Stocks Extend Gains Amid Faltering Liquidity and Cautious Sentiment
The equities market opened the trading week on a firmer footing, as the benchmark GSE Composite Index (GSE-CI) advanced 16.54 points to close at 6,434.63 on Monday, pushing its year-to-date return to 31.63%. The financial stocks also sustained their rally, with the GSE Financial Stock Index (GSE-FSI) rising 23.23 points to 3,162.31, representing a YTD gain of 32.83%.
However, despite the buoyant performance of headline indices, underlying market activity faltered. Total volume traded fell sharply by 42.89% to 519,039 shares, while turnover plummeted by 91.21% to GHS1.53 million, underscoring tepid investor appetite and potentially profit-taking after recent rallies.
Ecobank Ghana (EGH) emerged as the session’s top gainer, climbing 9.99% to close at GH¢7.38, extending its YTD performance to 93.36%. On the downside, CAL Bank (CAL) slipped by 1.54% to GH¢0.64, though it remains up 82.86% year-to-date.
Market capitalisation rose GHS205.29 million to GHS140.46 billion, driven primarily by price gains in blue-chip counters.
MTN Ghana (MTNGH) dominated the trading chart with 432,300 shares changing hands at a value of GHS1.43 million, reinforcing its position as the most liquid equity on the exchange. Other actively traded stocks included Ecobank Transnational Inc. (ETI), CAL Bank, Access Bank Ghana (ALLGH), and EGH.
While Monday’s gains may signal continued investor confidence in Ghana’s macroeconomic recovery, analysts caution that diminishing trade volumes could herald short-term consolidation.
Looking ahead, dividend season remains a key driver of sentiment. Unilever Ghana (UNIL), Benso Oil Palm Plantation (BOPP), and Fan Milk Limited (FML) are set to pay final dividends ranging from GHS0.08 to GHS0.9085 in June and July, potentially attracting yield-seeking investors.
