GSE Extends Winning Streak as Financial Stocks Lift Market Indices
The Ghana Stock Exchange (GSE) closed the week ending November 28, 2025, on a firmer note, with both major indices posting gains despite a dip in overall market capitalization. Improved sentiment in financial stocks, particularly Ecobank Ghana (EGH) and Société Générale (SOGEGH), helped sustain the market’s upward trajectory.
The benchmark GSE-Composite Index (GSE-CI) rose by 1.05% to 8,610.15 points, up from 8,521.02 the previous week. This pushed its year-to-date return to 76.13%. The Financial Stocks Index (GSE-FSI) recorded a stronger performance, advancing 2.45% to 4,456.43 points, driven largely by price movements in key banking counters. The index has returned 87.18% year-to-date.
EGH emerged the week’s standout performer, soaring by GH¢3.98 to close at GH¢23.00, reflecting renewed investor confidence in the lender’s earnings outlook. SOGEGH also advanced by GH¢0.40 to GH¢4.50, continuing its strong run for the year.
Other gainers included GCB Bank (GCB), which added GH¢0.10 to end the week at GH¢19.10; GOIL, up GH¢0.08 to GH¢2.83; and CAL Bank, which appreciated by GH¢0.04 to GH¢0.40. Market heavyweight MTN Ghana inched up by GH¢0.01 to GH¢4.21, while Standard Chartered Bank (SCB) also gained GH¢0.01 to close at GH¢29.13.
However, the positive sentiment did not extend to all counters. Access Bank (ACCESS) shed GH¢0.12 to close at GH¢16.08, while Ecobank Transnational Incorporated (ETI) dropped GH¢0.04 to end the week at GH¢0.86.
Despite the strong index performance, market capitalization slipped by GH¢3.82 million to GH¢166.48 billion, indicating mild valuation adjustments across some stocks.
Market activity was robust, with total volume traded rising to 20.36 million shares, more than double the previous week’s 9.08 million. MTN Ghana dominated trading, accounting for 16.79 million shares valued at GH¢70.66 million. CAL Bank followed with 2.50 million shares, while GCB, SCB and ETI completed the top five most traded equities.
On the currency market, the Ghana cedi weakened against major trading currencies. The US dollar closed the week at GH¢11.27, reflecting a 30.44% appreciation year-to-date. The pound closed at GH¢14.8995, while the euro settled at GH¢13.0531. The South African rand and the Chinese yuan also appreciated against the cedi. The CFA franc, however, declined against the local currency.
Commodity performance was mixed. Gold continued its impressive climb, jumping to US$4,208.96 per ounce, reinforcing investor preference for safe-haven assets. Brent crude oil inched up to US$63.40 per barrel, while cocoa prices retreated sharply to US$5,095.78 per metric tonne.
In comparison with selected African markets, the GSE maintained its position as one of the continent’s best-performing exchanges in 2025, with a 76.13% return—outpacing Nigeria (39.44%), Kenya (46.63%), South Africa (31.94%), Egypt (34.63%) and Botswana (6.26%).
The equities market enters the final weeks of the year with strong momentum, supported by robust investor activity, rising financial stocks and sustained confidence in the broader macroeconomic outlook.
