Ghana’s Stock Market Ends July on a High: MTNG and RBGH Lead Bullish Surge

• Ghana’s Stock Market Ends July on a High: MTNG and RBGH Lead Bullish Surge

The GSE Composite Index (GSE-CI) surged 216.20 points to 6,992.29, marking a 43.03% year-to-date (YTD) return as the Ghana Stock Exchange (GSE) closed July 2025 on a bullish note. This significant uplift was largely driven by end-of-month rallies in key counters, including MTN Ghana (MTNG) and Republic Bank Ghana (RBGH), both of which posted strong price gains.

The GSE Financial Stocks Index (GSE-FSI) also moved higher, climbing 4.17 points to 3,427.06, pushing its YTD performance to 43.95%, further reflecting sustained investor interest in Ghana’s financial sector.

Market Capitalisation and Trade Volumes Surge

The broader market capitalisation hit GHS146.12 billion, up from GHS143.46 billion previously. But the most striking development was the surge in trading activity; volume traded on the day skyrocketed to 46.17 million shares, marking a dramatic 1,090.69% increase over the previous session.

This sharp spike culminated in a total trade value of GHS207.67 million, led predominantly by MTNG, which alone accounted for GHS163.25 million across 46.01 million shares, easily dominating the traded equities table.

Top Gainers: MTNG, RBGH and CAL

• MTNG closed at GHS3.55, up GHS0.20, securing a 42.00% YTD performance.
• RBGH added GHS1.05 to finish at GHS11.05, bringing its YTD growth to 59.09%.
• CAL Bank (CAL) gained GHS0.01, closing at GHS0.54, up 54.29% YTD.

These counters were among the most actively traded stocks and have consistently delivered strong returns this year.

Decliners: Gold ETF Slips Further

On the flip side, GLD, the gold-backed ETF, shed GHS6.97, ending at GHS366.78, a 6.07% YTD loss. Its decline comes despite gold traditionally being viewed as a safe-haven asset, a signal that investors are shifting risk appetite back toward equities amid signs of macroeconomic stabilisation.

June Recap: Financial Sector Reasserts Dominance

In June 2025, the GSE-CI rose by 98.17 points month-on-month, pushing YTD returns to 31.28%. The GSE-FSI mirrored this uptick, rising 158.87 points to end June with a 44.22% YTD gain.

Top gainers in June included:

• GCB Bank (+24.53%)
• Access Bank (+22.19%)
• SOGEGH (+14.44%)

Total turnover for June, however, fell by 31.27% month-on-month, indicating July’s surge in activity represents a reversal in trend—possibly reflecting increased investor confidence heading into Q3.

Dividends Outlook: August to Bring Payout Boosts

Several dividend payments are on the horizon, with investors expected to benefit from cash inflows:

These payouts may help sustain market liquidity and investor interest during August’s trading cycle.

Investor Sentiment: Equities Back in Favour

July’s performance clearly signals that investor sentiment has swung back in favour of equities, particularly telecoms and banking stocks. The sharp rise in volumes traded, combined with strong YTD performances across financial stocks, suggests market optimism over earnings season and broader macroeconomic recovery.

The coming weeks will test the market’s momentum. With dividend season ahead and August inflation data pending, all eyes will be on whether the GSE can sustain its bull run—or if this was a month-end spike fuelled by institutional repositioning.

Investor Brief

• MTNG led market activity, trading GHS163.25 million in a single session, helping push the GSE-CI up by 216.20 points.
• The GSE Composite Index is up 43.03% YTD, while the Financial Stocks Index gained 43.95%; telecom and banking sectors remain investor favourites.
• Trading volume surged 1,090.69%, signaling renewed investor confidence as dividend season approaches.