- SIC Brokerage keeps buy calls on MTN, GCB, SIC, Fan Milk and other GSE counters
Ghana’s equities market has delivered one of its strongest first-half performances in recent years, but the rally is beginning to show signs of moderation as investors take profits and reassess valuations after a sharp run-up in share prices, according to SIC Brokerage Limited.
In its Stock Recommendation Report for the second quarter of 2026, dated June 29, SIC Brokerage said the Ghana Stock Exchange Composite Index had peaked at a year-to-date return of 81.39% when the index reached 15,908.77 points, before easing to 68.37%, or 14,766.82 points, as of June 26.
That performance remains well ahead of the 27.76% return recorded over the same period in 2025, underlining the scale of the rebound in investor appetite for listed equities.
The GSE Financial Stocks Index followed a similar path, posting a year-to-date return of 77.63%, or 8,254.88 points, compared with 41.61% over the corresponding period in 2025. However, the financial index has also retreated from an intra-period high above 124.83%, reflecting the same correction that has affected the broader market.
According to SIC Brokerage, the first-quarter rally has given way to profit-taking and valuation reassessment following the release of full-year 2025 and first-quarter 2026 earnings. The brokerage said sell-offs emerged in counters where price appreciation had outpaced earnings growth.
“However, underlying investor confidence remains firm — supported by long-term growth prospects for listed companies, sustained dividend expectations, and a broadly stable macroeconomic backdrop,” SIC Brokerage noted.
The report said the direction of the market for the rest of the year will be shaped by second-half 2026 corporate results, competition from fixed income yields and the durability of current macroeconomic conditions.
The brokerage listed Ghana’s key economic indicators as a policy rate of 14.00%, inflation of 3.70%, a 10-year bond yield of 14.70%, GDP growth of 6.40% and a dollar-to-cedi exchange rate of GH¢11.29.
The moderation in equities comes after a sharp rally across selected counters. Clydestone Ghana was the market’s top gainer, rising 541.30% year-to-date to GH¢2.95. SIC Insurance followed with a 402.50% gain to GH¢6.03, while Republic Bank Ghana rose 237.69% to GH¢4.39. Intravenous Infusions advanced 220.00% to GH¢0.16, and Ecobank Transnational Incorporated gained 194.81% to GH¢2.27.
Enterprise Group also recorded a strong gain of 188.79% to GH¢10.05, while Cocoa Processing Company rose 160.00%, GOIL advanced 153.38%, Standard Chartered Bank Ghana gained 142.98%, and ZEN Petroleum Holdings rose 119.80%.
Other major gainers included Access Bank Ghana, up 96.91%; GCB Bank, up 93.93%; Guinness Ghana Breweries, up 81.67%; Fan Milk, up 66.75%; and Kasapreko, up 65.83%.
Only two decliners were highlighted in the report: TotalEnergies Marketing Ghana, down 10.67% to GH¢36.00, and NewGold, down 3.75% to GH¢462.00.
Despite the cooling of the broader rally, SIC Brokerage maintained buy recommendations on several counters, including Benso Oil Palm Plantation, MTN Ghana, TotalEnergies Marketing Ghana, Ecobank Ghana, GCB Bank, Societe Generale Ghana, Enterprise Group, SIC Insurance, Fan Milk and First Atlantic Bank.
For Benso Oil Palm Plantation, SIC Brokerage placed a long-term buy recommendation on the stock, citing stable long-term growth potential and consistent dividend payout. The stock was trading at GH¢79.99, with a price-to-earnings multiple of 36.45 times and return on equity of 5.56%. The brokerage estimated a forward price-to-earnings ratio of 34.18 times and a 12-month target price of GH¢95.98.
The firm said BOPP’s first-quarter 2026 results showed pressure from a stronger cedi, with revenue down 13.49% to GH¢104.40 million, gross profit down 34.83% to GH¢34.45 million and operating profit down 46.81% to GH¢22.50 million. Profit after tax also fell 9.42% to GH¢84.22 million. However, SIC Brokerage expects yield-enhancing initiatives, operational efficiency and firm local demand to support recovery as the year-on-year cedi appreciation normalises in the second half.
