange-traded fund closing at GH¢459.00 in alignment with strengthened global gold prices, while TotalEnergies Marketing Ghana and Ghana Oil Company made modest gains during midweek trading.
The single declining stock was Unilever Ghana, which slipped by GH¢0.40 to GH¢20.00 on Wednesday, attributed to profit-taking following previous gains.
Outlook:
Investors are advised to monitor commodity-linked firms such as Benso Oil Palm Plantation and the gold-backed ETF, as their performance correlates with global market trends. MTN Ghana is projected to uphold significant market liquidity due to its consistent trading volumes.
With year-to-date gains approaching 60%, the Ghana Stock Exchange is experiencing one of its most prosperous years in recent memory. While some profit-taking is anticipated after the robust rally this week, overall sentiment remains positive, with expectations of sustained demand for banking and telecom shares propelling momentum in the forthcoming weeks.