Ghana Stock Market Posts Modest Gains Amid High-Value Trading and Weak Volumes
Ghana’s equities market extended its rally into the week ending June 20, with the benchmark Ghana Stock Exchange Composite Index (GSE-CI) adding 36.25 points to close at 6,210.28.
The index’s 0.59% weekly gain, though more muted than the prior week’s 2.82%, underscores sustained investor confidence buoyed largely by dividend-linked trades and relative stability in macroeconomic indicators.
The Financial Stocks Index (GSE-FSI) outperformed the broader market with a 1.09% increase to 3,323.44, lifting its year-to-date return to 39.59%.
Overall market capitalisation expanded to GH¢136.84 billion, supported by bullish sentiment in selected banking and telecom counters, even as trade volumes slumped 76.68% to 5.9 million shares.
Financials and Telecoms Drive Sentiment
Standard Chartered Bank (SCB) emerged the standout performer for the week, gaining 73 pesewas to close at GH¢27.00 per share. Access Bank and GCB Bank followed, each appreciating by 48 pesewas to GH¢13.60 and GH¢9.33 respectively.
MTN Ghana (MTNGH), while edging up by just 1 pesewa to GH¢2.95, led the volume chart with 2.58 million shares traded, accounting for over GH¢7.6 million in turnover.
The week’s downside was headlined by gold-backed ETF GLD, which shed GH¢29.55 to settle at GH¢358.88, mirroring a broader retracement in international gold prices. CAL Bank and TotalEnergies also registered marginal declines.
Despite the fall in trade volumes, the value of transactions rose 27.12% week-on-week to GH¢27.82 million, a signal of concentrated high-value trades. This bifurcation—higher value amid fewer trades—points to institutional accumulation rather than retail-driven activity.
Regional Comparison
Ghana’s equities market remains one of the continent’s best performers, with the GSE-CI’s 27.04% year-to-date return surpassing major indices including Nigeria’s NGX ASI (14.78%) and South Africa’s JSE ASI (12.62%). Only Kenya’s NSE ASI came close with an 18% gain.
