Equity Market Extends Rally as Prime Index Climbs 3.6%; Year-to-Date Returns Rise to 72%
The Ghana Stock Exchange extended its bullish momentum last week, with the benchmark GSE Composite Index gaining 3.58% to close at 8,410.56 points, bringing its year-to-date return to 72.05%, its strongest level this year.
The GSE Financial Stock Index advanced 3.44% to 3,880.46 points, supported by sustained investor interest in banking and telecommunications counters. Market capitalisation rose to GH¢165.6 billion, reflecting improved sentiment and continued liquidity inflows into equities.
Trading activity moderated, however, with the total volume of shares traded declining 12.1% week-on-week to 6.72 million shares, valued at GH¢27.39 million. MTN Ghana once again dominated market turnover, accounting for 78.6% of total value traded (GH¢21.52 million).
Among individual stocks, GLD led the week’s gainers, rising 2.72% to GH¢476.72, while Access Bank Ghana was the sole decliner, edging down 0.01% to GH¢16.35. Notable performers included Ecobank Ghana (+2.20% to GH¢13.20), GCB Bank (+0.97% to GH¢15.00), and TotalEnergies (+1.51% to GH¢37.00), extending their double-digit year-to-date rallies.
Regional Snapshot: Ghana Outperforms African Peers
Ghana remained Africa’s best-performing equity market, with a 72% year-to-date gain, outpacing Egypt’s EGX-30 (44.6%), Kenya’s NSE ASI (44.1%), and Nigeria’s NGX ASI (39.5%). Botswana and the WAEMU BRVM index trailed significantly with single-digit growth.
Currency Market: Cedi Loses Ground Against Major Pairs
The Ghanaian cedi weakened against most major currencies during the week, slipping 1.2% against the US dollar to close at GH¢12.55, extending its year-to-date depreciation to 17.13%. The local unit also lost ground to the British pound (GH¢16.92) and euro (GH¢14.74), though it gained modestly against the CFA franc, which eased 3.1% to GH¢44.50.
Commodities: Gold Strengthens, Oil Prices Ease
On the commodities front, gold prices surged nearly 3% week-on-week to US$3,884.61 per ounce, buoyed by safe-haven demand amid global market volatility. Brent crude retreated to US$64.80 per barrel, down 13.35%, as concerns over demand and rising global inventories weighed on prices. Cocoa extended its correction, falling 6.4% to US$6,287.58 per tonne, reflecting improved crop outlooks in West Africa.