For MTN Ghana, SIC Brokerage said the company’s medium-to-long-term prospects remain compelling, anchored on its competitive dominance and diversification beyond traditional voice into data, fintech and digital services. MTN Ghana’s first-quarter service revenue rose 35.70% to GH¢7.26 billion, while EBITDA increased 42.90% to GH¢4.45 billion. Profit after tax rose 46.77% to GH¢2.48 billion. The brokerage projected a 12-month target price of GH¢8.56 for the stock.
SIC Brokerage also maintained a long-term buy recommendation on TotalEnergies Marketing Ghana despite the stock’s negative year-to-date performance. The report said TotalEnergies’ strong service station network, brand presence and historically strong dividend payouts make it attractive for income-seeking investors. The brokerage placed a 12-month target price of GH¢43.20 on the stock.
Ecobank Ghana was also assigned a buy rating, supported by what SIC Brokerage described as the lender’s strong industry position, financial soundness and growth prospects. The bank’s first-quarter profit after tax rose 33.27% to GH¢439.33 million, while total assets increased 12.40% to GH¢51.99 billion. The brokerage estimated a forward price-to-earnings ratio of 3.86 times and a target price of GH¢53.87.
GCB Bank, which has already gained 93.93% this year, also received a buy recommendation. SIC Brokerage cited the bank’s improving capital adequacy, declining non-performing loan ratio and strong profit growth. GCB’s capital adequacy ratio stood at 17.80%, above the regulatory minimum of 13.00%, while its non-performing loan ratio dropped to 4.90% from 14.90% in the first quarter of 2025. The brokerage projected a target price of GH¢50.69 per share.
SIC Brokerage maintained a buy view on Societe Generale Ghana, even though the bank’s first-quarter profit after tax fell 62.17% to GH¢51.69 million. The brokerage attributed the decline to a high comparative base, cautious loan growth and a swing in impairment charges rather than a weakening of fundamentals. It noted that the bank’s capital, liquidity and asset quality improved over the period, with a target price of GH¢9.18.
Enterprise Group was also rated a buy, despite a 49.13% decline in first-quarter profit to GH¢71.27 million. SIC Brokerage said the drop was driven largely by a non-cash actuarial finance-expense swing and softer investment yields, while core insurance underwriting improved sharply. The report set a target price of GH¢14.86 for the insurer.
SIC Insurance, one of the strongest performers on the GSE this year, was backed for further upside. The company’s first-quarter insurance revenue rose 14.27% to GH¢136.53 million, while profit for the period grew 33.64% to GH¢21.94 million. The brokerage said the company’s broad-based earnings momentum supported its buy view and projected a 12-month target price of GH¢7.84.
Fan Milk also received a buy recommendation, supported by stronger revenue, margin expansion and improved cash generation. Revenue rose 32.81% year-on-year to GH¢321.64 million, while gross profit increased 65.65% to GH¢150.27 million. SIC Brokerage projected a target price of GH¢16.01.
First Atlantic Bank, which listed in December 2025, was also assigned a buy rating. The brokerage said the bank’s post-listing growth, improving asset quality and stronger capital base should support continued profit growth and dividend sustainability. The stock traded at GH¢8.40, up from its IPO price of GH¢7.30, with a 12-month target price of GH¢11.76.
The report suggests that while the first-half rally has cooled, analysts still see selective value in counters with strong earnings momentum, improving balance sheets, dividend prospects and credible growth stories.
For investors, the message is becoming more nuanced. The easy gains from the first-quarter surge may have passed, but the market is not without opportunity. The next phase will likely reward discipline, earnings quality and careful stock selection rather than broad-based buying.
Ghana’s equities market therefore enters the second half of 2026 with a stronger base than a year ago, but with higher expectations. If companies deliver on earnings and macroeconomic stability holds, the rally may regain momentum. If not, the current correction could deepen as investors continue to test whether prices still justify the fundamentals.
