- Ghana Stock Exchange Leads Selected African Markets With 63.04% Year-to-Date Return
The Ghana Stock Exchange remains the best-performing market among selected African exchanges tracked by SIC Brokerage, despite a weak weekly performance that left the local bourse in the red.
According to SIC Brokerage’s weekly market report dated June 5, 2026, the GSE Composite Index closed the week at 14,299.32 points, representing a year-to-date return of 63.04 percent.
This placed Ghana ahead of Nigeria, whose NGSE All Share Index posted a year-to-date return of 55.66 percent, Egypt’s EGX-30 with 25.88 percent, the WAEMU BRVM with 26.4 percent, Kenya’s NSE ASI with 12.75 percent, Botswana’s BGSMDC with 1.19 percent, and South Africa’s JSE ASI, which was down 3.93 percent year-to-date.
The performance confirms Ghana’s equities market as one of the strongest investment stories on the continent this year, supported by gains in banking, telecoms, energy, insurance and selected consumer stocks.
However, the weekly market tone was cautious. SIC Brokerage said investor caution drove a broad-based sell-off, with the GSE Composite Index losing 54.82 points during the week. The index recorded a one-week return of -0.38 percent, compared with a decline of 1.14 percent in the previous week.
The GSE Financial Stocks Index, however, bucked the broader market trend, gaining 57.96 points to close at 7,911.44 points. Its year-to-date return rose to 70.24 percent, compared with 68.99 percent a week earlier.
The strong performance of financial stocks underlines continued investor appetite for banks and financial services counters, many of which have delivered significant gains this year.
Market capitalisation expanded by GHS 2.44 billion week-on-week to GHS 265.38 billion, from GHS 262.94 billion in the previous week.
Trading activity, however, weakened. Total volume traded fell to 10.98 million shares, compared with 19.88 million shares the previous week. Total value traded also declined to GHS 90.69 million, from GHS 126.63 million.
The most actively traded stock by value was MTN Ghana, which recorded GHS 49.19 million in turnover from 7.57 million shares traded.
It was followed by GCB Bank, which traded 879,341 shares valued at GHS 31.39 million. ZEN Petroleum recorded GHS 2.46 million from 206,114 shares, while Benso Palm Plantation traded 13,971 shares valued at GHS 1.17 million.
CAL Bank completed the top five traded equities, with 1.33 million shares valued at GHS 1.03 million.
On price movements, TotalEnergies Marketing Ghana was the week’s strongest gainer, rising by GHS 3.00 to close at GHS 36.00, although the counter remains down 10.67 percent year-to-date.
GCB Bank gained GHS 0.75 to close at GHS 36.00, bringing its year-to-date return to 79.02 percent.
Atlantic Lithium rose by GHS 0.26 to close at GHS 8.46, while Ecobank Transnational Incorporated gained GHS 0.18 to close at GHS 1.57. ETI’s year-to-date return now stands at 103.90 percent.
CAL Bank gained GHS 0.04 to close at GHS 0.77, while Enterprise Group added GHS 0.03 to close at GHS 10.03.
On the decliners’ side, Benso Palm Plantation recorded the steepest fall, losing GHS 5.50 to close at GHS 80.00. Despite the weekly decline, the stock remains up 43.32 percent year-to-date.
Ecobank Ghana lost GHS 3.01 to close at GHS 44.99, while ZEN Petroleum fell by GHS 1.43 to close at GHS 10.04.
Other decliners included Ghana Oil Company, down GHS 0.43 to GHS 7.50; Guinness Ghana Breweries, down GHS 0.25 to GHS 14.50; SIC Insurance, down GHS 0.17 to GHS 4.83; Republic Bank Ghana, down GHS 0.11 to GHS 5.09; Societe Generale Ghana, down GHS 0.09 to GHS 6.42; and Fan Milk, down GHS 0.02 to GHS 13.30.
SIC Brokerage maintained MTN Ghana, Benso Palm Plantation and TotalEnergies Marketing Ghana as long-term buy recommendations. It also placed Ecobank Ghana, SIC Insurance, GCB Bank, Societe Generale Ghana and Fan Milk on its buy list.
The brokerage’s April 2026 market summary also shows the scale of the market’s rally compared with the same period last year. The GSE Composite Index stood at 15,130.52 in April 2026, compared with 6,095.57 in April 2025, representing a 148.2 percent increase.
The GSE Financial Stocks Index also rose by 184.03 percent year-on-year, from 3,112.17 in April 2025 to 8,839.41 in April 2026.
Market activity equally expanded, with April 2026 trading volume rising by 166.38 percent to 60.94 million shares, while value traded increased by 157.71 percent to GHS 373.41 million.
On the commodities front, Brent crude oil closed the week at US$93.40 per barrel, down from US$104.09 the previous week, but still up 53.39 percent year-to-date.
Gold closed at US$4,326.00 per ounce, down from US$4,511.71, with a marginal year-to-date decline of 0.31 percent. Cocoa closed at US$4,039.14 per metric tonne, compared with US$3,834.60 the previous week, although it remains down 32.41 percent year-to-date.
On the currency market, the cedi weakened against major trading currencies. The US dollar closed the week at GHS 11.8505, compared with GHS 11.6250 the previous week. The British pound was priced at GHS 15.8258, while the euro was valued at GHS 13.6630.
The market report suggests Ghana’s equities remain attractive compared with selected African peers, but investor behaviour is becoming more selective after months of strong gains.
For now, the GSE’s continental lead remains intact. The bigger question is whether corporate earnings, liquidity and macroeconomic stability can continue to justify valuations as investors take profit and reassess risk.
