- GSE Composite Index Jumps 72.52% as April Market Rally Extends
The Ghana Stock Exchange extended its positive run in April 2026, with both the Composite Index and the Financial Stocks Index recording strong year-to-date gains as investor activity continued to recover across the market.
According to the GSE’s April 2026 Monthly Summary, the GSE Composite Index posted a year-to-date gain of 72.52%, while the GSE Financial Stocks Index advanced by 90.21%, reflecting broad improvement in market sentiment, especially across financial counters.
The market closed April with the GSE Composite Index at 15,130.52 points, while the Financial Stocks Index ended at 8,839.41 points. Market capitalisation stood at GH¢285.76 billion, compared with GH¢135.97 billion in the same period last year.
Market activity also improved sharply year-on-year, with the number of transactions reaching 154,467, representing an increase of 999.17% over the previous year.
The GSE said the market recorded a year-to-date cumulative volume of 623.52 million shares, valued at GH¢3.16 billion, representing increases of 640.37% in volume and 411.45% in value compared with the same period last year.
For April alone, however, trading activity slowed compared with March. Monthly volume stood at 60.94 million shares, valued at GH¢373.41 million, representing declines of 68.56% in volume and 65.84% in value from March 2026.
Despite the month-on-month slowdown in trading activity, the market’s year-on-year performance remained strong, signalling improved investor confidence and sustained demand for selected equities.
SIC Insurance Company PLC emerged as the top price gainer for April, rising by 71.21%. It was followed by Clydestone Ghana PLC, which gained 61.62%, and GCB Bank PLC, which advanced by 53.55%.
Other major gainers included Ecobank Transnational Incorporated, up 46.31%; CalBank PLC, up 30.43%; Scancom PLC, MTN Ghana, up 25.93%; ZEN Petroleum PLC, up 22.80%; Atlantic Lithium Limited, up 19.08%; Republic Bank Ghana PLC, up 18.26%; and Cocoa Processing Company PLC, up 9.09%.
On the losing side, Access Bank Ghana PLC recorded the steepest monthly decline, falling by 34.36%. Benso Palm Plantation PLC lost 14.50%, while Fan Milk PLC declined by 11.40%.
Other decliners included NewGold, down 8.97%; Enterprise Group PLC, down 6.29%; Guinness Ghana Breweries PLC, down 5.96%; Societe Generale Ghana PLC, down 2.77%; Ecobank Ghana PLC, down 1.27%; and TotalEnergies Marketing Ghana PLC, down 1.18%.
The month also featured several corporate market engagements under the GSE’s Facts Behind the Figures programme.
CalBank PLC reported a first-quarter 2026 profit before tax of GH¢204 million, representing a 156% increase. Republic Bank Ghana PLC also reported profit after tax of GH¢287.93 million for 2025, up 36% from GH¢210.67 million in 2024.
Izwe Savings and Loans PLC reported profit after tax of GH¢6.1 million in 2025, compared with GH¢0.4 million in 2024.
ZEN Petroleum Holdings PLC also made its debut listing on the GSE Trading Floor on April 22, 2026, after raising equity capital of GH¢640 million.
The fixed income market also remained active during the month. The Ghana Fixed Income Market closed April with total volume traded of 35.05 billion, representing an increase of 93.45% compared with the same period last year, although this was 2.19% lower than the previous month.
Treasury bills accounted for 55.21% of total fixed income volume traded, while Government Notes and Bonds contributed 43.80%. Corporate bonds accounted for 0.99%, underscoring the continued dominance of government paper in the fixed income market.
In value terms, GFIM recorded GH¢32.59 billion in April 2026, up 107.84% from GH¢15.68 billion in April 2025. Year-to-date GFIM volume stood at 149.44 billion, up 93.17% from 77.36 billion in the same period last year, while value traded rose 113.19% to GH¢136.17 billion.
The GSE also flagged upcoming market activity, including Kasapreko PLC’s initial public offering, involving 583.33 million shares at GH¢1.20 per share, with a gross offer size of up to GH¢700 million. The offer opened on May 4 and is expected to close on June 1, 2026, ahead of a scheduled listing ceremony on June 15, 2026.
Unilever Ghana PLC is also expected to hold its Facts Behind the Figures session on June 23, 2026.
Overall, April 2026 reinforced the recovery momentum on the Ghana Stock Exchange. The headline indices posted strong gains, market capitalisation expanded sharply, and year-to-date trading activity remained well above last year’s levels.
But the sharp month-on-month decline in trading volumes and values also points to a market where liquidity remains uneven and investor interest is concentrated in selected counters.
The April data show a market still in rally mode but one where selectivity, earnings performance and liquidity depth will determine whether the gains can be sustained.
